Projected Payment Schedule Sample Clauses
Projected Payment Schedule. On or before December 1 of each Fiscal Year during the Term, the Recipients shall deliver to the Province an amended Projected Payment Schedule highlighting changes in the expected timing and amount of requests for the payment of any Instalments to each of the Recipients or else affirming the absence of changes, as reasonably determined by the Recipients having regard to the state and progress of the Project, except that:
(a) the Recipients shall not amend the expected timing and amount of Instalment payments that fall within the then current Fiscal Year if such amendment would project a greater total amount of Instalments payable to a Recipient during such Fiscal Year than the total amount originally forecasted in the preceding Projected Payment Schedule; and
(b) amendments to the Projected Payment Schedule shall not change:
(i) the milestones which are required to be met in order for each Instalment to be paid, except with the prior consent of the Province; or
(ii) the calculation of the actual amount of such Instalment; as determined in accordance with Section 4.2. In addition to the foregoing, for the purposes of the Province’s cash management planning within each Fiscal Year the Recipients shall provide an update to the Province in respect of the expected timing and amount of requests for the payment of any Instalments within such Fiscal Year as set out in the Projected Payment Schedule,
(c) in the event that the Recipients become aware of any material changes, as well as (d) on or before March 31, June 30 and September 30 of the applicable Fiscal Year. Such updates shall not constitute an amendment to the Projected Payment Schedule.
Projected Payment Schedule. As required by Section 1.1275-4(b) of the regulations promulgated under the Internal Revenue Code of 1986, as amended, attached to the form of Note as EXHIBIT I is a projected payment schedule incorporating projected revenues of the Company. Pursuant to such regulation, the Company believes that the schedule is not unreasonable; however, there is no assurance that the actual revenues of the Company will correspond to these projected revenues, so that the payments actually made under the Notes may differ from the projected payments on such schedule.
Projected Payment Schedule. Borrower acknowledges that the Subordinate Loan constitutes a “contingent payment debt instrument” as such term is defined under the Code. At the time of the making of the Project Year Initial Advance for the Initial Project Year, Borrower shall certify to Subordinate Lender a projected payment schedule for the Subordinate Loan that Borrower has prepared in accordance with 26 CFR §1.1275-4, and for federal income tax purposes Subordinate Lender and Borrower shall report income and expense with respect to the Subordinate Loan consistently with such schedule.
Projected Payment Schedule. Borrower acknowledges that the GSSIF Senior Loan constitutes a “contingent payment debt instrument” as such term is defined under the Code. At the time of the making of the Project Year Initial Advance for the Initial Project Year, Borrower shall certify to GSSIF Senior Lender a projected payment schedule for the GSSIF Senior Loan that ▇▇▇▇▇▇▇▇ has prepared in accordance with 26 CFR §1.1275-4, and for federal income tax purposes GSSIF Senior Lender and Borrower shall report income and expense with respect to the GSSIF Senior Loan consistently with such schedule.
Projected Payment Schedule. Borrower acknowledges that the NT Senior Loan constitutes a “contingent payment debt instrument” as such term is defined under the Code. At the time of the making of the Project Year Initial Advance for the Initial Project Year, Borrower shall certify to NT Senior Lender a projected payment schedule for the NT Senior Loan that Borrower has prepared in accordance with 26 CFR §1.1275-4, and for federal income tax purposes NT Senior Lender and Borrower shall report income and expense with respect to the NT Senior Loan consistently with such schedule.