Procedures for variations to the Financial Model Sample Clauses

Procedures for variations to the Financial Model. Any variation to the Financial Model to take account of a Model Variation Event must be made as follows: (a) the Operator must propose the variation by notice to the Department Representative within the timeframe specified in this Agreement for each Model Variation Event or, if no timeframe is specified, 15 Business Days after the Model Variation Event occurs; (b) the notice provided by the Operator under clause 35.5(a) must include the following information: (i) a varied Financial Model incorporating all adjustments relevant to the Model Variation Event and full details of the assumptions and calculations used; (ii) an revised instruction manual outlining how to use the varied Financial Model, which is acceptable to the Department, acting reasonably; (iii) a proposed financial close protocol (if applicable) outlining the interest rate setting procedures and model solving procedures for adjusting the varied Financial Model to incorporate updated interest rates; (iv) a revised Model Output Schedule; and (v) a certificate from an auditor acceptable to the Department confirming that an independent audit of the varied Financial Model has been completed in accordance with industry best practice. (c) the Operator must also provide the Department Representative and any other authorised representatives of the Department with: (i) full access to electronic copies of the varied Financial Model; (ii) a log of all changes that have been made to the Financial Model; (iii) all supporting calculations; and (iv) any other information reasonably requested by the Department, for the Model Variation Event, including reasonable access to the financial modellers who prepared the varied Financial Model and the amendments to it and relevant passwords or other access information; (d) once the variation to the Financial Model and the proposed financial close adjustment protocol (as applicable) are agreed or determined in accordance with this Agreement, the Operator must promptly amend: (i) the Financial Model; and (ii) the Model Output Schedule, accordingly and the parties agree that each other element of this Agreement which is directly derived from the Financial Model or the Model Output Schedule will be updated to reflect the varied Financial Model (where applicable); and (e) the amended Financial Model and revised Model Output Schedule referred to in clause 35.5(d)(i) and 35.5(d)(ii) must be reviewed in accordance with the Review Procedures.
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Related to Procedures for variations to the Financial Model

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