Surety Bonds definition

Surety Bonds means surety bonds obtained by the Borrower or any Restricted Subsidiary consistent with market practice and the indemnification or reimbursement obligations of the Borrower or such Restricted Subsidiary in connection therewith.

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Surety Bonds means all bonds issued for the account of the Company or any Subsidiary to assure the performance thereby (or to the extent issued in the ordinary course of business, any other Person) under any contract entered into in the ordinary course of business.

Surety Bonds means surety or other similar bonds required to be posted by the Company and its Restricted Subsidiaries in the ordinary course of their respective businesses or posted on behalf of Affiliates in the ordinary course of their respective businesses.

Examples of Surety Bonds in a sentence

• Contractor shall provide the following Surety Bonds: The Payment Bond and Performance Bond shall be in a sum equal to the contract price.

• Servicer covenants that within 2 Business Days after the Funding Date for any purchase of Pledged Asset Mortgage Loans, Servicer will deliver to each Surety Bond Issuer any instrument required to be delivered under the related Surety Bond, executed by the necessary parties, and that all other requirements for transferring coverage under the related Surety Bonds in respect of such Pledged Asset Mortgage Loans to the Purchaser shall be complied with.

• In the event that the price for the work to be performed under the Construction Contract is increased, then the Surety Bonds shall be increased simultaneously in a corresponding amount.

• The Shipowner hereby irrevocably appoints the Secretary, the true and lawful attorney of the Shipowner, in its name and stead, to execute all consents, approvals, settlements and agreements on behalf of the Shipowner with respect to any rights related to the Surety Bonds.

• The Shipowner hereby agrees that its interest as a co-obligee under each of the Surety Bonds is and shall be, upon the occurrence of a Default under the Security Agreement, fully subject and subordinate to the rights and interests of the Secretary therein.

More Definitions of Surety Bonds

Surety Bonds has the meaning set forth in Section 6.4(b).

Surety Bonds surety bonds for which any Group Member is liable that were obtained to secure performance commitments of any Group Member.

Surety Bonds means the bonds, undertakings and other like obligations executed by a Surety for the Parent subject to an Indemnity Agreement and a Subordination Agreement, in a maximum aggregate principal amount of $30,000,000 for all Sureties, provided, that this definition shall not include Performance Surety Bonds as defined in the Guaranty.

Surety Bonds. The Limited Purpose Surety Bonds, Policy No. AB0039BE and Policy No. AB0240BE, issued by Ambac Assurance Corporation for the benefit of certain beneficiaries, including, with respect to the Additional Collateral Loans, the Trustee for the benefit of the Certificateholders.

Surety Bonds shall have the meaning set forth in Section 3.22.

Surety Bonds means the surety bonds provided by the Debtors to third parties, pursuant to state and federal law, to secure the Debtors’ payment or performance of certain other obligations, including obligations owed to state or federal agencies, contractual obligations and obligations required by law.

Surety Bonds or “Surety” means one or more unconditional and irrevocable surety bonds issued by a domestic or foreign insurance company which (i) qualifies as a Cash Equivalent under the General Resolution, (ii) guarantees certain payments into the Capital Reserve Fund with respect to the Bonds as provided therein and subject to the limitations set forth therein, and (iii) is not subject to cancellation.