Common use of Surrender of Bonds Clause in Contracts

Surrender of Bonds. (a) The Bank shall forthwith surrender to or upon the order of the Company all Bonds held by it at the first time at which the Commitment shall have been terminated, all Letters of Credit have been terminated or expired and all Liabilities shall have been paid in full. (b) Upon any permanent reduction in the Commitment pursuant to the terms of the Reimbursement Agreement, the Bank shall forthwith surrender to or upon the order of the Company Bonds in an aggregate principal amount equal to the excess of the aggregate principal amount of Bonds held by the Bank over the Commitment.