Adjustment of Guarantee Amount.
(a) Subject to clause 10.2(b), following each anniversary of the date of the Guarantee (the “Adjustment Date”) and at any time prior to the expiry of the Defects Liability Period, the Guarantee Amounts are to be adjusted to a revised amount by applying the following formula: where:
(i) before the date of the Guarantee for the first Adjustment Date; and
(ii) before the preceding Adjustment Date for every subsequent Adjustment Date If after the formula is applied the revised Guarantee Amount will be less than the amount held at the preceding Adjustment Date, the Guarantee Amount will not be adjusted.
(b) If the Guarantee Amount is adjusted under clause 10.2(a), the Developer is not required to provide the City with a replacement Guarantee for that revised Guarantee Amount until such time as the City notifies the Developer that the City is ready to exchange the then current Guarantee held by the City, following which the City and the Developer must promptly exchange the then current Guarantee held by the City with a replacement Guarantee for that revised Guarantee Amount from the Developer.
Adjustment of Guarantee Amount. On each anniversary of the date of the Guarantee (the “Adjustment Date”), the Guarantee Amounts are to be adjusted to a revised amount by applying the following formula: where: GA is the Guarantee Amount that is current on the relevant Adjustment Date A is the Index Number most recently published before the relevant Adjustment Date
(i) before the date of the Guarantee for the first Adjustment Date; and
(ii) before the preceding Adjustment Date for every subsequent Adjustment Date If after the formula is applied the revised Guarantee Amount will be less than the amount held at the preceding Adjustment Date, the Guarantee Amount will not be adjusted.
Adjustment of Guarantee Amount. On each anniversary of the date of the Guarantee (the “Adjustment Date”), the Guarantee Amounts are to be adjusted to a revised amount by applying the following formula: where:
(i) before the date of the Guarantee for the first Adjustment Date; and
(ii) before the preceding Adjustment Date for every subsequent Adjustment Date If after the formula is applied the revised Guarantee Amount will be less than the amount held at the preceding Adjustment Date, the Guarantee Amount will not be adjusted.
Adjustment of Guarantee Amount. 12.2.1 On each anniversary of the date of the Guarantee (the Guarantee Adjustment Date), the Guarantee Amount is to be adjusted to a revised amount by applying the following formula: where:
(a) before the date of the Guarantee for the first Guarantee Adjustment Date; and
(b) before the preceding Guarantee Adjustment Date for every subsequent Guarantee Adjustment Date
12.2.2 If after the formula is applied under clause 12.2.1 the revised Guarantee Amount will be less than the amount held at the preceding Guarantee Adjustment Date, the Guarantee Amount will not be adjusted.
12.2.3 If after the formula is applied clause 12.2.1 the revised Guarantee Amount will be greater than the amount held at the preceding Guarantee Adjustment Date, the Developer must within 10 Business Days of the Guarantee Adjustment Date deliver to Council a replacement Guarantee to replace the Guarantee then held by Council, in the amount calculated under this clause 12.2.
12.2.4 Any unused portion of the Guarantee that is held by Council immediately prior to the receipt by Council of the replacement Guarantee under clause 12.2.3 must be returned to the Developer upon receipt of the replacement Guarantee.
Adjustment of Guarantee Amount. (a) On each anniversary of the date of the Guarantee (the “Adjustment Date”), the Guarantee Amounts are to be adjusted to a revised amount by applying the following formula: where: GA is the Guarantee Amount that is current on the relevant Adjustment Date A is the Index Number most recently published before the relevant Adjustment Date
(i) before the date of the Guarantee for the first Adjustment Date; and
(ii) before the preceding Adjustment Date for every subsequent Adjustment Date
(b) If after the formula is applied the revised Guarantee Amount will be less than the amount held at the preceding Adjustment Date, the Guarantee Amount will not be adjusted.
(c) The City must give the Developer written notice of the revised Guarantee Amounts to apply from the relevant Adjustment Date.
(d) The Developer must give the City replacement or further Guarantees so that the City holds Guarantees for an amount equal to the revised guarantee amounts no later than 20 Business Days after receipt of a notice given under clause 10.2(c).
Adjustment of Guarantee Amount.
(a) On each anniversary of the date of the Guarantee (the “Adjustment Date”), the Guarantee Amounts are to be adjusted to a revised amount by applying the following formula: where:
(i) before the date of the Guarantee for the first Adjustment Date; and
(ii) before the preceding Adjustment Date for every subsequent Adjustment Date
(b) If after the formula is applied the revised Guarantee Amount will be less than the amount held at the preceding Adjustment Date, the Guarantee Amount will not be adjusted.
(c) The City must give the Developer written notice of the revised Guarantee Amounts to apply from the relevant Adjustment Date.
(d) The Developer must give the City replacement or further Guarantees so that the City holds Guarantees for an amount equal to the revised guarantee amounts no later than 20 Business Days after receipt of a notice given under clause 10.2(c).
Adjustment of Guarantee Amount. (a) On each Adjustment Date the Guarantee Amount is to be adjusted to a revised amount derived by applying the following formula: where: S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_4 RCM S:3145908_5 RCM S:3145908_5 RCM S:3145908_5 RCM
(b) The Council may give the Developer written notice of the RGA to apply from the relevant Adjustment Date within 20 business days of the Adjustment Date. If the Council does not do so, then the existing Guarantee will be retained.
(c) The Developer must give the Council a replacement or further Guarantee so that the Council holds Guarantees for an amount equal to the RGA no later than 14 days after receipt of a notice given under paragraph (b).
Adjustment of Guarantee Amount. Index Number RGA = GA x (A/B) RGA is the revised guarantee amount applicable from the relevant Adjustment Date B is the Index Number most recently published:
(i) before the date of the Guarantee for the first Adjustment Date; and
(ii) before the preceding Adjustment Date for every subsequent Adjustment Date If after the formula is applied the revised Guarantee Amount will be less than the amount held at the preceding Adjustment Date, the Guarantee Amount will not be adjusted.
Adjustment of Guarantee Amount. Upon the expiry of 42 months from the date of the Guarantee (the “Adjustment Date”), the City may issue a notice to the Developer requiring an adjustment to the Guarantee Amount. In such circumstances, the Guarantee Amounts are to be adjusted to a revised amount by applying the following formula: where: If after the formula is applied the revised Guarantee Amount will be less than the amount held, the Guarantee Amount will not be adjusted.
