9.
10.
11.
12.
to service Project Debt, Government will fund the Authority to the extent of the shortfall until the Completion Date (as defined in paragraph 2(A)).
Changes in Policy
Government will make good any shortfall in debt service payments on Project Debt caused by any of the following:-
(i)
(ii)
(iii)
(iv)
imposition of a profit control scheme on the Authority or other limitations on the revenues of the Authority;
any directions given by Government to the Authority under the Ordinance establishing the Authority;
imposition of any new tax specifically directed to the Authority or the new airport project;
any change in project scope necessary in order to comply with directions from Government caused by any new policy or regulation specifically directed to the Authority or the airport project.
Airport Charges
Government will make good any shortfall in debt service payments on Project Debt caused by the Authority being prevented, by reason of any inter-governmental agreement, convention or regulation, or any arbitration award binding Government or the Authority, from imposing aeronautical charges of TRM= 3, at the Start-up Date, or from imposing PTC at any level proposed by the Authority up to $100 (March 1991 $). "TRM" (traffic revenue multiplier) means the factor by which aircraft landing and parking fees are projected to increase in real terms from July, 1989 to the Target Date.
Air Traffic Control and Meteorological Charges
Government will defer requiring the payment of and will accrue any charge for air traffic control and meteorological services at the new airport to such an extent as lenders of Project Debt may reasonably require. The amount of accrued charges shall bear interest at a reasonable commercial rate and shall constitute debt of the Authority to Government subordinated as to principal and interest to Project Debt.
Ownership
Government will support the Authority in its negotiations with lenders at the time of borrowing on the appropriate assurances regarding maintenance of ownership in the Authority.
SP$$02$2.12
END
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