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Guaranteed annual minimums are scheduled to rise in the medium term as contractual step-ups related to the final phase of the Middle Harbor Redevelopment project reach completion in 2020. Fitch Ratings has assigned a rating of ‘AA-‘ to the Port of Long Beach’s $500 million TIFIA loan agreement, issued by the city of Long Beach, California for the Gerald Desmond Bridge Project. Fitch has also affirmed the ‘AA’ rating on outstanding senior lien Port of Long Beach harbor revenue bonds and notes, the ‘F1+’ on outstanding 2018A and 2020C notes, and the ‘AA-‘ rating on the outstanding undrawn 2014 subordinate TIFIA loan. VDOT’s oversight of the Project, including development, environmental compliance, design, right-of-way acquisition, and construction, shall be conducted pursuant to the Oversight Agreement and the Efficiencies Agreement , which may be amended from time to time upon mutual agreement of VDOT and FHWA, or when so required by federal statute or otherwise required by the United States Congress.
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However, the Fixing America’s Surface Transportation Act , enacted in 2015, decreased the amount available to support TIFIA credit assistance. The FAST Act authorized $275 million in each FY2016 and FY2017, $285 million in FY2018, and $300 million in each FY2019 and FY2020. Funds appropriated under TIFIA only cover subsidy costs of the assistance provided by the TIFIA program, therefore, the amount of credit assistance can be larger than the amount appropriated by Congress to TIFIA. The latest available data indicates TIFIA has provided credit assistance to 56 projects, financing $82.6 billion in total project costs. While TIFIA has both rural and non-rural funding components, it is specifically designed to bolster rural infrastructure projects, the Secretary explained, as these projects can be eligible at $10 million, as opposed to the $50 million threshold requirement for non-rural projects.
“Base Case Financial Model” means the economic and financial model prepared on behalf of the Concessionaire for the purpose of the ARCA, and approved by an independent model auditor, forecasting the revenues and expenses relating to the Project, as updated as of December 20, 2007 and furnished to the TIFIA Lender as of the Effective Date. “Authorized Representative” means, in the case of the Concessionaire, the TIFIA Lender or the Borrower/Issuer, the person designated in Section 25, 26 or 27 hereof, as applicable. “ARCA” means the Amended and Restated Comprehensive Agreement Relating to the Route 495 HOT Lanes in Virginia Project, dated as of December 19, 2007, by and between VDOT and the Concessionaire and all exhibits and schedules thereto, as it may be amended, supplemented or modified from time to time. For purposes of this definition, “control” when used with respect to any particular Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person whether through the ownership of voting securities or partnership or other ownership interests, by contract or otherwise, and the terms “controlling” “controlled by” and “under common control with” have meanings correlative to the foregoing. “Tifia” broker provides its user with a free-of-charge set of various analytical materials. Using them “Tifia” customers can perform the complete analysis of the markets, and current analytical reviews from Forex experts teach customers to trade with maximum profits. The trading schedule on several instruments will be changed due to Memorial Day in the USA and the Late May Bank Holiday in the United Kingdom.
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Upon any such revisions the TIFIA Lender shall provide the Concessionaire, the Borrower/Issuer and the Trustee with a copy of such Loan Amortization Schedule as revised, but no failure to provide or delay in providing the Concessionaire, the Borrower/Issuer and the Trustee with such copy shall affect any of the obligations of the Concessionaire Foreign exchange market under this Agreement or the other TIFIA Loan Documents. The Loan Amortization Schedule, as of the date hereof, has been determined based on the Anticipated TIFIA Loan Disbursement Schedule in effect on the Effective Date. determination of such amount in any such notice shall be deemed conclusive absent manifest error.
Contractual guarantees appear to be holding steady amidst coronavirus-related volume drops in recent months; this is consistent with performance during past periods of volume fluctuations , with minimum guarantees continuing to be honored, due to the desire of key tenants to maintain long-term operations at the port Contractual guarantees are expected to increase as the Middle Harbor project comes online (next sizable step-up expected in 2021). Fitch views the continued support of guaranteed revenues, coupled with the port’s considerable liquidity position, as factors that stabilize the port’s financial profile through current negative economic pressures and through execution of the sizable long-term CIP.
