RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT Clause Samples

The 'Release of Contracts and Equipment Upon Final Contract Payment' clause stipulates that, once the final payment under a contract is made, any rights, claims, or liens the contractor may have on the project’s contracts and equipment are relinquished. In practice, this means that after receiving full payment, the contractor must release any legal or financial hold over materials, equipment, or subcontracts used in the project, ensuring these assets are free from encumbrances. This clause serves to protect the project owner by confirming that all obligations have been settled and that no further claims or disputes regarding equipment or contractual rights will arise after the contract is completed.
RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT. (a) In the event that the Trustee shall have received written certification from an Authorized Officer of the Servicer that the Trustee has received from amounts paid by the Obligor or from the proceeds of the Equipment subject to any Contract (i) the final Contract Payment due and payable under any Contract (including, if applicable, any Purchase Option Payment paid by the Obligor) or (ii) a Prepayment Amount in respect of any Contract and, following such final Contract Payment or Prepayment Amount, no further payments on, or in respect of, such Contract are or will be due and payable, such Contract and the Equipment subject thereto shall be released from the lien of this Amended and Restated Indenture except if a Restricting Event or an Amortization Event shall have occurred and then be continuing. (b) If a Restricting Event or Amortization Event shall have occurred and then be continuing, then each Contract and the security interest in all Equipment (except for security interests relating to Equipment subject to a conditional sales agreement or an equipment note) which would otherwise be released from the lien of this Amended and Restated Indenture pursuant to this Section 4.04 shall instead remain subject to such lien and all of the provisions of this Amended and Restated Indenture, including, without limitation, Article VI hereof.
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RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT. (a) In the event that the Trustee shall have received written certification from an Authorized Officer of the Servicer that the Trustee has received from amounts paid by the Obligor or from the proceeds of the Equipment subject to any Contract (i) the final Contract Payment due and payable under any Contract or (ii) a Prepayment Amount in respect of any Contract and, following such final Contract Payment or Prepayment Amount, no other payments (other than any Excluded Amounts, Purchase Option Payment and any other payments under such Contract not included in the determination of Discounted Contract Balance for such Contract as set forth in the related Contract Schedule) on, or in respect of, such Contract are or will be due and payable, such Contract and the Equipment subject thereto shall be released from the lien of this Indenture except if a Restricting Event or an Amortization Event shall have occurred and then be continuing. (b) If a Restricting Event or Amortization Event shall have occurred and then be continuing, then each Contract and the security interest in all Equipment (except for security interests relating to Equipment subject to a conditional sales agreement or an equipment note) which would otherwise be released from the lien of this Indenture pursuant to this Section 4.04 shall instead remain subject to such lien and all of the provisions of this Indenture, including, without limitation, Article VI hereof; PROVIDED, however, unless an Indenture Event of Default has occurred and is continuing, in the event that the Trustee shall have received written confirmation from an Authorized Officer of the Servicer that the Servicer has received notification from an Obligor under any Contract (other than a Delinquent Contract) that the Obligor intends to exercise its purchase option or perform its purchase obligation, as the case may be, under a Contract, such Contract and the Equipment subject thereto shall be released from the Lien of this Indenture.
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RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT. (a) In the event that the Trustee shall have received written certification from an Authorized Officer of the Servicer that the Trustee has received from amounts paid by the Obligor or from the proceeds of the Equipment subject to any Contract (i) the final Contract Payment due and payable under any Contract (excluding, if applicable, any Purchase Option Payment), or (ii) a Retransfer Amount or prepayment in respect of any Contract and, following such final Contract Payment or Retransfer Amount or prepayment, no further payments on or in respect of such Contract are or will be due and payable, such Contract and the related Contract Assets shall be released from the lien of this Indenture. (b) If an Early Amortization Event or Event of Default shall have occurred and be continuing, then each Contract and related Contract Assets which would otherwise be released from the lien of this Indenture pursuant to this Section 4.04 shall instead remain subject to such lien and all of the provisions of this Indenture, including without limitation Article VI hereof.
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Related to RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT

  • Required Contract Provisions Private service provider contracts paid in whole or part with grant funds shall include the following provisions in the contract between the Grantee and the service provider:

  • Performance and Compliance with Receivables and Contracts At its expense, timely and fully perform and comply with all material provisions, covenants and other promises, if any, required to be observed by the Issuer under the Contracts related to the Receivables.

  • Price Adjustments for OGS Centralized Contracts Periodic price adjustments will occur no more than twice per year on a schedule to be established solely by OGS. Pricing offered shall be fixed for the first twelve (12) months of the Contract term. Such price increases will only apply to the OGS Centralized Contracts and shall not be applied retroactively to Authorized User Agreements or any Mini-bids already submitted to an Authorized User. Price decreases may be made at any time. Additionally, some price decreases shall be calculated in accordance with Appendix B, section 17, Pricing.

  • Selection of Subcontractors, Procurement of Materials and Leasing of Equipment The contractor shall not discriminate on the grounds of race, color, religion, sex, national origin, age or disability in the selection and retention of subcontractors, including procurement of materials and leases of equipment. The contractor shall take all necessary and reasonable steps to ensure nondiscrimination in the administration of this contract. a. The contractor shall notify all potential subcontractors and suppliers and lessors of their EEO obligations under this contract. b. The contractor will use good faith efforts to ensure subcontractor compliance with their EEO obligations.

  • Solicitations for Subcontracts, Including Procurements of Materials and Equipment In all solicitations, either by competitive bidding, or negotiation made by the contractor for work to be performed under a subcontract, including procurements of materials, or leases of equipment, each potential subcontractor or supplier will be notified by the contractor of the contractor’s obligations under this contract and the Acts and the Regulations relative to Non-discrimination on the grounds of race, color, or national origin.