Common use of Trust Account Payments Clause in Contracts

Trust Account Payments. Hospital and Project Co acknowledge that any monies contributed by MOHLTC towards the costs of the Project under the Funding Letter shall be deposited by MOHLTC directly into the Trust Account. Hospital acknowledges that Project Co’s interest in the Trust Account has been assigned to the Lender as part of the security under the Lending Agreements, and agrees that any monies payable to Project Co under this Limited Assignment of Construction Contract that are funded by monies deposited in the Trust Account shall be paid directly to Agent or as Agent may direct from the Trust Account. Hospital and Project Co further agree that any monies payable to the Contractor under this Limited Assignment of Construction Contract or the Construction Contract that are funded by monies deposited in the Trust Account shall be paid directly to the Contractor or as the Contractor may direct out of the Trust Account. Hospital will pay the amounts that Project Co and Contractor are entitled to under this Limited Assignment of Construction Contract once the conditions for payment set out in the Construction Contract, if any, have been satisfied.

Trust Account Payments. Hospital and Project Co acknowledge that any monies contributed by MOHLTC towards the costs of the Project under the Funding Letter shall be deposited by MOHLTC directly into the Trust Account. Hospital acknowledges that Project Co’s interest in the Trust Account has been assigned to the Lender Trustee as part of the security under the Lending Funding Agreements, and agrees that any monies payable to Project Co under this Limited Assignment of Construction Contract that are funded by monies deposited in the Trust Account shall be paid directly to Agent Trustee or as Agent Trustee may direct from the Trust Account. Hospital and Project Co further agree that any monies payable to the Contractor under this Limited Assignment of Construction Contract or the Construction Contract that are funded by monies deposited in the Trust Account shall be paid directly to the Contractor or as the Contractor may direct out of the Trust Account. Hospital will pay the amounts that Project Co and Contractor are entitled to under this Limited Assignment of Construction Contract once the conditions for payment set out in the Construction Contract, if any, have been satisfied.