"Board Additional Works Enquiry"

means a Variation Enquiry issued by the Board's Representative pursuant to paragraph 2.1(c)(ii) of Section 1 of Schedule 22 (Variation Procedure)

"Board Additional Works Item"

means an item of works affecting the Facilities (being any work of alteration, addition, demolition or extension or any variation in the quality or function of the Facilities) which:

(i)  is not Maintenance Works or Small Works or work otherwise required to ensure that Project Co complies with its duties under this Agreement; and

(ii)  is to be carried out after the Actual Completion Date;  and

(iii)  is required to comply with a Board Additional Works Variation

"Board Additional Works Variation"

means additional works initiated by the Board in accordance with Part 22 of the Schedule  (Variation Procedure)

"Board Service Variation"

means a Service Variation initiated by the Board  in accordance with Part 22 of the Schedule  (Variation Procedure)

"Board Service Variation Enquiry"

has the meaning given in paragraph 2.1(c)(iii) of Section 1 of Part 22 of the Schedule (Variation Procedure)

"Board Works Variation"

means a variation to the Works initiated by the Board in accordance with Part 22 of the Schedule (Variation Procedure)

"Board Works Variation Confirmation"

means a Variation Confirmation pursuant to paragraph 4.3 of Section 1 of Part 22 of the Schedule (Variation Procedure) in respect of a Board Works Variation

"Board Works Variation Enquiry"

has the meaning given in paragraph 2.1(b) of Section 1 of Part 22 of the Schedule (Variation Procedure)

"Capital Expenditure"

means capital expenditure (as such term is interpreted in accordance with generally accepted accounting principles in the United Kingdom from time to time)

"Commencement Date"

means the date set out in the Certificate of Commencement

"Directive"

means the Acquired Rights Directive EC 77/187

"Executive"

has the meaning given to it in the Construction (Design and Management) Regulations 1994 as referred to at Section 2 of Part 8 of the Schedule  (Construction Matters) 

"Funding Shortfall"

has the meaning given in paragraph 2.1 of Section 2 of Part 22 of the Schedule (Variation Procedure)

"General Procedure"

has the meaning given in paragraph 1 of Section 3 of Part 22 of the Schedule (Variation Procedure)

"IRR"

means the real internal rate of return on Shareholders' equity and subordinated debt which shall be that rate of return calculated in accordance with the Financial Model at the Commencement Date

"Qualifying Variation"

means a Variation (other than any revision to or substitution for the Method Statements pursuant to Clause 27.3 (Services)) for which a Variation Confirmation has been issued and the supplementary agreement referred to in paragraph 4.5 of Section 1 of Part 22 of the Schedule (Variation Procedure) has become unconditional in all respects

"Room Data Sheets"

has the meaning described in Part 8 of the Schedule (Construction Matters)

"Schedule of Small Works Rates"

means the schedule of labour rates for Small Works, referred to in paragraph 1 of Section 4 of Part 22 of the Schedule (Variation Procedure), to be agreed or determined annually in accordance with paragraph 2 of that Section 4 of Part 22 of the Schedule (Variation Procedure)

"Service Variation"

means a variation to a Service in accordance with Part 22 of the Schedule (Variation Procedure)

"Small Works"

means works of a minor nature that are requested by the Board to be carried out having an individual cost not exceeding £[1,000.00] (index linked), or as otherwise agreed from time to time, but excluding any operation or work which will increase the likelihood of the Facilities not complying with the requirements described in Section [  ] of Part 18 of the Schedule (Payment Mechanism), will increase the cost to Project Co of performing the Project Operations or will materially hinder Project Co in the performance of the Services

"Variation"

means a Board Works Variation, a Board Additional Works Item and/or a Board Service Variation (as the case may be)

"Variation Confirmation"

has the meaning given in paragraph 4.5 of Section 1 of Part 22 of the Schedule (Variation Procedure)

"Variation Enquiry"

has the meaning given in paragraph 2.1 of Section 1 of Part 22 of the Schedule (Variation Procedure)

"Works Variation Capital Limit"

means £[          ]160; and

"Works Variation Delay Limit"

means a period of [to be negotiated on a project-specific basis].