Clauses 66 - 89 of the Master Funding Agreement dated July 2012 (Master Funding Agreement) shall be amended as follows:
• Insert a new clause 66A as follows:
66A Without prejudice to clause 66, the Company shall ensure that it has and continues to have sufficient capacity and expertise to manage the finances of all academies within the federation. The Company shall ensure that any funding which relates to the PFI Academy shall be accounted for separately.
• Insert new clause 89A, as follows:
89A In complying with clauses 66 - 89 (inclusive), the Company shall (where relevant) be obliged to provide information which relates to each PFI Academy in addition to information which relates to the Company and any combined information which relates to all of the Academies that the Company operates.1
Amend the definitions contained in clause 6 as follows:
• Insert a new definition of PFI Academy
"PFI Academy" means an Academy which forms part of a scheme procured pursuant to the Government's Private Finance Initiative;
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1 The aim of this additional clause is to provide greater transparency to the Department in relation to the financial information for each PFI Academy and the Company as a whole. This will be important when the parties are trying to assess solvency issues, for example, and the relationship to the Academy contribution to the PFI.