5  Procedure

5.1  The Financial Model shall be revised by the Service Provider in accordance with the provisions of this Schedule 23 within fifteen (15) Business Days of the Effective Date.

5.2  If the Financial Model is to be revised:

(a)  the Service Provider shall withdraw one (1) electronic copy of the Financial Model from the Custodian in order to make appropriate electronic amendments to it to enable the Service Provider to effect the subsequent revisions;

(b)  the Service Provider shall at its own cost, save as otherwise expressly provided, revise the Financial Model and submit to the Authority the revised Financial Model for approval (such approval not to be unreasonably withheld).

5.3  The revised Financial Model produced pursuant to paragraph 5.2 shall, when it is approved by the Authority (such approval not to be unreasonably withheld), become the Financial Model for the purposes of this Agreement until its further amendment in accordance with this Agreement.

5.4  The Service Provider shall ensure that each iteration of the financial model is provided with a unique reference number and date.

5.5  The costs of undertaking a revision of the Financial Model shall be treated as a project cost in respect of all Relevant Events and (for the avoidance of doubt) shall be incorporated within the revised inputs associated with the revisions to the Financial Model as a result of such Relevant Event.

5.6  Where practicable, the Service Provider shall use all reasonable endeavours to carry out revisions to the Service Payment at the end of a Contract Year in order that the revised Service Payment may take effect at the beginning of the next Contract Year.

5.7  Following agreement of the revised Financial Model, the Service Provider shall:

(a)  promptly deliver a copy of the revised Financial Model to the Authority in accordance with the provisions of paragraph 2.2;

(b)  return a copy of the revised Financial Model to the Authority, having observed the necessary version control in accordance with paragraph 5.4 and the necessary revisions to the Service Payment to be made in accordance with this Schedule 23; and

(c)  the necessary adjustments to the Service Payment shall be made from the Effective Date but any upward revisions of the Service Payment shall not be due and payable until the copies of the revised Financial Model have been returned to the Custodian and a copy provided to the Authority.

5.8  If the Service Provider does not perform the revisions required by, and in accordance with this Schedule 23, the Authority may do so and determine the revised Service Payment accordingly.  All costs incurred by the Authority in doing so shall be paid by the Service Provider.