Concessionaire Responsibility for Project Financing; No Department Liability for Concessionaire Debt. (a) Except as provided in Section 7.02(c), the Concessionaire is solely responsible for obtaining and repaying all financing, at its own cost and risk and without recourse to the State, the CTB or any other agency, instrumentality or political subdivision of the State, necessary to acquire, develop, permit, build, construct, maintain, improve, equip, modify, repair and operate the Project and any Concessionaire Project Enhancements. The Concessionaire also bears the risk of any changes in the interest rate, payment provisions or the other terms of its project financing plan; provided, however, it is acknowledged that the Department shall share in beneficial interest rate movements as contemplated in accordance with Section 5.04.
Concessionaire Responsibility for Project Financing; No Department Liability for Concessionaire Debt. (a) The Concessionaire is solely responsible for obtaining and repaying all financing, at its own cost and risk and without recourse to any State Party, necessary to develop, design, construct, maintain and operate the Project and any Concessionaire Project Enhancement.
Concessionaire Responsibility for Project Financing; No Department Liability for Concessionaire Debt. (a) The Concessionaire is solely responsible for obtaining and repaying all financing, at its own cost and risk and without recourse to the State, the CTB or any other agency, instrumentality or political subdivision of the State, necessary to develop and operate the Project and any Concessionaire Project Enhancements. The Concessionaire also bears the risk of any changes in the interest rate, payment provisions or the other terms of its Financial Plan Memorandum set forth in Exhibit F to this Agreement, except with respect to discount rate calculations for PVR in accordance with Section 4.03.
