Calculation of Progress Payments Sample Clauses

Calculation of Progress Payments. 13.5.1 Subject to other provisions of the Contract Documents and the reconciliation set forth in the Incentive Benchmark Amendment, the amount of each progress payment after the Incentive Benchmark Amendment is executed shall be computed as follows:
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Calculation of Progress Payments. Payments (including Advance Payment) for 70% of the completed quantities of physical works finished by 25th of each month, of which the quality have been examined by the Superintendence Engineer. The Contractor shall, by 28th of each month, apply to the Engineer and the Employer for monthly Progress Payments, accompanied with evidences for such payments (e.g. pictures of the progressed works and Xxxx of Quantities). The application shall be verified by the Employer within 10 working days, if approved and signed by the Superintendence Office. The progress payment shall then be paid within 20 working days after the Employer’s verification. Accumulated payments up to 80% of the Cost of the Works, within 20 working days after the Project has been completed, accepted and recorded. Accumulated payments up to 95% of the approved Cost of the Works, within 20 working days after the Final Statement has been verified. The rest 5% of the Cost of the Works shall be kept as guarantee for the repairing work. 3% of the Price of the Works shall be paid within 20 working days one year after expiry of the Guaranteed Time of Period. The rest sum shall be paid within 20 working days two year after expiry of the Period. (The last one hundred thousand yuan (¥10,000.00) shall be kept as deposit, and be paid within 20 working days until expiry of the Guaranteed Period for the waterproof roof).
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Related to Calculation of Progress Payments

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  • Payments and Computations (a) The Borrower shall make each payment hereunder and under the Notes, irrespective of any right of counterclaim or set-off (except as otherwise provided in Section 2.13), not later than 12:00 Noon (New York City time) on the day when due in U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in same day funds, with payments being received by the Administrative Agent after such time being deemed to have been received on the next succeeding Business Day. The Administrative Agent shall promptly thereafter cause like funds to be distributed (i) if such payment by the Borrower is in respect of principal, interest, commitment fees or any other Obligation then payable hereunder and under the Notes to more than one Lender Party, to such Lender Parties for the account of their respective Applicable Lending Offices ratably in accordance with the amounts of such respective Obligations then payable to such Lender Parties and (ii) if such payment by the Borrower is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its Applicable Lending Office, in each case to be applied in accordance with the terms of this Agreement. Upon any Acceding Lender becoming a Lender hereunder as a result of a Commitment Increase pursuant to Section 2.17 and upon the Administrative Agent’s receipt of such Lender’s Accession Agreement and recording of information contained therein in the Register, from and after the applicable Increase Date, the Administrative Agent shall make all payments hereunder and under any Notes issued in connection therewith in respect of the interest assumed thereby to such Acceding Lender. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 9.07(d), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.

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  • Determination of Amounts Whenever a Priority Debt Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any First-Out Obligations (or the existence of any commitment to extend credit that would constitute First-Out Obligations), or Second-Out Obligations, or the existence of any Lien securing any such obligations, or the Shared Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other Priority Debt Representative and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that if a Priority Debt Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Priority Debt Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Borrower. Each Priority Debt Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to the Borrower or any of their subsidiaries, any Priority Secured Party or any other Person as a result of such determination.

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