Security and Priority; Flow of Funds. In the event that at any time the funds held by the Bondowners’ Trustee shall be insufficient for the payment of the principal of, premium, if any, and interest then due on the TIFIA Bond, the Other TIFIA Bonds and the Other Second Tier Junior Obligations, such funds and all Pledged Taxes received or collected for the benefit or for the account of the TIFIA Lender and the owners of the Other Second Tier Junior Obligations by the Bondowners’ Trustee shall be applied as follows (provided, that all amounts held by the Bondowners’ Trustee derived from the TIFIA Debt Service Account, the TIFIA Reserve Account and any project fund created for the deposit of proceeds of the TIFIA Loan, together with the proceeds of the investment thereof, shall be applied solely to pay TIFIA Debt Service on the TIFIA Loan and debt service in respect of the Other TIFIA Bonds as required under the applicable Existing TIFIA Loan Documents related thereto): First, to the payment to the TIFIA Lender (in respect of the TIFIA Loan and the Other TIFIA Bonds) and the owners of the Other Second Tier Junior Obligations of all installments of interest then due (including, without limitation, interest that is required to be capitalized in accordance with the terms of this Agreement, or, with respect to the Other TIFIA Bonds, in accordance with the applicable Existing TIFIA Loan Documents related thereto) in the order of the maturity of such installments, earliest maturities first, and, if the amount available shall not be sufficient to pay in full any installment or installments or interest maturing on the same date, then to the payment thereof ratably, according to the amounts due thereon, without any discrimination or preference; and Second, to the payment to the TIFIA Lender (in respect of the TIFIA Loan and the Other TIFIA Bonds) and the owners of the Other Second Tier Junior Obligations of the unpaid principal (excluding the portion of the unpaid principal constituting capitalized interest to the extent included as interest then due under clause First above) and premium, if any, of the TIFIA Bond, the Other TIFIA Bonds and the Other Second Tier Junior Obligations which shall have become due, whether at maturity or by call for redemption, in the order of their due dates, earliest maturities first, and, if the amount available shall not be sufficient to pay in full the amount due on any date, then to the payment thereof ratably, according to the amounts of principal and premium, if any, du...
Security and Priority; Flow of Funds. (a) As security for the TIFIA Loan, the Borroweshr all (i) pledge, assign and grantto theCollateral Agentfor the benfeit of the TIFIA Xxxxx,x x seniorLien on theCollateral described in clause (a) of the definition thereof and (ii) assign and gtoratnhteCollateral Agent for the benefit of the TIFIA Lend,ear seniorLien on theCollateraldescribed in clause (b) of the definition thereo,f including an exclusive Lien on the TIFIDAebt ServiceSub-Account and the TIFIA Debt Service Reserve Sub-Account and the amounts on deposit in each such account, in each case in accordance with the provisions of the CASA. The TIFIA Loan shall be secured by the Liens on the Collateral and shall be pari passu with the Liens on the Collateral in favor of the Pari Passu Obligations. In addition to the foregoing, for so long as the TIFIA Loan remains outstanding, the Borrower shall cause all LTF Funds allocable to it to be deposited to the Revenue Account in accordance with this Agreement, the CASA and the other applicable TIFIA Loan Documents to ensure the timely payment of all TIFIA Debt Service and other amounts due and payable hereunder or under such other TIFIA Loan Documents.
Security and Priority; Flow of Funds. As security for the TIFIA Loan, the Borrower shall pledge, assign and xxxxx, or shall cause to be pledged, assigned and granted, to the XXXXX Xxxxxx, (i) the TIFIA Lien and (ii) the TIFIA Debt Service Account, the TIFIA Reserve Account, the Revenue Sharing Account and each Construction Account, in each case, in accordance with the provisions of the TIFIA Bond Resolution. The TIFIA Loan shall be secured by the TIFIA Lien with respect to the Pledged Taxes and shall be subordinate to the pledge of the Pledged Taxes to secure the Senior Obligations.
Security and Priority; Flow of Funds and the Indenture Documents and shall not apply any portion of the Pledged Revenues in contravention of this Agreement or the Indenture Documents.
Security and Priority; Flow of Funds. (a) As security for the WIFIA Credit Facility and the WIFIA Bond, and concurrently with the issuance and delivery of this Agreement and the subsequent issuance of the WIFIA Bond, the Borrower hereby irrevocably pledges, assigns and grants to the WIFIA Credit Provider for its benefit, Liens on the Net Revenues and shall deliver to the WIFIA Credit Provider, as the registered owner, the WIFIA Bond. The Liens securing the obligations under the WIFIA Credit Documents shall be (i) pari passu in right of payment and right of security with the Liens securing all other Parity Indebtedness and (ii) senior in right of payment and right of security to the Liens securing all Subordinate Indebtedness. The obligations of the Borrower to pay WIFIA Debt Service under this Agreement and the WIFIA Bond constitute Parity Indebtedness, provided that the WIFIA Bond is not secured by the Bond Reserve Account and the WIFIA Credit Provider shall have no Lien with respect to any bond reserve subaccount established in connection with the issuance of other Parity Indebtedness.
