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Documents, any agreements and documents executed by the Concessionaire in connection with hedging arrangements entered into pursuant to or in connection with any Senior Loan Agreement, and all other agreements, instruments and documents executed and delivered pursuant or in connection with any of the foregoing. the repayment of obligations incurred by the Concessionaire, the proceeds of which obligations were used to pay items through of this definition. “Person” means and includes an individual, a general or limited partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated organization and any Governmental Authority. other unsecured indebtedness, subordinated to the TIFIA Loan on terms satisfactory to the TIFIA Lender, in a maximum amount at any time outstanding not greater Retail foreign exchange trading than $5,000,000 in the aggregate. “Partially Subordinated Hedge” means a Qualified Hedge, the Hedging Termination Obligations of which are subordinate to the payment of principal of and interest on Senior Xxxx Xxxxx and, other than Hedging Termination Obligations described in clause of Section 5.2 sixth of the Indenture, are subordinate to the payment of principal of and interest on the TIFIA Bonds and are paid in accordance with Section 5.2 of the Indenture. services, costs for any security, payments to VDOT in accordance with Article 5 of the ARCA and for its share of Positive Revenue , and any other reasonable expense paid for the operation and maintenance of the Project. Operating Expenses do not include non-cash charges, such as depreciation, amortization or other bookkeeping entries of a similar nature.

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This Agreement shall terminate upon payment in full by the Concessionaire of the TIFIA Loan, provided, however, that the indemnification requirements of Section 17, the reporting and record keeping requirements of Section 20 and and the payment requirements of Section 28 shall survive the termination of this Agreement as provided in such sections. No remedy conferred herein or reserved to the TIFIA Lender is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement shall be governed by the federal laws of the United States if and to the extent such federal laws are applicable and the internal laws of the State of New York if and to the extent such federal laws are not applicable.

Also, for a limited time, the Bureau will agree to pay its own outside advisor costs for interested, qualified borrowers. According to Mr. Bohnert, the number of projects in the RPI pipeline has grown from none in 2017 to 11 in 2019, with a number of states that have never utilized the TIFIA Program expressing interest in the RPI. Projects already eligible for federal assistance through preexisting surface transportation programs are eligible for the TIFIA credit program, including intelligent transportation systems . Eligibility is also extended to international bridges and tunnels, intercity passenger bus and rail facilities and vehicles, freight facilities, and rural surface transportation infrastructure projects. To demonstrate public support, these projects must be included in both the state’s long-range transportation plan and the State Transportation Improvement Program . Borrower/Issuers or Borrowers to finance the costs of planning, designing and constructing certain public transportation projects in the Commonwealth for the purposes set forth in the Indenture.

Qualifying projects should still require investment‐grade senior debt and a dedicated revenue stream committed to loan repayment. Despite calls to alter or eliminate it, the “springing lien” should remain in place.

Therefore, the company took additional measures to ensure compliance with its obligations to the clients. We have implemented a Civil Liability insurance program for a limit of 5,000,000 EUR, which includes market-leading coverage against omissions, fraud, errors, negligence, and other risks that may lead to financial losses of clients. Master trader Plan – EPS was the economic consultant on the Denver Union Station Alliance team responsible for a market analysis of private retail, office, residential, and hotel uses on the site. EPS was also responsible for identifying funding sources and developing a financing model to compare alternatives and to develop a financing plan and strategy.

The Concessionaire shall have provided to the TIFIA Lender’s satisfaction evidence of the Project’s inclusion as a project by the National Capital Region Transportation Planning Board in the metropolitan improvement plan, and by the State in the State transportation plan and the approved State transportation improvement program as required by Section 602 of the Act. The Concessionaire and, as appropriate, each Member shall have duly executed and delivered to the Trustee the Security Documents (other than the Security Documents listed in Section 13 hereof) to be executed by it and the TIFIA Bond, in form and substance satisfactory to the TIFIA Lender and the Trustee. Each holder of any of the equity interests in the Concessionaire shall have duly executed and delivered to the Trustee a Pledge Agreement with respect to such stock or partnership interest, in each case in form and substance satisfactory to the TIFIA Lender and the Trustee. The TIFIA Lender shall make applicable revisions to the Loan Amortization Schedule pursuant to Section 9 as of the Debt Service Payment Commencement Date, upon any prepayment of the TIFIA Loan, on the date not later than thirty days following the first day of the sixth year of the Sculpted Payment Period and on each Semi- Annual Payment Date during the Sculpted Payment Period beginning in the sixth year after the commencement of the Sculpted Payment Period.

