Clearing Period definition
Examples of Clearing Period in a sentence
If class member declines to cure the Defective Title as set forth in the Notice of Defective Title, or if the Defective Title cannot be cured within the Title Clearing Period, ▇▇▇ shall have no obligation to lease such landowner’s property.
Within the scope concerning the Works: based on VAT invoices, in parts ensuing from values performed within given Clearing Period of Works, including construction works, with embedded Appliances and Materials, set forth in the Completed Works Reports and Final Acceptance Report approved by the Employer, such reports serving as the grounds for the issue of VAT invoices.
In no event will Bank make any Revolving Loan to Borrower in the event that either a Clearing Period and/or Event of Default (both as hereinafter defined) then exists, or would arise by reason of Borrower receiving a loan from Bank hereunder.
Each VAT invoice issued based on the Works Completion Report, presented to the Employer by the Contractor for payment shall be appended by the specification of Subcontractors involved in the implementation of Works in given Clearing Period and statements (produced in keeping with the template presented in Appendix No. 8) and copies of invoices issued by such Subcontractors.
The Works Progress Report shall include the specification of Works completed during given Clearing Period in relation to items specified in the Schedule of Works and Expenditures.
For the purpose of making the payment for the completion of Works, the Contractor shall produce and present to the Employer for approval the Completed Works Report for given Clearing Period.
A "Clearing Period" is a period of three consecutive business days commencing on the day immediately after that the principal balance of the Revolving Loan has been reduced to zero and the Revolving Loan was secured by Collateral (as hereinafter defined) on the date it was reduced to zero.
The statement, signed by persons duly authorised to represent given Subcontractor, shall confirm that the Contractor has not fallen into arrears with payments due to Subcontractor from the Contractor in association with entrusting such Subcontractor with the implementation of Works scheduled to be completed in the preceding Clearing Period (i.e. already closed and accounted for by the Contractor).
The first Works Clearing Period shall commence on the signing date of the Documentation Acceptance Report within the scope covering the complete Documentation for all Facilities covered by the object of the Contract, referred to in Section 12.1.19.
Within the scope of the first Works Clearing Period, any Works completed and accepted to-date will be cleared.