Surety Bond Payment definition

Surety Bond Payment has the meaning ascribed thereto in Subsection 3.4(b).”

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Surety Bond Payment means, without duplication, (a) the amount of each payment made by Berkshire under or pursuant to any of the Surety Bonds, including, without limitation, any payments made pursuant to Section 11(f) thereof in order to exercise subrogation rights thereunder or otherwise to acquire the Beneficial Interest or the Subrogation Interest or any part thereof or interest therein, and (b) if a Sublease Event of Default or Head Lessor Event of Default has occurred and is continuing or a payment has been made by Berkshire under or pursuant to any of the Surety Bonds, the amount of each payment made by Berkshire under or pursuant to the Agreement for Assignment on Default, including, without limitation, any payments made pursuant to the terms thereof in order to acquire the Beneficial Interest or any part thereof or interest therein.

Surety Bond Payment means an amount equal to the Debt Service Payment less (i) that portion of the Debt Service Payment paid by the Obligor, and (ii) other funds legally available to the Paying Agent for payment to the Owners, all as certified by the Paying Agent in a demand for payment rendered pursuant to the terms of the Surety Bond.

Examples of Surety Bond Payment in a sentence

To evidence such subrogation, the Note Paying Agent shall, or shall cause the Note Registrar to, note the Note Insurer's rights as subrogee on the registration books maintained by the Note Registrar upon receipt from the Note Insurer of proof of payment of any Surety Bond Payment or Insured Payment.
The Note Insurer shall remit or cause to be remitted to the Insurance Paying Agent the amount of the Surety Bond Payment or Insured Payment, as the case may be.
Upon receipt of such Surety Bond Payment or Insured Payment by the Insurance Paying Agent on behalf of the Noteholders, it shall remit such amounts to the Collateral Agent, who shall deposit such Surety Bond Payment or Insured Payment, as the case may be, in the Collection Account.
The Notice or the Demand for Payment shall specify the total amount of the Insured Payment or Surety Bond Payment, as the case may be, to be paid on the applicable Payment Date, and shall constitute a claim for a Surety Bond Payment or an Insured Payment, as the case may be, pursuant to the Debt Service Reserve Surety Bond or the Note Insurance Policy, respectively.
If and to the extent that Old Dominion fails to reimburse AMBAC immediately in respect of each such Surety Bond Payment, Old Dominion shall pay on the first Business Day of each month interest on each such Surety Bond Payment from and including the date made to the date of the reimbursement by Old Dominion at the Default Rate.
The Vendors shall be entitled to deduct and retain the amount of any unpaid compensation payments if they release the Surety Bond Payment pursuant to this Subsection 3.4(b).
The Parties agree the general principle is that the Purchaser shall be entitled utilize the Surety Bond Payment, under reasonable trust conditions, for the completion the Post-Closing Outstanding Surety Bond Arrangements.
Trustee shall deliver such Surety Bond Payment Certificate or Notice of Preference Claim to the Surety within two (2) Business Days of receipt from Lender.
If and to the extent that Oglethorpe fails to reimburse Berkshire immediately in respect of each such Surety Bond Payment, Oglethorpe shall pay on the first Business Day of each month, on the date of any demand therefor from time to time and on the date such reimbursement payment is made hereunder, interest on each such Surety Bond Payment from and including the Surety Bond Payment Date to the date of the reimbursement by Oglethorpe at the Default Rate.
At the direction of Lender, and upon receipt of written notice from Lender that a Deficiency (as such term is defined in the Surety Bond) has occurred, Trustee shall execute and deliver to Surety the Surety Bond Payment Certificate (as defined in the Surety Bond), which shall be presented to Trustee by Lender in a completed form except for Trustee's signature.

More Definitions of Surety Bond Payment

Surety Bond Payment means the amount of each payment made by AMBAC pursuant to the Surety Bond.

Surety Bond Payment means an amount equal to the payments required to be made by the Regents under the Bond Resolution which will be applied to payment of principal and interest on the Bonds less (i) that portion of such payment paid by the Regents, and (ii) other funds legally available to the Paying Agent/Registrar for payment to the holders, all as certified by the Paying Agent/Registrar in a certificate submitted by the Paying Agent/Registrar for payment under the Reserve Account Bond.

Surety Bond Payment. An amount equal to the Debt Service Payment required to be made by the Trust under this Agreement, as certified in a Demand for Payment (as defined in the Financial Guaranty Agreement).