Developer Right and Responsibility to Finance Project Sample Clauses

Developer Right and Responsibility to Finance Project. 15.1.1 Developer is solely responsible for obtaining and paying for all financing, at its own cost and risk and without recourse to the Department, necessary for the acquisition, design, permitting, development, construction, equipping, operation, maintenance, modification, reconstruction, rehabilitation, restoration, renewal and replacement of the Project. Developer will diligently pursue its obligations to obtain the necessary financing as described in Appendix 7 to this Agreement (List of Initial Funding Agreements and Initial Security Documents). 15.1.2 The Department will reasonably assist Developer in implementing those portions of its financial plan requiring issuance of debt by other Governmental Entities and in securing approvals from such Governmental Entities. Developer, however, is responsible for obtaining the necessary approval and implementation processes and for achieving Financial Close. The Department does not bear any risk for the failure of Developer to obtain funding from these potential sources, and such failure, if any, shall not diminish Developer’s obligations under this Agreement. 15.1.3 If Developer seeks to utilize PABs or TIFIA Loans, then Developer bears all risks relating to a delay in receiving the necessary approvals and for compliance with all Federal Requirements. At Developer’s written request, the Department will cooperate in good faith in order to assist Developer’s efforts to obtain necessary federal approvals for PABs or TIFIA Loans. 15.1.4 Notwithstanding the foreclosure or other enforcement of any security interest created or perfected by a Financing Document, Developer shall remain liable to the Department for the payment of all sums owing to the Department under this Agreement and for the performance and observance of all of Developer’s covenants and obligations under this Agreement.
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Developer Right and Responsibility to Finance Project. 17.1.1 Developer is solely responsible for obtaining and repaying, at its own cost and risk and without recourse to the Owner, all financing necessary for the Work, including the design, permitting, development, construction, equipping, operation, maintenance, modification, reconstruction, rehabilitation, restoration, renewal and replacement of the Project as provided in the Contract Documents, except as otherwise expressly provided in this Agreement. Developer will diligently pursue its obligations to obtain the necessary financing, as described in its financial plan reflected in the Financial Model. 17.1.2 Notwithstanding the foreclosure or other enforcement of any security interest created or perfected by a Financing Document, Developer shall remain liable to the Owner for the payment of all sums owing to the Owner under this Agreement and the performance and observance of all of Developer’s covenants and obligations under this Agreement.
Developer Right and Responsibility to Finance Project 

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