The Concessionaire shall have delivered to the Trustee copies of UCC-1 Financing Statements covering the Collateral, satisfactory to the TIFIA Lender and the Trustee in form and substance, that have been filed with the Secretary of State of the State and with the Secretary of State of the State of Delaware, which the parties intend shall notify third parties of Trustee’s interest in the Revenues. The Concessionaire shall have delivered to the TIFIA Lender a certified schedule acceptable to the TIFIA Lender demonstrating that the projected Revenues shall be sufficient to meet the Loan Amortization Schedule and the requirements of the Oversight Covenant set forth in Section 16 hereof. The Concessionaire shall have provided to the TIFIA Lender evidence of the VDOT Commitment and the funding of any VDOT contributions required to be funded as of the date hereof. The Concessionaire shall have provided to the TIFIA Lender executed copies of the Equity Funding Agreements and the Equity Funding Guaranties, and such agreements shall be in full force and effect and in form and substance reasonably satisfactory to the TIFIA Lender.

Principal of and interest on this TIFIA Bond shall be paid in funds available on or before the due date and in any lawful coin or currency of the United States of America which at the date of payment is legal tender for the payment of public and private debts. The TIFIA Lender shall have the right in its sole discretion to monitor the Project’s operations at any time during the term of this Agreement and to require reporting on the operation and management of the Project and to provide copies of any contracts relating to the operation, maintenance and safety services for the Project as may be required from time to time. The Concessionaire agrees to cooperate in good faith with the TIFIA Lender in the conduct of such monitoring by promptly providing the TIFIA Lender with such reports, documentation, or other information as shall be requested by the TIFIA Lender. In the event that the TIFIA Lender retains a financial oversight advisor under contract with the TIFIA Lender, which decision shall be within the sole discretion of the TIFIA Lender, to carry out the provisions of this Section, the full cost of such monitoring shall be borne by the Concessionaire. Any costs incurred by the TIFIA Lender for such monitoring shall be promptly reimbursed by the Concessionaire upon demand therefor in the form of an invoice reasonably acceptable to the Concessionaire. out of the net proceeds of any Additional Senior Loan incurred pursuant to the provisions of clause of the definition of that term contained in this Agreement, to the extent permitted by the last sentence of such clause .

Increasing TIFIA funding will require other budgetary items to be reduced or program revenues to be increased. As a result of TIFIA’s “parity lien” – which gives taxpayers equal claim as private lenders – taxpayers received $93 million in secured claims on future toll revenues in addition to 32% ownership of the project. The expressway emerged from Chapter 11 bankruptcy, and was then purchased for $345 million by SANDAG9 . Any increase in TIFIA funding should be offset with other transportation spending reductions or revenue increases. Fitch breakeven analysis indicates that under the base case project revenues would need to grow 4% on an annual basis post 2019 to maintain minimum DSCR of 1x. Plenary Roads Denver, LLC was selected by Colorado High Performance Transportation Enterprise to finance, design, and construct the U.S. 36 Phase 2 Corridor and provide the systems, operations, and services related to the managed lanes on the Phase 2 Corridor, the Phase 1 Corridor (U.S. 36 Pecos Boulevard to 88th Street), and the I-25 managed lanes under a 50-year agreement.

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Through the American Recovery and Reinvestment Act , Congress created a $1.5 billion Transportation Investment Generating Economic Recovery discretionary program, of which $250 million could be used for additional TIFIA loans. DOT, which oversees the TIGER program, used only $60 million to support TIFIA loans for five projects.

Unless the context shall otherwise require, all references to any resolution, contract, agreement, lease or other document shall be deemed to include any amendments or supplements to, or modifications or restatements or replacements of, such documents that are approved from time to time in accordance with the terms thereof and hereof. Every request, order, demand, application, appointment, notice, statement, certificate, consent or similar communication or action hereunder by any party shall, unless otherwise specifically provided, be delivered in writing in accordance with Section 36 and signed by a duly authorized representative of such party. The Transportation Infrastructure Finance and Innovation Act program was established in 1998 as a section of the Transportation Equity Act for the 21st Century. It enables the United States Department of Transportation to provide credit assistance to state and local government transit agencies and other eligible applicants for transportation projects. The creation of the program was a response to the difficulty state and local governments faced financing significant transportation projects, such as highway, transit, railroad, intermodal freight, and port access initiatives.

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The Hedge Documents shall provide that all payments due thereunder to the Concessionaire shall be made directly to the Trustee for deposit in the Revenue Fund and shall be disbursed in accordance with the Indenture. the price of acquiring a Subsequent Qualified Hedge is a fair price based on the interest rate market at the time such Qualified Hedge is priced. If, as of the end of each quarter following the initial payment of a permit fee to VDOT under the ARCA, the IRR on Total Invested Project Funds , calculated on the basis of the Net Cash Flow of the Project, equals or exceeds 6.5%, the Concessionaire shall use 50% of the funds otherwise available for distribution under Section 5.8 of the Indenture as of the end of such period to be applied toward a mandatory prepayment of the TIFIA Loan under Section 10 hereof. The Concessionaire shall cause each Equity Funding Guarantor to provide the TIFIA Lender a semi-annual certification within 60 days after June 30 and December 31 of each year commencing December, 2008 and continuing through and including December 31, 2012, stating that no Equity Credit Support Trigger Event has occurred and providing pertinent information supporting such certification. If, as of any Semi-Annual Payment Date, insufficient funds are otherwise available under the Indenture to pay any of the principal amount of or interest on a TIFIA Loan then due and payable or scheduled to be paid , funds in an amount equal to the lesser of such deficiency or all funds on deposit in the TIFIA Sinking Fund shall be transferred to the TIFIA Lender to pay such amounts then due and payable or scheduled to be paid. The Concessionaire shall, commencing in 2008, no later than the last Business Day of December of each year over the term of the TIFIA Loan, at no cost to the TIFIA Lender, provide to the TIFIA Lender a private rating on the Senior Loan by a Nationally Recognized Rating Agency.

