Concession to demonstrate financial capacity Sample Clauses

Concession to demonstrate financial capacity. Concessionaire shall demonstrate to the State's satisfaction financial capacity to pay the entire cost of any Substantial Alteration or, in lieu thereof, furnish to the State cash or other security reasonably satisfactory to the State, in an amount at least equal to one hundred twenty percent (120%) of the estimate of cost of such Substantial Alterations, guaranteeing the completion and payment of the cost thereof free and clear of all liens, conditional bills of sale, and chattel mortgages, except that security for demolition and new construction shall be furnished as provided in Article VI.A.7.f (Performance and payment bonds) hereof.