Security and Priority; Flow of Funds. If the Borrower is imposing the Sales Tax at a rate less than the then applicable Sales Tax Rate (which in any event shall not be less than the Sales Tax Reduced Rate) and if the Borrower is unable to deliver a Borrower Pledged Taxes Sufficiency Certificate within thirty (30) days after the end of each Borrower Fiscal Year during which the rate at which the Sales Tax is imposed has been so reduced confirming satisfaction with the tests set forth in clause (l)(ii)(ii) above, the Borrower shall, within ninety (90) days after the end of that Borrower Fiscal Year, take all action required on its part to increase the rate of that Sales Tax imposed, but not to exceed the then applicable Sales Tax Rate for the purpose of being able to deliver such Borrower Pledged Taxes Sufficiency Certificate. The Borrower shall fix, levy and impose the additional motor vehicle excise tax approved at an election held on November 8, 2016 at a rate of not less than eight-tenths of one percent (0.8%). Notwithstanding the foregoing, the Borrower may at its discretion pledge amounts attributable to any increase of the Motor Vehicle Tax rate above eight- tenths of one percent (0.8%) (or, during any time the 1996 Motor Vehicle Tax is being imposed, above one and one-tenth of one percent (1.1%)) to any other obligations or to other Borrower purposes. The Borrower shall fix, levy and impose the 1996 Motor Vehicle Tax, to the extent permitted by law, at a rate of not less than three-tenths of one percent (0.3%). The Borrower shall take all reasonable actions necessary to impose and provide for the continued collection of the Pledged Taxes and the application of those taxes for payment of the TIFIA Bond in accordance with this Agreement. Except as expressly permitted under this Section 15(l), the Borrower shall not take any action that limits, terminates, reduces or otherwise impairs its authority to impose and collect all Pledged Taxes.
Security and Priority; Flow of Funds. (a) As security for the WIFIA Loan, and concurrently with the issuance and delivery of this Agreement, the Borrower has pledged, assigned and granted to the WIFIA Lender for its benefit, Liens on the Pledged Collateral to the extent and in the manner and priority set forth in the WIFIA Loan Documents. The Lien on the Pledged Collateral to secure the WIFIA Loan for the benefit of the WIFIA Lender is and shall be (i) on a parity in right of payment and right of security to the Lien on the Pledged Collateral in favor of the Bonds and (ii) senior in right of payment and right of security to the Lien on the Pledged Collateral in favor of the Subordinated Indebtedness; provided, however, that the WIFIA Debt Service Reserve Account secures only the WIFIA Loan. As evidence of the Borrower’s obligation to repay the WIFIA Loan, the Borrower shall issue and deliver to the XXXXX Xxxxxx, as the registered owner, on or prior to the Effective Date, the WIFIA Bond. The WIFIA Bond shall be a Bond under the Bond Resolution, entitled to all of the benefits of a Bond under the Bond Resolution Documents.
Security and Priority; Flow of Funds. (a) Pursuant to the Indenture, the Borrower/Issuer and the Concessionaire have pledged, assigned and granted to the Trustee, Liens on the Collateral in accordance with the provisions of the Security Documents. The TIFIA Loan shall be secured by the Liens (1) on the TIFIA Sinking Fund and the funds deposited therein, by a first priority security interest and
Security and Priority; Flow of Funds. (a) Each WIFIA Loan shall be evidenced by a XXXXX Xxxx registered in the name of the XXXXX Xxxxxx. Each WIFIA Bond shall constitute a special obligation of the Borrower, secured by a Lien on the Pledged Collateral in accordance with the provisions of the Subordinate Trust Agreement and the WIFIA Series Agreement. The Lien on the Pledged Collateral securing the obligations under the Subordinate Trust Agreement and the WIFIA Loan Documents with respect to each WIFIA Loan shall be (i) subordinate in right of payment and right of security to the Lien in favor of the Senior Obligations, (ii) pari passu in right of payment and right of security to the Lien in favor of the Parity Obligations and (iii) senior in right of payment and right of security to the Lien in favor of the Junior Obligations. Each WIFIA Bond shall constitute a Bond under the Subordinate Trust Agreement.
Security and Priority; Flow of Funds. (a) As security for the TIFIA Loan, the Borrower shall pledge, assign and grant, or shall cause to be pledged, assigned and granted, to the Trustee for the benefit of the TIFIA Lender, Liens on the Trust Estate in accordance with the provisions of the Indenture Documents. The TIFIA Loan shall be secured by a Lien on the Trust Estate, (i) subordinate to the Liens and charges on the Trust Estate that secure the Senior Obligations, the Subordinate Obligations, the related Fees and Expenses and Hedging Termination Obligations on Existing Interest Rate Swap Agreements, (ii) on a parity with the Liens and charges on the Trust Estate that secure other Junior Subordinate Obligations, if any and (iii) senior to the Liens and charges on the Trust Estate that secure Hedging Termination Obligations on Subsequent Interest Rate Swap Agreements and Additional Interest Rate Swap Agreements.
