Action on Bonds Clause Samples
The 'Action on Bonds' clause defines the procedures and rights related to enforcing or making claims against surety bonds provided under a contract. Typically, this clause outlines who may initiate legal action on a bond, under what circumstances such action can be taken, and any notice or time requirements that must be met before proceeding. For example, it may specify that only certain parties, such as the project owner or subcontractors, can bring a claim if the bonded party defaults. The core function of this clause is to clarify the process for seeking remedy through bonds, thereby ensuring that all parties understand how and when bond protections can be invoked in the event of non-performance or breach.
Action on Bonds. The Indenture Trustee's right to seek and recover judgment on the Bonds or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Bondholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b) hereof.
Action on Bonds. The Indenture Trustee's right to seek and recover judgment under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Holders of Bonds shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate.
Action on Bonds. 45 Section 5.17 Performance and Enforcement of Certain Obligations....................................45
Action on Bonds. The Indenture Trustee's right to seek and recover judgment on the Bonds of any Series or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Bondholders of any Series shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate securing such Series or, subject to Section 2.07(g), upon any other of the assets of the Issuer.
Action on Bonds. The Indenture Trustee's right to seek and recover judgment under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee, the Bond Insurer or the Holders of Bonds shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate.
Action on Bonds. 38 ARTICLE VI THE INDENTURE TRUSTEE
Action on Bonds. 48 SECTION 6.18
Action on Bonds. 35 Section 6.20. Recourse.................................................................................35 Section 6.21. Advances by Depositor....................................................................35 Section 6.22. Application of the Trust Indenture Act...................................................36
Action on Bonds. 48 Section 5.17 PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS....................................49
Action on Bonds. 39 Section 5.17. Performance and Enforcement of Certain Obligations. . . . . . . . . . . . . . . . 39