Manner and Times of Payment of Reimbursable Costs Sample Clauses

Manner and Times of Payment of Reimbursable Costs. On or ------------------------------------------------- prior to the Commencement Date, Owner shall establish and maintain an O&M operating account in a bank reasonably acceptable to Owner ("O&M Operating Account") and will designate Operator as an additional signatory on the account. Owner will deposit into the O&M Operating Account, subject to all applicable Financing Agreement provisions each month, on or before a day of month to be agreed upon by the Owner and Operator, an amount equal to (i) the amount of Reimbursable Costs set forth in the approved Annual Budget for such month or otherwise approved by Owner to be incurred during such month, plus or minus (ii) the difference between the amounts deposited in the O&M Operating Account in the preceding month and the actual amount of Reimbursable Costs incurred in that month. On or before the 10th day of each month, Operator shall deliver to Owner an accounting report (together with appropriate supporting invoices and receipts) that reflects all Reimbursable Costs for the preceding month, reconciled against the amounts deposited to the O&M Operating Account. If at any time during the performance of its obligations, Operator believes that, except in the case of an emergency as provided in Section 3.2.2, actual expenses or costs in any category of the Annual Budget will exceed the budgeted amount in such category by more than Twenty Thousand Dollars ($20,000), during the calendar year, Operator shall notify Owner of such belief within ten (10) days of forming such belief and shall follow Owner's directions regarding future expenditures on Owner's behalf pursuant to this Agreement. Until such time as Operator shall receive such directions from Owner, Operator shall continue to operate the Project according to the terms of this Agreement as permitted under the Annual Budget then in effect, if Operator receives an AFE or other directions from Owner in writing or Operator and Owner otherwise agree in writing on changes to the Annual Budget, such directions and such changes shall then be part of the Annual Budget. Notwithstanding any provision hereof to the contrary, Operator's obligation to perform the Services shall be subject to Owner's adequately funding the O&M Operating Account.

Manner and Times of Payment of Reimbursable Costs. Not later than the beginning of each Operating Year, Operator will prepare and deliver to Owner a budget indicating the projected Reimbursable Costs for such Operating Year. Operator will also, on a quarterly basis, review and (if requested by Owner) prepare and deliver to Owner a revised budget for the remainder of the Operating Year, indicating the projected Reimbursable Costs for the remainder of the Operating Year. On a monthly basis, Operator will submit to Owner an invoice for the Reimbursable Costs paid or incurred by Operator during the preceding month. Owner shall pay to Operator the amount set forth on each monthly invoice on the Payment Date (as that term is defined in the Tolling Agreement) occurring not less than 30 days after receipt of the invoice.