Common use of Close of Finance Clause in Contracts

Close of Finance. 8.4.1 Upon completion of all of the Facility Development Work and other Work set forth in the Facility Implementation Plan for any Facility that requires Developer or its Affiliate(s) to provide all or a portion of the financing for the Facility, Developer or its Affiliate shall request authorization to proceed with the Close of Finance for the Facility. TxDOT will respond to such authorization request within 30 days after receipt or such other time frame as may be agreed to by the parties. If TxDOT concurs that all conditions required for the Close of Finance have been satisfied, including all requisite approvals under the NEPA process, negotiation of a Facility Agreement, Developer’s provision of any required security, and TxDOT approval of any terms of financing at variance from the Facility Financial Plan, TxDOT will issue to Developer a notice to proceed authorizing the Close of Finance for the Facility (“Facility NTP3”). Developer or its Affiliate shall diligently pursue all activities necessary or desirable to achieve Close of Finance in accordance with the approved Facility Implementation Plan and Facility Financial Plan and shall achieve close of finance within 45 days after the date on which TxDOT issues the Facility NTP3. In the event Developer fails to achieve Close of Finance within such 45-day period, TxDOT’s remedy shall be as set forth in the Facility Implementation Plan, which may include Developer’s forfeiture of any security provided to TxDOT. Issuance of further notices to proceed with design, construction, operation and maintenance of the Facility shall be governed by the terms and conditions with respect thereto set forth in the Facility Agreement.

Close of Finance. 8.4.1 Upon completion of all of the Facility Development Work and other Work work set forth in the Facility Implementation Plan for any Facility that requires Developer or its Affiliate(s) to provide all or a portion of the financing for the Facility, Developer or its Affiliate shall request authorization to proceed with the Close of Finance for the Facility. TxDOT will respond to such authorization request within 30 days after receipt or such other time frame as may be agreed to by the parties. If TxDOT concurs that all conditions required for the Close of Finance have been satisfied, including all requisite approvals under the NEPA process, negotiation of a Facility Agreement, Developer’s provision of any required security, and TxDOT approval of any terms of financing at variance from the Facility Financial Plan, TxDOT will issue to Developer a notice to proceed authorizing the Close of Finance for the Facility (“Facility NTP3”). Developer or its Affiliate shall diligently pursue all activities necessary or desirable to achieve Close of Finance in accordance with the approved Facility Implementation Plan and Facility Financial Plan and shall achieve close of finance within 45 days after the date on which TxDOT issues the Facility NTP3. In the event Developer fails to achieve Close of Finance within such 45-day period, TxDOT’s remedy shall be as set forth in the Facility Implementation Plan, which may include Developer’s forfeiture of any security provided to TxDOT. Issuance of further notices to proceed with design, construction, operation and maintenance of the Facility shall be governed by the terms and conditions with respect thereto set forth in the Facility Agreement.