CUSIP 647370DU6
- ISIN: US647370DU68
- Entity Name: New Mexico Hospital Equipment Loan Council
- Sector: Municipal Agency
- Announcement Date: 18-Oct-2016
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 15-Aug-2017
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Covenant Breach
- News: As you have been previously informed, the Borrower failed to maintain the required Debt Service Coverage Ratio for Fiscal Year 2014 and failed to maintain the required Days Cash On Hand for Fiscal Year 2014, both as required by the Loan Agreement (the Existing Defaults). Entry into Forbearance Agreement The Trustee and the holder of a majority in aggregate principal amount of the Bonds (the Majority Bondholders) have been in contact with the Borrower regarding the Existing Defaults. The Trustee, at the direction of the Majority Bondholders, entered into a Forbearance Agreement (the Forbearance Agreement) with the Borrower dated as of March 1, 2016. The Forbearance Agreement is effective through the earlier of December 31, 2016 and the occurrence of a Forbearance Termination Event (as that term is defined in the Forbearance Agreement). Pursuant to the Forbearance Agreement, the Trustee has agreed to forbear from the exercise of any rights or remedies under the Indenture or other related bond documents arising by reason of the Existing Defaults or from otherwise taking action with respect to the Existing Defaults through the end of the Forbearance Period For Bond Document please visit www.BondPDF.com
- Description: Municipal Name: New Mexico Hospital Equipment Loan Council CUSIP: 647370DU6 Currency: USD New Mexico Hospital Equipment Loan Council announced today that the trustees had not maintained the debt Service Coverage Ratio for the fiscal Year 2014, which hereby violating the covenant for the Series 2007-A Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US647370DU68
