Surety Bond Obligations definition

Surety Bond Obligations means obligations to the issuers of surety bonds for the account of the Company or a Subsidiary, which for all purposes herein shall be calculated based on the estimated cost to complete the applicable projects taking into consideration the progress made on any such projects and not the face value or penal sum of such surety bonds.

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Surety Bond Obligations means, with respect to any Surety Bond as to which any Credit Party or Restricted Subsidiary is a direct or contingent obligor, all such direct or contingent obligations.

Surety Bond Obligations means, in respect of any Surety Bond, -----------------------

Examples of Surety Bond Obligations in a sentence

The Trustee shall make available for inspection and copying by the Administrative Agent, each Holder Representative in respect of the Surety Bond Obligations and each Public Debt Trustee each certificate or other paper furnished to the Trustee by any of the Obligors under or in respect of this Trust Agreement or any of the Collateral.
The Administrative Agent may, at any time upon giving 30 days' prior written notice thereof to the Trustee, each Public Debt Trustee and each Holder Representative in respect of the Surety Bond Obligations, remove the Trustee and appoint a successor Trustee, such removal to be effective upon the acceptance of such appointment by the successor.
All distributions made by the Trustee pursuant to subsection 3.4 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest error), and the Trustee shall have no duty to inquire as to the application by the Administrative Agent, the Holder Representatives in respect of the Surety Bond Obligations or a Public Debt Trustee of any amounts distributed to them.
The authority of the Administrative Agent, each Holder Representative in respect of the Surety Bond Obligations and each Public Debt Trustee shall be demonstrated by their inclusion as such in the lists from time to time delivered pursuant to subsection 4.2.
During the Revolving Credit Period, each Lender that has agreed to act as an Issuing Bank agrees to extend credit for the account the Borrower and each Guarantor at any time and from time to time by issuing, renewing, extending or reissuing Letters of Credit to be used solely as collateral security for the Surety Bond Obligations; provided, however, that the Surety LC Exposure at any one time outstanding shall not exceed the Surety LC Commitment.
The proceeds of the Loans and the Letters of Credit shall be used to provide working capital and for general corporate purposes; provided, that (i) such proceeds shall not be used to make principal and interest payments on the Secured Notes in 2003 and (ii) Letters of Credit issued under the Surety LC Commitment shall only be used as collateral for the Surety Bond Obligations.
Letters of Credit issued under the Surety LC Commitment shall only be used as collateral for the Surety Bond Obligations.
The Surety LC Commitment shall be reduced in size commensurate with each reduction or elimination of existing Surety Bond Obligations for which disbursements under Letters of Credit are not made.
Prior to the Closing, each of Seller and Buyer will, in cooperation with the other, use its and cause its Affiliates to use their reasonable best efforts to obtain all Consents from any Third Parties who are not Governmental Bodies necessary or advisable to transfer the Surety Bond Rights and the Surety Bond Obligations to Buyer as of the Closing.

More Definitions of Surety Bond Obligations

Surety Bond Obligations means all the Debtors' obligations arising under the Surety Bond Program.

Surety Bond Obligations in respect of any Surety Bond, (i) the ----------------------- obligation of the Surety Bond Account Party for the account of which such Surety Bond was issued to reimburse the Surety Party which issued such Surety Bond for any payments made by such Surety Party from time to time under such Surety Bond, together with any interest, fees, indemnities or other amounts payable by such Surety Bond Account Party pursuant to the terms of the Surety Bond Documents relating to such Surety Bond (including, without limitation, to the extent provided by such Surety Bond Documents, interest accruing at the then applicable rate provided in such Surety Bond Documents after the maturity of such reimbursement obligations and interest accruing at the then applicable rate provided in such instruments after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to such Surety Bond Account Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and (ii) any Guarantor Surety Bond Obligations with respect to such Surety Bond.

Surety Bond Obligations means Liabilities of Parent or any of its Affiliates under or with respect to the Surety Bonds (including any obligation to provide indemnification, perform any covenants, make any payments, provide cash collateral or other security or pay any premiums therefor).

Surety Bond Obligations means all obligations and liabilities of the Company under the Surety Bonds to the extent that such obligations and liabilities arise from a performance failure of the obligor under the Surety Bonds that occurs after the Closing.

Surety Bond Obligations means, in respect of any Surety Bond, (a) the obligations of the Surety Bond Account Party with respect to such Surety Bond to the relevant Surety Party under the Contract of Indemnity or under any Surety Bond Guarantee, including but not limited to the obligations to exonerate, indemnify, hold harmless, secure, collateralize and/or reimburse the Surety Party which issued such Surety Bond, together with any interest, fees, costs, expenses (including the costs and expenses of enforcing any indemnities) or other amounts as may be provided under the terms of such Contract of Indemnity or Surety Bond Guarantee (including, without limitation, interest accruing at the then applicable rate after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to such Surety Bond Account Party, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether direct or indirect, absolute or contingent, due or to become due or now existing or hereafter incurred, and (b) any Guarantor Surety Bond Obligations with respect to such Surety Bond; provided that the Surety Bond Obligations shall be reduced by the amount of proceeds actually received by or on behalf of any Surety Party in respect of any Secured Party Credit Support to the extent application of such proceeds permanently reduces the remaining contingent liability of such Surety Party in respect of such Surety Bond Obligation.

Surety Bond Obligations means the obligations of the Borrower or any Domestic Subsidiary owing to a surety who has issued the bonds described on Schedule 1.02(f) to support the Borrower's or such Domestic Subsidiary's oil and gas operations in the ordinary course of business. Each Surety Bond Obligation shall not exceed the amount set forth for such obligation on Schedule 1.02(f). A Surety Bond Obligation once drawn or cancelled may not be renewed for purposes of the Surety LC Commitment.