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Nothing herein shall be construed as a waiver of any legal immunity that may be available to any Indemnitee. To the extent permitted by applicable law, the Concessionaire shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of, this Agreement, any of the Related Documents, the TIFIA Loan and the other transactions contemplated hereby and thereby, or the use of the proceeds thereof. All amounts due to the TIFIA Lender under this Section shall be payable promptly upon demand therefor. The obligations of the Concessionaire under this Section shall survive the payment or prepayment in full or transfer of the TIFIA Bond, the enforcement of any provision of this Agreement or the Related Documents, any amendments, waivers or consents in respect hereof or thereof, any Event of Default, and any workout, restructuring or similar arrangement of the obligations of the Concessionaire hereunder or thereunder.
- All acts, conditions and things required by the Constitution and laws of the Commonwealth of Virginia to happen, exist, and be performed precedent to and in the issuance of this Bond have happened, exist and have been performed as so required.
- If the TIFIA Lender shall expressly approve such requisition or shall not expressly deny such requisition, disbursements of funds shall be made on the 15th day of the month or on the next succeeding Business Day if such 15th day is not a Business Day, in which a disbursement has been requested.
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- Through the American Recovery and Reinvestment Act , Congress created a $1.5 billion Transportation Investment Generating Economic Recovery discretionary program, of which $250 million could be used for additional TIFIA loans.
- Port leverage for 2019 is low at 1.8x net debt/cash flow available for debt service on all obligations, though this is expected to rise to around 2.9x as borrowing for the full capital plan comes online over the next few years.
Careful management of the plan’s scope and cost relative to business demand so as to maintain the port’s strong financial profile is important to rating maintenance. The Concessionaire is in material compliance with all Laws applicable to the Concessionaire or its activities in connection with this Agreement and all Related Documents and Material Project Contracts. Sculpted Payments shall constitute either Scheduled Debt Service or Mandatory Debt Service as determined in accordance with Section 9 and . Within 30 days prior to the first Payment Date of the sixth year of the Sculpted Payment Period for the TIFIA Loan, the TIFIA Lender shall give written notice to the Borrower/Issuer, the Trustee and the Concessionaire of the amount of the Sculpted Payment for the balance of the Sculpted Payment Period, which amount shall be deemed conclusive absent manifest error. To the extent that any prepayments of the TIFIA Loan shall be made during the Sculpted Payment Period in addition to the Sculpted Payments, such prepayments shall be applied to the remaining Sculpted Payments for the TIFIA Loan in the chronological order of the maturity thereof or as otherwise directed by the Concessionaire. words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
Fitch considers continued management to these levels as important to maintenance of credit quality. Fitch notes that potential contingent liabilities to Alameda Corridor Transportation Authority forex for debt payments are legally subordinate to port revenue bonds. Due to ACTA’s restructuring of its debt, no additional ACTA shortfall advance payments are expected during the forecast period.
Transportation, Acting By And Through The Federal Highway Administrator
“Senior Loan Regearing” means a Senior Loan described in clause of the definition of Additional Senior Loans that results in an increase in the aggregate principal amount of the Senior Loan by more than costs of issuance not exceeding 2% of the principal amount of the new Senior Loan and any net increases in required deposits. “Security Documents” means the Indenture, the Senior Security Documents, the Security Agreement, the Pledge Agreements, the Memorandum and Assignment Agreement, each Control Agreement and each other document or instrument from time to time pursuant to which a lien or security interest is granted or perfected. $2,002,003,140 attached to this Agreement as Schedule I showing a summary of all Eligible Project Costs and the estimated sources and uses of funds for the Project, as amended from time to time with the approval of the TIFIA Lender. “Outstanding TIFIA Loan Balance” means the aggregate principal amount drawn by the Concessionaire and then outstanding with respect to the TIFIA Loan, as determined in accordance with Section 7. “Nationally Recognized Rating Agency” means Standard & Poor’s Rating Group, Xxxxx’x Investors Services, Inc., Fitch Ratings or another national bond rating agency approved by the TIFIA Lender.
