Common use of NICTD OPERATIONS COVENANTS Clause in Contracts

NICTD OPERATIONS COVENANTS. 6.1 NICTD agrees to provide to RDA and IFA by April 30th of each year (commencing on April 30, 2019) a copy of NICTD’s audited Comprehensive Annual Financial Report for the preceding year, as well as a financial report (“NICTD Financial Operations Report”) for such preceding calendar year of NICTD’s financial performance for such calendar year, which includes itemization of: (a) all revenues, those taxes collected pursuant to the provisions of IC 8-3-1.5-20.5 and 20.6, except those defined as Restricted Taxes below (“Unrestricted Taxes”), and any other income received by or on behalf of NICTD, but excluding Restricted Taxes and Grants each as defined below (collectively “Gross Revenues”); (b) federal and State capital grants received by or behalf of NICTD (“Grants”); (c) Indefinite Situs Taxes and any other taxes that may not be used to pay Operations Expenses (defined below) (“Restricted Taxes”); (d) NICTD operating and maintenance expenses, excluding noncash expenses such as depreciation and amortization (“Operations Expenses”); (e) capital expenditures incurred by or on behalf of NICTD (“Capital Expenditures”); and (f) a list of all private business use agreements, into which NICTD has entered since the last annual report, and a copy of any such agreement(s) upon the request of IFA or RDA. 6.2 All amounts in Section 6.1(a) through (e) (collectively) above shall be annual amounts based on a calendar year (excluding any prior revenue balances). 6.3 Together with the NICTD Financial Operations Report, NICTD shall also provide a debt coverage (“Debt Coverage”) calculation demonstrating the ratio of Restricted Taxes and Unrestricted Taxes (“Taxes”) pledged to the debt service pursuant to the Bond Resolution and reported for such calendar year divided by the maximum annual debt service on outstanding NICTD debt in the then current or any future year (“Maximum Debt Service”) and a revenue coverage (“Revenue Coverage”) calculation demonstrating the ratio of Gross Revenues for such calendar year, together with current unrestricted cash, as of January 1 of such calendar year, to the sum of Operations Expenses for such calendar year, all as reported in NICTD’s audited financial statements for its previous fiscal year. As used herein “Permitted NICTD Debt” shall mean: (i) existing parity NICTD debt; (ii) contemplated GARVEE bonds for the METRA Track 4 Project in the maximum par amount of not more than $120 Million, the payment of the principal of and interest on which can be paid by a pledge by NICTD of a maximum amount of $8 Million per year, 80% of which is payable from Section 5337 State of Good Repair grants and 20% of which may be payable from Taxes over the applicable bond term; (iii) parity senior debt permitted by IFA and RDA pursuant to the Bond Resolution, subject to Section 6.4; (iv) debt incurred in a manner consistent with the requirements of Section 6.4; (v) issuance of debt to fund the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, and the NICTD Double Track Delay Cost Contribution; and (vi) debt incurred to refinance or refund Permitted NICTD Debt in accordance with Section 6.4.

