TranSystems Corporation - LGM Construction

C-1-2
(E) a Partial Waiver of Mechanics' and Materialmen's Lien in the form of
Exhibit C-3 from each Subcontractor that Contractor listed on the
Subcontractor Payment Schedule that it submitted with the Application for
Payment for the month prior to the month in which Contractor submits the
current Application for Payment, which instrument the Subcontractor has
executed to evidence payment of the amounts shown to be payable to it in
that Subcontractor Payment Schedule;
(F) a report reflecting the next month’s anticipated activities and current
Project photographs;
(G) an updated schedule (“Projected Cash Flow Analysis”) setting forth
Contractor’s good faith estimate of the amount of the monthly progress
payment to which it believes it will become entitled in the ensuing month
and each subsequent month through FedEx’s Final Acceptance;
(H) the Transaction Tax Statement, as described in Section 14.01 of the
Agreement;
(I) the DBE Compliance Report required by virtue of Exhibit G below; and
(J) any other documentation that FedEx requests for its proper review of the
Application for Payment.
(iii) FedEx shall promptly review each Application for Payment and approve for
payment such amounts as FedEx reasonably determines to be properly due under
the terms of the Agreement. FedEx shall state in writing its reason for
withholding any or all of the monies that Contractor requests in an Application for
Payment.
(iv) FedEx shall make payment: (check one)
X (1) on the last business day of the month succeeding the month
in which the timely submission of an Application for Payment occurs.
(2) on the last business day of the month in which the timely
submission of an Application for Payment occurs.
Subject to the application of the retainage requirement set forth in Section 4.03 of the Agreement,
the amount of the progress payment to which Contractor is entitled in response to each submittal
of an Application for Payment is equal to the amount by which (I) that portion of the
Contractor’s Fee allocable to that portion of the Work performed through the end of the
preceding month, as determined on the basis of the Schedule of Values attached as Exhibit C-5,
exceeds (II) the aggregate amount of all progress payments that FedEx has previously approved