"Backup Loans definition
Examples of "Backup Loans in a sentence
HPTE may also, at any time during any fiscal year, notify the Executive Director in writing that HPTE desires that CDOT make CDOT Backup Loans for projected HPTE O&M Obligations in an amount that exceeds any CDOT Backup Loan Set Aside that the Transportation Commission has previously allocated for such fiscal year.
In such event, the Executive Director shall submit a supplemental budget request to the Transportation Commission at its next regularly scheduled meeting for an allocation or supplemental allocation of moneys in the state highway fund for the purpose of making additional CDOT Backup Loans to HPTE in such fiscal year in an amount equal to the amount set forth in the notice delivered by HPTE to the Executive Director pursuant to this Section.
Moneys allocated by the Transportation Commission to make CDOT Backup Loans shall be transferred to HPTE and shall be used by HPTE to satisfy the HPTE O&M Obligations as they become due.
If an allocation by the Transportation Commission shall have been made, CDOT Backup Loans shall be made up to the amounts requested by HPTE as set forth above.
The Borrower agrees to use its best efforts and all available legal means to cause CDOT to extend to the Borrower CDOT Backup Loans pursuant to the Intra-Agency Agreement and execute a CDOT Backup Loan Agreement, when needed to repay any Loan Obligations hereunder and to have the same approved by the State Comptroller.
Any CDOT Backup Loans made to HPTE in support of HPTE O&M Obligations shall be authorized by and subject to a separate Transportation Commission Resolution and shall be evidenced by one or more loan agreements in substantially the form attached hereto as Exhibit A (a “CDOT Backup Loan Agreement”), with terms consistent with the terms contained herein.
Any CDOT Backup Loans made to HPTE in support of HPTE O&M Obligations shall be authorized by and subject to a separate Transportation Commission Resolution and shall be evidenced by one or more loan agreements in substantially the form attached hereto as Exhibit B (a “CDOT Backup Loan Agreement”), with terms consistent with the terms contained herein.
There shall be deposited into the I-70 MEXL Operating Account the proceeds of all CDOT Backup Loans.
In such event, the Executive Director shall submit a supplemental budget request to the Transportation Commission at its next regularly scheduled meeting for an allocation or supplemental allocation of moneys in the state highway fund for the purpose of making such CDOT Backup Loans to HPTE in such Fiscal Year in an amount equal to the amount set forth in the notice delivered by HPTE to the Executive Director pursuant to this Section III.
There shall be deposited into the I-25 North Express Lanes CDOT Backup Loan Account the proceeds of all CDOT Backup Loans; provided that the proceeds of any CDOT Backup Loan that will be used solely to satisfy HPTE O&M Obligations shall not be deposited into the I-25 North Express Lanes CDOT Backup Loan Account but shall be paid to or at the direction of the Borrower.