surety undertaking definition

surety undertaking means a contract or instrument in which a surety, guarantor or other credit insurer ("the surety") conditionally or unconditionally agrees with an obligee to pay amounts or perform obligations in the case of a default by an obligor; and
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Related to surety undertaking

  • L/C Undertaking has the meaning set forth in Section 2.12(a).

  • railway undertaking means any public or private undertaking licensed according to this Directive, the principal business of which is to provide services for the transport of goods and/or passengers by rail with a requirement that the undertaking ensure traction; this also includes undertakings which provide traction only;

  • Group Undertaking means any undertaking in the Group, including the Company;

  • parent undertaking means a parent undertaking as defined in point (15)(a) of Article 4(1) of Regulation (EU) No 575/2013;

  • insurance undertaking means insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (1);