Concessionaire’s Right to Assume Excess Payment of Xxxx Ex Financial Protections Sample Clauses

Concessionaire’s Right to Assume Excess Payment of Xxxx Ex Financial Protections. If on any of the Xxxx Ex Financial Protections Calculation Dates the total combined amount of the Xxxx Ex Financial Protections exceeds $50,000,000, the Concessionaire may, by written notice to the Department, elect to assume the cost of the portion of the Xxxx Ex Financial Protections greater than $50,000,000. For the avoidance of doubt, if and so long as the Concessionaire assumes all such excess Xxxx Ex Financial Protections greater than $50,000,000, the Department shall not have the right to terminate the Xxxx Ex Project pursuant to Section 7.03B(c)(iv). (A) If, prior to Xxxx Ex Financial Close, the Concessionaire does not elect to assume such cost, but the Concessionaire notifies the Department of its intent to continue to pursue Xxxx Ex Financial Close, then the Concessionaire shall be granted an additional 90-day period from the Xxxx Ex Financial Close Deadline to achieve Xxxx Ex Financial Close, provided that the Concessionaire delivers to the Department at least 15 Days prior to the expiration of the then-existing Xxxx Ex Financial Close Security a new Xxxx Ex Financial Close Security, or extends the then-existing Xxxx Ex Financial Close Security, with an expiry date no earlier than 15 Days after the end of the 90-day period. If after such 90-day period, the Concessionaire does not elect to assume such cost, the Department may elect to terminate the Xxxx Ex Project pursuant to Section 7.03B(c)(iv) and Section 20.04(d). (B) If, after Xxxx Ex Financial Close, the Concessionaire does not elect to assume such cost, but the Concessionaire notifies the Department of its intent to continue to pursue Xxxx Ex Additional Financial Close, then the Concessionaire shall be granted an additional 90-day period from the Xxxx Ex Interest Rate Protection Deadline to pursue Xxxx Ex Additional Financial Close. If after such 90-day period, the Concessionaire does not elect to assume such cost, the Department will have no duty to provide the Xxxx Ex Interest Rate Protection.
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Related to Concessionaire’s Right to Assume Excess Payment of Xxxx Ex Financial Protections

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