In the normal course of events, certain conditions will be required to be satisfied prior to the majority of the project agreement becoming effective ("Conditions Precedent"). The date of satisfaction of these Conditions Precedent is known as Financial Close.
On Financial Close:
(a) obligations of each party to the project agreement become binding (other than the limited obligations that become binding on execution of the project agreement); and
(b) the interest rate setting protocol is implemented and the Base Case Financial Model is reset to reflect the rate set and the service fee is fixed.