Substitution of Securities in Lieu of Retainage Clause Samples

Substitution of Securities in Lieu of Retainage. The CONTRACTOR may elect to receive 100 percent of payments due under the Project Manual from time to time, without retention from any portion of the payment by the OWNER, by depositing securities of equivalent value with the OWNER in accordance with the provisions of §22300 of the California Public Contract Code. Such securities, if deposited by the CONTRACTOR, shall be valued by the OWNER, whose decision on valuation of the securities shall be final. Securities eligible for investment under this provision shall be limited to those listed in §22300 of the California Public Contract Code and §16430 of the California Government Code.
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Substitution of Securities in Lieu of Retainage. Pursuant to Section 22300 of the California Public Contract Code, the Contractor may substitute securities for any money held by the Agency to insure performance of the Contract. At the request and expense of the contractor, securities equivalent to the amount withheld shall be deposited with the Agency or with the State or Federally-chartered bank as the escrow agent, who shall return such securities to the contractor upon satisfactory completion of the Contract. Deposit of the securities with an escrow agent shall be subject to a written agreement in the form outlined in Section 22300 of the Public Contract Code. The Agency shall not certify that the Contract has been completed until at least 45 days after the filing by the Agency of a Notice of Completion. Securities eligible for investment under said Section shall be those listed in Section 16430 of the California Government Code, bank or savings and loan certificates of deposit, interest-bearing demand deposit accounts, standby letters of credit, or any other security mutually agreed upon by the Contractor and the public agency.
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Related to Substitution of Securities in Lieu of Retainage

  • 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.

  • Replacement of Securities If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

  • Cancellation of Securities All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of cancelled Securities held by it in accordance with its procedures for the disposition of cancelled Securities and deliver a certificate of disposition to the Issuer upon request. If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

  • Valuation of Securities Securities shall be valued in accordance with (a) the Fund's Registration Statement, as amended or supplemented from time to time (hereinafter referred to as the "Registration Statement"); (b) the resolutions of the Board of Trustees of the Fund at the time in force and applicable, as they may from time to time be delivered to FUND ACCOUNTING, and (c) Proper Instructions from such officers of the Fund or other persons as are from time to time authorized by the Board of Trustees of the Fund to give instructions with respect to computation and determination of the net asset value. FUND ACCOUNTING may use one or more external pricing services, including broker-dealers, provided that an appropriate officer of the Fund shall have approved such use in advance.

  • Acceleration of Securities If payment of the Securities is accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Debt of the acceleration.