Common use of Payment of Department Expenses Clause in Contracts

Payment of Department Expenses. (i) In connection with any Refinancing, the Concessionaire will pay the Department for the Department’s Allocable Costs incurred related to the Refinancing at the time of the closing of the Refinancing. The Department will provide the Concessionaire with an estimate of its expected costs related to such Refinancing; if there is a change in circumstances relating to the Refinancing following the submission of the Department’s initial estimate that is expected to result in higher expenses, then the Department will provide a revised estimate. For any Refinancings that do not close, the Department will be paid for its documented expenses for such Refinancings from and at the time of (or, at the Concessionaire’s option, at any time prior to) any subsequent successful Refinancings, and will be entitled to payment of interest on such expenses based on the Bank Rate calculated from the date on which such expenses were due and payable according to the first invoice issued by the Department for such expenses until paid by the Concessionaire.

Payment of Department Expenses. (i) In connection with any Refinancing, the Concessionaire Developer will pay the Department for the Department’s Allocable Costs incurred related to the Refinancing at the time of the closing of the Refinancing. The Department will provide the Concessionaire Developer with an estimate of its expected costs related to such Refinancing; if there is a change in circumstances relating to the Refinancing following the submission of the Department’s initial estimate that is expected to result in higher expenses, then the Department will provide a revised estimate. For any Refinancings that do not close, the Department will be paid for its documented expenses for such Refinancings from and at the time of (or, at the ConcessionaireDeveloper’s option, at any time prior to) any subsequent successful Refinancings, and will be entitled to payment of interest on such expenses based on the Bank Rate calculated from the date on which such expenses were due and payable according to the first invoice issued by the Department for such expenses until paid by the ConcessionaireDeveloper.