Common use of Fixed Level Payment Clause in Contracts

Fixed Level Payment. On each Semi-Annual Payment Date occurring during the Level Payment Period, the Borrower shall make level payments of principal and interest (each a “Fixed Level Payment”), each of which payments shall be approximately equal in amount. The amount of the Fixed Level Payment shall be calculated in such a manner that the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date shall be reduced to $0 on the Final Maturity Date (assuming that interest accrues during such period on the Outstanding TIFIA Loan Balance at the rate per annum set forth in Section 6 in the absence of an Event of Default, that all Fixed Level Payments are made in a timely manner during such period, and that no additional payments of principal of or interest on the TIFIA Loan are made during such period). Within thirty (30) days prior to the beginning of the Level Payment Period, the TIFIA Lender may (or, at the written request of the Borrower, shall) give written notice to the Borrower of the amount of the related Fixed Level Payment, which amount shall be deemed conclusive absent manifest error, but no failure to provide or delay in providing the Borrower with such notice shall affect any of the obligations of the Borrower under this Agreement or the other TIFIA Loan Documents. To the extent that any prepayments of the TIFIA Loan shall be made prior to the Level Payment Commencement Date, the amount of such prepayment shall be applied to reduce the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date. To the extent any prepayments (in addition to the Fixed Level Payments) are made on or after the Level Payment Commencement Date, the amount of such prepayment shall be applied to the then applicable remaining Outstanding TIFIA Loan Balance. After application of such prepayment, the Fixed Level Payments shall be recalculated, taking into account such reduced Outstanding TIFIA Loan Balance as provided in this Section 8(d) and Exhibit D shall be revised to reflect such recalculated Fixed Level Payments; provided, however, that neither the failure to make any such revision nor any error in re-calculating the Fixed Level Payments shall affect in any manner the Borrower’s obligations hereunder or under any other TIFIA Loan Document.

Fixed Level Payment. On each Semi-Annual Payment Date occurring during the Level Payment Period, the Borrower shall make level payments of principal and interest (each a “Fixed Level Payment”), each of which payments shall be approximately equal in amount. The amount of the Fixed Level Payment shall be calculated in such a manner that the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date shall be reduced to $0 on the Final Maturity Date (assuming that interest accrues during such period on the Outstanding TIFIA Loan Balance at the rate per annum set forth in Section 6 (Interest Rate) in the absence of an Event of Default, that all Fixed Level Payments are made in a timely manner during such period, and that no additional payments of principal of or interest on the TIFIA Loan are made during such period). Within thirty (30) days prior to the beginning of the Level Payment Period, the TIFIA Lender may (or, at the written request of the Borrower, shall) give written notice to the Borrower of the amount of the related Fixed Level Payment, which amount shall be deemed conclusive absent manifest error, but no failure to provide or delay in providing the Borrower with such notice shall affect any of the obligations of the Borrower under this Agreement or the other TIFIA Loan Documents. To the extent that any prepayments of the TIFIA Loan shall be made prior to the Level Payment Commencement Date, the amount of such prepayment shall be applied to reduce the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date. To the extent any prepayments (in addition to the Fixed Level Payments) are made on or after the Level Payment Commencement Date, the amount of such prepayment shall be applied to the then applicable remaining Outstanding TIFIA Loan Balance. After application of such prepayment, the Fixed Level Payments shall be recalculated, taking into account such reduced Outstanding TIFIA Loan Balance as provided in this Section 8(d9(d) (Fixed Level Payment) and Exhibit D F (TIFIA Debt Service) shall be revised to reflect such recalculated Fixed Level Payments; provided, however, that neither the failure to make any such revision nor any error in re-calculating the Fixed Level Payments shall affect in any manner the Borrower’s obligations hereunder or under any other TIFIA Loan Document.Document.‌

Fixed Level Payment. On each Semi-Annual Payment Date occurring during the Level Payment Period, the Borrower shall make level payments of principal and interest (each a “Fixed Level Payment”), each of which payments shall be approximately equal in amount. The amount of the Fixed Level Payment shall be calculated in such a manner that the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date shall be reduced to $0 on the Final Maturity Date (assuming that interest accrues during such period on the Outstanding TIFIA Loan Balance at the rate per annum set forth in Section 6 (Interest Rate) in the absence of an Event Event‌ of Default, that all Fixed Level Payments are made in a timely manner during such period, and that no additional payments of principal of or interest on the TIFIA Loan are made during such period). Within thirty (30) days prior to the beginning of the Level Payment Period, the TIFIA Lender may (or, at the written request of the Borrower, shall) give written notice to the Borrower of the amount of the related Fixed Level Payment, which amount shall be deemed conclusive absent manifest error, but no failure to provide or delay in providing the Borrower with such notice shall affect any of the obligations of the Borrower under this Agreement or the other TIFIA Loan Documents. To the extent that any prepayments of the TIFIA Loan shall be made prior to the Level Payment Commencement Date, the amount of such prepayment shall be applied to reduce the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date. To the extent any prepayments (in addition to the Fixed Level Payments) are made on or after the Level Payment Commencement Date, the amount of such prepayment shall be applied to the then applicable remaining Outstanding TIFIA Loan Balance. After application of such prepayment, the Fixed Level Payments shall be recalculated, taking into account such reduced Outstanding TIFIA Loan Balance as provided in this Section 8(d9(d) (Fixed Level Payment) and Exhibit D F (TIFIA Debt Service) shall be revised to reflect such recalculated Fixed Level Payments; provided, however, that neither the failure to make any such revision nor any error in re-calculating the Fixed Level Payments shall affect in any manner the Borrower’s obligations hereunder or under any other TIFIA Loan Document.

