(a)  Required Outcome

(i)  The ability to secure funding for each New Project, if required, on terms which demonstrate the appropriate balance between funding costs, transaction costs and long-term flexibility.

(ii)  The achievement of improvements in funding terms wherever practicable through repeat business and/or the use of funding competitions and/or the appropriate use of hubco's existing and growing asset base over the term of this Agreement.

(iii)  The commitment to challenge funders to provide innovation and flexibility in their approach to funding of individual projects. In so doing this should result in funding that is fit for purpose and which provides an ongoing value for money approach, with flexibility to acknowledge change at minimal cost and disruption to a Project whilst also applying the appropriate level of rigour in respect of due diligence on individual Projects.

(b)  Scope

(i)  Where Project Services giving rise to capital expenditure are to be funded wholly or partly from revenue payments by the Project Agreement Counterparty, the selection and appointment of funder(s) to finance each Project Agreement.

(ii)  The development and agreement of funding terms which provide appropriate flexibility and demonstrates the best available value for money for the Participants.

(iii)  The promotion of long-term effective working relationships between hubco and the funder(s) where this can benefit the Participants, particularly in the development of New Projects and the provision of best available value for money.

(iv)  Where appropriate (i.e. where a benefit to the Relevant Participants can be demonstrated), the active engagement of funders in the New Project Approval Process from conception.