Following the adjustment to calculate the new prices following a Qualifying Variation the Financial Model as adjusted in accordance with paragraphs 2 [or 5] of this Section 3 of Part 22 of the Schedule shall be the Financial Model for the purposes of this Agreement.182
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182 This paragraph provides that the only basis on which the original Financial Model shall be updated or amended is following a Qualifying Variation. This is not the only update that could be factored in the Financial Model and other circumstances for updating the model could, depending on project specifics, include:
∙ prepayment or refinancing of debt
∙ changes to financial assumptions (such as inflation and rates of interest)
∙ changes to estimated or actual third party revenue.
The basis for updating the Financial Model should be considered on a project specific basis with the Board's financial advisers.