Litigation Bond definition
Examples of Litigation Bond in a sentence
The Obligors shall use commercially reasonable efforts, unless and until notified otherwise by the Lender Agent, to obtain the release of all or a portion of the GMAC Bank Posted Collateral and the Litigation Bond Collateral in conjunction with the posting of replacement collateral by GMAC for the benefit of GMAC Bank or the Bonding Company (as applicable).
In the event that the Company and the Purchaser are not able to obtain a Replacement Bond prior to the Closing that would take effect upon the Closing, then the Company and Purchaser will cooperate in good faith to determine the Replacement Bond Cost to be used for the calculation of the Litigation Bond Difference Amount hereunder based on the cost of equivalent instruments in similar circumstances.