Common use of Modifications to North River Bank Clause in Contracts

Modifications to North River Bank. 5.1 Subject to and in consideration of the Company making the payment referred to in clause 5.2, the State releases and discharges the Company from its obligations under clause 19.1 of the Management Agreement to modify the North River Bank as set out in Part 1.0 of Schedule 5 of the Management Agreement. 5.2 The Company agrees to pay $1 401 000 to the City of Melbourne (or such other person nominated by the State) within 5 Business Days of this clause coming into force, which amount shall be applied to modifications to the North River Bank. 5.3 A breach by the Company of this clause 5 shall be taken to be a breach of the Management Agreement for the purposes of clause 25.2 of the Management Agreement.

Modifications to North River Bank. 5.1 Subject to and in consideration of the Company making the payment referred to in clause 5.2, the State releases and discharges the Company from its obligations under clause clause 19.1 of the Management Agreement to modify the North River Bank as set out in Part 1.0 of Schedule 5 of the Management Agreement. 5.2 The Company agrees to pay $1 401 000 to the City of Melbourne (or such other person nominated by the State) within 5 Business Days of this clause coming into force, which amount shall be applied to modifications to the North River Bank. 5.3 A breach by the Company of this clause 5 shall be taken to be a breach of the Management Agreement for the purposes of clause 25.2 of the Management Agreement.