Common use of Direction of Interim Reimbursement Payment Amount Clause in Contracts

Direction of Interim Reimbursement Payment Amount. (a) Project Co hereby irrevocably directs Owner to make any Interim Reimbursement Payment Amount payment, together with applicable Value Added Tax, to Agent or as Agent may direct as security for the Financing. Owner shall pay the Interim Reimbursement Payment Amount as directed by Project Co and shall not accept any redirection without the consent of Agent. Agent, Owner and Project Co acknowledges that any monies contributed by the Authority toward the Interim Reimbursement Payment Amount, together with any monies payable by Owner on account of the Interim Reimbursement Payment Amount from its own resources, shall be deposited directly into the Trust Account. Owner acknowledges that Project Co’s interest in the Trust Account has been assigned to Agent as part of the security under the Lending Agreements, and agrees that any monies payable to Project Co hereunder that are funded by monies deposited in the Trust Account shall be paid directly to Agent or as Agent may direct out of the Trust Account in accordance with the provisions of the Trust Account Acknowledgement Agreement. Owner will pay the amounts that Project Co is entitled to hereunder once the conditions for payment set out in this Project Agreement, if any, have been satisfied. Project Co acknowledges and agrees that payment by Owner of the Interim Reimbursement Payment Amount to Agent in accordance with this Section 4.4 constitutes payment by Owner to Project Co in satisfaction of Owner’s obligation to pay the Interim Reimbursement Payment Amount to Project Co under this Project Agreement and in satisfaction of any trust obligation of Owner with respect to such payments under Section 7 of the Construction Lien Act (Ontario) pursuant to Section 10 of the Construction Lien Act (Ontario).

Direction of Interim Reimbursement Payment Amount. (a) Project Co hereby irrevocably directs Owner to make any Interim Reimbursement Payment Amount paymentAmount, together with applicable Value Added Tax, to Agent or as Agent may direct as security for the Financing. Owner shall pay the Interim Reimbursement Payment Amount as directed by Project Co and shall not accept any redirection without the consent of Agent. Agent, Owner and Project Co acknowledges acknowledge that any monies contributed by the Authority toward towards the Interim Reimbursement Payment Amount, together with any monies payable by Owner on account of the Interim Reimbursement Payment Amount from its own resources, shall be deposited directly into the Trust Account. Owner acknowledges that Project Co’s interest in the Trust Account has been assigned to Agent as part of the security under the Lending Agreements, and agrees that any monies payable to Project Co hereunder that are funded by monies deposited in the Trust Account shall be paid directly to Agent or as Agent may direct out of the Trust Account in accordance with the provisions of the Trust Account Acknowledgement Agreement. Owner will pay the amounts that Project Co is entitled to hereunder once the conditions for payment set out in this Project Agreement, if any, have been satisfied. Project Co acknowledges and agrees that payment by Owner of the Interim Reimbursement Payment Amount to Agent in accordance with this Section 4.4 constitutes payment by Owner to Project Co in satisfaction of Owner’s obligation to pay the Interim Reimbursement Payment Amount to Project Co under this Project Agreement and in satisfaction of any trust obligation of Owner with respect to such payments under Section 7 of the Construction Lien Act (Ontario) pursuant to Section 10 of the Construction Lien Act (Ontario).

Direction of Interim Reimbursement Payment Amount. (a) Project Co hereby irrevocably directs Owner to make any Interim Reimbursement Payment Amount payment, together with applicable Value Added TaxHST, to Agent or as Agent may direct direct, as security for the Financing. Owner shall pay the Interim Reimbursement Payment Amount as directed by Project Co and shall not accept any redirection without the consent of Agent. Agent, Owner and Project Co acknowledges acknowledge that any monies contributed by the Authority toward the Interim Reimbursement Payment Amount, together with any monies payable by Owner on account of the Interim Reimbursement Payment Amount from its own resources, shall be deposited directly into the Trust Account. Owner acknowledges that Project Co’s Co‟s interest in the Trust Account has been assigned to Agent as part of the security under the Lending Agreements, and agrees that any monies payable to Project Co hereunder that are funded by monies deposited in the Trust Account shall be paid directly to Agent or as Agent may direct out of the Trust Account in accordance with the provisions of the Trust Account Acknowledgement Agreement. Owner will pay the amounts that Project Co is entitled to hereunder once the conditions for payment set out in this Project Agreement, if any, have been satisfied. Project Co acknowledges and agrees that payment by Owner of the Interim Reimbursement Payment Amount to Agent in accordance with this Section 4.4 constitutes payment by Owner to Project Co in satisfaction of Owner’s Owner‟s obligation to pay the Interim Reimbursement Payment Amount to Project Co under this Project Agreement and in satisfaction of any trust obligation of Owner with respect to such payments under Section 7 of the Construction Lien Act (Ontario) pursuant to Section 10 of the Construction Lien Act (Ontario).