Common use of Payment Mechanism Clause in Contracts

Payment Mechanism. Apart from the Progress Payments, payment by the Province to the Contractor under this Agreement shall be in the form of a single monthly payment (the “Payment”) comprised of the amounts described below in clauses (a) and (b) less the amounts described below in clauses (c), (d) and (e): (a) the amount of the Capital Payment as set out in Schedule 14 (Payment Schedule) as amended and adjusted under Sections 9.4 through 9.6, as applicable; plus (b) the amount of the O&M Payment as set out in Schedule 14 (Payment Schedule) as amended and adjusted: (i) under Sections 9.4 through 9.6, as applicable; (ii) from time to time in accordance with the Index Factor, in accordance with Section 10.1; and (iii) from time to time in accordance with the Traffic Volume Adjustment; less (c) the amount of any holdback made by the Province in accordance with Section 5.17 or Section 8.4; and (d) the amount of any Payment Adjustments (excluding Traffic Volume Adjustments) made by the Province in accordance with Section 10.2; and (e) any amount set off by the Province in accordance with Section 9.8. In the event that the above calculation produces a negative amount for any month, such amount may be set off by the Province against the Payment for the next following month (or, if necessary, months). The Province’s obligation to make the Payment each month until expiry of the Term (or earlier termination of this Agreement in accordance with its provisions) shall not be interrupted, abated or adjusted except as expressly set out in this Agreement.

Payment Mechanism. Apart from the Progress PaymentsPayment, payment by the Province to the Contractor under this Agreement shall be in the form of a single monthly payment (the “Payment”) comprised of the amounts described below in clauses (a) and (b) less the amounts described below in clauses (c), (d) and (e): (a) the amount of the Capital Payment as set out in Schedule 14 (Payment Schedule) as amended and adjusted under Sections 9.4 through 9.6, as applicable; plus (b) the amount of the O&M Payment as set out in Schedule 14 (Payment Schedule) as amended and adjusted: (i) under Sections 9.4 through 9.6, as applicable; (ii) from time to time in accordance with the Index Factor, in accordance with Section 10.1; and (iii) from time to time in accordance with the Traffic Volume Adjustment; less (c) the amount of any holdback made by the Province in accordance with Section 5.17 or Section 8.4; and (d) the amount of any Payment Adjustments (excluding Traffic Volume Adjustments) made by the Province in accordance with Section 10.2; and (e) any amount set off by the Province in accordance with Section 9.8. In the event that the above calculation produces a negative amount for any month, such amount may be set off by the Province against the Payment for the next following month month. The Province shall, prior to or concurrently with making the Payment each month, provide a breakdown of the amount of the Payment, having regard to the above categories, and itemizing each Payment Adjustment (or, if necessary, months)excluding Traffic Volume Adjustments) deducted from the Payment. The Province’s obligation to make the Payment each month until expiry of the Term (or earlier termination of this Agreement in accordance with its provisions) shall not be interrupted, abated or adjusted except as expressly set out in this Agreement.

Payment Mechanism. Apart from the Progress PaymentsPayment, payment by the Province to the Contractor under this Agreement shall be in the form of a single monthly payment (the “Payment”) comprised of the amounts described below in clauses (a) and (b) less the amounts described below in clauses (c), (d) and (e): (a) the amount of the Capital Payment as set out in Schedule 14 (Payment Schedule) as amended and adjusted under Sections 9.4 through 9.6, as applicable; plus (b) the amount of the O&M Payment as set out in Schedule 14 (Payment Schedule) as amended and adjusted: (i) under Sections 9.4 through 9.6, as applicable; (ii) from time to time in accordance with the Index Factor, in accordance with Section 10.1; and (iii) from time to time in accordance with the Traffic Volume Adjustment; less (c) the amount of any holdback made by the Province in accordance with Section 5.17 or Section 8.4; and (d) the amount of any Payment Adjustments (excluding Traffic Volume Adjustments) made by the Province in accordance with Section 10.2; and (e) any amount set off by the Province in accordance with Section 9.8. In the event that the above calculation produces a negative amount for any month, such amount may be set off by the Province against the Payment for the next following month (or, if necessary, months). The Province’s obligation to make the Payment each month until expiry of the Term (or earlier termination of this Agreement in accordance with its provisions) shall not be interrupted, abated or adjusted except as expressly set out in this Agreement.