Common use of Adjustment of Guarantee Amount Clause in Contracts

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. ‌ (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:‌ 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.‌Developer.

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:‌ 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 or Landowner 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 or Landowner that the City is ready to exchange the then current Guarantee held by the City, following which the City and the Developer or Landowner must promptly exchange the then current Guarantee held by the City with a replacement Guarantee for that revised Guarantee Amount from the Developer.‌Developer or Landowner.

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 exchange‌ the then current Guarantee held by the City with a replacement Guarantee for that revised Guarantee Amount from the Developer.‌Developer.

Adjustment of Guarantee Amount. ‌ (a) Subject to clause 10.2(b), following On 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 Amount is to be adjusted to a revised amount by applying the following formula:‌ 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 Date (b) If after the formula is applied under clause 12.2(a) the revised Guarantee Amount will be less than the amount held at the preceding Adjustment Date, the Guarantee Amount will not be adjusted. (bc) If after the formula is applied clause 12.2(a) the revised Guarantee Amount is adjusted under clause 10.2(a)will be greater than the amount held at the preceding Adjustment Date, the Developer is not required must within 10 Business Days of the Adjustment Date deliver to provide the City with City’s Representative a replacement Guarantee for that revised to replace the 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 in the City and amount calculated under this clause 12.2. (d) Any unused portion of the Developer must promptly exchange the then current Guarantee that is held by the City with a immediately prior to the receipt by the City’s Representative of the replacement Guarantee for that revised Guarantee Amount from under clause 12.2(c), must be returned to the Developer.‌Developer upon receipt of the replacement Guarantee.

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 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.‌Developer.

Adjustment of Guarantee Amount. ‌ (a) Subject to clause 10.2(b(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:‌ 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.‌Developer.

Adjustment of Guarantee Amount. ‌ (a) Subject to clause 10.2(b), following each anniversary of the date of the each 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:‌ 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.‌Developer.

Adjustment of Guarantee Amount. ‌ (a) Subject to clause 10.2(b), following 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:‌ 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(a9.2(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.‌Developer.

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 Adjustment Date or every subsequent Adjustment Date nt en If after the formula is applied the revised Guarantee Amount will be less Guara than the amount held at the preceding Adjustment Date, the Guarantee Adjustm Amount will not be adjusted.. ee Amount will be less t Date, the Guarantee (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. ‌ (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 or Landowner 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 or Landowner that the City is ready to exchange the then current Guarantee held by the City, following which the City and the Developer or Landowner must promptly exchange the then current Guarantee held by the City with a replacement Guarantee for that revised Guarantee Amount from the Developer.‌Developer or Landowner.‌

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 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: (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.‌