Common use of Interest Expense Clause in Contracts

Interest Expense. 1. RECIPIENT acknowledges that the TRANSPORTATION AUTHORITY may have to issue debt to honor reimbursement requests, including, but not limited to, the planned reimbursement requests shown in the current CASH FLOW DISTRIBUTION SCHEDULE. If, as of the date of a reimbursement, the sum of the reimbursements for an Expenditure Plan line item exceeds such Expenditure Plan line item’s cumulative pro-rata shares of Proposition K revenues as such revenues and pro-rations are shown in the current adopted Proposition K Strategic Plan, and the TRANSPORTATION AUTHORITY issues debt to satisfy its reimbursement obligations to RECIPIENT or any other recipient of Proposition K revenues, then such Expenditure Plan line item shall be responsible for and allocated its pro-rata share of the costs and expenses of such debt, including all interest expense, fees, and other costs of issuance (collectively, “Debt Expenses”). Actual Debt Expenses shall be reported at the end of the FISCAL YEAR in which the reimbursement occurs, and such Debt Expenses will be charged against applicable Expenditure Plan line item reimbursement limits. 2. The TRANSPORTATION AUTHORITY may request an updated PROPOSITION K CASH FLOW DISTRIBUTION SCHEDULE, and RECIPIENT shall respond to any such request within ten (10) business days. Changes in the CASH FLOW DISTRIBUTION SCHEDULE require approval by the TRANSPORTATION AUTHORITY. The most recently approved CASH FLOW DISTRIBUTION SCHEDULE will be the basis for determining Debt Expenses and reimbursement request limits. 3. Notwithstanding anything to the contrary within this Section III.D., in the event that the TRANSPORTATION AUTHORITY specifically issues debt on behalf of RECIPIENT’s PROJECT, any Debt Expenses related to such debt will be directly allocated and charged against the applicable Expenditure Plan line item and not pro-rated as set forth in Section III.D.1. 4. Notwithstanding anything to the contrary within this Section III.D.l, in the event that this GRANT funds one of the four projects grandfathered from the Proposition B Expenditure Plan, no finance costs will be assigned to the project. These four projects are the Third Street Light Rail Project, the New Central Subway Project, the Illinois Street Bridge Project and the Xxxxxx Heights Project.

Interest Expense. 1. RECIPIENT acknowledges that the TRANSPORTATION AUTHORITY may have to issue debt to honor reimbursement requests, including, but not limited to, the planned reimbursement requests shown in the current CASH FLOW DISTRIBUTION SCHEDULEPROPOSITION K REQUEST TABLE. If, as of the date of a reimbursement, the sum of the reimbursements for an Expenditure Plan line item exceeds such Expenditure Plan line item’s cumulative pro-rata shares share of Proposition K revenues as such revenues and pro-rations are shown in the current adopted Proposition K Strategic Plan, and the TRANSPORTATION AUTHORITY Authority issues or services debt to satisfy its reimbursement obligations to RECIPIENT or any other recipient of Proposition K revenues, then such Expenditure Plan line item shall be responsible for and allocated its pro-rata share of the costs and expenses of such debt, including all interest expense, fees, and other costs of issuance (collectively, “Debt Expenses”). Actual Debt Expenses shall be reported at the end of the FISCAL YEAR Fiscal Year in which the reimbursement occurs, and such Debt Expenses will be charged against applicable Expenditure Plan line item reimbursement limits. 2. The TRANSPORTATION AUTHORITY may request an updated PROPOSITION K CASH FLOW DISTRIBUTION SCHEDULEREQUEST TABLES, and RECIPIENT shall respond to any such request within ten (10) business days. Changes days if RECIPIENT proposes any change in the CASH FLOW DISTRIBUTION SCHEDULE require PROPOSITION K REQUEST TABLE, with any such changes requiring approval by the TRANSPORTATION AUTHORITY. The most recently approved CASH FLOW DISTRIBUTION SCHEDULE PROPOSITION K REQUEST TABLE will be the basis for determining Debt Expenses and reimbursement request limits. 3. Notwithstanding anything to the contrary within this Section III.D., in the event that the TRANSPORTATION AUTHORITY specifically issues debt on behalf of RECIPIENT’s PROJECTspecific project, any Debt Expenses related to such debt will be directly allocated and charged against the applicable Expenditure Plan line item and not pro-rated as set forth in Section III.D.1. 4. Notwithstanding anything to the contrary within this Section III.D.l, in the event even that this GRANT funds one of the four projects grandfathered from the Proposition Prop B Expenditure Plan, no finance costs will be assigned to the project. These four projects are the Third Street Light Rail Project, the New Central Subway Project, the Illinois Street Bridge Project and the Xxxxxx Heights Project.

