Common use of Projected Payment Schedule Clause in Contracts

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. On or before December 1 of each Fiscal Year during the Term, the Recipients Project Operator 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 Project Operator having regard to the state and progress of the Project, except that: (a) the Recipients Project Operator 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 Project 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; and (c) amendments to the Projected Payment Schedule shall have regard to the provisions of Section 4.2(a) with respect to the timing of requests and other requirements for the payment of Instalments prior to Commercial Operation. In addition to the foregoing, for the purposes of the Province’s cash management planning within each Fiscal Year the Recipients Project Operator 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. 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 Project 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; and (c) amendments to the Projected Payment Schedule shall have regard to the provisions of Section 4.2(a) with respect to the timing of requests and other requirements for the payment of Instalments prior to Commercial Operation. 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. 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 forego L Q J I R U W K H S X U S R 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.