Payment by CSPE. Contemporaneously with the exchange of the instruments of ratification, CSPE is causing to be paid to Canada the sum, in United States funds, of $254,400,000.00 as of October 1, 1964, subject too adjustment in the event of an earlier payment thereof to the then part worth at a discount rate of 41/2 percent per annum, which sum shall be applied towards the cost of constructing the Treaty projects through a transfer of the sum by Canada to the Government of British Columbia pursuant to arrangements entered into between Canada and British Columbia. The Authority acknowledges that the receipt by Canada of the said sum is consideration for all the covenants of the authority in this Agreement and particularly the covenants to construct and operate the Treaty projects and is a complete discharge of CSPE for the full purchase price for the sale effected in Section 2 of this Agreement.
Appears in 4 contracts
Samples: Entitlement Purchase Agreement, Entitlement Purchase Agreement, Entitlement Purchase Agreement
