Common use of Hospital Holdback Clause in Contracts

Hospital Holdback. The Hospital Holdback shall be reduced from time to time as a result of such actions by Contractor as confirmed by the Consultant in accordance with the terms and conditions of the Construction Contract. To the extent the Hospital Holdback is reduced from time to time, Hospital shall pay the amount of the Hospital Holdback reductions to Contractor or as otherwise directed by Contractor and shall not accept any re-direction without the consent of the Person to whom payment is directed. Hospital acknowledges such direction and agrees to pay the Hospital Holdback reductions as Contractor may direct in accordance with any such direction. Contractor acknowledges and agrees that payment by Hospital of the Hospital Holdback reductions in accordance with this Section 3.9 as the Contractor may direct constitutes payment by the Hospital to Contractor in satisfaction of the Hospital’s obligation to pay the Hospital Holdback reductions to Contractor under the Construction Contract and in satisfaction of any trust obligation of the Hospital in respect to such payments under Section 7 of the Construction Lien Act (Ontario) pursuant to Section 10 of the Construction Lien Act (Ontario).

Hospital Holdback. The Hospital Holdback shall be reduced from time to time as a result of such actions by Contractor as confirmed by the Consultant in accordance with the terms and conditions of the Construction Contract. To the extent the Hospital Holdback is reduced from time to time, Hospital shall pay the amount of the Hospital Holdback reductions to Contractor or as otherwise directed by Contractor and shall not accept any re-direction without the consent of the Person to whom payment is directed. Hospital acknowledges such direction and agrees to pay the Hospital Holdback reductions as Contractor may direct in accordance with any such direction. Contractor acknowledges and agrees that payment by Hospital of the Hospital Holdback reductions in accordance with this Section 3.9 3.7 as the Contractor may direct constitutes payment by the Hospital to Contractor in satisfaction of the Hospital’s obligation to pay the Hospital Holdback reductions to Contractor under the Construction Contract and in satisfaction of any trust obligation of the Hospital in respect to such payments under Section 7 of the Construction Lien Act (Ontario) pursuant to Section 10 of the Construction Lien Act (Ontario).

Hospital Holdback. The Hospital Holdback shall be reduced from time to time as a result of such actions by Contractor as confirmed by the Consultant in accordance with the terms and conditions of the Construction Contract. Contractor hereby unconditionally and irrevocably directs Hospital to make any payments of the Hospital Holdback to the Lender, subject to the terms of the Lender’s Direct Agreement, to be applied by Lender in accordance with the Lending Agreements To the extent the Hospital Holdback is reduced from time to time, Hospital shall pay the amount of the Hospital Holdback reductions to Contractor or as otherwise directed by Contractor and shall not accept any re-direction without the consent of the Person to whom payment is directedLender. Hospital acknowledges such direction and agrees to pay the Hospital Holdback reductions as Contractor may direct in accordance with any such direction. Contractor acknowledges and agrees that payment by Hospital of the Hospital Holdback reductions in accordance with this Section 3.9 as the Contractor may direct any such direction constitutes payment by the Hospital to Contractor in satisfaction of the Hospital’s obligation to pay make the Hospital Holdback reductions reduction payments to Contractor under the Construction Contract and in satisfaction of any trust obligation of the Hospital in respect to such payments under Section 7 of the Construction Lien Act (Ontario) pursuant to Section 10 of the Construction Lien Act (Ontario).

Hospital Holdback. The Hospital Holdback shall be reduced from time to time as a result of such actions by Contractor as confirmed by the Consultant in accordance with the terms and conditions of the Construction Contract. To the extent the Hospital Holdback is reduced from time to time, Hospital shall pay the amount of the Hospital Holdback reductions to Contractor or as otherwise directed by Contractor and shall not accept any re-direction without the consent of the Person to whom payment is directed. Hospital acknowledges such direction and agrees to pay the Hospital Holdback reductions as Contractor may direct in accordance with any such direction. Contractor acknowledges and agrees that payment by Hospital of the Hospital Holdback reductions in accordance with this Section 3.9 as the Contractor may direct any such direction constitutes payment by the Hospital to Contractor in satisfaction of the Hospital’s obligation to pay make the Hospital Holdback reductions reduction payments to Contractor under the Construction Contract and in satisfaction of any trust obligation of the Hospital in respect to such payments under Section 7 of the Construction Lien Act (Ontario) pursuant to Section 10 of the Construction Lien Act (Ontario).