Surety Release Sample Clauses

Surety Release. Periodically, as payments are made by the Developer for the completion of portions of the work performed under the terms of this Agreement and when it is reasonably prudent, the Developer may request of the City that the surety be proportionately reduced for that portion of the grading and other requirements under this Agreement which have been fully completed and payment made, therefore. The Developer may request of the City a reduction or release of any surety as follows: 1. When all or a portion of the grading and other improvements required under the Agreement have been installed, the cash escrow or surety may be reduced by the dollar amount attributable to that portion of grading improvements so installed at such time as the City Engineer has certified to the City that the construction/installation of the grading improvements have been completed and performed according to the Preliminary Plans. 2. As to all requests brought under this subparagraph F, the City shall have sole discretion whether to reduce or not to reduce said cash escrow or surety.
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Surety Release. A. Periodically, as payments are made by the Developer for the completion of portions of the Municipal Improvements and/or on- and off-site Improvements, and/or landscaping improvements, and when it is reasonably prudent, the Developer may request of the Town that the surety be proportionately reduced for that portion of the Municipal Improvements and on- and off-site improvements and landscaping improvements which have been fully completed and payment made therefor. All such decisions shall be at the discretion of the Town Board. The Town's cost for processing reduction request(s) shall be billed to the Developer. Such cost shall be paid to the Town within thirty (30) days of the date of mailing of the billing. B. The Developer may request of the Town a reduction or release of any surety as follows: i. When another acceptable letter of credit or surety is furnished to the Town to replace a prior letter of credit or surety. ii. When all or a portion of the Municipal Improvements or the on- and off-site improvements have been installed, the letter of credit or surety may be reduced by the dollar amount attributable to that portion of improvements so installed, except that the Town shall retain the letter of credit or surety in the amount of 10% of the estimated construction price of the Municipal Improvements during the first year of the warranty period and 5% of the estimated construction price of the Municipal Improvements during the second year of the warranty period. Developer may substitute a warranty bond acceptable to the Town Attorney for the warranty letter of credit in the same amounts and duration as required for the warranty letter of credit. iii. When all or a portion of the landscaping improvements have been installed pursuant to the Landscaping Plat attached as Exhibit C, the letter of credit or surety may be reduced by the dollar amount attributable to that portion of such landscaping improvements installed, except the Town shall retain the letter of credit or surety in the amount of 25% of the estimated Landscaping Improvement costs for two years from the time of the installation of said landscaping materials.
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Surety Release. A. Periodically, as payments are made by the Developer for the completion of portions of the Infrastructure Improvements but no more than once per month, the Developer may request of the County and Township that the surety be proportionately reduced for that portion of the Infrastructure Improvements and other requirements under this Agreement which have been fully completed and payment made, therefore. B. The Developer may request of the County and/or Township, as applicable, a reduction or release of any surety as follows: 1. When another acceptable letter of credit or surety is furnished to the County and Township to replace a prior letter of credit or surety. 2. When all or a portion of the applicable Infrastructure Improvements have been installed, the letter of credit or surety may be reduced by the dollar amount attributable to that portion of applicable Infrastructure Improvements so installed at such time as a licensed professional engineer, retained by the respective party requiring the improvement, has certified to the County and/or the Township that the construction/installation of the applicable Infrastructure Improvement(s) has been done and performed according to Approved Plans. However, the County and Township, at a minimum, shall retain their letter of credit or surety in the amount of at least 10% of the estimated construction cost of the Infrastructure Improvements and landscaping costs during the two-year warranty period. 3. As to all requests brought under this paragraph B, the County and Township shall have discretion whether to reduce or not to reduce said letter of credit or surety; however, such approval for a reduction shall not be unreasonably withheld, conditioned or delayed. If the request is rejected the County and/or Township, as applicable, shall provide the Developer a written response with twenty (20) days stating with specificity the reasons for such rejection. C. The costs incurred by the County and/or Township in processing any reduction request shall be billed to the Developer and paid to the County and/or Township within thirty (30) days of billing.
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Surety Release. A. If the County exercises the Surety, per Section 2 above, when it is reasonably prudent, the Developer may request of the County that the Surety be proportionately reduced for that portion of protecting the installation and construction of the Railroad Crossings Improvements. All such decisions shall be at the discretion of the County Board. B. The Developer may request of the County a reduction or release of any Surety as follows: i. Upon the completion of the installation and construction of the Railroad Crossings Improvements. C. The reasonable costs incurred by the County in processing any reduction request shall be billed to the Developer and paid to the County within thirty (30) days of billing.
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Surety Release. A. When it is reasonably prudent, the Developer may request of the County that the surety be proportionately reduced for that portion of protecting the road infrastructure provided that the construction of the Solar Energy Farm has been fully completed and any payment for infrastructure damage has been resolved and made therefor. All such decisions shall be at the discretion of the County Board. B. The Developer may request of the County a reduction or release of any surety as follows: i. When another acceptable letter of credit or surety is furnished to the County to replace a prior letter of credit or surety. ii. As to all requests brought under this paragraph, the County Board shall have complete discretion whether to reduce or not to reduce said letter of credit or surety. C. The costs incurred by the County in processing any reduction request shall be billed to the Developer and paid to the County within thirty (30) days of billing.
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Related to Surety Release

