Common use of Payments at Financial Close Clause in Contracts

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. (ii) On or before the Financial Close Date, the Developer will repay in full the outstanding principal amount of the SIB Loan and reimburse the Department in full for any Early Work Department Funding.‌