“Senior Loan Agreement” means the Initial Senior Loan Agreement and any other loan agreement or similar document entered into by the Concessionaire in connection with the incurrence of Additional Senior Loans incurred in addition to, in replacement of, in substitution for, or in connection with a refinancing of the indebtedness incurred pursuant to the Initial Senior Loan Agreement or any subsequent Senior Loan Agreement, and any Indenture or Supplemental Indenture. “Lien” means any mortgage, pledge, hypothecation, assignment, mandatory deposit arrangement, encumbrance, lien , or preference, priority or other security agreement of any kind or nature whatsoever, including, without limitation, any sale-leaseback arrangement, any conditional sale or other title retention agreement, any financing lease having substantially the same effect as any of the foregoing, and the filing of any financing statement or similar instrument under the UCC or comparable law. “Change Order” means any agreement between the Concessionaire and any of the Construction Contractors to adjust the applicable price, schedule for completion, scope of work or other terms of the relevant Construction Agreement in accordance with the terms thereof. “Business Day” means any day other than a Saturday, a Sunday or a day on which offices of the Government or the State are authorized to be closed or on which commercial banks are authorized or required by law, regulation or executive order to be closed in New York, New York, Washington DC or the city and state in which the Trustee is located. Having every project interested in refinancing coming to TIFIA would create an unscalable mountain of paperwork. This problem could be addressed by allocating by formula refinancing capacity to each state.
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TIFIA Lender prior to the Effective Date, and to the knowledge of the Concessionaire, no such rating has been reduced, withdrawn or suspended as of the Effective Date.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 Retail foreign exchange trading 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.
Although these types of transportation projects often have dedicated revenue streams in the form of tolls or user fees, the uncertainty in projects’ revenue streams can make the private sector apprehensive to invest. TIFIA uses federal appropriations to provide credit assistance to just these capital-intensive projects, which would likely go unfinanced without the assistance of TIFIA. The TIFIA credit program provides credit assistance – in the form of secured loans, loan guarantees, and standby lines of credit – to qualified surface transportation projects of regional and national significance. One dollar committed by Congress to the TIFIA program results in as much as $10 in TIFIA loan assistance, because only about 10 percent of the total loan is “scored” against the federal budget to account for the risk of the investment . Since TIFIA assistance can make up no more than one‐third of a project’s funding, this $10 in loans would leverage up to $30 in total project costs.
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.
Related Projects By Service
Neither the Borrower/Issuer nor the Concessionaire shall sell or assign its respective rights in and to the Project, the ARCA or its respective rights and obligations under this Agreement unless such sale or assignment in and of itself is not expected to result in any material change in the amount of revenues projected to be received from the operation of the Project and is upon terms and conditions which are acceptable to the TIFIA Lender in its sole discretion and subject to such additional terms and conditions as the TIFIA Lender may require. further, that if the Senior Loan to which such Qualified Hedge relates is secured by a financial guaranty insurance policy, termination payments under such Qualified Hedge shall also be secured by such policy as a Partially Subordinated Hedge. The Concessionaire’s obligations to pay Hedging Obligations, and Hedging Termination Obligations shall be from the sources and in the priority specified in Sections 5.2 and 7.3 of the Indenture. Each Qualified Hedge shall be secured and documented on terms and conditions substantially similar forex analytics to the terms and conditions of the initial Qualified Hedge unless otherwise approved by the TIFIA Lender (the “Hedge Documents”). The Concessionaire shall ensure that, as of the day following the termination date of any Qualified Hedge, either a Subsequent Qualified Hedge is in full force and effect to the extent the Senior Loan bears interest at a Variable Interest Rate or the Senior Loan has been converted to a fixed rate, in each case in accordance with this Agreement and the Senior Loan Agreement. The Borrower/Issuer and the Concessionaire shall, at all times, to the extent permitted by law, defend, preserve and protect the Liens on the Collateral granted pursuant to the Security Documents and all the rights of the Trustee for the benefit of the TIFIA Lender, as owner of the TIFIA Bond, under the Security Documents against all claims and demands of all Persons whomsoever, subject to Permitted Liens. Concessionaire is qualified to do business in every jurisdiction where the character of its properties or the nature of its activities makes such qualification necessary.
- 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.
- One of the reasons the TIFIA program works is that funding is limited to a few, worthy projects.
- The Concessionaire will not, at any time, engage in any business or activity other than the design, construction, operation and maintenance of the Project, and activities incidental or related thereto.
- 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.
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- The only way to ensure this continues is to keep in place stringent criteria for funding decisions.
