Common use of Replacement Guarantee Clause in Contracts

Replacement Guarantee. ‌ (a) The Developer may, by notice in writing, request that the City return the Guarantee if: (i) the Developer has secured part of the Outstanding HFS; (ii) the whole of the monies secured by the Guarantee provided to the City in accordance with clause 8.1 has not been expended by the City in accordance with clause 8.2; and (iii) the Developer provides the City with a replacement guarantee with a face value to be calculated by multiplying the Remaining HFS as at the date of the notice served under this clause by the Unit Rate. (b) On provision of a replacement guarantee, the parties agree that the replacement guarantee will become the Guarantee for the purpose of this document.

Replacement Guarantee. ‌ (a) The Developer may, by notice in writing, request that the City return the Guarantee if: (i) the Developer has secured part of the Outstanding HFS; (ii) the whole of the monies secured by the Guarantee provided to the City in accordance with clause 8.1 has not been expended by the City in accordance with clause 8.2; and (iii) the Developer provides the City with a replacement guarantee with a face value to be calculated by multiplying the Remaining HFS as at the date of the notice served under this clause by the Unit Rate. (b) On provision of a replacement guarantee, the parties agree that the replacement guarantee will become the Guarantee for the purpose of this document.