Common use of PHASE THREE Clause in Contracts

PHASE THREE. 5.1 Phase Three shall commence 30 days after Augrid shall give the Phase Three Notice and shall order and pay the deposit for laser sealing equipment as provided in of the Machinery Lease Agreement. The Phase Three Notice may not be given before nor more than six months after Phase Two Completion. By giving the Phase Three Notice, Augrid accepts that Phase One and Phase Two have been successfully completed and that Ceravision and ITW have discharged their obligations in full under this Agreement and the Machinery Lease Agreement in Phase Two. 5.2 Augrid may not give the Phase Three Notice unless it has available to it financial resources to fund all expenditure envisaged in Phase Three as set out in the form of notice in Schedule 4 and has attached confirmation from a bank acceptable to Ceravision confirming the availability of such resources.