Then, each state, working with its cities and counties, would be responsible for choosing which projects would be refinanced and how the savings would be allocated. Leveraging talent at the state level would reduce the number of loan applications coming into the TIFIA office from potentially thousands to 52 . “Tifia” platform allows its users to hedge the transactions and use scalping, auto trade with electronic experts, and news trading during their work. “Tifia” company grants its traders with full trading freedom and provides comfortable working conditions regardless of the trading strategy its customer chooses.

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The Concessionaire may amend the Anticipated TIFIA Loan Disbursement Schedule by submitting to the TIFIA Lender, no later than thirty days prior to the proposed effective date thereof, a revised Schedule, together with a detailed explanation of the reasons for such revisions. Such revised Schedule shall become effective upon the TIFIA Lender’s approval thereof, which approval shall not be unreasonably withheld. “Variable Interest Rate” means a variable interest rate to be borne by any Permitted Debt. The method of computing such variable interest rate shall be specified in the Indenture or the Senior Loan Agreement pursuant to which such Permitted Debt is incurred. Such Indenture or Senior Loan Agreement shall also specify either the particular period or periods of time for which each value of such variable interest rate shall remain in effect or the time or times upon which any change in such variable interest rate shall become effective. “Substantial Completion Date” means the date specified in the Base Case Projections for construction substantial completion of the Project, as such date may be revised in accordance with Section 21.

  • The TIFIA Lender will notify the Concessionaire of any disbursement request so rejected, and the reasons therefor.
  • Funds appropriated under TIFIA only cover subsidy costs of the assistance provided by the TIFIA program, therefore, the amount of credit assistance can be larger than the amount appropriated by Congress to TIFIA.
  • Counsel to the Borrower/Issuer, the Concessionaire and each Member shall have been rendered to the TIFIA Lender certificates and legal opinions in form and substance satisfactory to the TIFIA Lender.
  • The firm first provided market research and financial feasibility analysis for RTD on the evaluation of reuse options.
  • The Borrower/Issuer is a Virginia nonstock, nonprofit corporation duly formed, validly existing and in good standing under the laws of the State.
  • Both Phase 1 and 2 of the project are complete and operational, and revenues are slightly above expectations.

TIFIA increase must be offset with other transportation spending reductions or revenue increases. In San Diego County’s western suburbs, Foreign exchange market the 10‐mile South Bay Expressway takes commuters from the county’s north side to the Otay Mesa Mexican border crossing.

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The obligations of the Concessionaire under the Initial Senior Loan Agreement have received an Investment Grade Rating from at least one Nationally Recognized Rating Agency, all to the extent provided in written evidence of such rating provided to the TIFIA Lender prior to the Effective Date, and to the knowledge of the Concessionaire, no such rating has been reduced, withdrawn or suspended as of the Effective Date. The Concessionaire has complied with respect to the Project with all applicable requirements of the National Environmental Policy Act of 1969 (42 X.X.X. §0000 et seq.). Counsel to Borrower/Issuer, the Concessionaire tifia markets analysis and each Member shall have rendered to the TIFIA Lender certificates and legal opinions in form and substance satisfactory to the TIFIA Lender as to the enforceability of their respective obligations, lien status and other matters. Without limiting any other or additional restrictions set forth in Section 4, the proceeds of the TIFIA Loan may be used only for the purposes set forth in the provisions of Section 6.02 of the ARCA. The Concessionaire may, without condition or qualification, issue additional Concessionaire Debt, secured by the Concessionaire’s Interest, for the limited purpose of funding Safety Compliance Orders.

TIFIA’s structure is such that every $1 of federal funds appropriated under the TIFIA program can provide an estimated $14 in federal credit assistance and be leveraged to generate $42 in total investment. The TIFIA loan offers a competitive interest rate and a delayed repayment schedule, which would allow the Metrorail Service Districts located in the areas surrounding the Loudoun County Metro stations to accrue revenue. The service districts were created to help pay for the construction of the Silver Line to Loudoun and for the ongoing costs of providing Metrorail service at those stations. An additional real property tax may be levied in the districts for these purposes, at a maximum rate of $0.20 per $100 of assessed property value.

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