BHLN definition
Examples of BHLN in a sentence
The Trustee may rely on the instructions provided to it by either BHLN or NICO as the instructions of the Grantor.
Except as set forth in Section 3.2 hereof, no amendment or waiver of any provision of this Surety Policy shall be effective with respect to the Obligations in any event unless such amendment or waiver shall be in writing and signed by the Surety, BHLN and CGLIC, and any such waiver shall be effective only in the specific instance and for the specific purpose for which such waiver is granted and shall not prevent the party giving it from subsequently relying on the relevant provision.
Surety expressly waives any and all rights of subrogation, reimbursement, indemnity, exoneration, set-off, contribution and any other claim which it may now or hereafter have against BHLN or any other person directly or contingently liable in connection with the Contracts, Obligations or this Surety Policy (collectively the “Recovery Claims”), for so long as any of the BHLN Obligations or any of Surety’s obligations under this Surety Policy remain unsatisfied.
In the event of a default by either Surety or BHLN in the payment or performance of an Obligation, Surety shall either pay the full amount in default to CGLIC or, in the case of an Obligation requiring performance of a funding or deposit obligation, fund or deposit such amount in the Claims Paying Account or the Trust Account, as applicable, no later than the second Business Day after receipt of the demand by CGLIC in accordance with Section 1.3 of this Surety Policy.
Surety does hereby agree that this Surety Policy, and each and every provision hereof, is and shall be enforceable by BHLN and CGLIC according to its terms, and Surety does hereby agree that it shall not contest in any respect the validity or enforceability hereof.
Surety shall promptly deliver or procure delivery to BHLN of all receipts issued to it evidencing each deduction or withholding which it has made.
NICO, BHLN and the Beneficiary have entered into that certain Surety Policy dated February 4, 2013 (the “Surety Policy”) whereby NICO assumes certain direct obligations to the Beneficiary and guarantees to the Beneficiary the performance of certain obligations of BHLN under the Retrocession Agreement.
If any deduction or withholding is required by any law or regulation to be made by Surety, the amount of the payment due from Surety shall be increased to an amount which (after making any deduction or withholding) leaves an amount equal to the payment which would have been due if no deduction or withholding had been required; unless such payment would not have had to be grossed up by BHLN under the terms of the Contracts.
Surety, intending to be legally bound has caused this Surety Policy to be executed by its duly authorized officer as of the date first written above and delivered to CGLIC; and BHLN and CGLIC have executed this Surety in confirmation and acknowledgement of its terms and conditions by their respective duly authorized officers as of the date first above written.