Surety Bond Program definition

Surety Bond Program means, collectively, the (a) Debtors' surety bonds maintained in the ordinary course of business; (b) surety payment and indemnity agreements, setting forth a surety's rights against the Debtors, and the Debtors' obligations to pay and indemnify such surety from any loss, cost, or expense that the surety may incur, in each case, on account of the issuance of any surety bonds on behalf of the Debtors; (c) surety collateral agreements governing collateral, if any, in connection with the Debtors' surety bonds; and/or
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Surety Bond Program means the program of the Debtors and/or Reorganized Debtors that, in the ordinary course of business, require the Debtors and/or Reorganized Debtors to provide surety bonds to certain third parties, often governmental units or other public agencies, to secure the Debtors’ and/or Reorganized Debtors’ payment or performance of certain obligations, including among other things, plugging and abandonment obligations, environmental obligations, litigation liabilities, and road damage obligations.
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Examples of Surety Bond Program in a sentence

  • The Surety Bond Program, was developed to encourage and increase participation of Local Business Enterprises (LBEs) in city construction and public works projects.

  • The program includes: ▪ Owner Consolidated Insurance Program ▪ Surety Bond Program ▪ Technical Assistance Program ▪ Contractor Workshops.

  • Successor Agency's Surety Bond Program will be used to assist BVHP contractors in obtaining insurance and credit support that may be required in order to participate in the development of the Phase 2 Project.

  • Maintain their Insurance Policies and Programs and Surety Bond Program and (B) Honor all Obligations with Respect thereto, (II) Modifying Automatic Stay with Respect to Workers’ Compensation Programs, and (III) Granting Related Relief [Docket No. 104].