Common use of Changes in Market Interest Rates Clause in Contracts

Changes in Market Interest Rates. (A) Subject to Section 7.06(b)(ii)(B), the Department will bear the risk and have the benefit of:‌ (1) 100% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from changes in Benchmark Rates solely with respect to TIFIA financing, bonds, private placement and bank debt assumed and indicated in the Initial Base Case Financial Model, for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt assumed and indicated in the Initial Base Case Financial Model, and (bb) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt issued or incurred at Financial Close; and (2) 75% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from the differences between the credit spreads assumed and indicated in the Initial Base Case Financial Model for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa) the amount of proceeds of the approved capital markets financing(s) assumed and indicated in Initial Base Case Financial Model, and (bb) the amount of proceeds of the approved capital markets financing(s) issued at the Financial Close. (B) If the Financial Close Deadline is extended pursuant to Section 7.06(c), the Department will bear the risk and have the benefit of impacts to changes in Section 7.06(b)(ii)(A) for the period of such extension.‌

Changes in Market Interest Rates. (Aa) Subject to Section 7.06(b)(ii)(B3.6.1(b), the Department TxDOT will bear the risk and have the benefit of:‌of: (1i) 100% of the impact on the Public Funds Amount or Concession Fee of changes in Benchmark Rates (either positive or negative) arising from changes in Benchmark Rates solely with respect to PABs and TIFIA financing, bonds, private placement taxable bonds and bank debt assumed and indicated in the Initial Developer’s Base Case Financial ModelModel as presented at the Proposal Due Date, for the period beginning at 10:00 a.m. on [●] [insert the Adjustment Period Start Date date that is ten days prior to the Proposal Due Date] (the “first date of the of the market interest rate adjustment period”) and ending on the Adjustment Period End Datelast date of the market interest rate adjustment period (as defined below); provided, however, that this protection will shall be extended only to the lesser of (aa1) the amount of proceeds of PABs and TIFIA financing, bonds, private placement debt taxable bonds and bank debt assumed and indicated in the Initial Developer’s Base Case Financial ModelModel as presented at the Proposal Due Date, and (bb2) the amount of proceeds of PABs and TIFIA financing, bonds, private placement debt taxable bonds and bank debt issued or incurred obtained at Financial Close; and (2ii) 75% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from of the differences between (1) the credit spreads for bonds (whether PABs or taxable bonds but excluding TIFIA financing and bank debt) assumed and indicated in the Initial Developer’s Base Case Financial Model as presented at the Proposal Due Date; and (2) the credit spreads for PABs or taxable bonds as obtained at the period beginning on end of the Adjustment Period Start Date and ending on the Adjustment Period End Datemarket interest rate adjustment period; provided, however, that this protection will shall be extended only to the lesser of (aaA) the amount of proceeds of the approved capital markets financing(sbonds (whether PABs or taxable bonds but excluding TIFIA financing and bank debt) assumed and indicated in Initial Developer’s Base Case Financial ModelModel as presented at the Proposal Due Date, and (bbB) the amount of proceeds of the approved capital markets financing(sbonds (whether PABs or taxable bonds but excluding TIFIA financing and bank debt) issued as obtained at the Financial Close. For the purposes of this Section 3.6.1, the “last date of the market interest rate adjustment period” means the earlier of 10:00 a.m. on the interest rate commitment date or 10:00 a.m. on the Project Financing Deadline (as may be extended); and “interest rate commitment date” means the date on which the interest rate is set for each respective debt instrument protected by this Section 3.6.1(a). (Bb) If the Financial Close Project Financing Deadline is extended pursuant to Section 7.06(c3.3.1(b) (first 30-day extension), the Department risk and benefit allocated to TxDOT pursuant to Section 3.6.1(a) shall be reduced to 75% of the risk and benefit otherwise allocated to TxDOT for the period of such extension (i.e., during such period, TxDOT will bear 75% of the impact of changes in Benchmark Rates and 56.25% of the impact of changes in credit spreads). If the Project Financing Deadline is extended pursuant to Section 3.3.1(c) (second 30-day extension), TxDOT will bear the risk and have the benefit of impacts only 50% of the risk and benefit otherwise allocated to TxDOT for the period of such extension (i.e., during such period, TxDOT will bear 50% of the impact of changes in Benchmark Rates and 37.5% of the impact of changes in credit spreads). If the Project Financing Deadline is extended pursuant to Section 7.06(b)(ii)(A3.3.1(d) (discretionary extension) and such extension was not initiated by TxDOT, TxDOT will not bear any of the risk or have any of the benefit of the impact of changes described in Section 3.6.1(a) (either for Benchmark Rates or credit spreads) for the period of such extension.‌extension.

