Common use of Retained Payments Clause in Contracts

Retained Payments. 9.3.1 Notwithstanding anything to the contrary contained in Clause 9.1, [five percent (5%)] of the amount of Fixed Payments payable to the Company for Dependable Capacity (“Retained Amount”) shall be withheld by JPS to ensure the complete satisfaction by the Company of all of its obligations with respect to the Complex under Clause 4.2; provided that the Retained Amount shall never be greater than [ten percent (10%)] of the amount of Fixed Payments payable to the Company for Dependable Capacity or the Jamaican Dollar equivalent. 9.3.2 The Company may apply to JPS for payment of the Retained Amount, and JPS shall pay to the Company an amount equal to the Retained Amount if in the reasonable opinion of JPS the Company has fully satisfied all of its obligations under Clause 4.2 with respect to (i) the PPA Original Support Documents and (ii) the PPA Amended Support Documents (as of the date of the Company’s application for payment in the case of this Clause 9.3.2). If this Agreement terminates as a result of a breach hereof by the Company prior to the later of the Commercial Operations Date or the fulfilment by the Company of its obligations under Clause 4.2, then the Retained Amount shall be forfeited to JPS. If this Agreement terminates during such period as a result of a breach by JPS under this Agreement, then JPS shall pay to the Company an amount equal to the Retained Amount in accordance with this Clause 9.3.

Retained Payments. 9.3.1 9.4.1 Notwithstanding anything to the contrary contained in Clause 9.19.2, [five percent (5%)] of the amount of Fixed Payments payable to the Company for Dependable Capacity (“Retained Amount”) shall be withheld by JPS to ensure the complete satisfaction by the Company of all of its obligations with respect to the Complex under Clause 4.2; provided that the Retained Amount shall never be greater than [ten percent (10%)] of the amount of Fixed Payments payable to the Company for Dependable Capacity or the Jamaican Dollar equivalent. 9.3.2 9.4.2 The Company may apply to JPS for payment of the Retained Amount, and JPS shall pay to the Company an amount equal to the Retained Amount if in the reasonable opinion of JPS the Company has fully satisfied all of its obligations under Clause 4.2 with respect to (i) the PPA Original Support Documents and (ii) the PPA Amended Support Documents (as of the date of the Company’s application for payment in the case of this Clause 9.3.29.4.2). If this Agreement terminates as a result of a breach hereof by the Company prior to the later of the Commercial Operations Date or the fulfilment by the Company of its obligations under Clause 4.2, then the Retained Amount shall be forfeited to JPS. If this Agreement terminates during such period as a result of a breach by JPS under this Agreement, then JPS shall pay to the Company an amount equal to the Retained Amount in accordance with this Clause 9.39.4.