Common use of Economic Development Fund Clause in Contracts

Economic Development Fund. B.C. will pay $70,000,000 to CSTC, on behalf of the CSFNs, to establish a fund to support CSFN economic development initiatives (the "Economic Development Fund") as follows: (a) $10,000,000 within 10 Working Days of execution of the Agreement by all of the Parties; (b) the following amounts after the Parties have established the Advisory Committee and a framework for their regional economic development initiative pursuant to section 5.3(c): (i) $10,000,000 after receiving the 2018/2019 funding report in respect of the payment made pursuant to section 5.5(a) in substantially the form set out in Schedule "B" ("Funding Report") from CSTC within 60 Working Days of the execution of the Agreement by all of the Parties (ii) $15,000,000 after receiving the 2019/2020 Funding Report on or before April 30, 2020; (iii) $15,000,000 after receiving the 2020/2021 Funding Report on or before April 30, 2021; and (iv) $20,000,000 after receiving the 2021/2022 Funding Report on or before April 31, 2022 (collectively, the "Economic Development Fund Payments").