Common use of Evidence of Project Costs Clause in Contracts

Evidence of Project Costs. (i) Except in relation to an initial borrowing made within one month of the Closing Date, at least fifteen (15) days prior to such Construction Loan, the Administrative Agent and the Independent Engineer shall have received a Construction Progress Report, together with a statement of the payments to be made pursuant to the Backhaul Agreements and/or to the Contractor pursuant to the Construction Contract with the proceeds of such Construction Loans, together with other documentation reasonably requested by and satisfactory to the Administrative Agent and with respect to all other items of Project Costs to be paid or advanced with the proceeds of such Construction Loans. (ii) Each Construction Progress Report delivered pursuant to Section 4.2(b) may provide for an additional amount for payments required to be made prior to the next Borrowing Date but which are not specified in such Construction Progress Report in an amount not to exceed $5,000,000 per calendar month plus any payments of value added taxes which are expected to become payable prior to the next Borrowing Date and $15,000,000 in the aggregate plus any payments of value added taxes which are expected to become payable prior to the next Borrowing Date at any time (the "ADDITIONAL BORROWING AMOUNT") which amounts shall be placed into the Current Account; PROVIDED, HOWEVER, that the immediately succeeding Construction Progress Report shall specify in reasonable detail to what payments the Additional Borrowing Amount has been applied.

Evidence of Project Costs. (i) Except in In relation to an initial borrowing made within one month of the Closing DateConstruction Loans only, at least fifteen (15) days Business Days prior to the Borrowing Date for such Construction Loan, the Administrative Administra tive Agent and the Independent Engineer shall have received a Construction Progress Report, together with a statement of the payments to be made pursuant to the Backhaul Agreements and/or to the Contractor pursuant to the Construction Contract in respect of Project Costs with the proceeds of such Construction Loans, together with the draft Borrowing Notice and other documentation reasonably requested by and satisfactory to the Administrative Agent and with respect to all other items of Project Costs to be paid or advanced with the proceeds of such Construction Loans. (ii) Each Construction Progress Report delivered pursuant to this Section 4.2(b) may provide for an additional amount for payments required to be made prior to the next Construction Loan Borrowing Date but which are not specified in such Construction Progress Report in an amount not to exceed (A) $5,000,000 per calendar month month, plus any payments of value added taxes which are expected to become payable prior to the next Borrowing Date and (B) $15,000,000 in the aggregate aggregate, plus any payments of value added taxes which are expected to become payable prior to the next Construction Loan Borrowing Date at any time (the "ADDITIONAL BORROWING AMOUNT") which amounts shall be placed into the Current Account; PROVIDED, HOWEVER, that the immediately succeeding Construction Progress Report shall specify in reasonable detail to what payments the Additional Borrowing Amount has been applied.

Evidence of Project Costs. (i) Except in relation to an initial borrowing made within one month of the Closing Date, at least fifteen (15) days prior to such Construction Loan, the Administrative Agent and the Independent Engineer shall have received a Construction Progress Report, together with a statement of the payments to be made pursuant to the Backhaul Agreements and/or to the Contractor pursuant to the Construction Contract with the proceeds of such Construction Loans, together with other documentation reasonably requested by and satisfactory to the Administrative Agent and with respect to all other items of Project Costs to be paid or advanced with the proceeds of such Construction Loans. (ii) Each Construction Progress Report delivered pursuant to Section 4.2(b) may provide for an additional amount for payments required to be made prior to the next Borrowing Date but which are not specified in such Construction Progress Report in an amount not to exceed $5,000,000 per calendar month plus any payments of value added taxes which are expected to become payable prior to the next Borrowing Date and $15,000,000 in the aggregate plus any payments of value added taxes which are expected to become payable prior to the next Borrowing Date at any time (the "ADDITIONAL BORROWING AMOUNT") which amounts shall be placed into the Current Account; PROVIDEDprovided, HOWEVERhowever, that the immediately succeeding Construction Progress Report shall specify in reasonable detail to what payments the Additional Borrowing Amount has been applied.