Reporting and Audit of NEXT SPV Contingency Costs Sample Clauses

Reporting and Audit of NEXT SPV Contingency Costs. (i) Once the Concessionaire has expended all but $5,000,000 of the Concessionaire-Supplied SPV Contingency Amount, the Concessionaire shall submit to the Department a certificate on a monthly basis thereafter until the Concessionaire submits its first requisition to the Department for payments under the NEXT Risk Pool, which certificate shall identify (a) the aggregate amount of costs that have been classified as NEXT SPV Contingency Costs and incurred during the month covered by the certificate and (b) the aggregate remaining amount of the Concessionaire-Supplied SPV Contingency Amount. (ii) No less than 30 days before the Concessionaire anticipates that it will exhaust the entire Concessionaire-Supplied SPV Contingency Amount, the Concessionaire shall deliver to the Department written notice (the “Contingency Notice”) establishing the date the Concessionaire expects to begin incurring NEXT SPV Contingency Costs to be funded by the Department under the NEXT SPV Contingency Risk Sharing Mechanism. (iii) Upon receipt of the Contingency Notice, the Department shall have the right but not the duty to audit (no more frequently than once in each six month period) the NEXT SPV Contingency Costs for which the Concessionaire has sought reimbursement from the Department under the NEXT SPV Contingency Risk Sharing Mechanism. The purpose of any such audits will be to determine whether the costs for which the Concessionaire has sought reimbursement from the Department under the NEXT SPV Contingency Risk Sharing Mechanism meet the definition of NEXT SPV Contingency Costs. To the extent an audit discovers any costs funded by the Department that do not meet the definition of NEXT SPV Contingency Costs, the Department may offset such amounts from future contributions under the NEXT SPV Contingency Risk Sharing Mechanism. (iv) The Department shall have the right but not the duty to conduct a final audit (the “Final Audit”) within two years after Service Commencement on the NEXT Project. The purpose of the Final Audit will be to determine whether the costs for which the Concessionaire has sought reimbursement from the Department under the NEXT SPV Contingency Risk Sharing Mechanism meet the definition of NEXT SPV Contingency Costs. To the extent the Final Audit discovers any costs funded by the Department that do not meet the definition of NEXT SPV Contingency Costs, the Concessionaire shall reimburse the Department for such costs.
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Related to Reporting and Audit of NEXT SPV Contingency Costs

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