Fixed Level Payment. On each Semi-Annual Payment Date occurring during the Level Payment Period, the Borrower shall make level payments of principal and interest (each a “Fixed Level Payment”), each of which payments shall be approximately equal in amount. The amount of the Fixed Level Payment shall be calculated in such a manner that the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date shall be reduced to $0 on the Final Maturity Date (assuming that interest accrues during such period on the Outstanding TIFIA Loan Balance at the rate per annum set forth in Section 6 (Interest Rate) in the absence of an Event of Default, that all Fixed Level Payments are made in a timely manner during such period, and that no additional payments of principal of or interest on the TIFIA Loan are made during such period). Within thirty (30) days prior to the beginning of the Level Payment Period, the TIFIA TIFIA‌ Lender may (or, at the written request of the Borrower, shall) give written notice to the Borrower of the amount of the related Fixed Level Payment, which amount shall be deemed conclusive absent manifest error, but no failure to provide or delay in providing the Borrower with such notice shall affect any of the obligations of the Borrower under this Agreement or the other TIFIA Loan Documents. To the extent that any prepayments of the TIFIA Loan shall be made prior to the Level Payment Commencement Date, the amount of such prepayment shall be applied to reduce the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date. To the extent any prepayments (in addition to the Fixed Level Payments) are made on or after the Level Payment Commencement Date, the amount of such prepayment shall be applied to the then applicable remaining Outstanding TIFIA Loan Balance. After application of such prepayment, the Fixed Level Payments shall be recalculated, taking into account such reduced Outstanding TIFIA Loan Balance as provided in this Section 8(d9(d) (Fixed Level Payment) and Exhibit D F (TIFIA Debt Service) shall be revised to reflect such recalculated Fixed Level Payments; provided, however, that neither the failure to make any such revision nor any error in re-calculating the Fixed Level Payments shall affect in any manner the Borrower’s obligations hereunder or under any other TIFIA Loan Document.

Fixed Level Payment. On each Semi-Annual Payment Date occurring during the Level Payment Period, the Borrower shall make level payments of principal and interest (each a “Fixed Level Payment”), each of which payments shall be approximately equal in amount. amount.‌ The amount of the Fixed Level Payment shall be calculated in such a manner that the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date shall be reduced to $0 on the Final Maturity Date (assuming that interest accrues during such period on the Outstanding TIFIA Loan Balance at the rate per annum set forth in Section 6 (Interest Rate) in the absence of an Event of Default, that all Fixed Level Payments are made in a timely manner during such period, and that no additional payments of principal of or interest on the TIFIA Loan are made during such period). Within thirty (30) days prior to the beginning of the Level Payment Period, the TIFIA Lender may (or, at the written request of the Borrower, shall) give written notice to the Borrower of the amount of the related Fixed Level Payment, which amount shall be deemed conclusive absent manifest error, but no failure to provide or delay in providing the Borrower with such notice shall affect any of the obligations of the Borrower under this Agreement or the other TIFIA Loan Documents. To the extent that any prepayments of the TIFIA Loan shall be made prior to the Level Payment Commencement Date, the amount of such prepayment shall be applied to reduce the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date. To the extent any prepayments (in addition to the Fixed Level Payments) are made on or after the Level Payment Commencement Date, the amount of such prepayment shall be applied to the then applicable remaining Outstanding TIFIA Loan Balance. After application of such prepayment, the Fixed Level Payments shall be recalculated, taking into account such reduced Outstanding TIFIA Loan Balance as provided in this Section 8(d9(d) (Fixed Level Payment) and Exhibit D F (TIFIA Debt Service) shall be revised to reflect such recalculated Fixed Level Payments; provided, however, that neither the failure to make any such revision nor any error in re-calculating the Fixed Level Payments shall affect in any manner the Borrower’s obligations hereunder or under any other TIFIA Loan Document.