Contingent Project definition
Examples of Contingent Project in a sentence
In such case, the ISO shall, upon Interconnection Customer’s request, refund to Interconnection Customer any refundable cash portion of, or coordinate with Interconnection Customer to amend any letter of credit or surety bond for, any Study Deposit amount, Readiness Deposit(s), and Site Control Deposit that the Interconnection Customer provided for the Contingent Project that are not required for a ▇▇▇▇-Only Cluster Study Project.
Immediately following any such disbursement, the Borrower shall replenish the Contingent Project Cost Reserve to the Original Contingent Project Cost Reserve Amount with funds from the Equity Escrow Fund, if any.
Until the Conversion Date, funds held in the Equity Escrow Fund shall be used by the Disbursing Agent: (a) first, to replenish the Contingent Project Cost Reserve, and (b) second, for the payment of Project Costs exceeding the amount set forth in the Project Sources and Uses Statement.
The Disbursing Agent may from time to time in its reasonable discretion disburse amounts from the Contingent Project Cost Reserve to pay for Project Costs exceeding the amount set forth in the Project Sources and Uses Statement.
An Interconnection Customer’s submission of a Contingent Project will not replace, or require the withdrawal, of the Interconnection Request or ▇▇▇▇-Only Request for the Pending Project.
Such Contingent Project Cost Reserve amount is inclusive within the deposit of $34,100,000.00 made by Borrower, pursuant to Section 2.1(a) of this Agreement.
If the Commerce Bank Loan has been paid in full on or before the Conversion Date, amounts held in the Contingent Project Cost Reserve shall be paid to the Borrower, consistent with the terms of this Agreement.
Except as specifically provided in this Agreement, this Agreement does not constitute an agreement to lend money for any Contingent Project.
Borrower shall deposit with the Disbursing Agent a construction contingency fund (the "Contingent Project Cost Reserve") in the amount of $3,253,722.00 (the "Original Contingent Project Cost Reserve Amount").
If STRATHMORE or any of its Affiliates intends to pursue, alone or through a Business Combination, any Contingent Project anywhere in the world other than in the State of New Mexico, STRATHMORE shall promptly notify SUMITOMO of such intentions and STRATHMORE and SUMITOMO shall discuss a possible joint venture for such Contingent Project in good faith and if STRATHMORE and SUMITOMO fail to reach an agreement, STRATHMORE shall be permitted to pursue such Contingent Project alone or with others.