The rating is further supported by the new condition of the asset, a pre-funded major maintenance reserve, and a conservative debt structure. These strengths are somewhat offset by revenue and price volatility inherent to managed lanes, dependence on residential and commercial development to support debt service and significant operational and demand risks given that the asset does not yet have a material operating history. High occupancy vehicles and Bus Rapid Transit use could limit the desirability of the facility. The senior lien bonds are secured by a trader pledge of and lien upon gross revenues. The Transportation Infrastructure Finance and Innovation Act loan is secured by a lien on the port’s subordinate revenues, or gross revenues remaining after the payment of debt service on senior bonds and the funding of any debt service reserve funds established for the senior bonds and any other senior obligations. Its $2.3 billion capital program through 2028 is sizable, but Fitch notes expenditures are front loaded (two-thirds completed by 2022), and that no additional borrowing is anticipated to fund the program.
All capitalized terms used in this Bond and not defined herein shall have the meanings set forth in the TIFIA Loan Agreement. Promptly after the receipt or filing thereof, as the case may be (but in no event later than thirty days after such receipt or filing), a copy of each Governmental Approval or other consent or approval obtained by the Concessionaire, or obtained by any Construction Contractor and delivered to the Concessionaire pursuant to any Construction Agreement after the Effective Date, and each filing made by the Concessionaire with any Governmental Authority with respect to a Governmental Approval, except such as are routine or ministerial in nature. Whenever any Event of Default hereunder shall have occurred and be continuing, the TIFIA Lender may suspend or debar the Borrower/Issuer or the Concessionaire, as applicable, from further participation in any Government program administered by the TIFIA Lender and to notify other departments and agencies of such default. ARCA. The Concessionaire will use the proceeds of the TIFIA Loan only for the purposes set forth in the provisions of Section 6.02 of the ARCA, will comply with the ARCA in all material respects and shall not terminate the ARCA without the TIFIA Lender’s consent. The Concessionaire will not, at any time, engage in any business or activity other than the design, construction, operation and maintenance of the Project, and activities incidental or related thereto.
Upon the incurrence of a Senior Loan Regearing, 100% of the interest portion of the TIFIA Loan shall constitute Mandatory Debt Service. No portion of the principal amount of the TIFIA Loan shall constitute Mandatory Debt Service. The Borrower/Issuer shall not use Revenues to make any payments or satisfy any obligations other than in accordance with the provisions of this Section 8 and the Indenture and shall not apply any portion of the Revenues in contravention of this Agreement, the Indenture or the Senior Loan Documents. on the Collateral, subordinate, during any period when an Event of Default described in Section 19 has not occurred, only to the Lien on such Collateral of any Permitted Debt described in clause of the definition of Permitted Debt. Upon the occurrence and continuance of an Event of Default described in Section 19, the TIFIA Loan shall be secured by a first priority security interest in the Collateral on a parity with the lien of any Permitted Debt described in clause of the definition of Permitted Debt.
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This Agreement and the Related Documents to which it is a party have been duly authorized, executed and delivered by TIFIA Lender, and are legally valid and binding agreements of the TIFIA Lender, enforceable in accordance with their terms. The Material Project Contracts which have been executed and delivered are all in full force and effect, neither the Concessionaire nor any of the Member Party is in default under any of such agreements or contracts, and to the knowledge of the Concessionaire or any Member Party, no third party to any of such agreements or contracts is in default thereunder, except as, in either case, could not reasonably be expected to have a Material Adverse Effect.
Not later than ninety days following the date of Substantial Completion, the Concessionaire shall provide the TIFIA Lender with a final written narrative report, summarizing all significant activities and events, since the initial Financial Plan, affecting the operation, maintenance, financing, or management of the Project in a form reasonably satisfactory to the TIFIA Lender. Such report shall include an updated cash flow schedule and currently projected Total Debt Service Coverage Ratio.
