Payments at Financial Close. (i) On the Financial Close Date, the Developer will receive amounts agreed to by the parties, from sources identified in the Base Case Financial Model, for the costs related to project development. Such costs will be specifically itemized and identified in a schedule submitted to the Department at least seven Days prior to the scheduled Financial Close Date. Such schedule of costs will be updated for approval by the Department as a condition precedent to Financial Close.
Payments at Financial Close. (i) On the Financial Close Date for the Original Project, the Concessionaire will receive amounts agreed to by the parties, from sources identified in the Base Case Financial Model, for the costs related to project development that have not previously been reimbursed under the terms of the Interim Agreement. Such costs will be specifically itemized and identified in a schedule submitted to the Department at least 7 Days prior to the scheduled Financial Close Date. Such schedule of costs will be updated for approval as a condition precedent to Financial Close. The parties also agree that if the costs related to project development costs in the Initial Base Case Financial Model ($52,441,000) are in excess of the amounts approved by the Department at Financial Close, such excess amounts will be used to fund all, or a portion of mutually agreed costs in relation to scope improvements to the east-west HOT movement in the Springfield Interchange, closing costs incurred in obtaining Original TIFIA Credit Assistance, and security improvements at the Express Operations Center, relative to the designation of the Express Operations Center as critical infrastructure. If as of the Substantial Completion Date there is any remaining balance of the excess amount, the Concessionaire will cause this balance to be transferred to the Department in a reasonable period of time. The Concessionaire will identify the excess amount within 14 days of the Financial Close Date and will provide updates to the Department of the status of any excess amounts remaining throughout the Construction Period. Such updates will be provided in accordance with the monthly reporting addressed in Section 1.4.3 of the Technical Requirements.
Payments at Financial Close. (i) On the Financial Close Date, the Developer will receive amounts agreed to by the parties, from sources identified in the Base Case Financial Model, for the costs related to project development. Such costs will be specifically itemized and identif... (ii) On or before the Financial Close Date, the Developer will repay in full the outstanding principal amount of the SIB Loan.
