Common use of RATE COVERAGE Clause in Contracts

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, shall result in the mandatory prepayment described in Section 10(a)(iii) (

RATE COVERAGE. (i) The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Pledged Revenues Net Cash Flow in each Calculation Period through the Final Maturity Date shall be projected to produce (Ai) a Senior Debt Service Coverage Ratio at least equal to 1.35:1.00 [____] in each such Calculation Period, (Bii) a Total Debt Service Coverage Ratio at least equal to 1.25:1.00 [___] in each such Calculation Period, Period and (Ciii) 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 TIFIA Loan Life Coverage Ratio at least equal to 1.00:1.00 for such [_____] as of each Calculation Period Date through the Final Maturity Date (clauses (Ai), (Bii) and (Ciii) collectively, the “Rate Coverage Test”). If any the forecast furnished by the Borrower pursuant hereto (whether pursuant to the Financial Plan or otherwise) demonstrates that projected Pledged Revenues 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 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 request by the date of such forecastTIFIA Lender, 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 Project and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase Pledged Revenues the Net Cash Flow 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 (1A) implement the [Traffic Consultant’s and the Toll Road Consultant’s] recommendation or (2B) 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, shall result in the mandatory prepayment described in Section 10(a)(iii) (Agreement.109

RATE COVERAGE. All terms used in this Section 16(l) that are not otherwise defined in this Agreement shall have the meanings assigned to such terms in the Indenture. (i) The Borrower shallBorrower, subject in accordance with the Development Agreement or the Toll Policy Agreement, shall use its best efforts to provide for the remainder of this paragraphestablishment of, fix, and to charge and collect collect, Tolls for the privilege of traveling on the System, at rates and charges such sufficient so that Pledged Authority System Revenues are in each Calculation Period through the Final Maturity Date shall be projected to produce (A) a Senior Debt Service Coverage Ratio an amount 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), (C), (D) and (E): (A) 150% of the Annual Debt Service with respect to all Outstanding First Tier Bonds; (B) 135% of the Annual Debt Service with respect to all Outstanding First Tier Bonds and Second Tier Bonds; (C) collectively125% of the Annual Debt Service with respect to all Outstanding First Tier Bonds, Second Tier Bonds and Third Tier Bonds; (D) 110% of the Annual Debt Service with respect to all Outstanding Bonds; and (E) 100% of the aggregate amount of the required payments described in subsections (a) through (j) of Section 504 of the Indenture to the extent such payments have not been otherwise paid or provided for from Bond proceeds; (ii) The Borrower will at least annually, prior to June 30 of each Fiscal Year, review the financial condition of the System, the “anticipated Total System Expenses, Debt Service Requirements, various reserves and other costs of the Authority System, and proceed in a timely fashion to recommend to the Tolling Body any required adjustment to the Toll Rate Coverage Test”)Schedule it determines is necessary to comply with Section 16(l)(i) above to provide sufficient Authority System Revenue to fund amounts required to be deposited and maintained in the Funds and Accounts and to comply with other relevant covenants in the Indenture and this Agreement. (iii) Prior to recommending any revision in the Toll Rate Schedule, the Borrower, shall obtain: (i) a certificate of the Traffic Consultant stating, based upon reasonable assumptions and applying the revised Toll Rate Schedule, the projected Total System Revenue for the then-current Fiscal Year and each subsequent Fiscal Year through the last scheduled maturity of all then-Outstanding Bonds, (ii) a certificate of the Consulting Engineer stating, based upon reasonable assumptions, the projected Total System Expenses for the then-current Fiscal Year and each subsequent Fiscal Year through the last scheduled maturity of all Outstanding Bonds, and (iii) a certificate of an Authorized Representative stating that, based upon the information contained in the certificates described in (i) and (ii) above, the adoption of the revised Toll Rate Schedule will not cause Toll Revenue to decrease to an amount that will cause the Borrower to fail to comply with the requirements of Section 16(l)(i) above. If any forecast furnished Any certificate delivered by the Traffic Consultant pursuant to this subsection shall be based on the opinion of the Traffic Consultant as to Total System Revenue to be derived by the Borrower pursuant hereto from the System under the terms of the Development Agreement and the Toll Policy Agreement (whether pursuant provided that investment and other income not related to Tolls shall be estimated by an Authorized Representative), and a certificate of an Authorized Representative stating the opinion of the Borrower as to the Financial Plan amount of Total System Expenses paid or otherwiseaccrued during any pertinent Fiscal Year, assuming that the proposed Toll Rate Schedule had been in effect during the pertinent Fiscal Year. (iv) demonstrates that projected Pledged Revenues may be inadequate The failure in any Fiscal Year to satisfy obtain Authority System Revenue in the Rate Coverage Test for any Calculation Period until the Final Maturity Date, or if amounts sufficient to enable the Borrower fails to satisfy any comply with subsection (a) above, which failure may continue during the succeeding Fiscal Year, shall not, in and of the required ratios in the Rate Coverage Test in respect itself, constitute an Event of any Calculation Period then ended, Default if (i) the Borrower shall (x) within thirty (30) 60 days after the end of the each Fiscal Year, requests the written recommendations of the Traffic Consultant as to how to increase Authority Toll Revenue and the written recommendations of a Consulting Engineer as to how to reduce Total System Expenses in the following Fiscal Year to the level required to comply with Section 16(l)(i) above, (ii) within 60 days of the date of such forecastthe request from the Borrower, engage the [Traffic Consultant and/or the Consulting Engineer provide to the Borrower the written recommendations described in clause (i), and (iii) the Borrower takes steps to implement those recommendations within 30 days after receipt thereof and diligently proceeds to substantially comply with the recommendations of 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, shall result in the mandatory prepayment described in Section 10(a)(iii) (Consulting Engineer.

