Common use of Updated Financial Model Clause in Contracts

Updated Financial Model. (i) The City shall provide to the WIFIA Lender not later than one hundred eighty (180) days after the beginning of each City Fiscal Year, an updated Base Case Financial Model reflecting the then-current and projected conditions. (ii) The Updated Financial Model shall demonstrate to the satisfaction of the WIFIA Lender that the City has developed and identified adequate revenues to implement a plan for operating, maintaining and repairing the Project over its useful life, and shall include: (A) the City’s capital improvement plan, major maintenance plan, projected rates and charges, projected debt outstanding and annual debt service, projected Revenues and projected Operations and Maintenance Costs; (B) evidence of compliance with the Rate Covenant for the most recent City Fiscal Year and the projected Rate Covenant coverages through the Final Maturity Date; (C) a written narrative identifying any material changes to the underlying assumptions from the previous Updated Financial Model; and (D) a certificate signed by the City’s Authorized Representative, certifying that (1) the Updated Financial Model, including the assumptions and supporting documentation, as of its date, is accurate and reasonable to the best of the City’s knowledge and belief, (2) the annual projected Net Revenues will be sufficient to meet the Loan Amortization Schedule and to satisfy the Rate Covenant through the Final Maturity Date, and (3) the City is in compliance with its obligations in respect of the Rate Covenant pursuant to Section 17(a) (Affirmative Covenants of the City – Rate Covenant). (iii) The delivery of the Updated Financial Model to the WIFIA Lender shall constitute a representation and warranty by the City that the Updated Financial Model reflects the City’s reasonable expectations, using assumptions that the City believes to be reasonable, of the System’s expected operations, including capital costs, capital spending schedule, rates and revenues or charges (if applicable), Revenues, Operations and Maintenance Costs, major maintenance costs, financing structure and other scheduling, cost and financing elements required to be included in the Base Case Financial Model. The Updated Financial Model shall independently model the Project (as well as the System) addressing each of the foregoing as it may apply to the Project.

Updated Financial Model. Promptly and in any event within twenty (20) days of the end of each fiscal quarter and within twenty (20) days of any proposed material change to the then‑existing Financial Model, deliver to the Administrative Agent and the Technical Agent an updated Financial Model based on the most recently approved Development Plan and updated to reflect actual Project Costs incurred, amounts payable under the Debt Facilities and the Risk Management Program, and the assumptions set forth in Section 4.01(a)(xvii)(A)-(I) (as such assumptions may be updated from time to time in accordance with this Agreement). Each updated Financial Model delivered pursuant to this Section 9.01(e) shall be accompanied by an Officer’s Certificate of the Borrower stating that the updated Financial Model and its underlying models and assumptions (A) were prepared in good faith by the Borrower, (B) are based on assumptions that are consistent with the requirements of the Transaction Documents, the Agreement Approvals, the Project Approvals and Applicable Law and that the Borrower considers to be reasonable in light of the conditions existing as of the delivery of such updated Financial Model and (C) represent the Borrower’s best estimate of the information set forth therein as of the date of such delivery. (i) The City shall provide to the WIFIA Lender not No later than one hundred eighty twenty (18020) days after receipt of the beginning of each City Fiscal Year, an updated Base Case Financial Model reflecting and all information needed by the then-current Lenders and projected conditions. (ii) The Updated the Independent Engineer to evaluate such updated Financial Model, the Majority Lenders, acting reasonably and in consultation with the Independent Engineer, shall approve such Financial Model or shall advise the Borrower of any changes thereto necessary for approval by the Majority Lenders. Until such time as the Majority Lenders have approved the updated Financial Model, the then‑existing Financial Model shall demonstrate continue to the satisfaction apply for all purposes of the WIFIA Lender that the City has developed and identified adequate revenues to implement a plan for operating, maintaining and repairing the Project over its useful life, and shall include: (A) the City’s capital improvement plan, major maintenance plan, projected rates and charges, projected debt outstanding and annual debt service, projected Revenues and projected Operations and Maintenance Costs; (B) evidence of compliance with the Rate Covenant for the most recent City Fiscal Year this Agreement and the projected Rate Covenant coverages through the Final Maturity Date; (C) a written narrative identifying any material changes to the underlying assumptions from the previous Updated Financial Model; and (D) a certificate signed by the City’s Authorized Representative, certifying that (1) the Updated Financial Model, including the assumptions and supporting documentation, as of its date, is accurate and reasonable to the best of the City’s knowledge and belief, (2) the annual projected Net Revenues will be sufficient to meet the other Loan Amortization Schedule and to satisfy the Rate Covenant through the Final Maturity Date, and (3) the City is in compliance with its obligations in respect of the Rate Covenant pursuant to Section 17(a) (Affirmative Covenants of the City Documents. NYDOCS02/1023777.17Midway Gold – Rate Covenant). (iii) The delivery of the Updated Financial Model to the WIFIA Lender shall constitute a representation and warranty by the City that the Updated Financial Model reflects the City’s reasonable expectations, using assumptions that the City believes to be reasonable, of the System’s expected operations, including capital costs, capital spending schedule, rates and revenues or charges (if applicable), Revenues, Operations and Maintenance Costs, major maintenance costs, financing structure and other scheduling, cost and financing elements required to be included in the Base Case Financial Model. The Updated Financial Model shall independently model the Pan Gold Project (as well as the System) addressing each of the foregoing as it may apply to the Project.– Credit Agreement

