CUSIP 689238AC7

  • ISIN: US689238AC75
  • Entity Name: Economic Development Corporation of the County of Ottawa
  • 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 Trustee is in receipt of the attached officers certificate delivered to it by the Hospital with financial information from the Hospital reporting its failure to comply with the Coverage Ratio pursuant to the Loan Agreement. Pursuant to Section 11.19(a) of the Loan Agreement the Hospital is required to maintain a Debt Service Coverage Ratio of 1.20. If said ratio is less than 1.20 the Hospital covenants to retain a Management Consultant, within 45 days to make recommendations to increase the said ratio for subsequent Fiscal Years to at least 1.20. The Hospital is required to follow to the extent legally permitted and consistent with sound business practices, the recommendations of the Independent Consultant. Pursuant to the attached certificate the Coverage Ratio of the Hospital as of June 30, 2016 was negative 11.9. Section 11.19(d) of the Loan Agreement states that if the Coverage Ratio is less than 1.00:1 then it shall constitute an Event of Default under the Loan Agreement. Pursuant to Section 702 of the Indenture an Event of Default under the Loan Agreement constitutes an Event of Default under the Indenture.
  • Description: *****
  • Bond Document:
  • Latest Corporate Actions:

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