1.1 In respect of the termination payments to be made pursuant to any of Section 1 (Compensation on Termination for Authority Default and Voluntary Termination [and Termination on an Authority Break Point Date]), Section 3 (Compensation on Termination for Force Majeure), or Section 4 (Corrupt Gifts and Fraud or Breach of Refinancing or Breach of IRR Sharing and Cap Provisions) of this Schedule Part 17 (Compensation on Termination) as soon as practicable after, and in any event within twenty (20) Business Days of, the Termination Date, Sub-hubco shall give to the Authority an invoice for the relevant termination sum and sufficient supporting evidence, reasonably satisfactory to the Authority, justifying the amount of the relevant termination sum including a breakdown of each of the individual elements of such sum.
1.2 Subject to paragraph 1.3 below, the Authority shall pay to Sub-hubco:
1.2.1 the relevant termination amount within forty (40) Business Days of the Invoice Date; and
1.2.2 interest on the relevant termination amount (or any part of such amount that remains outstanding) from the Termination Date until the date of payment:
(a) at the No Default Interest Rate for the period from (but excluding) the Termination Date to (and including) the date which is forty (40) Business Days after the Invoice Date; and
(b) thereafter, at the Default Interest Rate.
1.3 The Authority shall be entitled to pay the amount payable pursuant to Section 3 or Section 4 (as the case may be) of this Schedule Part 17 (Compensation on Termination) ("Termination Sum") in [4] equal instalments by serving notice on Sub-hubco within thirty (30) Business Days of the Invoice Date, in which case the provisions of paragraph 1.4 shall apply.
1.4 In the event that the Authority elects to pay the Termination Sum in instalments pursuant to paragraph 1.3 then:
1.4.1 the first such instalment (together with interest thereon calculated pursuant to paragraph 1.4.2 below) shall be due on the first Business Day occurring six (6) months after the date of the Authority's notice served pursuant to paragraph 1.3 above and the remaining instalments (together with interest thereon calculated pursuant to paragraph 1.4.2 below) shall be due, respectively, on the first Business Day occurring twelve (12), eighteen (18) and twenty-four (24) months after the date of such notice; and
1.4.2 the Authority shall pay interest on the Termination Sum (or any part of such sum that remains outstanding) from the Termination Date until the date of payment at the No Default Interest Rate.
If the Authority fails to make a payment under paragraph 1.4.1 or 1.4.2 above in full within ten (10) Business Days of the due date for payment, or an Adverse Law or a Proposal for an Adverse Law is made then the outstanding amount of the Termination Sum shall be immediately due and payable and, thereafter, the Authority shall pay interest on such sum at the Default Interest Rate.