C. Pledged Revenues
Revenue sources pledged for the purposes of the Bonds include Terminal 18 Lease rent payments and other miscellaneous payments, such as late charges and penalties, proceeds from business interruption and/or delayed opening insurance, and liquidated damages payable by the EPC Contractor for delays or interference. The Trustee will receive monthly rent payments from the Lessee, as outlined in the Terminal 18 Lease. Exhibit 7 summarizes the forecast annual rental revenue during the study period.
Exhibit 7: Forecast Revenue
Calendar year ending December 31
(in thousands)
The forecasts presented in this exhibit were prepared using information from the sources indicated and assumption provided by,or reviewed with and agreed to by,Port management,as described in the accompanying text inevitably,some of the assumptions used to develop the forecasts will not be realized and unanticipated events and circumstances may occur. Therefore,there are likely to be differences between the forecast and actual results,and those differences may be material.
(a) Credit of partial rent for acreage that is temporarily unusable due to construction activity.
Terminal 18 Lease rent consists of the following separate components:
・ Basic Land and Improvements Rent - rent for the Container Yard and the Intermodal Yard (IY) .
・ IY Facilities Rent - amortization rent for both the Existing IY Facilities (current IY facilities) and Expansion IY Facilities (additional facilities to be provided as part of the Project).
・ Existing Special Improvements Rent - a payment calculated to recover the costs of improvements beyond those included in the Base Land and Improvements Rent. Special Improvements Rent may be prepaid.
・ Special Improvements Rent for Future Improvements - calculated on a cost-sharing basis similar to the Existing Special Improvements Rent. Includes the calculated monthly rent for C-Changes to Standard Improvements. C-Changes are modifications to the scope or specifications of a facility component, requested by the Lessee in writing after the date of the Terminal 18 Lease, which results in a change order that affects cost or schedule of the Bond Improvements.
1. Basic Land and Improvements Rent
Basic Land and Improvements Rent includes rent for the Container Yard and the Intermodal Yard, as well as amortization rent for the Existing IY Facilities and Expansion IY Facilities.