NICTD OPERATIONS COVENANTS. 6.1 NICTD agrees to provide to RDA and IFA by April 30th of each year (commencing on April 30, 2019) a copy of NICTD’s 's audited Comprehensive Annual Financial Report for the preceding year, as well as a financial report (“NICTD Financial Operations Report”) for such preceding calendar year of NICTD’s financial performance for such calendar year, which includes itemization of: (a) all revenues, those taxes collected pursuant to the provisions of IC 8-3-1.5-20.5 and 20.6, except those defined as Restricted Taxes below (“Unrestricted Taxes”), and any other income received by or on behalf of NICTD, but excluding Restricted Taxes and Grants each as defined below (collectively “Gross Revenues”); (b) federal and State capital grants received by or behalf of NICTD (“Grants”); (c) Indefinite Situs Taxes and any other taxes that may not be used to pay Operations Expenses (defined below) (“Restricted Taxes”); (d) NICTD operating and maintenance expenses, excluding noncash expenses such as depreciation and amortization (“Operations Expenses”); (e) capital expenditures incurred by or on behalf of NICTD (“Capital Expenditures”); and (f) a list of all private business use agreements, into which NICTD has entered since the last annual report, and a copy of any such agreement(s) upon the request of IFA or RDA. 6.2 All amounts in Section 6.1(a) through (e) (collectively) above shall be annual amounts based on a calendar year (excluding any prior revenue balances). 6.3 Together with the NICTD Financial Operations Report, Report NICTD shall also provide a debt coverage (“Debt Coverage”” ) calculation demonstrating the ratio of Restricted Taxes and Unrestricted Taxes (“Taxes”” ) pledged to the debt service pursuant to the Bond Resolution and reported for such calendar year divided by the maximum annual debt service on outstanding NICTD debt in the then current or any future year (“Maximum Debt Service”” ) and a revenue coverage (“Revenue Coverage”” ) calculation demonstrating the ratio of Gross Revenues for such calendar year, year together with current unrestricted cash, as of January 1 of such calendar year, to the sum of Operations Expenses for such calendar year, year all as reported in NICTD’s 's audited financial statements for its the previous fiscal year. As used herein “Permitted NICTD Debt” shall mean: (i) existing parity NICTD debt; , (ii) contemplated GARVEE bonds for the METRA Track 4 Project rail cars in the maximum par amount of not more than $120 Million, the payment of the principal of and interest on which can be paid by a pledge by NICTD of a maximum amount of $8 Million per year, 80% of which is payable from Section 5337 State of Good Repair grants and 20% of which may be payable from Taxes over the applicable bond term; , (iii) parity senior debt permitted by IFA and RDA pursuant to the Bond Resolution, subject to Section 6.4; (iv) debt incurred in a manner consistent with the requirements of Section 6.4; (v) issuance of debt for cost overruns pursuant to fund the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, and the NICTD Double Track Delay Cost ContributionSection 7.8; and (vi) debt incurred to refinance or refund Permitted NICTD Debt in accordance with Section 6.4.

NICTD OPERATIONS COVENANTS. 6.1 NICTD agrees to provide to RDA and IFA by April 30th of each year (commencing on April 30, 2019) a copy of NICTD’s 's audited Comprehensive Annual Financial Report for the preceding year, as well as a financial report (“"NICTD Financial Operations Report”") for such preceding calendar year of NICTD’s financial performance for such calendar year, which includes itemization of: (a) a. all revenues, those taxes collected pursuant to the provisions of IC 8-3-3- 1.5-20.5 and 20.6, except those defined as Restricted Taxes below (“"Unrestricted Taxes”), and any other income received by or on behalf of NICTD, but excluding Restricted Taxes and Grants each as defined below (collectively “Gross Revenues”); (b) b. federal and State capital grants received by or behalf of NICTD (“Grants”); (c) c. Indefinite Situs Taxes and any other taxes that may not be used to pay Operations Expenses (defined below) (“"Restricted Taxes”"); (d) d. NICTD operating and maintenance expenses, excluding noncash expenses such as depreciation and amortization (“Operations Expenses”);; and (e) e. capital expenditures incurred by or on behalf of NICTD (“Capital Expenditures”); and (f) a list of all private business use agreements, into which NICTD has entered since the last annual report, and a copy of any such agreement(s) upon the request of IFA or RDA. 6.2 All amounts in Section 6.1(a) through (e) (collectively) above shall be annual amounts based on a calendar year (excluding any prior revenue balances). 