1  Definitions

In each part of this Schedule 22 the following expressions (in addition to those specified in Schedule 1 (Definitions, Interpretation and Construction)) shall, save where the context or express provisions of this Contract otherwise requires or admits, have the following meanings:

Base Case means the Financial Model agreed between the parties prior to the Contract Date (as updated from time to time in accordance with the terms of this Contract1) for the purpose of, amongst other things, calculating the Unitary Charge

Custodian means [to be specified]

Custody Agreement means the agreement entered into between the Authority, the Service Provider and the Custodian in respect of the safe custody of the [Base Case] such agreement being in the Agreed Form

Effective Date means the date that any revisions to the Base Case are made and shall be the date that the Relevant Event becomes operative as set out in this Contract, or if no date is specified, the date agreed by the parties pursuant to paragraph 4.2 of this Schedule 22

Financial Model means the financial model provided by the Service Provider embodied in its financial model software setting out the basis on which the financing of the Project and/or the costs of and revenue from the Project have been calculated by the Service Provider (including without limitation the assumptions used, the cell logic network for the financial model software and any accompanying documentation necessary to operate the financial model), whether embodied on tape, disk or other electronic storage medium2

Relevant Event means an Authority Change, a Qualifying Change of Law, a Compensation Event or any other matter as a result of which there may be a revision of the Unitary Charge in accordance with this Schedule 22

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1 This should refer to those clauses in the Contract that allow a rebasing of the Unitary Payment (and by definition the base case financial model) on the occurrence of specific events, e.g. following a benchmarking or market testing exercise, a Qualifying Change in Law or an Authority Change.  Note it can also be defined as Financial Model and two definitions combined.  

2 See footnote to definition of Base Case.