Common use of Concessionaire Responsibility for Project Financing; No Department Liability for Concessionaire Debt Clause in Contracts

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) 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 5.045.02.