Common use of 2016 – Phase I Construction Clause in Contracts

2016 – Phase I Construction. Payment in 2016 for Phase I shall be in the amount of $1,900,000 (the “Phase I Payment”). The Phase I Payment shall be paid in two (2) equal payments of $950,000 each, as follows: (a) the first payment to be paid following the issuance of an order by the PSC in NYSEG’s rate case (Case No. 15-E-0283) authorizing new rates to go into effect (the “Rate Case Order”), (b) the second payment to be paid following receipt by NYSEG of a written notice of commencement of construction from National Grid; provided, however, that National Grid will not issue such notice of commencement of construction for Phase I, and shall have no obligation to commence physical construction for Phase I, until after receipt of the first payment indicated in Section 7.3.2(a), above. NYSEG’s obligation to make the Phase I Payment hereunder shall not be affected by the substance of the Rate Case Order. The payments under this Section 7.3.2 shall be paid by NYSEG within five (5) business days of the date of the event that triggered the applicable payment obligation.