Common use of Payment of Department Expenses Clause in Contracts

Payment of Department Expenses. ‌ (i) In connection with any Refinancing, the 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 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 Developer’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 Developer. (ii) The Department will provide the Developer with an estimate of the expenses to be incurred by the Department related to the Refinancing, no later than 30 Days after the Department has provided its consent (to the extent such consent is required hereunder) to such Refinancing pursuant to Section 7.08(b)(i), and a final estimate not less than five Days prior to the proposed date of the Refinancing.

Payment of Department Expenses. ‌ (i) In connection with any Refinancing, the Developer 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 Developer 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 DeveloperConcessionaire’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 DeveloperConcessionaire. (ii) The Department will provide the Developer Concessionaire with an estimate of the expenses to be incurred by the Department related to the Refinancing, no later than 30 Days after the Department has provided its consent (to the extent such consent is required hereunder) to such Refinancing pursuant to Section 7.08(b)(i7.05(b)(i), and a final estimate not less than five Days prior to the proposed date of the Refinancing.

Payment of Department Expenses. ‌ (i) In connection with any Refinancing, the 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 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 Developer’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 Developer. (ii) The Department will provide the Developer with an estimate of the expenses to be incurred by the Department related to the Refinancing, no later than 30 Days after the Department has provided its consent (to the extent such consent is required hereunder) to such Refinancing pursuant to Section 7.08(b)(i), and a final estimate not less than five Days prior to the proposed date of the Refinancing.to