Any variation to the Financial Model to take account of a Model Variation Event must be made as follows:
(a) (Project Co proposal): Project Co must propose the variation by notice to the State Representative within 15 Business Days after the Model Variation Event occurs, giving full details of the assumptions and calculations used;
(b) (Project Co to provide): Project Co must provide the State Representative and any other authorised representatives of the State with:
(i) full access to electronic copies of the varied Financial Model;
(ii) a log of all changes that have been made to the Financial Model;
(iii) all supporting calculations; and
(iv) any other information reasonably requested by the State,
for the Model Variation Event, including reasonable access to the financial modellers who prepared the varied Financial Model and the amendments to it and relevant passwords or other access information;
(c) (amendment): once the variation to the Financial Model is agreed or determined in accordance with this Deed, Project Co must promptly amend the Financial Model accordingly and the parties agree that each other element of this Deed which is directly derived from the Financial Model or the Model Output Schedule will be updated to reflect the varied Financial Model (where applicable); and
[Note: Project Teams to consider whether there are any circumstances in which a deemed amendment should not occur.]
(d) (review): the amended Financial Model must be reviewed in accordance with the Review Procedures.