Common use of When Required Clause in Contracts

When Required. Developer shall run new projections and calculations under the Financial Model Formulas to establish a Base Case Financial Model Update (a) as of the date of Financial Close as described in Section 3.6.3 and (b) whenever (i) a Compensation Event occurs, (ii) a Refinancing occurs in which TxDOT participates in the Refinancing Gain, (iii) a Tolling Method Change occurs in which TxDOT participates in the Tolling Method Gain, (iv) the CDA Documents are amended and the Parties agree that the amendment has a material effect on future costs or Toll Revenues and (v) a Relief Event extends the Term. In no event shall the Financial Model Formulas be changed except with the prior approval of both Parties, each in its discretion. When running new projections and calculations under the Financial Model Formulas to establish a Base Case Financial Model Update pursuant to Section 4.3.1(b), Developer shall incorporate only those changes caused by the event for which the Base Case Financial Model Update is being prepared; unrelated changes caused by the actual performance of the Project shall be disregarded.