Payment of Project Costs. If the moneys available from the proceeds of the sale of the Bonds and investment income thereon shall not be sufficient to pay the Project Costs in full, the Borrower shall pay from the Subordinate Loans, the Borrower Contribution and, to the extent necessary, its own funds all of that portion of the Project Costs in excess of the moneys available therefor from the sale of the Bonds and investment income thereon. The Issuer does not make any warranty, either express or implied, that the moneys from the proceeds of the Bonds will be sufficient to pay the Project Costs. In the event the Borrower shall pay from its own funds any portion of the Project Costs pursuant to the provisions of this Section 5.01, it shall not be entitled to any reimbursement therefor from the Issuer, the Trustee or the Owners of any of the Bonds, nor shall it be entitled to any diminution in or postponement of the payments required to be paid by the Borrower under this Agreement.
Payment of Project Costs. The Grantee agrees that it will provide for payment of its full share of Project costs and that all costs connected with the Project will be paid by the Grantee on a timely basis.
Payment of Project Costs.
(a) No Net Construction Proceeds (other than the State Contribution Amount and the PSL Contribution Amount) will be transferred to the Construction Funds Trust unless and until each of the following conditions has been satisfied (the later of (i) the date on which all such conditions are satisfied and (ii) August 1, 2023 being hereafter described as the “Funding Release Date”):
(i) StadCo shall have delivered to the Authority a Construction Manager at Risk Agreement satisfying the terms of this Development Agreement, including those in Section 7.7 hereof, and based on construction drawings sufficiently advanced to permit the release of amounts within any Authority Project Account established by the Authority Bond Documents to the payment of Project Costs as described in Section 3.5(b) below;
(ii) StadCo shall have delivered to the Authority an updated Project Budget based upon the construction drawings on which the Construction Manager at Risk Agreement was based for purposes of determining the amount of the StadCo Contribution Amount as of the Funding Release Date, which such Project Budget shall include, without limitation, all costs identified in the Construction Manager at Risk Agreement;
(iii) The PSL Contribution Amount shall have been Committed in the manner described in Section 3.2(c) above;
(iv) StadCo shall have Committed the funding of the StadCo Contribution Amount in the manner described in Sections 3.2(d)(ii) above and provided assurances reasonably acceptable to the Authority and its legal counsel and financial advisors that StadCo has the financial resources available to it to fund the Cost Overrun Amount (as estimated) in the manner described in Section 3.2(d)(i);
(v) The representations and warranties of the Authority and StadCo, as set forth in Sections 4.1 and 4.2, respectively, shall be true and correct as of such date; and
(vi) StadCo shall have delivered to the Authority for review by the Authority’s legal counsel and financial advisors, final financing agreements related to (i) StadCo financing agreements and (ii) any PSL-related financing that is not otherwise included as part of the StadCo financing agreements, all reflecting terms consistent with this Agreement.
(b) All Project Costs will be paid pursuant to the terms of this Agreement. The Authority and StadCo hereby agree to take all such steps as may be necessary to cause the Authority Contribution Amount, the PSL Contribution Amount, the StadCo Contribution Amount and any C...
Payment of Project Costs. The Grantee agrees that it will provide for payment of its full share of Project costs and that all costs connected with the Project will be paid by the Grantee on a timely basis.
I. AUDIT DISALLOWANCES The Grantee agrees it shall return any audit disallowances to the State Water Board.
Payment of Project Costs. (a) All Re-Rate Project Costs shall be shared by the Parties according to the Re-Rate Cost Allocation Percentages, as set forth in Exhibit “A” attached hereto.
(b) All Expansion Project Costs shall be shared by the Parties according to the Expansion Cost Allocation Percentages, as set forth in Exhibit “B” attached hereto.
(c) The Parties agree that Project Consultant(s) will be instructed to send all invoices to Round Rock and that upon receipt of each invoice from the Project Consultant (s), Round Rock shall review the invoice and confirm that the Project Services have been completed in accordance with the request for payment. Round Rock shall also determine if the invoice is for Re-rate Project Costs or for Expansion Project Costs.
(d) Upon Round Rock’s approval of each invoice for Project Costs, includ ing the determination of Re-Rate Project Costs or Expansion Project Costs, Round Rock will transmit a copy of the approved invoice to each Party’s representative on the OC. Within ten (10) business days of receipt of the invoice for payment, the members of the OC shall specify in writing to Round Rock any objections regarding the invoice for payment. If any member of the OC fails to object in writing to the invoice within the ten (10) business day period, then the Party represented by such OC member shall be deemed to have approved the invoice for payment. In the event that any member of the OC timely objects to the invoice, then the matter shall be resolved in accordance with the following procedures:
(i) If the objection relates to the performance of work or services by a Project Consultant, then the OC shall exercise all rights to which it is entitled under the Project Consulting Contract to resolve the dispute, require correction of the defective work, and otherwise address the concern of the objecting member of the OC.
(ii) In the event that any member of the OC objects to an invoice for reasons not related to the performance of work or services by the Project Consultant, then the OC shall endeavor in good faith to resolve the matter by unanimous agreement. If the OC cannot unanimously agree to the proper resolution within thirty (30) calendar days of the date of written objection, then the invoice shall be paid as received; provided, however, that any Party may subsequently seek a determination of the dispute through the dispute resolution process set forth in Sec. 4.04 below, and the allocation of costs between the Parties shall be adjusted in acco...
Payment of Project Costs. All Project Costs shall be paid and funded by Developer.
Payment of Project Costs. The proceeds from the sale of the Bonds shall be paid by the Trustee from the Project Fund in accordance with Section 3.4 of this Agreement to provide for the payment of the Project costs.
Payment of Project Costs. Contractor agrees that it shall provide for payment of its full share of the Project costs. All costs and payments for the Project shall be paid by the Contractor promptly and in compliance with all applicable laws.
Payment of Project Costs. Section 4.4.
Payment of Project Costs. All Project Costs and other costs set forth in the Project Budget scheduled to have been paid from the proceeds of amounts to be funded under this Agreement and the Sponsor Pre-Sale Capacity Commitments shall have been paid in full, or other support arrangements which are satisfactory to the Administrative Agent shall have been made for the payment thereof.
