Existing Surety Bonds Sample Clauses

Existing Surety Bonds. Santa Fe shall continue to maintain, and not to cancel, those surety and indemnity bonds currently maintained by or for the benefit of the Subject Assets until the earlier of (i) the expiration or renewal date therefor next following the IPO Date or (ii) one year after the IPO Date. Santa Fe shall give Monterey at least 15 days' advance notice of the expiration or renewal of each such surety and indemnity bond. If Monterey decides not to renew any bond, Monterey agrees to provide appropriate documentation to Santa Fe to allow Santa Fe to cancel such bonds. Monterey shall indemnify and hold harmless Santa Fe from and against any expense or loss incurred by Santa Fe after the IPO Date as a result of maintaining such surety bonds. After the IPO Date, Monterey shall be responsible for obtaining its own surety and indemnity bonds as may be necessary for its operations, subject to the preceding sentences with respect to existing bonds. Santa Fe shall have the right at any time or from time to time, in Santa Fe's sole discretion, to require that Monterey provide collateral security in favor of Santa Fe of the same kind that any surety providing a bond or indemnity agreement for the benefit of Monterey advised Santa Fe it will or might require under any applicable indemnity agreement or bond.