§99.27. Definitions
As used in this Subpart:
(1)"Agreement" means the agreement or agreements, as authorized under this
Subpart, between the state of Louisiana, as the seller, and the corporation, as the purchaser,
of the revenue assets. The sale by the state of the revenue assets pursuant to any such
agreement shall be a true sale and absolute transfer and not a borrowing, nor a pledge or
other security interest for any borrowing.
(2)"Ancillary contracts" means contracts described in R.S. 39:99.40.
(3)"Board" means the board of the corporation.
(4)"Bonds" means bonds and refunding bonds, notes, and other evidences of
indebtedness issued by the corporation pursuant to this Subpart.
(5)"Closing date" means the date of delivery of the first issue of bonds.
(6)"Consent decree" means the
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§99.27. Definitions
As used in this Subpart:
(1) "Agreement" means the agreement or agreements, as authorized under this
Subpart, between the state of Louisiana, as the seller, and the corporation, as the purchaser,
of the revenue assets. The sale by the state of the revenue assets pursuant to any such
agreement shall be a true sale and absolute transfer and not a borrowing, nor a pledge or
other security interest for any borrowing.
(2) "Ancillary contracts" means contracts described in R.S. 39:99.40.
(3) "Board" means the board of the corporation.
(4) "Bonds" means bonds and refunding bonds, notes, and other evidences of
indebtedness issued by the corporation pursuant to this Subpart.
(5) "Closing date" means the date of delivery of the first issue of bonds.
(6) "Consent decree" means the settlement agreement and related documents between
the state of Louisiana and other gulf coast states, the United States, and BP Exploration &
Production Inc. (BPXP) including the consent decree among defendant BPXP, the United
States of America, and the states of Alabama, Florida, Louisiana, Mississippi, and Texas and
final judgment approving the consent decree entered in the case "In re: Oil Spill by the Oil
Rig 'Deepwater Horizon' in the Gulf of Mexico, on April 20, 2010," bearing MDL No. 2179
of the docket of the United States District Court for the Eastern District of Louisiana.
(7) "Corporation" means the Coastal Protection and Restoration Financing
Corporation created pursuant to this Subpart.
(8) "Derivative instrument" means a contract whose value is based on the
performance of an underlying financial asset, index, or other investment. Derivative
instruments include, but are not limited to, certificates of accrual on treasury securities
(CATS), Collateralized Bond or Debt Obligation (CB) or (CDO); Collateralized Mortgage
Obligations (CMO); CUBS; Diamonds: Index Options: OEX; Standard and Poor's
Depository Receipts (SPDR); Separate Trading of Registered Interest and Principal of
Securities (STRIP); Subscription Rights; Subscription Warrant; SWAPS; and Treasury
Investors Growth Receipt (TIGER).
(9) "DWH NRD assets" means all rights, title, and interest in and to the portion of
the state allocation of DWH natural resource damages as set forth in the consent decree that
may be sold to the corporation from time to time.
(10) "DWH NRD bonds" means the bonds, notes, and other obligations issued by
the corporation, exclusive of bonds that the corporation may issue to refund bonds, the net
proceeds, after financing costs, of the first issue of which shall be used by the corporation to
pay a portion of the purchase price to the state of Louisiana to purchase the DWH NRD
assets.
(11) "DWH NRD payments" means the monies paid or payable for natural resource
damages, pursuant to the consent decree, to the corporation and the agreement as in effect
from time to time.
(12) "DWH NRD revenue" means all monies constituting the state of Louisiana's
allocable share of natural resource damages pursuant to the consent decree.
(13) "Financing costs" means all capitalized interest, costs, fees, reserves, and credit
and liquidity enhancements as the corporation determines to be desirable in issuing, securing
and marketing the bonds.
(14) "Holders" and similar terms refer to the owners of the bonds. References to
covenants and contracts with such holders, and to their rights and remedies, shall if so
provided by the corporation extend to the parties to derivative instruments and ancillary
contracts.
(15) "Income" means the payments and all fees, charges, payments, and other income
and receipts paid or payable to the corporation or a trustee or other party for the account of
the corporation or the holders.
(16) "Indenture trustee" means the trust company or bank at the time serving as
trustee under the trust indenture referred to in R.S. 39:99.39.
(17) "Offshore Royalty Revenue" means all monies constituting the state of
Louisiana's allocable share pursuant to the Gulf of Mexico Energy Security Act of 2006.
(18) "Offshore Royalty Revenue assets" means all right, title and interest in and to
the portion of the state allocation that may be sold to the corporation from time to time.
(19) "Offshore Royalty Revenue bonds" means the bonds, notes and other
obligations issued by the corporation, exclusive of bonds that the corporation may issue to
refund bonds, the net proceeds (after financing costs) of the first issue of which shall be used
by the corporation to pay a portion of the purchase price to the state of Louisiana to purchase
the Offshore Royalty Revenue assets.
(20) "Offshore Royalty Revenue payments" means the monies paid or payable to the
corporation pursuant to the agreement as in effect from time to time.
(21) "Outstanding", when used with respect to bonds, shall exclude bonds that shall
have been paid in full at maturity, or shall have otherwise been refunded, redeemed, defeased
or discharged, or that may be deemed not outstanding pursuant to agreements with the
holders thereof.
(22) "Residual interests" means the income of the corporation, and bond proceeds,
if any, not previously paid to the state, that are in excess of the corporation's requirements
to pay its operating expenses, debt service, sinking fund and other redemption requirements,
reserve fund requirements, and any other contractual obligations to the holders or that may
be incurred in connection with the issuance or repayment of the bonds, the amounts of which
shall be determined by the board on or before January first and July first of each year for the
next twelve months, and which, within ten days after each such determination, shall be
transferred and paid by the corporation to the state treasurer for deposit in and credit to the
Coastal Protection and Restoration Fund pursuant to the agreement between the state and the
corporation.
(23) "RESTORE Act" means the Resources and Ecosystems Sustainability, Tourist
Opportunities, and Revived Economies of the Gulf Coast States Act of 2012.
(24) "RESTORE assets" means all rights, title, and interest in and to the portion of
the state allocation of civil penalties related to the Deepwater Horizon oil spill as set forth
in the RESTORE Act and the consent decree.
(25) "RESTORE bonds" means the bonds, notes, and other obligations issued by the
corporation, exclusive of bonds that the corporation may issue to refund bonds, the net
proceeds, after financing costs, of the first issue of which shall be used by the corporation to
pay a portion of the purchase price to the state of Louisiana to purchase the RESTORE
assets.
(26) "RESTORE payments" means the monies paid or payable for civil penalties,
pursuant to the RESTORE Act and the consent decree, to the corporation, and the agreement
as in effect from time to time.
(27) "RESTORE revenue" means all monies constituting the state of Louisiana's
allocable share of civil penalties related to the Deepwater Horizon oil spill as set forth in the
RESTORE Act and the consent decree.
(28) "State allocation" means all monies to be received by the state of Louisiana as
a result of the Gulf of Mexico Energy Security Act of 2006, the Resources and Ecosystems
Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act
as provided in the consent decree, or the Deepwater Horizon (DWH) natural resource
damages as provided in the consent decree including all of the state of Louisiana's allocable
share as determined thereunder, without giving effect to any sale of any portion thereof.