Additional Representations, Warranties, and Covenants of the Borrower. (a) Each of the Borrower's representations and warranties contained in the Reimbursement Agreement and the Placement Agreement are true and correct in all material respects on and as of the date hereof and are hereby made to the Trustee as if set forth herein.
(b) The Borrower shall at all times comply, in all material respects, with the terms, conditions and covenants of the Reimbursement Agreement and the other Series A Note Documents. END OF ARTICLE VI
Additional Representations, Warranties, and Covenants of the Borrower. The Borrower further represents, warrants, and covenants as follows:
(a) to take such action to assure that the Bonds are "exempt facility bonds", as defined in Section 142(a) of the Code, at least 95 percent of the proceeds of which are used to provide "qualified residential rental projects" (within the meaning of said Section 142(a)(7) of the Code) or property functionally related and subordinate to such facilities;
(b) to comply with the terms and conditions of the Tax Regulatory Agreement including, without limiting the generality of any other covenant contained herein,
(c) assuring that at all times within the Qualified Project Period that 40 percent of the residential units in the Project will be occupied by persons whose income is 60 percent or less of area median gross income,
(d) obtaining annually from each tenant of a residential unit described in subsection (1) above, a certification of income to currently determine income compliance with the foregoing, and
(e) assuring that none of the residential units in the Project will be used for a purpose other than residential rental or that none of the units will be used as owner-occupied residences within the meaning of Section 143 of the Code;
(f) to refrain from taking any action that would result in the Bonds being "federally guaranteed" within the meaning of Section 149(b) of the Code;
(g) to refrain from using any portion of the proceeds of the Bonds, directly or indirectly, to acquire or to replace funds which were used, directly or indirectly, to acquire investment property (as defined in Section 148(b)(2) of the Code) which produces a materially higher yield than the yield on the Bonds over the term of the Bonds, other than investment property acquired with -- proceeds of the Bonds invested for a reasonable temporary period equal to 3 years or less until such proceeds are needed for the purpose for which the Bonds are issued,
(1) amounts invested in a bona fide debt service fund, within the meaning of Section 1.148-1(b) of the Regulations, and
(2) amounts deposited in any reasonably required reserve or replacement fund to the extent such amounts do not exceed 10 percent of the stated principal amount (or, in the case of Bonds issued at a discount), the issue price of the Bonds;
(h) to otherwise restrict the use of the proceeds of the Bonds or amounts treated as proceeds of the Bonds, as may be necessary, to satisfy the requirements of Section 148 of the Code (relating to arbitrage);
(i) to u...
Additional Representations, Warranties, and Covenants of the Borrower. The Borrower further represents, warrants, and covenants as follows:
(a) to take such action to ensure that the Bonds are “exempt facility bonds”, as defined in Section 142(a) of the Code, at least 95 percent of the proceeds of which are used to provide “qualified residential rental projects” (within the meaning of said Section 142(a)(7) of the Code) or property functionally related and subordinate to such facilities;
(b) to comply with the terms and conditions of the Tax Regulatory Agreement including, without limiting the generality of any other covenant contained herein. It will not take, or permit to be taken on its behalf, any action which would cause the interest payable on the Bonds to be included in gross income for federal income tax purposes and it will take such action as may be necessary in the opinion of Bond Counsel to continue the excludability of interest on the Bonds from gross income of the Holders thereof for federal income tax purposes, including, without limitation the following:
(i) It will comply with all of the requirements of this Agreement;
(ii) It will prepare and file, or cause to be timely prepared or filed, all statements, returns, reports, and attachments to income tax returns required to be filed by it in order to maintain such exclusion, including but not limited to the filing of all reports and certifications, if any, required by the Bond Regulatory Agreement; and
(iii) It will pay to the United States of America any Rebate Amount required to be paid by the Issuer or the Borrower pursuant to Section 148(f) of the Code and the Regulations under Section 148, all as contemplated and required by the Indenture and this Agreement.
(c) ensuring that at all times within the Qualified Project Period that 40 percent of the residential units in the Project will be occupied by persons whose income is 60 percent or less of area median gross income,
(d) obtaining annually from each tenant of a residential unit described in subsection (a) above, a certification of income to currently determine income compliance with the foregoing, and
(e) ensuring that none of the residential units in the Project will be used for a purpose other than residential rental or that none of the units will be used as owner-occupied residences within the meaning of Section 143 of the Code;
(f) to refrain from taking any action that would result in the Bonds being “federally guaranteed” within the meaning of Section 149(b) of the Code;
(g) apply the full amount ...
Additional Representations, Warranties, and Covenants of the Borrower. The Borrower hereby represents and warrants to the Agent, the Documentation Agent and each Lender that (i) Schedule III attached to this Amendment is a complete, accurate and updated description, as of the effective date of this Amendment, of all of the Subsidiaries of the Borrower, and (ii) to the best knowledge of the Borrower as of the effective date of this Amendment, Schedule VI attached hereto is a complete, accurate and updated description of all deposit accounts and other accounts owned, held, or maintained by, or for the benefit of, the Borrower and/or all of its Subsidiaries as of the effective date of this Amendment. Within ten (10) Business Days after the effective date of this Amendment, the Borrower shall furnish to the Agent an updated Schedule VI , being an updated description of all deposit accounts and other accounts owned, held, or maintained by, or for the benefit of, the Borrower and/or all of its Subsidiaries as of the date of delivery of such updated Schedule VI to the Agent, which updated Schedule VI shall be accompanied by a written certification (in form and substance reasonably acceptable to the Agent) from the Borrower that such updated Schedule VI is a complete, accurate and updated description of all deposit accounts and other accounts owned, held, or maintained by, or for the benefit of, the Borrower and/or all of its Subsidiaries as of the date of delivery of such updated Schedule VI to the Agent. APPENDIX C
