Drawdowns following Project Completion Sample Clauses
The "Drawdowns following Project Completion" clause defines the conditions and procedures under which funds can be withdrawn or accessed after a project has been completed. Typically, this clause outlines the documentation or certifications required to prove completion, specifies any remaining milestones or retention amounts, and details the process for requesting and approving final payments. Its core practical function is to ensure that funds are only released once the project is satisfactorily finished, thereby protecting the interests of the party providing the funds and ensuring project obligations are fully met before final disbursement.
Drawdowns following Project Completion. Each Drawdown under the Construction Facility requested by the Principal Borrower following the Project Completion Date shall only be used to fund, in whole or in part, Punch List Items, provided that, the maximum aggregate the Equivalent Amount in Canadian Dollars of the Outstanding Principal of all Drawdowns requested under the Construction Facility in respect of Punch List Items, together with all Drawdowns requested under the Contingent Facility in respect of Punch List Items, shall not exceed Cdn.$200,000,000 (or the Equivalent Amount in US Dollars) unless otherwise agreed by the Agent, acting reasonably and in consultation with the Independent Engineer.