  • Liability Release In consideration for U of R allowing me to participate in the Activity, I agree I will not ▇▇▇ the Releasees and I hereby release and indemnify the Releasees from any and all liabilities, claims, demands, actions, causes of actions, costs and expenses of any nature whatsoever arising out of any loss, personal injury (including death) or property damage, that I may sustain , arising from the Activity or while upon the premises where the Activity is being conducted, unless due directly to the gross negligence or willful misconduct of the Releasees.

  • Collateral Releases The Lenders hereby empower and authorize the Agent to execute and deliver to the Borrower on their behalf any agreements, documents or instruments as shall be necessary or appropriate to effect any releases of Collateral which shall be permitted by the terms hereof or of any other Loan Document or which shall otherwise have been approved by the Required Lenders (or, if required by the terms of Section 8.2, all of the Lenders) in writing.

  • Early Release Graduation to Tier 1 (1) When a CPC or Resulting Issuer becomes a Tier 1 Issuer, the release schedule for its escrow securities changes. (2) If the Issuer reasonably believes that it meets the Initial Listing Requirements of a Tier 1 Issuer as described in Policy 2.1 – Initial Listing Requirements, the Issuer may make application to the Exchange to be listed as a Tier 1 Issuer. The Issuer must also concurrently provide notice to the Escrow Agent that it is making such an application. (3) If the graduation to Tier 1 is accepted by the Exchange, the Exchange will issue an Exchange Bulletin confirming final acceptance for listing of the Issuer on Tier 1. Upon issuance of this Bulletin the Issuer must immediately: (a) issue a news release disclosing: (i) that it has been accepted for graduation to Tier 1; and (ii) the number of escrow securities to be released and the dates of release under the new schedule; and (b) provide the news release, together with a copy of the Exchange Bulletin, to the Escrow Agent. (4) Upon completion of the steps in section 3.1(3) above, the Issuer’s release schedule B(1) will be replaced with release schedule B(2). (5) Within 10 days of the Exchange Bulletin confirming the Issuer’s listing on Tier 1, the Escrow Agent must release any escrow securities from escrow which under the new release schedule would have been releasable at a date prior to the Exchange Bulletin.

  • Company Release Each of the Company, SPAC and their respective Subsidiaries and each of its and their successors, assigns and executors (each, a “Company Releasor”), effective as at the First Effective Time, shall be deemed to have, and hereby does, irrevocably, unconditionally, knowingly and voluntarily release, waive, relinquish and forever discharge each Founder Shareholder and its respective successors, assigns, heirs, executors, officers, directors, partners, members, managers and employees (in each case in their capacity as such) (each, a “Company Releasee”), from (x) any and all obligations or duties such Company Releasee has prior to or as of the First Effective Time to such Company Releasor or (y) all claims, demands, Liabilities, defenses, affirmative defenses, setoffs, counterclaims, actions and causes of action of whatever kind or nature, whether known or unknown, which any Company Releasor has, may have or might have or may assert now or in the future, against any Company Releasee arising out of, based upon or resulting from any Contract, transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether known or unknown, and which occurred, existed, was taken, permitted or begun prior to the First Effective Time (except in the event of fraud on the part of a Company Releasee); provided, however, that nothing contained in this Section 6.1(b) shall release, waive, relinquish, discharge or otherwise affect the rights or obligations of any party (i) arising under this Agreement, the Merger Agreement or the other Transaction Documents or (ii) for any claim for fraud.

  • Release BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE "OBLIGATIONS" OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM LENDER. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES LENDER, ITS PREDECESSORS, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR HEREAFTER HAVE AGAINST LENDER, ITS PREDECESSORS, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY "LOANS", INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND THE NEGOTIATION OF AND EXECUTION OF THIS AMENDMENT.