Reduction of Security. As work is completed and Preliminary Acceptance referred to in Article 8.1 is granted by the Township for any sections of the work, the security may be reduced to an amount equal to one hundred and fifteen (115%) percent of the cost of work remaining to be completed plus ten (10%) percent of the completed work costs, as estimated by the Developer’s Engineers and verified by the Township Engineer. This security shall remain in place until Final Acceptance referred to in Article 8.2 is granted by the Township. In no case will the security required under this Section be reduced to less than Fifty Thousand ($50,000.00) Dollars until the issuance of the certificate of Final Acceptance for all services as provided in Article 8.2. Notwithstanding the foregoing, the amounts contemplated in this section 10.3 will be offset by the securities posted as per the Pre-Servicing Agreement and shall not be in addition and should be adjusted as per the conditions set out therein. Furthermore, and notwithstanding the foregoing, nothing in the Pre-Servicing Agreement shall restrict the Township from drawing upon the securities posted pursuant to this Agreement for the purposes so authorized herein.
Reduction of Security. If during the term of this Agreement the City reduces the financial assurance requirements commensurate with the completion of improvements, such reduction shall be subject to 10% of the cost of the completed improvements to be held as Warranty Security for the Warranty Period provided in this Agreement. At the time of acceptance of the completed Subdivision Improvements, City will issue a written release of the remaining amount of the security, less 10% of the total costs of the Improvements, which shall be withheld by the City as Warranty Security. The Warranty Security shall remain in effect for the Warranty Period plus an additional 90 days.
Reduction of Security. After the acceptance of any improvement, the amount that the City (or County) is entitled to draw on the letter of credit shall be reduced by an amount equal to 90 percent of the estimated cost of the improvement as shown in Attachment B. At the request of the Subdivider, the City (or County) shall execute a certificate verifying the acceptance of the improvement and waiving its right to draw on the letter of credit to the extent of the amount. Upon the certification of all of the improvements the balance that may be drawn under the credit shall be available to the City (or County for the one year warranty period plus an additional 90 days.
Reduction of Security. The security held by the City may be reduced in accordance with the provisions of this Section 12.4. Upon written application by the Developer, and upon certification of the estimated cost of completion of the Work by the Municipal Engineer, security will be released by the City as follows:
Reduction of Security. A Party shall be entitled to reduce its Security during the period when Decommissioning operations are taking place to the extent such Party has met Cash Calls in respect of Decommissioning Costs and the relevant Security Holder shall co-operate fully with such Party in releasing and/or replacing Security as necessary during such period.
Reduction of Security. Subject to the exercise of any right of recourse that Essential Energy may have to the Bank Guarantees, Essential Energy will return to the Contractor one of the Bank Guarantees then held by Essential Energy as security within 60 days after the Date of Practical Completion.
Reduction of Security. Once all of the required improvements are at least 50% complete, as certified by a North Carolina Registered Professional Engineer, the developer may request, subject to County approval, a reduction in the total financial security by the ratio that the completed improvements bear to the total estimated cost of improvements required, provided that no more than one such reduction may be permitted prior to releasing the performance guarantee.
Reduction of Security. At Applicant‟s request, the Security described in Article XVII A above shall from time to time be reduced by up to seventy-five percent (75%) of the cost for each category of the work as said work is completed. Said reduction shall be authorized in writing by the City Engineer as follows: At such time as the construction and installation of each public improvement or portion thereof is completed in substantial compliance with Applicant‟s Final Engineering, and any revisions thereto approved by the City Engineer, Applicant shall submit to the City Engineer a request for reduction of the Security for said public improvements. Within thirty (30) days from the request for reduction, the City Engineer shall either approve said reduction, or shall notify Applicant in writing of the reason or reasons for not approving said reduction. Upon satisfying said reasons and notification by Applicant to the City Engineer, the City Engineer shall notify the issuer of the Security that said issuer is authorized to reduce the Security by up to 75% of the cost of said public improvements. Reductions of the Security shall be authorized solely by action of the City Engineer, which action shall neither be unreasonably withheld nor delayed.
Reduction of Security. Upon written request by the Developer and upon receipt of proof satisfactory to the City Engineer that work has been completed to the satisfaction of the City including all corrective work for any identified punch list items, all record grading plans and been submitted and approved by the City Engineer, and financial obligations to the City have been satisfied, with City Engineer approval the security may be released upon completion. No partial release will be considered.
Reduction of Security. The Developer may, as portions of the work are completed, make application to the Municipality to reduce the security to such amount as, in the sole discretion of the Municipal C.A.O., is sufficient to guarantee the due performance of all the terms of the Development Agreement including but not so as to limit the generality of the foregoing, Municipal Services, internal services and any other financial obligations required of the Developer under this Agreement (the costs of which will be estimated by the Municipality for holdback purposes), and to cover any obligations of the Municipality that might arise under Section 17 of the Construction Lien Act, and this amount will also include the security holdbacks required for the maintenance periods.