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 (Ai) a Senior Debt Service Coverage Ratio at least equal to 1.35:1.00 [1.35:1.00] in each such Calculation Period, (Bii) a Total Debt Service Coverage Ratio at least equal to 1.25:1.00 [1.25:1.00] in each such Calculation Period, and (Ciii) 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) [3.03(c)] of the Indenture at least equal to 1.00:1.00 for such Calculation Period (clauses (Ai), (Bii) and (Ciii) collectively, the “Rate Coverage Test”). If any the 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 request by the date of such forecastTIFIA Lender, 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 17 Note: Mechanics and timing to be confirmed. 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 (1A) 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, shall result in the mandatory prepayment described in Section 10(a)(iii) (or

RATE COVERAGE. (i) 48 The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Pledged Revenues Net Cash Flow in each any Calculation Period through the Final Maturity Date shall be projected to produce (Ai) a Senior Debt Service Coverage Ratio at least equal to 1.35:1.00 [____] in each such Calculation Period, Period and (Bii) 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), (Bi) and (Cii) collectively, the “Rate Coverage Test”). If any the forecast furnished by the Borrower pursuant hereto (whether pursuant to the Financial Plan or otherwise) demonstrates that projected Pledged Revenues 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 any of the required ratios in the Rate Coverage Test in respect of any Calculation Period then ended, the Borrower shall (xA) within [thirty (30) )] days after request by the date of such forecastTIFIA Lender, 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 Project and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase Pledged Revenues the Net Cash Flow so as to satisfy the Rate Coverage Test, (yB) 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 (zC) 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 ; provided, that the Borrower shall not be required to regain compliance with the Rate Coverage Test take any action that may result in a breach by the sixth (6th) Semi-Annual Payment Date occurring after Borrower of its obligations under the first Semi-Annual Payment Date on which the Borrower failed to satisfy the Rate Coverage Test, shall result in the mandatory prepayment described in Section 10(a)(iii) (Concession Agreement.

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 after the Effective Date 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 [1.35:1.00] in each such Calculation Period, (B) a Total Debt Service Coverage Ratio at least equal to 1.25:1.00 [1.25:1.00] in each such Calculation Period, and (C) a ratio an All-in Debt Service Coverage 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 [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 after the Effective Date 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 endedafter the Effective Date, the Borrower shall (x) within thirty (30) days after the date of such forecastforecast or the date the Borrower determines it failed to satisfy any of the required ratios in the Rate Coverage Test, engage the [Traffic Consultant and the Toll Road Consultant] Consultant to review and analyze the operations of the C-470 I- 25N 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 each of the [Traffic Consultant and the Toll Road Consultant] 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] ’s recommendation or (2) undertake an alternative course of action after demonstrating to the TIFIA LenderXXXXX Xxxxxx’s satisfaction the manifest errors contained in the [Traffic Consultant’s and the Toll Road Consultant’s] ’s recommended actions, or to the extent agreed upon by the TIFIA LenderXXXXX Xxxxxx, 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 after the Effective Date on which the Borrower failed to satisfy the Rate Coverage Test, shall result in the mandatory prepayment described in Section 10(a)(iii) (

RATE COVERAGE. (i) The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Pledged Revenues Net Cash Flow in each Calculation Period through the Final Maturity Date shall be projected to produce (Ai) a Senior Debt Service Coverage Ratio at least equal to 1.35:1.00 [____] in each such Calculation Period, (Bii) a Total Debt Service Coverage Ratio at least equal to 1.25:1.00 [___] in each such Calculation Period, and (Ciii) 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 TIFIA Loan Life Coverage Ratio at least equal to 1.00:1.00 for such [_____] as of each Calculation Period Date through the Final Maturity Date (clauses (Ai), (B) ii), and (Ciii) collectively, the “Rate Coverage Test”). If any the forecast furnished by the Borrower pursuant hereto (whether pursuant to the Financial Plan or otherwise) demonstrates that projected Pledged Revenues 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 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 request by the date of such forecastTIFIA Lender, 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 Project and recommend actions regarding revising the rates or changing the methods of operations, or any other actions to increase Pledged Revenues the Net Cash Flow 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 (1A) implement the [Traffic Consultant’s and the Toll Road Consultant’s] recommendation or (2B) 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, shall result in the mandatory prepayment described in Section 10(a)(iii) (Agreement.111