SUBSTITUTION OF SECURITIES. Upon request and at the sole cost and expense of Contractor, District shall permit substitution of securities in lieu of retention, in accordance with Public Contract Code Section 22300.
SUBSTITUTION OF SECURITIES. The District will permit the substitution of securities in accordance with the provisions of Public Contract Code section 22300.
SUBSTITUTION OF SECURITIES a. Pursuant to Public Contract Code §22300, Contractor may request in writing that it be allowed at its own expense to substitute securities for moneys withheld by District to ensure performance under this Contract. Only securities listed in Government Code §16430 and bank or savings and loan certificates of deposit, interest-bearing demand deposit accounts, standby letters of credit, or any other security mutually agreed to by Contractor and District shall qualify under this Article. Securities equivalent to the amount withheld shall be deposited with the District or with a state or federally chartered bank in California as the escrow agent. Upon satisfactory completion of the Contract and on written authorization by the District, the securities shall be returned to Contractor. Contractor shall be the beneficial owner of the securities and shall receive any interest thereon. The Contractor may alternatively request District to make payment of retentions earned directly to the escrow agent at the expense of the Contractor.
b. At the expense of the Contractor, the Contractor may direct the investment of the payments into securities and the Contractor shall receive the interest earned on the investments upon the same terms provided for above for securities deposited by Contractor. Upon satisfactory completion of the Contract, Contractor shall receive from the escrow agent all securities, interest, and payments received by the escrow agent from the District. The Contractor shall pay to each Subcontractor, not later than 20 days of receipt of payment, the respective amount of interest earned, net of costs attributed to retention withheld from each Subcontractor, on the amount of retention.
c. Any escrow agreement entered into pursuant to this Article shall comply with Public Contract Code §22300 and shall be subject to approval by District's counsel.
SUBSTITUTION OF SECURITIES. A Holder may separate the Shares from the related Purchase Contracts in respect of a Corporate PIES by substituting, for such Shares, Treasury Securities in an aggregate principal amount equal to the aggregate principal amount of such Shares (a "Collateral Substitution"), at any time from and after the date of this Agreement and on or prior to the seventh Business Day immediately preceding the Purchase Contract Settlement Date by (a) depositing with the Securities Intermediary Treasury Securities or securities entitlements thereto having an aggregate principal amount equal to the aggregate liquidation preference of the Shares comprising part of such Corporate PIES and (b) transferring the related Corporate PIES to the Agent accompanied by a notice to the Agent, substantially in the form of Exhibit C hereto, stating that the Holder has transferred the relevant amount of Treasury Securities to the Securities Intermediary and requesting that the Agent instruct the Collateral Agent to release the Shares underlying such Corporate PIES, whereupon the Agent shall promptly give such instruction to the Collateral Agent, substantially in the form of Exhibit A to the Pledge Agreement. Upon receipt of the Treasury Securities described in clause (a) above and the instruction described in clause (b) above, in accordance with the terms of the Pledge Agreement, the Collateral Agent will cause the Securities Intermediary to release from the Pledge to the Agent, on behalf of the Holder, Shares having a corresponding aggregate principal amount, free and clear of the Company's security interest therein, and upon receipt thereof the Agent shall promptly: (i0 cancel the related Corporate PIES;
SUBSTITUTION OF SECURITIES. This Agreement is subject to California Public Contract Code section 22300, which permits the substitution of securities for any monies withheld by the CITY to ensure performance of this Agreement. At the request and expense of the CONTRACTOR, securities equivalent to the amount withheld shall be deposited with the CITY, or with a state- or federally- chartered bank in this state as the escrow agent, who shall then pay those moneys to CONTRACTOR. Upon satisfactory completion and acceptance of the Work, such securities shall be returned to the CONTRACTOR.
SUBSTITUTION OF SECURITIES. Pursuant to Public Contract Code Section 22300, substitution of eligible equivalent securities for any funds withheld to ensure performance under this Agreement may be permitted at the request and sole expense of the Contractor. Alternatively, the Contractor may, pursuant to an escrow agreement in a form prescribed by Public Contract Code Section 22300, request payment of retentions funds earned directly to the escrow agent at the sole expense of the Contractor.
