Common use of Funding for Early Work Clause in Contracts

Funding for Early Work. The maximum cost of the Early Work will be the total Early Work amount (“Early Work Amount”) in the Developer’s Proposal, provided that such Early Work Amount may be adjusted by mutual agreement of the Developer and the Department. The Early Work Amount will be funded by the Developer and the Department in the following order:‌ (i) first, from amounts, if any, the Developer makes available from its funding sources; (ii) second, from the amounts loaned to the Developer pursuant to SIB Loan; and (iii) third, but only after the maximum amount of the SIB Loan (as set forth in Section 7.06(d)) has been loaned to the Developer, from amounts advanced by the Department to the Developer (“Early Work Department Funding”). Disbursements of SIB Loan proceeds to the Developer will be made as costs are incurred and substantiated by the Developer in accordance with the terms of the SIB Loan. The Department will advance Early Work Department Funding as costs are incurred by the Developer up to the maximum amount indicated in the Developer’s Proposal (but in no case exceeding $50 million in aggregate). Early Work Department Funding advances will be made in arrears following the Developer’s presentation to the Department of invoices evidencing the Developer’s incurrence of Early Work costs. On or before the Financial Close Date, the Developer will repay amounts related to the SIB Loan and Early Work Department Funding in accordance with Section 7.06(e)(ii).

Funding for Early Work. The maximum cost of the Early Work will be the total Early Work amount (“Early Work Amount”) in the Developer’s Proposal, provided that such Early Work Amount may be adjusted by mutual agreement of the Developer and the Department. The Early Work Amount will be funded by the Developer and the Department in the following order:‌ (i) first, from amounts, if any, the Developer makes available from its funding sources; (ii) second, from the amounts loaned to the Developer pursuant to SIB Loan; and (iii) third, but only after the maximum amount of the SIB Loan (as set forth in Section 7.06(d7.06(d)(i)) has been loaned to the Developer, from amounts advanced by the Department to the Developer (“Early Work Department Funding”). Disbursements of SIB Loan proceeds to the Developer will be made as costs are incurred and substantiated by the Developer in accordance with the terms of the SIB Loan. The Department will advance Early Work Department Funding as costs are incurred by the Developer up to the maximum amount indicated in the Developer’s Proposal (but in no case exceeding $50 million in aggregate). Early Work Department Funding advances will be made in arrears following the Developer’s presentation to the Department of invoices evidencing the Developer’s incurrence of Early Work costs. On or before the Financial Close Date, the Developer will repay amounts related to the SIB Loan and Early Work Department Funding in accordance with Section 7.06(e)(ii).