Changes to TIFIA Financing Terms. (A) If there is a positive impact on the Equity IRR caused by the cumulative changes from the Department Protected TIFIA Financial Terms to the corresponding Actual TIFIA Financial Terms, then the Department will receive the benefit of 60% of the positive impact on the Initial Equity IRR of the differences between the Department Protected TIFIA Financial Terms and the corresponding Actual TIFIA Financial Terms. The Parties will calculate any change in the Public Funds Amount or Concession Fee in accordance with the provisions of Exhibit X.
(B) If there is a negative impact on the Equity IRR caused by the cumulative changes from the Department Protected TIFIA Financial Terms to the corresponding Actual TIFIA Financial Terms, then the Department will bear the negative impact on the Initial Equity IRR of the differences between the Department Protected TIFIA Financial Terms and the corresponding Actual TIFIA Financial Terms as follows:
(1) 60% of the negative impact that is between $1 and $15,000,000; and
(2) 100% of the negative impact that exceeds $15,000,000. The Department’s obligation to bear such negative impact by increasing the Public Funds Amount or accepting a decrease in the Concession Fee is subject to (I) the Initial Base Case Financial Model reflecting the Assumed TIFIA Financial Terms,
Changes to TIFIA Financing Terms. (a) If there is a positive impact on the Equity IRR caused by changes from the Assumed TIFIA Financial Terms to the Actual TIFIA Financial Terms, then TxDOT will receive the benefit of 50% of the positive impact on the Equity IRR of the differences between the Assumed TIFIA Financial Terms and the Actual TIFIA Financial Terms. The Parties will calculate any change in the Concession Payment or Public Funds Payments in accordance with Section 3.6.3.
(b) Developer must notify and provide TxDOT the opportunity to observe and participate in all discussions, meetings and negotiations between Developer and the TIFIA Joint Program Office concerning the TIFIA financing.
Changes to TIFIA Financing Terms. (a) If there is a negative impact on the Equity IRR caused by changes from the Assumed TIFIA Financial Terms to the Actual TIFIA Financial Terms, then, pursuant to Section 3.6.2(c), TxDOT will bear the risk of 100% of the negative impact on the Equity IRR of the differences between the Assumed TIFIA Financial Terms and the Actual TIFIA Financial Terms.
(b) If there is a positive impact on the Equity IRR caused by changes from the Assumed TIFIA Financial Terms to the Actual TIFIA Financial Terms, then, pursuant to Section 3.6.2(c), TxDOT will receive the benefit of 75% of the positive impact on the Equity IRR of the differences between the Assumed TIFIA Financial Terms and the Actual TIFIA Financial Terms.
(c) If TxDOT is required or entitled to bear or receive any of the risk or benefit of the change in financial terms as described in Section 3.6.2(a) or (b), the Parties will calculate the change, positive or negative, in the Concession Payment or Public Funds Payments in accordance with Section 3.6.3.
(d) Developer must notify and provide TxDOT the opportunity to observe and participate in all discussions, meetings and negotiations between Developer and the TIFIA Joint Program Office concerning the TIFIA financing.
Changes to TIFIA Financing Terms. (A) If there is a negative impact on the Public Funds Amount due to changes in the percentage of TIFIA eligible costs represented by the TIFIA loan amount included in the Initial Base Case Financial Model that is caused by changes between the Assumed TIFIA Financial Terms and the Actual TIFIA Financial Terms, then, pursuant to Section 7.06(b)(iii)(B), the Department will bear the risk of 100% of such negative impact on the TIFIA loan amount as a percentage of eligible costs (based on the lesser of
(i) 33 percent of eligible costs or (ii) the percentage of eligible costs represented by the TIFIA loan amount for which the proposer has provided two indicative investment grade ratings) of the differences between the Assumed TIFIA Financial Terms and the Actual TIFIA Terms, with the Developer bearing the remaining risk. If there is a positive impact on the Public Funds Amount due to changes in the TIFIA loan amount, the Department and the Developer will share equally in such benefit.
(B) If the Department is required or entitled to bear or receive any of the risk or benefit of the change in financial terms as described in Section 7.06(b)(iii)(A), the Parties will calculate the change, positive or negative, in the Public Funds Amount in accordance with the provisions of Exhibit X.
(C) The Developer must notify and provide the Department the opportunity to observe and participate in all discussions, meetings and negotiations between the Developer and the TIFIA Joint Program Office concerning the TIFIA financing.
Changes to TIFIA Financing Terms. (A) If there is a positive impact on the Equity IRR caused by changes from the Assumed TIFIA Financial Terms to the Actual TIFIA Financial Terms, then the Department will receive the benefit of 50% of the positive impact on the Equity IRR of the differences between the Assumed TIFIA Financial Terms and the Actual TIFIA Financial Terms. The Parties will calculate any change in the Public Funds Amount in accordance with the provisions of Exhibit X.
(B) If there is a negative impact on the Equity IRR caused by changes from the Assumed TIFIA Financial Terms to the Actual TIFIA Financial Terms, then the Department will bear 50% of the negative impact on the Equity IRR of the differences between the Assumed TIFIA Financial Terms and the Actual TIFIA Financial Terms. The Parties will calculate any change in the Public Funds Amount in accordance with the provisions of Exhibit X.
(C) The Developer must use reasonable efforts to notify and provide the Department the opportunity to observe and participate in all discussions, meetings and negotiations between the Developer and the TIFIA Joint Program Office concerning the TIFIA financing.
