CUSIP 187145AB3
- ISIN: US187145AB32
- Entity Name: Clifton Higher Education Finance Corporation, Texas
- Sector: Municipal Agency
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Covenant Breach
- News: UMB Bank, N.A. (the Trustee) is the Successor Trustee under that certain Trust Indenture and Security Agreement, dated as of February 1, 2009 (the Bond Indenture) between Clifton Higher Education Finance Corporation (the Issuer) and Wells Fargo Bank, National Association and is Successor Master Trustee under that certain Master Trust Indenture and Security Agreement dated as of February 1, 2009 (the Master Indenture) between Tejano Center for Community Concerns, Inc. (the Borrower) and Wells Fargo Bank, National Association as Master Trustee. The Issuer and the Borrower are parties to that certain Loan Agreement dated as of February 1, 2009 (the Loan Agreement). The rights of the Issuer to the Loan Agreement were assigned to the Trustee under the terms of the Loan Agreement. Capitalized terms not defined shall have the definitions ascribed them in the Bond Indenture, Master Indenture or Loan Agreement, as applicable. Section 5.9 of the Loan Agreement requires the Borrower maintain its Debt Service Coverage Ratio of at least 1.10x the Annual Debt Service Requirements and that it is a default if the its Debt Service Coverage Ratio falls below 1.0x of the Annual Debt Service Requirements of the Borrower. The Borrowers Debt Service Coverage Ratio was below 1.0x of the Annual Debt Service Requirements of the Borrower at fiscal year end 2017. Section 5.13 of the Loan Agreement requires the Borrower maintain an amount equal to 45 days of budgeted Expenses. The Borrower did not maintain an amount equal to 45 days of budgeted Expenses at fiscal year end 2017.
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US187145AB32
