(a) Unless the parties agree otherwise, the State or Project Co (as the case may be), must pay for an Equipment Modification through a combination of:
(i) a lump sum in respect of ECC;
(ii) an amount payable monthly in arrears in respect of EMC (to be included in the Service Payment); and [Note: Payment frequency to be aligned with payment profile of Service Payment.]
(iii) an amount payable periodically in accordance with the agreed Replacement Frequency (as defined in section 6.2(d)(ii)) in respect of ELC (to be included in the Service Payment),
provided that where any of ECC, EMC or ELC is a negative number (being an amount payable by Project Co to the State), the State may elect to treat such amount as a credit that can be utilised by the State to offset payments required in relation to future Equipment Modifications or State Initiated Modifications.
(b) Both EMC and ELC will be CPI Indexed.