CUSIP 245913HL5
- ISIN: US245913HL54
- Entity Name: Delaware County Authority
- Sector: Municipal Agency
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Covenant Breach
- News: The University has determined, following the audit of its financial statements for its fiscal year ended June 30, 2016, that it has violated a financial covenant under the Loan Agreement, dated as of October 1, 2006 (the 2006 Loan Agreement), between the Delaware County Authority and the University that relates to the 2006 Bonds. Capitalized terms used in this notice and not defined herein shall have the meanings given to those terms in, or in accordance with, the 2006 Loan Agreement. The 2006 Loan Agreement requires that the University achieve a Coverage Ratio of at least 105% for each Fiscal Year. The 2006 Loan Agreement provides that the failure of the University to achieve this Coverage Ratio in any Fiscal Year shall not constitute an Event of Default so long as the University retains and follows the recommendations of a Consultant, as more fully set forth in the 2006 Loan Agreement. However, if the Universitys Coverage Ratio in any Fiscal Year shall be less than 100%, an Event of Default shall be deemed to have occurred under the 2006 Loan Agreement.
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US245913HL54
