Common use of RATE COVERAGE Clause in Contracts

RATE COVERAGE. The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Net Cash Flow in each Calculation Period through the Final Maturity Date shall be projected to produce (i) a Senior Debt Service Coverage Ratio at least equal to [____] in each such Calculation Period, (ii) a Total Debt Service Coverage Ratio at least equal to [___] in each such Calculation Period, and (iii) a TIFIA Loan Life Coverage Ratio at least equal to [_____] as of each Calculation Date through the Final Maturity Date (clauses (i), (ii), and (iii) collectively, the “Rate Coverage Test”). If the forecast furnished by the Borrower pursuant hereto demonstrates that projected Net Cash Flow may be inadequate to satisfy the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if the Borrower fails to satisfy the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (x) within [thirty (30)] days after request by the TIFIA Lender, engage the [Traffic Consultant] to review and analyze the operations of the Project and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase the Net Cash Flow so as to satisfy the Rate Coverage Test, (y) cause the [Traffic Consultant] to issue its report, including any such recommended actions, no later than [ninety (90)] days following such engagement, and (z) either (A) implement the [Traffic Consultant’s] recommendation or (B) undertake an alternative course of action after demonstrating to the TIFIA Lender’s satisfaction the manifest errors contained in the [Traffic Consultant’s] recommended actions, or to the extent agreed upon by the TIFIA Lender, undertake an alternative course of action that will ensure the Borrower’s ability to meet its payment obligations under this Agreement.111

RATE COVERAGE. (i) The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Net Cash Flow Pledged Revenues in each Calculation Period through the Final Maturity Date shall be projected to produce (iA) a Senior Debt Service Coverage Ratio at least equal to [____] 1.35:1.00 in each such Calculation Period, (iiB) a Total Debt Service Coverage Ratio at least equal to [___] 1.25:1.00 in each such Calculation Period, and (iiiC) a TIFIA Loan Life Coverage Ratio ratio of Pledged Revenues to the sum of all of the Borrower’s funding obligations for such Calculation Period pursuant to clauses (i) through (xii) of Section 3.02(c) of the Indenture at least equal to [_____] as of each 1.00:1.00 for such Calculation Date through the Final Maturity Date Period (clauses (iA), (ii), B) and (iiiC) collectively, the “Rate Coverage Test”). If the any forecast furnished by the Borrower pursuant hereto (whether pursuant to the Financial Plan or otherwise) demonstrates that projected Net Cash Flow Pledged Revenues may be inadequate to satisfy the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if the Borrower fails to satisfy any of the required ratios in the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (x) within [thirty (30)] ) days after request by the TIFIA Lenderdate of such forecast, engage the [Traffic Consultant and the Toll Road Consultant] to review and analyze the operations of the Project C-470 Express Lanes and, to the extent applicable, Segment 2 and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase the Net Cash Flow Pledged Revenues so as to satisfy the Rate Coverage Test, (y) cause the [Traffic Consultant and the Toll Road Consultant] to issue its report, including any such recommended actions, no later than [ninety (90)] ) days following such engagement, and (z) either (A1) implement the [Traffic Consultant’s and the Toll Road Consultant’s] recommendation or (B2) undertake an alternative course of action after demonstrating to the TIFIA Lender’s satisfaction the manifest errors contained in the [Traffic Consultant’s and the Toll Road Consultant’s] recommended actions, or to the extent agreed upon by the TIFIA Lender, undertake an alternative course of action that will ensure the Borrower’s ability to meet its payment obligations under this Agreement.111Agreement. The Borrower’s failure to regain compliance with the Rate Coverage Test by the sixth (6th) Semi-Annual Payment Date occurring after the first Semi-Annual Payment Date on which the Borrower failed to satisfy the Rate Coverage Test, shall result in the mandatory prepayment described in Section 10(a)(iii) (

RATE COVERAGE. 48 The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Net Cash Flow in each any Calculation Period through the Final Maturity Date shall be projected to produce (i) a Senior Debt Service Coverage Ratio at least equal to [____] in each such Calculation Period, Period and (ii) a Total Debt Service Coverage Ratio at least equal to [___] in each such Calculation Period, and (iii) a TIFIA Loan Life Coverage Ratio at least equal to [_____] as of each Calculation Date through the Final Maturity Date Period (clauses (i), ) and (ii), and (iii) collectively, the “Rate Coverage Test”). If the forecast furnished by the Borrower pursuant hereto demonstrates that projected Net Cash Flow may be inadequate to satisfy the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if the Borrower fails to satisfy the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (xA) within [thirty (30)] days after request by the TIFIA Lender, engage the [Traffic Consultant] Consultant to review and analyze the operations of the Project and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase the Net Cash Flow so as to satisfy the Rate Coverage Test, (yB) cause the [Traffic Consultant] Consultant to issue its report, including any such recommended actions, no later than [ninety (90)] days following such engagement, and (zC) either (A1) implement the [Traffic Consultant’s] ’s recommendation or (B2) undertake an alternative course of action after demonstrating to the TIFIA Lender’s satisfaction the manifest errors contained in the [Traffic Consultant’s] ’s recommended actions, or to the extent agreed upon by the TIFIA Lender, undertake an alternative course of action that will ensure the Borrower’s ability to meet its payment obligations under this Agreement.111Agreement; provided, that the Borrower shall not be required to take any action that may result in a breach by the Borrower of its obligations under the Concession Agreement.

