ANNEX I - Timetable

Section§

Timing*

Action

RD - XX BD

Contractor approaches Authority with an outline proposal for a Refinancing; the parties agree the basis on which the Authority will be compensated for its costs, including costs of advisers, if the Refinancing does not proceed. (Cost recovery where the Refinancing does proceed is dealt with in Clause 34.7 of the model provision in SoPC4).

1.2

RD - 30 BD

Contractor provides information on the Refinancing and a projection of the Refinancing Gain.

1.3

RD - 20 BD

The Authority reviews the terms for the Refinancing and agrees the way in which the Contractor's estimate of the amount of the Refinancing Gain is calculated.

1.4

RD - 20 BD

The Authority checks whether the estimated Pre-Refinancing Equity IRR exceeds the Threshold (base case) Equity IRR, and hence whether a deduction from the amount of the Refinancing Gain to achieve the Threshold Equity IRR is required before the Authority's 50% share is paid.

1.5

RD - 20 BD

The Authority decides whether its share of the Refinancing Gain should be paid in one sum immediately after the Refinancing, by reduction in the Unitary Charge over the remaining project life, or by a combination of the two.

1.5(b)

RD - 15 BD

In the latter cases, the Authority and the Contractor agree the revised Unitary Charge schedule.

RD - 10 BD

Authority final consent to the Refinancing. (This may be subject to review of any further changes in documentation).

RD

Financial Close for the Refinancing is achieved by the Contractor.

1.6

RD + 15 BD

Final calculation and payment of the Authority's share of the Refinancing Gain.

§           Refers to Section numbers in the text above.
*           RD = Refinancing date; BD = business days.