Surety Instruments Sample Clauses

The 'Surety Instruments' clause defines the requirement for a party to provide a financial guarantee, such as a bond or letter of credit, to ensure performance or payment obligations under a contract. Typically, this clause specifies the type of surety instrument required, the amount, and the conditions under which it must be provided or may be called upon. By mandating a surety instrument, the clause protects the beneficiary against the risk of non-performance or default by the other party, thereby allocating risk and enhancing contractual security.
Surety Instruments. On or after the Distribution Date, if any letters of credit, financial or surety bonds issued by third parties or other similar financial instruments issued by third parties (collectively, “Surety Instruments”) for the account of Fiesta Restaurant Group or any of its Subsidiaries issued on behalf of or for the benefit of the CRG Business are outstanding, or if any Surety Instruments for the account of CRG or any of its Subsidiaries issued on behalf of or for the benefit of the Fiesta Business are outstanding, the party benefiting from the Surety Instruments shall, and shall cause its Subsidiaries to, use their respective commercially reasonable efforts to replace such Surety Instruments as promptly as practicable with Surety Instruments that (x) are issued for its own account or the account of any of its Subsidiaries (or any combination thereof), (y) are acceptable to the beneficiary or beneficiaries thereof and (z) neither impose any Liabilities, directly or indirectly, on the party not benefiting therefrom or any of its Subsidiaries nor encumber or otherwise restrict, directly or indirectly, any Assets of such party or any of its Subsidiaries. Following the Distribution Date, (i) the party benefiting from any such unreplaced Surety Instruments shall indemnify and hold harmless the other party’s Group for any Losses arising from or relating to such unreplaced Surety Instruments as set forth in Section 3.3 or 3.4, as applicable, and (ii) the party benefiting from such Surety Instruments shall not, and shall not permit any of its Subsidiaries to, enter into, renew or extend the term of, increase its obligations under, or transfer to a third party, any loan, lease, Contract or other obligation in connection with which the other party or any of its Subsidiaries has issued, or caused to be issued, any Surety Instruments which remain outstanding. The parties hereto agree that neither party nor any of its respective Subsidiaries will have any obligation to renew any Surety Instruments issued on behalf of a member of the other party’s Group after the expiration of any such Surety Instruments, provided that nothing in this Section 6.7 shall prevent a party from renewing any Surety Instrument.
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Surety Instruments. “Surety Instruments” has the meaning set forth in Section 6.7.
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Surety Instruments. On or before March 1, 1999 and on or before March 1 each year thereafter, the Parties shall either; 1) amend the existing surety instrument to the revised surety amount, or 2) deliver to the Manager a Surety Instrument with a value equal or greater than their proportionate share of the surety amount as described in 11.(b)(i) above.
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Surety Instruments. DEVELOPER shall furnish to CITY sufficient and acceptable forms of Security (performance bonds, letters of credit or cash) in the amount of $ which shall be in full force and effect and shall not expire, language to the contrary contained in said security notwithstanding, until CITY has indicated "acceptance" of the "Required Improvements" identified in Section 3 of this agreement. The total amounts stated above are further described as follows: a. An acceptable form of security in the amount of $ for the site grading and storm water drainage construction. b. An acceptable form of security in the amount of $ for the installation of storm sewer, water main, sanitary sewer and service laterals. c. An acceptable form of security in the amount $ for the installation of roadway, pavement, etc. d. An acceptable form of security in the amount $ for right-of-way restoration, top soil, seeding, mulch, etc. Said Security shall insure that the "Required Improvements", as required by ordinance and as identified in Section 3 of this agreement, will be installed as therein provided. As the "Required Improvements" are completed and paid for by DEVELOPER, the Security provided by DEVELOPER may be periodically reduced upon approval by CITY. Following such reduction, the Security will not be reduced below the total amount remaining for the "Required Improvements" that are not yet constructed or paid for, as determined by the City Engineer. For any "Public Required Improvements", the initial Security shall not be reduced to an amount less than 15% of their original cost nor expire, language to the contrary contained in said Security, notwithstanding, until CITY has formally "accepted" said "Public Required Improvements". Upon "acceptance" of "Public Required Improvements" by CITY, DEVELOPER shall provide a "Guaranty" period and related Security, as identified in Section 22 of this agreement. DEVELOPER acknowledges its responsibility to provide CITY with said Surety Instruments prior to the commencement of any land disturbing activities related to DEVELOPMENT. Prior to the construction or installation of any "Required Improvement" identified in Section 3 of this agreement, DEVELOPER shall provide CITY with estimated installation quantities and costs for all "Required Improvements". Said estimated installation quantities and costs shall be used by CITY for verification of said Surety Instruments and other CITY accounting needs. DEVELOPER shall provide CITY with final installat...
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Surety Instruments. A. Prior to signing of this AGREEMENT by the CITY, DEVELOPER shall deposit with the CITY a surety instrument in accordance with §235-22 of the Municipal Code in the amount of 120% of the actual cost of all the PUBLIC IMPROVEMENTS as approved by the CITY in a form approved by the City Attorney, which shall be returned to DEVELOPER upon the final acceptance of the PUBLIC IMPROVEMENTS by the CITY for the following: 1. Public Site Grading 2. Public Road System a. Installation of the final course of pavement shall occur at time of initial development. A surety instrument shall be provided to the CITY that guarantees that maintenance will occur for the road surface and base course. Refer to Section X.B. Forfeiture of Surety for requirements. In the interim, the DEVELOPER shall ensure that the road surface and base course are kept in good shape and shall make repairs as necessary prior to the CITY taking final acceptance.
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Surety Instruments. “Surety Instruments” shall have the meaning set forth in the definition of “Indebtedness.”
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Surety Instruments. Guarantee Obligations
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Surety Instruments. If requested by Company, Contractor shall obtain payment and performance bonds, each in an amount equal to one hundred percent (100%) of the Contract Price. The bonds shall be written on forms satisfactory to Company. Contractor’s bond sureties shall be only those approved by the Department of Treasury, as indicated in Circular 570, “Companies Holding Certificates of Authority as Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies.”
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Surety Instruments. “Surety Instruments” shall have the meaning set forth in the definition of “Indebtedness.”
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Related to Surety Instruments

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • Documents, Instruments, and Chattel Paper The Borrower represents and warrants to the Agent and the Lenders that (a) all documents, instruments, and chattel paper describing, evidencing, or constituting Collateral, and all signatures and endorsements thereon, are and will be complete, valid, and genuine, and (b) all goods evidenced by such documents, instruments, and chattel paper are and will be owned by the Borrower, free and clear of all Liens other than Permitted Liens.

  • Contracts; Debt Instruments 32 4.12. Litigation........................................................... 32 4.13.

  • Surety Obligations No Borrower or Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder.

  • Security Instrument Borrower will execute the Security Instrument dated of even date with this Loan Agreement. The Security Instrument will be recorded in the applicable land records in the Property Jurisdiction.