SUBSTITUTION OF SECURITIES for Retainage
SUBSTITUTION OF SECURITIES. Pursuant to Public Contract Code Section 22300, substitution of eligible equivalent securities for any moneys withheld to ensure performance under this Agreement may be permitted at the request and expense of Contractor.
SUBSTITUTION OF SECURITIES. Upon the written request of the District, subject to the conditions and limitations hereinafter set forth and applicable laws and regulatio ns, the Escrow Agent shall sell, redeem or otherwise dispose of the Escrow Securities in the Escrow Fund, if there are substituted therefor, from the proceeds of such securities, other Escrow Securities as hereinafter provided. The District will not exercise any powers which would have the effect of causing any of the Refunding Bonds to be “arbitrage bonds” as defined in Section 148 of the Internal Revenue Code of 1986, as amended, and the regulations of the United States Department of the Treasury issued thereunder. The Escrow Agent shall dispose of the securities in the Escrow Fund and purchase substitute Escrow Securities only upon receipt of:
(i) a written report of a certified public accountant, licensed to practice in the State of California, to the effect that the substitute Escrow Securities will mature in such principal amounts and earn interest in such amounts and at such times so that suffic ient moneys will be available to pay, as the same become due, to and including the date set forth in Section 3, all principal, premium, if any, and interest on the Prior Bonds;
(ii) an unqualified legal opinion of nationally recognized bond counsel to the effect that such disposition of the securities in the Escrow Fund and purchase of substitute Escrow Securities will not adversely affect the tax-exempt status of interest on the Refunding Bonds under Section 103 of the Internal Revenue Code of 1986, as amended, and the regulations of the United States Department of the Treasury issued thereunder; and
(iii) prior written consent of the Bond Insurer, if any (as defined in the Paying Agent Agreement).
SUBSTITUTION OF SECURITIES. A. Pursuant to the requirements of Public Contract Code Section 22300, upon CONTRACTOR’S request, DISTRICT will make payment to CONTRACTOR of any earned retention funds withheld from payments under this Contract if CONTRACTOR deposits with the DISTRICT or in escrow with a California or federally chartered bank acceptable with DISTRICT, securities eligible for investment pursuant to Government Code Section 16430 or bank or savings and loan certificates of deposit. Any escrow agreement shall be substantially similar to the form included with the Contract Documents and set forth in Public Contract Code 22300.
B. To minimize the expense caused by any substitution of securities, CONTRACTOR shall, prior to or at the time CONTRACTOR requests to substitute security, deposit sufficient security to cover the entire amount to be withheld pursuant to this Contract. Should the value of such substituted security at any time fall below the amount for which it was substituted, or any other amount which the DISTRICT determines to withhold, CONTRACTOR shall immediately and at CONTRACTOR’S expense deposit additional security qualifying under said Public Contract Code Section 22300 until the total security deposited is no less than equivalent to the amount subject to withholding under the Contract.
C. In the alternative, under Public Contract Code Section 22300, CONTRACTOR, at its own expense, may request that DISTRICT make payment of earned retention funds directly to the escrow agent. Also, at the expense of CONTRACTOR, CONTRACTOR may direct investment of the payments into securities, and CONTRACTOR shall receive the interest earned on the investment upon the same conditions as provided in subparagraph A, for securities deposited by CONTRACTOR. Upon satisfactory completion of this Contract, CONTRACTOR shall receive from the escrow agent all securities, interest and payments received by the escrow from DISTRICT, pursuant to the terms of Public Contract Code Section 22300. CONTRACTOR shall pay to each subcontractor, not later than twenty (20) days after receipt of payment, the respective amount of interest earned, net of costs attributed to retention withheld from each subcontractor, on the amount of retention withheld from each subcontractor on the amount withheld to insure performance of the CONTRACTOR.
D. If any provision of this Section is found, by a court of competent jurisdiction, to be illegal or unenforceable, such provision shall be deemed stricken and the remaining...
