Retention Release Date definition
Examples of Retention Release Date in a sentence
Interest earned in the Warranty Retention Account on such payments from the Business Day immediately after the Warranty Retention Release Date shall apply to principal payments.
If, on the Consideration Retention Release Date, the amount of the Adjustment is greater than the amount of the Consideration Retention, the Seller shall, in addition to the release of that part of the Consideration Retention as is to be paid to the Buyer's Solicitors in accordance with paragraph 4, pay a cash amount equal to the Adjustment less the Consideration Retention to the Buyer's Solicitors and the receipt of the Buyer's Solicitors of such payment shall be an absolute discharge of the Seller.
If a Relevant Claim has been notified by a Buyer to the Primary Seller prior to the General Retention Release Date, no part of the General Retention shall be released to the Sellers from the Retention Account otherwise than in accordance with the provisions of this clause 5.
For the avoidance of doubt, if the provisions of clause 3.3(A) or clause 3.3(D) apply the balance of the Second Vendor Debt Balance shall be paid in accordance with clause 3.11 and the balance of the Retention Amount shall be held in the Retention Account pending the Retention Release Date and, in each case subject to any other adjustments pursuant to clause 15.3, in accordance with clause 15.4 and 15.5. * - Confidential Treatment Requested.
Retention Release Date Subject to clauses 15.5(A) to 15.5(E) (inclusive) and clause 15.6, which shall apply if at such time an Agreed Claim or Unagreed Claim remains unsatisfied in whole or in part at that time, the parties shall procure that, on the date specified in clause 3.11 the balance of the Second Vendor Debt Balance shall be paid in accordance with clause 3.11 and on the Retention Release Date, the balance of the Retention (the “Retention Release Amount”) shall be released to the Vendor’s Account.
If the Working Capital Value is not more than (pounds)30,000 less than the Target Working Capital Value, the parties shall procure that the Consideration Retention is released to the Seller's Solicitors on the Consideration Retention Release Date provided that, if at such time an Agreed Claim or an Unagreed Claim remains unsatisfied in whole or in part, the provisions of paragraph 11 below shall apply.
This report will also include a brief summary of the majority, 85% of outstanding jobs by dollar, of the contracts outstanding by company, which will include: Job number, Description, Bonded or not, Type of contract, Contract value, Cost to Date, Cost at Completion, Percent of Completion, Forecasted Profit/Loss, Amount Billed, Accounts Receivable, Retention on Contract, Expected Completion Date, Expected Retention Release Date.
Subject as provided in paragraph 1.3 below the Retention shall be released on the Retention Release Date.
Any balance of the Second Vendor Debt Balance shall be paid in accordance with clause 3.11 and any balance of the funds in the Retention Account shall be held pending the Retention Release Date to be released in accordance with clause 15 (and, for the avoidance of doubt, subject to clauses 15.5(A) to 15.5(E) (inclusive)).