Common use of Completion Holdback Clause in Contracts

Completion Holdback. (a) The Completion Holdback may be reduced from time to time as a result of such actions by Project Co, as confirmed by the Independent Certifier, in accordance with the terms and conditions of this Project Agreement. To the extent the Completion Holdback is reduced from time to time, Project Co hereby irrevocably directs Contracting Authority to pay the amount of any Completion Holdback reduction, together with all interest accrued thereon and applicable HST, to the Lenders’ Agent or as the Lenders’ Agent may direct. Contracting Authority agrees to pay the Completion Holdback reductions as directed by Project Co and shall not accept any redirection without the consent of the Lenders’ Agent. Project Co acknowledges and agrees that payment by Contracting Authority of the Completion Holdback reductions in accordance with this Section 4.7(a) to the Lenders’ Agent or as the Lenders’ Agent may direct constitutes payment by Contracting Authority to Project Co in satisfaction of Contracting Authority’s obligation to pay the Completion Holdback reductions to Project Co under this Project Agreement and in satisfaction of any trust obligation of Contracting Authority with respect to such payments under section 7 of the CLA pursuant to section 10 of the CLA.

Completion Holdback. (a) The Completion Holdback may be reduced from time to time as a result of such actions by Project Co, as confirmed by the Independent Certifier, in accordance with the terms and conditions of this Project Agreement. To the extent the Completion Holdback is reduced from time to time, Project Co hereby irrevocably directs Contracting Authority the CTC to pay the amount of any Completion Holdback reduction, together with all interest accrued thereon and applicable HST, to the Lenders’ Agent or as the Lenders’ Agent may direct, as security for the Financing. Contracting Authority The CTC agrees to pay the Completion Holdback reductions as directed by Project Co and shall not accept any redirection without the consent of the Lenders’ Agent. Project Co acknowledges and agrees that payment by Contracting Authority the CTC of the Completion Holdback reductions in accordance with this Section 4.7(a) to the Lenders’ Agent or 4.6 as the Lenders’ Agent Project Co may direct constitutes payment by Contracting Authority the CTC to Project Co in satisfaction of Contracting Authoritythe CTC’s obligation to pay the Completion Holdback reductions to Project Co under this Project Agreement and in satisfaction of any trust obligation of Contracting Authority the CTC with respect to such payments under section 7 of the CLA pursuant to section 10 of the CLA.

Completion Holdback. (a) The Completion Holdback may be reduced from time to time as a result of such actions by Project Co, as confirmed by the Independent Certifier, in accordance with the terms and conditions of this Project Agreement. To the extent the Completion Holdback is reduced from time to time, Project Co hereby irrevocably directs Contracting Authority the CTC to pay the amount of any Completion Holdback reduction, together with all interest accrued thereon and applicable HST, to the Lenders’ Agent or as the Lenders’ Agent may direct, as security for the Financing. Contracting Authority The CTC agrees to pay the Completion Holdback reductions as directed by Project Co and shall not accept any redirection without the consent of the Lenders’ Agent. Project Co acknowledges and agrees that payment by Contracting Authority the CTC of the Completion Holdback reductions in accordance with this Section 4.7(a) to the Lenders’ Agent or 4.6 as the Lenders’ Agent Project Co may direct constitutes payment by Contracting Authority the CTC to Project Co in satisfaction of Contracting Authoritythe CTC’s obligation to pay the Completion Holdback reductions to Project Co under this Project Agreement and in satisfaction of any trust obligation of Contracting Authority the CTC with respect to such payments under section Section 7 of the CLA pursuant to section Section 10 of the CLA.