Civil Code Section 3110 Clause Samples

Civil Code Section 3110. 5. If at any time General Contractor demands that Borrower or Peony comply with Civil Code Section 3110.5 or Guarantor’s Tangible Net Worth falls below $150,000,000, then Borrower shall within ten (10) days of the occurrence of either such event, obtain and thereafter maintain a sufficient bond or letter of credit necessary to satisfy such statute, or establish and thereafter maintain the requisite funds in an escrow account necessary to satisfy the statute.