Through the American Recovery and Reinvestment Act , Congress created a $1.5 billion Transportation Investment Generating Economic Recovery discretionary program, of trader 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.
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.
Unless the context shall otherwise require, references to any Person shall be deemed to include such Person’s successors and permitted assigns. Unless the context shall otherwise require, references to sections, subsections and provisions are to the applicable sections, subsections and provisions of this Agreement. The headings or titles of this Agreement and its sections, schedules or exhibits, as well as any table of contents, are for convenience of reference only and shall not define or limit its provisions.
TIFIA increase must be offset with other transportation spending reductions or revenue increases. In San Diego County’s western suburbs, 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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Last week I attended the Transportation Research Board Annual Meeting in Washington, D.C. During my Revenue and Finance Committee meeting we heard a presentation from Roger Bohnert, Director of Outreach and Development, for the Build America Bureau. Among several priorities for the TIFIA Program, the low cost federal credit program for transportation projects, Mr. Bohnert described the Rural Projects Initiative, or “RPI,” which is designed to encourage more utilization of the TIFIA Program for projects in communities with a population of less than 150,000 and that have a total cost of under $75 million. Developer Selection and Negotiation tifia markets analysis – EPS provided development advisory services on the selection of a private developer to complete the renovation of the historic terminal and to operate the building on a longer-term lease. The firm first provided market research and financial feasibility analysis for RTD on the evaluation of reuse options. EPS then assisted in preparing an RFQ/ RFP and the evaluation of developer proposals. RTD selected the Union Station Alliance to develop and operate the historic terminal building as a boutique hotel and train station under a long term lease. EPS then provided financial analysis and support on the negotiation of the lease agreement.
Now is the opportune time to modernize it and put it to use for the duration of this crisis. Macquarie Capital’s DJ Gribbin wants TIFIA to fund projects with different risk profiles.
As Coronavirus continues to wreak havoc on the US economy, providing credit assistance to governments and enterprise has been a priority for policymakers. Yet one federal program has been surprisingly overlooked, despite its ability to generate over $300 billion in infrastructure debt relief from just $20 billion in federal funding and its potential to spur massive new infrastructure investment. According to the 2016 TIFIA Report to Congress, since its existence TIFIA has financed 56 projects, including five intermodal projects, 37 highway projects, and 14 transit projects.
Route 495 Hot Lanes In Virginia (tifia 20071004a)
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.
When deciding the projects to fund, DOT weights applications on percentage based criteria which allow DOT to competitively score and rank each project. This process is intended to reveal more economically sound projects and prevent funding those that are less worthy or politically driven. Ongoing debt service can be sculpted and modified to prevailing circumstances. Both Phase 1 and 2 of the project are complete and operational, and revenues are slightly above expectations. Phase 1 became operational in July 2015, and Phase 2 opened to the public in January 2016 and the toll collection commenced in late March 2016.
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 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.
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.
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.
Primer: What Is The Tifia Credit Program?
With diminishing Highway Trust Fund revenue and increasingly tight state budgets, infrastructure projects will face growing difficulties to secure financing. TIFIA helps to fill gaps in the market by providing state and local governments with flexible credit assistance. Like similar credit assistance programs, TIFIA provides a substantial amount of assistance with minimal federal appropriations.
Each Member shall provide binding obligations for the Equity Contributions as of the Effective Date, by execution and delivery of the Equity Funding Agreement. Each Equity Funding Guarantor shall guarantee the equity contributions of its respective Member by executing and delivering the Equity Funding Guaranty as of the Effective Date. Such obligations shall be payable not later than the date of Substantial Completion or upon earlier demand following the occurrence and during the continuation of an Event of Default under the TIFIA Loan by the Concessionaire, shall be in an aggregate amount not less than $340,000,000, and shall be made in cash except that amounts used to fund the Debt Service Reserve Fund may be funded in the manner permitted by Section 5.5 of the Indenture. The Equity Contribution will be used for the purposes specified in the Equity Funding Agreements. The Concessionaire shall maintain the Debt Service Reserve Fund in an amount equal to the Debt Service Reserve Fund Requirement in accordance with the provisions of the Indenture. Amounts in the Debt Service Reserve Fund shall be made available to ensure the timely payment of Debt Service on the Senior Loan. The Concessionaire may replace all or a portion of the required balance thereof, in accordance with the terms of the Indenture, with a Debt Service Reserve Fund Contract provided by a financial institution with a long-term credit rating in one of the top two Rating Categories.