RATE COVERAGE. The Local Government shall maintain rates and charges for the services furnished by the Water and Sewer Systems which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Local Government shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
RATE COVERAGE. (i) The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Pledged Revenues in each Calculation Period through the Final Maturity Date shall be projected to produce (A) a Senior Debt Service Coverage Ratio at least equal to 1.35:1.00 in each such Calculation Period, (B) a Total Debt Service Coverage Ratio at least equal to 1.25:1.00 in each such Calculation Period, and (C) a ratio of Pledged Revenues to the sum of all of the Borrower’s funding obligations for such Calculation Period pursuant to clauses (i) through (xii) of Section 3.02(c) of the Indenture at least equal to 1.00:1.00 for such Calculation Period (clauses (A), (B) and (C) collectively, the “Rate Coverage Test”). If any forecast furnished by the Borrower pursuant hereto (whether pursuant to the Financial Plan or otherwise) demonstrates that projected Pledged Revenues may be inadequate to satisfy the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if the Borrower fails to satisfy any of the required ratios in the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (x) within thirty (30) days after the date of such forecast, engage the [Traffic Consultant and the Toll Road Consultant] to review and analyze the operations of the C-470 Express Lanes and, to the extent applicable, Segment 2 and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase Pledged Revenues so as to satisfy the Rate Coverage Test, (y) cause the [Traffic Consultant and the Toll Road Consultant] to issue its report, including any such recommended actions, no later than ninety (90) days following such engagement, and (z) either (1) implement the [Traffic Consultant’s and the Toll Road Consultant’s] recommendation or (2) undertake an alternative course of action after demonstrating to the TIFIA Lender’s satisfaction the manifest errors contained in the [Traffic Consultant’s and the Toll Road Consultant’s] recommended actions, or to the extent agreed upon by the TIFIA Lender, undertake an alternative course of action that will ensure the Borrower’s ability to meet its payment obligations under this Agreement. The Borrower’s failure to regain compliance with the Rate Coverage Test by the sixth (6th) Semi-Annual Payment Date occurring after the first Semi-Annual Payment Date on which the Borrower failed to satisfy the Rate Coverage Test, shal...
RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Utility System which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
RATE COVERAGE. The Project Sponsor shall maintain rates and charges for the services furnished by the Water System which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Project Sponsor shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
RATE COVERAGE. The Local Borrower shall maintain rates and charges for the services furnished by the Sewer System which will be sufficient to provide, in each Fiscal Year, Pledged Revenues equal to or exceeding 1.15 times the sum of the Semiannual Loan Payments due in such Fiscal Year. In addition, the Local Borrower shall satisfy the coverage requirements of all Senior Revenue Debt and Parity Debt obligations.
RATE COVERAGE. 48 The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Net Cash Flow in any Calculation Period shall be projected to produce (i) a Senior Debt Service Coverage Ratio at least equal to [ ] in such Calculation Period and (ii) a Total Debt Service Coverage Ratio at least equal to [ ] in such Calculation Period (clauses (i) and (ii) collectively, the “Rate Coverage Test”). If the forecast furnished by the Borrower pursuant hereto demonstrates that projected Net Cash Flow may be inadequate to satisfy the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if the Borrower fails to satisfy the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (A) within [thirty (30)] days after request by the TIFIA Lender, engage the Traffic Consultant to review and analyze the operations of the Project and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase the Net Cash Flow so as to satisfy the Rate Coverage Test,
RATE COVERAGE. All terms used in this Section 16(m) that are not otherwise defined in this Agreement shall have the meanings assigned to such terms in the Indenture.
(i) The Borrower shall establish, charge and collect Tolls for the privilege of traveling on the Dulles Toll Road at rates sufficient to meet the Operation and Maintenance Expenses and produce Net Revenues in such Borrower Fiscal Year and in each Borrower Fiscal Year thereafter that are at least:
(A) two hundred percent (200%) of the Maximum Annual Debt Service with respect to all Outstanding First Senior Xxxx Xxxxx;
(B) one hundred thirty-five percent (135%) of the Annual Debt Service with respect to all Outstanding First Senior Xxxx Xxxxx and all Outstanding Second Senior Liens Bonds;
(C) one hundred twenty percent (120%) of the Annual Debt Service with respect to all Outstanding Bonds; and
(D) one hundred percent (100%) of the Annual Debt Service with respect to all Outstanding Bonds and all other obligations of the Borrower secured by Toll Road Revenues.
(ii) In connection with its preparation of an Annual Budget for each Borrower Fiscal Year while any series of Bonds are Outstanding, the Borrower shall prepare a statement in which it sets forth its conclusion as to whether DTR Revenues for the current Borrower Fiscal Year and for the immediately succeeding Borrower Fiscal Year will be sufficient to comply with the Rate Coverage Test set forth in subsection (i) of this Section, which statement shall include numbers, assumptions, and other information on which it is based; provided, that for each Borrower Fiscal Year through and including the Borrower Fiscal Year during which the Final Maturity Date is scheduled to occur, the Borrower shall use its best efforts to set, charge and collect Tolls and to establish costs for the operation, maintenance, repair and renovation (taking into account any planned Capital Improvements or other Capital Expenditures) within its Annual Budget for each Borrower Fiscal Year such that the Borrower reasonably expects to achieve Net Revenues that are at least one hundred twenty-five percent (125%) of the Annual Debt Service with respect to all outstanding Bonds.
(iii) If either (x) the Annual Budget adopted by the Borrower for any Borrower Fiscal Year shows that DTR Revenues will be inadequate to meet the Rate Coverage Test for such Borrower Fiscal Year or (y) the audited financial reports regarding the Dulles Toll Road delivered by the Borrower to the TIFIA Lender pursuant t...