Interest Expense. 1. RECIPIENT acknowledges that the TRANSPORTATION AUTHORITY may have to issue debt to honor reimbursement requests, including, but not limited to, the planned reimbursement requests shown in the current CASH FLOW DISTRIBUTION SCHEDULEPROPOSITION K REQUEST TABLE. If, as of the date of a reimbursement, the sum of the reimbursements for an Expenditure Plan line item exceeds such Expenditure Plan line item’s cumulative pro-rata shares of Proposition K revenues as such revenues and pro-rations are shown in the current adopted Proposition K Strategic Plan, and the TRANSPORTATION AUTHORITY issues debt to satisfy its reimbursement obligations to RECIPIENT or any other recipient of Proposition K revenues, then such Expenditure Plan line item shall be responsible for and allocated its pro-rata share of the costs and expenses of such debt, including all interest expense, fees, and other costs of issuance (collectively, “Debt Expenses”). Actual Debt Expenses shall be reported at the end of the FISCAL YEAR in which the reimbursement occurs, and such Debt Expenses will be charged against applicable Expenditure Plan line item reimbursement limits. 2. The TRANSPORTATION AUTHORITY may request an updated PROPOSITION K CASH FLOW DISTRIBUTION SCHEDULEREQUEST TABLES, and RECIPIENT shall respond to any such request within ten (10) business days. Changes in the CASH FLOW DISTRIBUTION SCHEDULE PROPOSITION K REQUEST TABLE require approval by the TRANSPORTATION AUTHORITY. The most recently approved CASH FLOW DISTRIBUTION SCHEDULE PROPOSITION K REQUEST TABLE will be the basis for determining Debt Expenses and reimbursement request limits. 3. Notwithstanding anything to the contrary within this Section III.D., in the event that the TRANSPORTATION AUTHORITY specifically issues debt on behalf of RECIPIENT’s PROJECTspecific project, any Debt Expenses related to such debt will be directly allocated and charged against the applicable Expenditure Plan line item and not pro-rated as set forth in Section III.D.1. 4. Notwithstanding anything to the contrary within this Section III.D.l, in the event that this GRANT funds one of the four projects grandfathered from the Proposition Prop B Expenditure Plan, no finance costs will be assigned to the project. These four projects are the Third Street Light Rail Project, the New Central Subway Project, the Illinois Street Bridge Project and the Xxxxxx Heights Project.

Interest Expense. 1. RECIPIENT acknowledges that the TRANSPORTATION AUTHORITY may have to issue debt to honor reimbursement requests, including, but not limited to, the planned reimbursement requests shown in the current CASH FLOW DISTRIBUTION SCHEDULE. If, as of the date of a reimbursement, the sum of the reimbursements for an Expenditure Plan line item exceeds such Expenditure Plan line item’s cumulative pro-rata shares of Proposition K revenues as such revenues and pro-rations are shown in the current adopted Proposition K Strategic Plan, and the TRANSPORTATION AUTHORITY issues debt to satisfy its reimbursement obligations to RECIPIENT or any other recipient of Proposition K revenues, then such Expenditure Plan line item shall be responsible for and allocated its pro-rata share of the costs and expenses of such debt, including all interest Grant Agreement Resolution No. 22-011, Project No. 138-907178 expense, fees, and other costs of issuance (collectively, “Debt Expenses”). Actual Debt Expenses shall be reported at the end of the FISCAL YEAR in which the reimbursement occurs, and such Debt Expenses will be charged against applicable Expenditure Plan line item reimbursement limits. 2. The TRANSPORTATION AUTHORITY may request an updated PROPOSITION K CASH FLOW DISTRIBUTION SCHEDULE, and RECIPIENT shall respond to any such request within ten (10) business days. Changes in the CASH FLOW DISTRIBUTION SCHEDULE require approval by the TRANSPORTATION AUTHORITY. The most recently approved CASH FLOW DISTRIBUTION SCHEDULE will be the basis for determining Debt Expenses and reimbursement request limits. 3. Notwithstanding anything to the contrary within this Section III.D., in the event that the TRANSPORTATION AUTHORITY specifically issues debt on behalf of RECIPIENT’s PROJECT, any Debt Expenses related to such debt will be directly allocated and charged against the applicable Expenditure Plan line item and not pro-rated as set forth in Section III.D.1. 4. Notwithstanding anything to the contrary within this Section III.D.l, in the event that this GRANT funds one of the four projects grandfathered from the Proposition B Expenditure Plan, no finance costs will be assigned to the project. These four projects are the Third Street Light Rail Project, the New Central Subway Project, the Illinois Street Bridge Project and the Xxxxxx Heights Project.