Updated Financial Model. (i) The City shall provide Promptly and in any event within twenty (20) days of the end of each fiscal quarter and within twenty (20) days of any proposed material change to the WIFIA Lender not later than one hundred eighty (180) days after then‑existing Financial Model, deliver to the beginning of each City Fiscal Year, Administrative Agent an updated Base Case Financial Model reflecting based on the then-current most recently approved Development Plan and projected conditionsupdated to reflect actual Project Costs incurred, amounts payable under the Debt Facilities and the Risk Management Program, and the assumptions set forth in 0(A)-(I) (as such assumptions may be updated from time to time in accordance with this Agreement). Each updated Financial Model delivered pursuant to this 00 shall be accompanied by an Officer’s Certificate of the Borrower stating that the updated Financial Model and its underlying models and assumptions (A) were prepared in good faith by the Borrower, (B) are based on assumptions that are consistent with the requirements of the Transaction Documents, the Agreement Approvals, the Project Approvals and Applicable Law and that the Borrower considers to be reasonable in light of the conditions existing as of the delivery of such updated Financial Model and (C) represent the Borrower’s best estimate of the information set forth therein as of the date of such delivery. (ii) The Updated Prior to the Discharge Date, the Financial Model shall demonstrate be approved in accordance with the Senior Credit Agreement. With respect to any period following the satisfaction Discharge Date, no later than twenty (20) days after receipt of the WIFIA Lender that updated Financial Model and all information needed by the City has developed and identified adequate revenues to implement a plan for operating, maintaining and repairing the Project over its useful life, and shall include: (A) the City’s capital improvement plan, major maintenance plan, projected rates and charges, projected debt outstanding and annual debt service, projected Revenues and projected Operations and Maintenance Costs; (B) evidence of compliance with the Rate Covenant for the most recent City Fiscal Year Lenders and the projected Rate Covenant coverages through the Final Maturity Date; (C) a written narrative identifying any material changes Independent Engineer to the underlying assumptions from the previous Updated Financial Model; and (D) a certificate signed by the City’s Authorized Representative, certifying that (1) the Updated evaluate such updated Financial Model, including the assumptions Majority Lenders, acting reasonably and supporting documentationin consultation with the Independent Engineer, as of its date, is accurate and reasonable to the best of the City’s knowledge and belief, (2) the annual projected Net Revenues will be sufficient to meet the Loan Amortization Schedule and to satisfy the Rate Covenant through the Final Maturity Date, and (3) the City is in compliance with its obligations in respect of the Rate Covenant pursuant to Section 17(a) (Affirmative Covenants of the City – Rate Covenant). (iii) The delivery of the Updated shall approve such Financial Model to or shall advise the WIFIA Lender shall constitute a representation and warranty Borrower of any changes thereto necessary for approval by the City that Majority Lenders. Until such time as the Updated Majority Lenders have approved the updated Financial Model reflects (or such has been approved in accordance with the City’s reasonable expectations, using assumptions that the City believes to be reasonable, of the System’s expected operations, including capital costs, capital spending schedule, rates and revenues or charges (if applicableSenior Credit Agreement), Revenues, Operations and Maintenance Costs, major maintenance costs, financing structure and other scheduling, cost and financing elements required to be included in the Base Case Financial Model. The Updated then‑existing Financial Model shall independently model continue to apply for all purposes of this Agreement and the Project (as well as the System) addressing each of the foregoing as it may apply to the Projectother Loan Documents.