Construction Payments Clause Samples

Construction Payments. (a) The Operator designated by the Ownership Agreement pursuant to Section 8 thereof has established a separate trust account (“Construction Trust Account”) in a bank located in the State of Montana and having qualifications meeting all requirements imposed upon depositories for any of the Transmission Owners. Sums of money for Costs of Transmission System Construction shall be deposited therein and Transmission Operator shall withdraw and apply funds therefrom only as necessary to pay Costs of Transmission System Construction. (b) The Transmission Operator shall establish upon receipt from any Transmission Owner of reasonable advance notice a trust account separate from the Construction Trust Account, subject to the same qualifications required by Section 16(a). Thereafter, sums of money for Costs of Transmission System Construction shall be deposited in said separate trust account and withdrawn as provided by Section 16(a). (c) For 330 MW of Montana’s Requirements Capacity and 330 MW of Puget’s Requirements Capacity in the C-B Segment, Montana has paid on behalf of Montana and Puget $13,304,727 to construct a double circuit steel tower 230 kV transmission line, a portion of the Transmission System. This amount shall be credited to Montana as a payment of Costs of Transmission System Construction. After reimbursement to Montana by Puget pursuant to Section 16(d) hereof, said amount shall be credited one-half to Puget and one- half to Montana as a payment of Costs of Transmission System Construction. (d) As reimbursement for one-half of the payment referred to in Section 16(c), Puget shall pay Montana $6,652,363.50, less accumulated depreciation reserve, on the date (the “Reimbursement Date” stated in Section 4.2 of the Montana-Puget Colstrip Units #1 and #2 Transmission Contract) the Transmission Committee determines that the Transmission System will be energized and has sufficient capacity to transmit the Project’s and Colstrip Units #1 and #2 net generating capability, unless otherwise agreed by Montana and Puget; provided, however, that said reimbursement shall not constitute a novation, nor relieve Puget, of its obligations under the Montana-Puget Colstrip Units #1 and #2 transmission contract for liabilities accrued thereunder and for annual costs specified in Section 3.3 of said contract. Said reimbursement shall thereafter relieve Puget of its obligation to reimburse Montana for its share of the annual cost of the Colstrip-Broadview 230kV transmiss...

Construction Payments. In the event that the User seeks Port Authority financing for construction of any of the hangars or other improvements the following will apply. (a) The following terms as used in this Agreement shall have the respective meanings given below:

Construction Payments. (a) Operator shall establish a separate trust account ("Construction Trust Account") in a bank located in the State of Montana and having qualifications meeting all requirements imposed upon depositories for any of the Owners or Project Users. Sums of money for Costs of Construction shall be deposited therein and Operator shall withdraw and apply funds therefrom only as necessary to pay Costs of Construction. (b) Upon execution of this Agreement, each Project User shall deposit (or cause deposit of) into the Construction Trust Account its Project Share of a working fund of $50,000. Operator shall periodically notify each Project User a reasonable period of time in advance, as determined from time to time by the Committee, or in the event of an emergency as soon as practicable, of expenditures for Costs of Construction. Whether or not such expenditures are provided for in the budget, each Project User shall deposit (or cause deposit of) its Project Share of such expenditures in the Construction Trust Account in funds immediately available on the dates specified in the notification. (c) At the time of execution of this Agreement or promptly thereafter, each Project User shall have paid (or caused payment of) its Project Share of the accumulated Costs of Construction paid prior to the date of such execution, plus the cost of interest thereon. (d) The Construction Trust Account may from time to time be closed or later reopened upon unanimous action of the Committee. (e) Any cost or expense required to be incurred solely as a result of a Project User's lease or financing of its Project Share shall be borne by such Project User.

Construction Payments. (a) NMCG shall deposit an amount equivalent to the first 2 Payment Milestones in the Escrow Account prior to the Effective Date and ensure that the Escrow Account continues to be funded with an amount equivalent to the next two Payment Milestones, at all times from the Effective Date until the Mirzapur Facilities COD. (b) 10% of the Mirzapur Bid Project Cost shall be given to the Concessionaire as a Mirzapur Mobilization Advance in accordance with Clause 9.3(d). The Mirzapur Mobilization Advance shall be adjusted against the Mirzapur Construction Payments to be paid by NMCG to the Concessionaire in 4 instalments each, in accordance with Clause 9.3(e). The Mirzapur Construction Payments will be paid to the Concessionaire upon completion of the work corresponding to the Payment Milestones and certification of completion of such Payment Milestones by the Jal ▇▇▇▇▇ in accordance with Clause 7.13.

Construction Payments. The City has approved Certificate of Obligation funds for this Project. These funds are held by the City for the dedicated purpose of funding this Project and no other purpose. At the request of the Operator, upon seven day’s written notice, the City will provide documentation showing the funds remaining in the City’s possession that are dedicated for this Project. The City will deposit the City Maximum Funding Amount to the Capital Account established under the Lease. Operator will issue payments for design and construction of the Project out of the Capital Account as costs are incurred for design and construction draw requests of the Project in accordance with the Lease and the design and construction contracts for the Project on an as-needed basis as laid out in the Payment Approval paragraph below.

Construction Payments. The County shall ensure, at its expense, that all alterations are constructed to completion in accordance with the approved plans, permits and authorizations therefor and that all persons or entities performing work or providing materials relating to such improvements including, without limitation, all contractors, subcontractors, sub-subcontractors, laborers, materialmen, suppliers and professionals, are paid in full for such services and materials.

Construction Payments. 1.2.1 The Construction Payments are calculated monthly, from the Effective Date, to the Construction Completion Date, or if applicable, the Termination Date, in accordance with the following formula: = ( × × ( ― ― 1)) + CPt = Construction Payment for month (t); PRA = Payment rate adjustment = 0.80; TC = Total Capital Cost Amount as indicated in Table 6 of Appendix 16A; PCt = Percent Completion for Construction Payment as defined in Section 2.1 for month (t); PCt-1 = Percent Completion for Construction Payment as defined in Section 2.1 for month (t-1); and CPADJt = Construction Payment Adjustment for the month (t) as defined in Section 2.2. 1.2.2 If the Construction Payment for month (t) is a negative number, that amount shall be carried forward to any subsequent month(s), until that amount has been fully recovered by the City. 1.2.3 If on the Construction Completion Date or if applicable, the Termination Date, prior Construction Payments are in a cumulative negative position and are still outstanding from Project Co to the City, then the negative amount will be offset from the Payment, as defined in Section 1.1. 1.2.4 For the avoidance of doubt but subject to any express amounts payable to Project Co pursuant to this Agreement, Project Co shall not be paid more than 100% of the Total Capital Cost Amount with the exception of any credits pursuant to Section 2.2 [Construction Payment Adjustments].

Construction Payments. RTD shall pay to the Concessionaire an aggregate amount equal to:

Construction Payments. The Authority will make a payment to Project Co after each Building Opening Date in accordance with this Appendix. The amount payable by the Authority to Project Co with respect to each Building will be the lesser of of the Direct Construction Costs for that Building and: Beacon ▇▇▇▇▇▇▇ Residence Dominion Hotel Gastown Hotel ▇▇▇▇▇▇▇▇▇ Hotel Marble Arch Hotel ▇▇▇▇ Hotel Molson’s Bank Building Orange Hall Rice Block Sunrise Hotel Tamura House Washington Hotel TOTAL (each a “Construction Payment”).