Common use of Unconditional Releases Clause in Contracts

Unconditional Releases. Duly executed acknowledgments of payments and unconditional releases in the form of Exhibit N-1 or otherwise in form and substance reasonably satisfactory to the Bank Agent from the Lien Release Parties performing work and/or providing services (other than engineering, design, advisory or consulting) and/or providing and/or installing materials (other than Eligible FF&E), for all work, services and materials done, performed or furnished for the construction of each Active Project through the last day covered by the immediately preceding Advance Request, except for such work, services and materials the payment for which is being disputed in good faith, by appropriate means and with appropriate reserves through an allocation in the Anticipated Cost Reports which in the aggregate with all other amounts so reserved for all Active Projects shall not exceed $100,000,000; provided, however, that (i) for purposes of determining whether such $100,000,000 limit has been exceeded, contested amounts relating to any Construction Contract that have been terminated in accordance with Section 7.1.6(a) of this Agreement shall not be counted; and (ii) the Company shall not be required to provide such acknowledgements of payments and unconditional releases from any Lien Release Party with a value or contract price of less than $500,000 (subject to an aggregate limit of $100,000,000 for all Active Projects, after which acknowledgements and releases shall be provided from each Lien Release Party regardless of the value or contract price of the work, services or materials being performed or provided by such Person); and

Appears in 1 contract

Sources: Disbursement Agreement (Las Vegas Sands Corp)

Unconditional Releases. Duly executed acknowledgments of payments and unconditional releases in the form of Exhibit N-1 or otherwise in form and substance reasonably satisfactory to the Bank Agent from the Lien Release Parties performing work and/or providing services (other than engineering, design, advisory or consulting) and/or providing and/or installing materials (other than Eligible FF&E), for all work, services and materials done, performed or furnished for the construction of each Active Project the Primary Projects through the last day covered by calendar month ending immediately prior to the immediately preceding Initial Standard Advance Request, Date except for such work, services and materials the payment for which is being disputed in good faith, by appropriate means and with appropriate reserves through an allocation in the Anticipated Cost Reports for such Projects which in the aggregate with all other amounts so reserved for all Active Projects shall not exceed $100,000,000; provided, however, that (i) for purposes of determining whether such $100,000,000 limit has been exceeded, contested amounts relating to any Construction Contract that have has been terminated in accordance with Section 7.1.6(a) of this Agreement shall not be counted; and (ii) the Company shall not be required to provide such acknowledgements of payments and unconditional releases from any Lien Release Party with a value or contract price of less than of $500,000 (subject to an aggregate limit of $100,000,000 for all Active Projects, after which acknowledgements and releases shall be provided from each Lien Release Party regardless of the value or contract price of the work, services or materials being performed or provided by such Person); and

Appears in 1 contract

Sources: Disbursement Agreement (Las Vegas Sands Corp)