8 unchanged sentences
Moreover, our customers – both public and private – who are adversely impacted could cancel or delay current or prospective projects and could become delinquent in their payments to us for work that we have performed.
+Added: Although several of these risks have materialized in varying degrees as a result of the COVID-19 pandemic, none of these risks, individually or in the aggregate, have significantly impacted our operations to date.
Our business could also be negatively impacted over the medium-to-longer term if the disruptions related to the COVID-19 pandemic decrease consumer confidence generally or significantly prolong the current economic downturn, which could lead to a decline in public and private development projects and thereby reduce demand for our services.
−Removed: Relatedly, an economic slowdown caused by the outbreak of an infectious disease or other similar adverse public health development could cause the tax revenues received by federal, state and local government agencies to decline and thereby decrease the funding available for public projects.
+Added: Relatedly, an economic slowdown caused by the outbreak of an infectious disease or other similar adverse public health development could cause, and in some cases have caused, the tax revenues received by federal, state and local government agencies to decline and thereby decrease the funding available for public projects.
Such developments could impair our ability to undertake construction projects in a typical manner or at all, generate revenues and cash flows, and/or access the capital or lending markets (or significantly increase the costs of doing so);
4 unchanged sentences
The previously announced phase-out of LIBOR, or the replacement of LIBOR with a different reference rate, may adversely affect the interest rate that we pay on our indebtedness.
−Removed: The interest rate that we pay on borrowings under the BBVA Credit Agreement is calculated based on a rate spread over LIBOR.
+Added: The interest rate that we pay on borrowings under the Amended Credit Agreement is calculated based on a rate spread over LIBOR.
In 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it would phase out LIBOR by the end of 2021.
It is unclear whether new methods of calculating LIBOR will be established such that it continues to exist after 2021, or whether alternative rates or benchmarks will be adopted.
−Removed: Changes in the method of calculating LIBOR, or the replacement of LIBOR with an alternative rate or benchmark, may adversely affect interest rates, including the rates we pay on borrowings under the BBVA
−Removed: Credit Agreement, and result in higher borrowing costs.
+Added: Changes in the method of calculating LIBOR, or the replacement of LIBOR
+Added: with an alternative rate or benchmark, may adversely affect interest rates, including the rates we pay on borrowings under the Amended Credit Agreement, and result in higher borrowing costs.
This could materially and adversely affect our results of operations, cash flows and liquidity.
−Removed: We may need to renegotiate our loan facilities and changes in the method of calculating LIBOR, or the use of an alternative rate or benchmark, may negatively impact the terms of such indebtedness.
+Added: The Amended Credit Agreement provides that, upon the occurrence of certain triggering events relating to the end of LIBOR, we and BBVA will select a different benchmark rate to replace LIBOR as the reference rate for interest accruing on certain advances.
+Added: Changes in, or the inability to agree on, an alternative rate or benchmark may negatively impact the terms of such indebtedness.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.