Changes in Market Interest Rates. (A) Subject to Section 7.06(b)(ii)(B), the Department will bear the risk and have the benefit of:‌of: (1) 100% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from changes in Benchmark Rates solely with respect to PABs and TIFIA financing, taxable bonds, private placement and bank debt assumed and indicated in the Initial Base Case Financial Model, for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa1) the principal amount of proceeds of PABs and TIFIA financing, taxable bonds, private placement debt and bank debt assumed and indicated in the Initial Base Case Proposal Financial Model, and (bb2) the principal amount of proceeds of PABs and TIFIA financing, taxable bonds, private placement debt and bank debt issued or incurred at Financial Close; and (2) 75% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from the differences between the credit spreads for PABs assumed and indicated in the Initial Base Case Financial Model for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aaA) the principal amount of proceeds of the approved capital markets financing(s) PABs assumed and indicated in Initial Base Case Financial Model, and (bbB) the principal amount of proceeds of the approved capital markets financing(s) PABs issued at the Financial Close. (B) If the Financial Close Deadline is extended pursuant to Section 7.06(c)) and such extension was not initiated by the Department, the Department will not bear any of the risk and or have any of the benefit of impacts to the impact of changes described in Section 7.06(b)(ii)(A) (either for Benchmark Rates or credit spreads) for the period of such extension.‌extension.

Changes in Market Interest Rates. (A) Subject to Section 7.06(b)(ii)(B), the Department will bear the risk and have the benefit of:‌ (1) 100% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from changes in Benchmark Rates solely with respect to TIFIA financing, bonds, private placement and bank debt assumed and indicated in the Initial Base Case Financial Model, for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt assumed and indicated in the Initial Base Case Financial Model, and (bb) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt issued or incurred at Financial Close; and (2) 75% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from the differences between the credit spreads assumed and indicated in the Initial Base Case Financial Model for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa) the amount of proceeds of the approved capital markets financing(s) assumed and indicated in Initial Base Case Financial Model, and (bb) the amount of proceeds of the approved capital markets financing(s) issued at the Financial Close. (B) If the Financial Close Deadline is extended pursuant to Section 7.06(c), the Department will bear the risk and have the benefit of impacts to changes in Section 7.06(b)(ii)(A) for the period of such extension.‌

Changes in Market Interest Rates. (A) Subject to Section 7.06(b)(ii)(B), the Department will bear the risk and have the benefit of:‌ (1) 100% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from changes in Benchmark Rates solely with respect to TIFIA financing, bonds, private placement and bank debt assumed and indicated in the Initial Base Case Financial Model, for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aa1) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt assumed and indicated in the Initial Base Case Financial Model, and (bb2) the amount of proceeds of TIFIA financing, bonds, private placement debt and bank debt issued or incurred at Financial Close; and (2) 75% of the impact on the Public Funds Amount or Concession Fee (either positive or negative) arising from the differences between the credit spreads assumed and indicated in the Initial Base Case Financial Model for the period beginning on the Adjustment Period Start Date and ending on the Adjustment Period End Date; provided, however, that this protection will be extended only to the lesser of (aaA) the amount of proceeds of the approved capital markets financing(s) assumed and indicated in Initial Base Case Financial Model, and and (bbB) the amount of proceeds of the approved capital markets financing(s) issued at the Financial Close. (B) If the Financial Close Deadline is extended pursuant to Section 7.06(c), the Department will bear the risk and have the benefit of impacts to changes in Section 7.06(b)(ii)(A) for the period of such extension.‌