6.3 Together with the NICTD Financial Operations Report, Report NICTD shall also provide a debt coverage (“Debt Coverage”) calculation demonstrating the ratio of Restricted Taxes and Unrestricted Taxes (“"Taxes”") pledged to the debt service pursuant to the Bond Resolution and reported for such such calendar year divided by the maximum annual debt service on outstanding NICTD debt in the then current or any future year (“Maximum Debt Service”) and a revenue coverage (“Revenue Coverage”) calculation demonstrating the ratio of Gross Revenues for such calendar year, year together with current unrestricted cash, as of January 1 of such calendar year, to the sum of Operations Expenses for such calendar year, year all as reported in NICTD’s 's audited financial statements for its the previous fiscal year. As used herein “Permitted NICTD Debt” shall mean: (i) existing parity NICTD debt; (ii) contemplated GARVEE bonds for the METRA Track 4 Project in the maximum par amount of not more than $120 Million, the payment of the principal of and interest on which can be paid by a pledge by NICTD of a maximum amount of $8 Million per year, 80% of which is payable from Section 5337 State of Good Repair grants and 20% of which may be payable from Taxes over the applicable bond term; (iii) parity senior debt permitted by IFA and RDA pursuant to the Bond Resolution, subject to Section 6.4; (iv) debt incurred in a manner consistent with the requirements of Section 6.4; (v) issuance of debt to fund the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, and the NICTD Double Track Delay Cost Contribution; and (vi) debt incurred to refinance or refund Permitted NICTD Debt in accordance with Section 6.4.,

NICTD OPERATIONS COVENANTS. 6.1 NICTD agrees to provide to RDA and IFA by April 30th of each year (commencing on April 30, 2019) a copy of NICTD’s 's audited Comprehensive Annual Financial Report for the preceding year, as well as a financial report (“NICTD Financial Operations Report”) for such preceding calendar year of NICTD’s financial performance for such calendar year, which includes itemization of: (a) all revenues, those taxes collected pursuant to the provisions of IC 8-3-1.5-20.5 and 20.6, except those defined as Restricted Taxes below (“Unrestricted Taxes”), and any other income received by or on behalf of NICTD, but excluding Restricted Taxes and Grants each as defined below (collectively “Gross Revenues”); (b) federal and State capital grants received by or behalf of NICTD (“Grants”); (c) Indefinite Situs Taxes and any other taxes that may not be used to pay Operations Expenses (defined below) (“Restricted Taxes”); (d) NICTD operating and maintenance expenses, excluding noncash expenses such as depreciation and amortization (“Operations Expenses”);; and (e) capital expenditures incurred by or on behalf of NICTD (“Capital Expenditures”); and (f) a list of all private business use agreements, into which NICTD has entered since the last annual report, and a copy of any such agreement(s) upon the request of IFA or RDA. 6.2 All amounts in Section 6.1(a) through (e) (collectively) above shall be annual amounts based on a calendar year (excluding any prior revenue balances). 6.3 Together with the NICTD Financial Operations Report, Report NICTD shall also provide a debt coverage (“Debt Coverage”) calculation demonstrating the ratio of Restricted Taxes and Unrestricted Taxes (“Taxes”) pledged to the debt service pursuant to the Bond Resolution and reported for such calendar year divided by the maximum annual debt service on outstanding NICTD debt in the then current or any future year (“Maximum Debt Service”) and a revenue coverage (“Revenue Coverage”) calculation demonstrating the ratio of Gross Revenues for such calendar year, year together with current unrestricted cash, as of January 1 of such calendar year, to the sum of Operations Expenses for such calendar year, year all as reported in NICTD’s 's audited financial statements for its the previous fiscal year. As used herein “Permitted NICTD Debt” shall mean: (i) existing parity NICTD debt; , (ii) contemplated GARVEE bonds for the METRA Track 4 Project rail cars in the maximum par amount of not more than $120 Million, the payment of the principal of and interest on which can be paid by a pledge by NICTD of a maximum amount of $8 Million per year, 80% of which is payable from Section 5337 State of Good Repair grants and 20% of which may be payable from Taxes over the applicable bond term; , (iii) a contemplated $7.5 Million note for operations expenses maturing no later than December 31, 2018, (iv) parity senior debt permitted by IFA and RDA pursuant to the Bond Resolution, subject to Section 6.4; (ivv) debt incurred in a manner consistent with the requirements of Section 6.4; and (vvi) issuance of debt for cost overruns pursuant to fund the NICTD Excess Cost Contribution, the NICTD West Lake Delay Cost Contribution, the NICTD Double Track Cost Contribution, and the NICTD Double Track Delay Cost Contribution; and (vi) debt incurred to refinance or refund Permitted NICTD Debt in accordance with Section 6.47.8.1.