Project Completion Condition Precedent [where applicable]. ARTC’s obligation to first make available the Path Usages in clause 3.3 of this Schedule and the Access Holder’s entitlement to have access to those Path Usages is conditional upon:
Project Completion Condition Precedent [where applicable]. (a) ARTC’s obligation to first make available the Path Usages in clause 3.3 of this Schedule and the Access Holder’s entitlement to have access to those Path Usages is conditional upon:
(i) Completion of the following projects (“listed projects”):
(A) [ ] ;
(B) [ ] ; and the
(C) [ ] .
(ii) Completion of any additional projects or replacements of listed projects (“new projects”):
(A) agreed between ARTC and the Access Holder; or
(B) endorsed by the RCG or the ACCC as prudent, to provide the equivalent capacity for a listed project; and
(iii) In ARTC’s reasonable opinion, the listed and new projects being commercially viable having regard to:
(A) the terms and conditions of all the access agreements relevant to the listed and new projects; and
(B) circumstances for ARTC to service and raise financing through debt and equity for the listed and new projects;
(C) opportunity cost to ARTC given the relative risk and returns associated with the financing of the listed and new projects relative to other investment opportunities; and
(D) net effect on ARTC’s balance sheet, gearing ratios and any other debt covenants in existence at the time.
(b) ARTC must promptly notify the Access Holder if it considers that a listed and new project is, or is likely to be, not commercially viable and if this is the case, ARTC will:
(i) offer the Access Holder the opportunity to make a capital contribution (as defined in the Access Undertaking) to the project, in which case the principles applicable to capital contributions as set out in the Access Undertaking will apply to that capital contribution; or
(ii) if requested by the Access Holder, enter into good faith negotiations with the Access Holder with the aim of securing alternative funding arrangements to deliver that project.
(c) ARTC must promptly notify the Access Holder if it believes that this condition unlikely to be satisfied and provide reasons for the basis of ARTC’s belief.
(d) Subject to the RCG endorsing each listed project in accordance with the timelines submitted and outlined in the RCG submissions, ARTC must use its best endeavours to complete the listed and new projects by the Start Date. If a new project is required, ARTC must provide an updated Start Date and use best endeavours to complete the new project by the updated Start Date.
(e) This condition precedent is for the benefit of ARTC and may only be waived by ARTC. ARTC must promptly notify the Access Holder of the satisfaction or waiver of this condition...
