Monthly Performance Payments Sample Clauses

Monthly Performance Payments. 1.1 Monthly Performance Payments Prior to Substantial Completion The Performance Payment (“PP”) payable in respect of any Payment Month (m) commencing prior to the Substantial Completion Date shall be calculated in accordance with the following formula: PPm = MaxPPm Where: MaxPPm = the Maximum Performance Payment in respect of Payment Month (m), which shall be calculated in accordance with the following formula: MaxPP = (dm ) × MaxPP m dy y (i) dm = the number of Calendar Days in Payment Month (m) from and including the first day of Payment Month (m) (or, in the case of the First Payment Month, from and excluding the Performance Payment Start Date) to and including the earlier of the final day of Payment Month (m) or the Substantial Completion Date (or to and excluding the Termination Date, if earlier than either); (ii) dy = the number of Calendar Days in Contract Year (y); and (iii) MaxPPy = the amount of the Maximum Performance Payment calculated in accordance with Section 2 of this Part 2 in respect of Contract Year (y). 1.2 Monthly Performance Payments During the Operating Period The Performance Payment (“PP”) payable in respect of any Payment Month (m) during the Operating Period shall be calculated in accordance with the following formula: PPm = MaxPPm – MPDm-1 – OGDm Central 70 Project: Second Amendment to the Project Agreement Where: (a) PPm = 0, if MPDm-1 ≥ MaxPPm; (b) MaxPPm = the Maximum Performance Payment in respect of Payment Month (m), which shall be calculated in accordance with the following formula: MaxPP = (dm ) × MaxPP m dy y (i) dm = the number of Calendar Days in Payment Month (m) from and including the first day of Payment Month (m) (or, in the case of the first Payment Month following Substantial Completion, from and excluding the Substantial Completion Date) to and including the final day of Payment Month (m) (or to and excluding the Termination Date, if earlier); (ii) dy = the number of Calendar Days in Contract Year (y); and (iii) MaxPPy = the amount of the Maximum Performance Payment calculated in accordance with Section 2 of this Part 2 in respect of Contract Year (y); (c) MPDm-1 = the Monthly Performance Deduction for month (m-1) (for clarity, month (m-1) in respect of Payment Month (m) is defined as the OP Deduction Month in respect of Payment Month (m)) calculated in accordance with Section 1 of Part 3 of this Schedule 6, provided that: (i) for certainty, MPDm-1 = 0 where Payment Month