RATE COVERAGE. The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Net Cash Flow in each Calculation Period through the Final Maturity Date shall be projected to produce (i) a Senior Debt Service Coverage Ratio at least equal to [____] in each such Calculation Period, (ii) a Total Debt Service Coverage Ratio at least equal to [___] in each such Calculation Period, Period and (iii) a TIFIA Loan Life Coverage Ratio at least equal to [_____] as of each Calculation Date through the Final Maturity Date (clauses (i), (ii), ) and (iii) collectively, the “Rate Coverage Test”). If the forecast furnished by the Borrower pursuant hereto demonstrates that projected Net Cash Flow may be inadequate to satisfy the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if the Borrower fails to satisfy the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (x) within [thirty (30)] days after request by the TIFIA Lender, engage the [Traffic Consultant] to review and analyze the operations of the Project and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase the Net Cash Flow so as to satisfy the Rate Coverage Test, (y) cause the [Traffic Consultant] to issue its report, including any such recommended actions, no later than [ninety (90)] days following such engagement, and (z) either (A) implement the [Traffic Consultant’s] recommendation or (B) undertake an alternative course of action after demonstrating to the TIFIA Lender’s satisfaction the manifest errors contained in the [Traffic Consultant’s] recommended actions, or to the extent agreed upon by the TIFIA Lender, undertake an alternative course of action that will ensure the Borrower’s ability to meet its payment obligations under this Agreement.111Agreement.109

RATE COVERAGE. (i) The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Net Cash Flow Pledged Revenues in each Calculation Period through the Final Maturity Date shall be projected to produce (i) a Senior Debt Service Coverage Ratio at least equal to [____1.35:1.00] in each such Calculation Period, (ii) a Total Debt Service Coverage Ratio at least equal to [___1.25:1.00] in each such Calculation Period, and (iii) a TIFIA Loan Life Coverage Ratio ratio of Pledged Revenues to the sum of all of Borrower’s funding obligations for such Calculation Period pursuant to clauses (i) through [ ] of Section [3.03(c)] of the Indenture at least equal to [_____] as of each 1.00:1.00 for such Calculation Date through the Final Maturity Date Period (clauses (i), (ii), ) and (iii) collectively, the “Rate Coverage Test”). If the forecast furnished by the Borrower pursuant hereto demonstrates that projected Net Cash Flow Pledged Revenues may be inadequate to satisfy the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if the Borrower fails to satisfy the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (x) within [thirty (30)] ) days after request by the TIFIA Lender, engage the [Traffic Consultant] Consultant to review and analyze the operations of the Project C-470 Express Lanes and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase the Net Cash Flow Pledged Revenues so 17 Note: Mechanics and timing to be confirmed. as to satisfy the Rate Coverage Test, (y) cause the [Traffic Consultant] Consultant to issue its report, including any such recommended actions, no later than [ninety (90)] ) days following such engagement, and (z) either (A) implement the [Traffic Consultant’s] ’s recommendation or (B) undertake an alternative course of action after demonstrating to the TIFIA Lender’s satisfaction the manifest errors contained in the [Traffic Consultant’s] recommended actions, or to the extent agreed upon by the TIFIA Lender, undertake an alternative course of action that will ensure the Borrower’s ability to meet its payment obligations under this Agreement.111or

RATE COVERAGE. The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Net Cash Flow Pledged Revenues in each Calculation Period after the Effective Date through the Final Maturity Date shall be projected to produce (iA) a Senior Debt Service Coverage Ratio at least equal to [____1.35:1.00] in each such Calculation Period, (iiB) a Total Debt Service Coverage Ratio at least equal to [___1.25:1.00] in each such Calculation Period, and (iiiC) a TIFIA Loan Life an All-in Debt Service Coverage Ratio of at least equal to [_____1.00:1.00] as of each for such Calculation Date through the Final Maturity Date Period (clauses (iA), (ii), B) and (iiiC) collectively, the “Rate Coverage Test”). If the any forecast furnished by the Borrower pursuant hereto (whether pursuant to the Financial Plan or otherwise) demonstrates that projected Net Cash Flow Pledged Revenues may be inadequate to satisfy the Rate Coverage Test for any Calculation Period after the Effective Date until the Final Maturity Date, or if the Borrower fails to satisfy any of the required ratios in the Rate Coverage Test in respect of any Calculation Period then endedafter the Effective Date, the Borrower shall (x) within [thirty (30)] ) days after request by the TIFIA Lenderdate of such forecast or the date the Borrower determines it failed to satisfy any of the required ratios in the Rate Coverage Test, engage the [Traffic Consultant] Consultant and the Toll Road Consultant to review and analyze the operations of the Project I- 25N Express Lanes and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase the Net Cash Flow Pledged Revenues so as to satisfy the Rate Coverage Test, (y) cause each of the [Traffic Consultant] Consultant and the Toll Road Consultant to issue its report, including any such recommended actions, no later than [ninety (90)] ) days following such engagement, and (z) either (A1) implement the [Traffic Consultant’s] ’s and the Toll Road Consultant’s recommendation or (B2) undertake an alternative course of action after demonstrating to the TIFIA LenderXXXXX Xxxxxx’s satisfaction the manifest errors contained in the [Traffic Consultant’s] ’s and the Toll Road Consultant’s recommended actions, or to the extent agreed upon by the TIFIA LenderXXXXX Xxxxxx, undertake an alternative course of action that will ensure the Borrower’s ability to meet its payment obligations under this Agreement.111Agreement. The Borrower’s failure to regain compliance with the Rate Coverage Test by the sixth (6th) Semi-Annual Payment Date occurring after the first Semi-Annual Payment Date after the Effective Date on which the Borrower failed to satisfy the Rate Coverage Test, shall result in the mandatory prepayment described in Section 10(a)(iii) (