Arbitrage Covenant. The Issuer and the Company covenant that the proceeds of the sale of the Bonds, the earnings thereon, and any other moneys on deposit in any fund or account maintained in respect of the Bonds (whether such moneys were derived from the proceeds of the sale of the Bonds or from other sources) will not be used in a manner which would cause the Bonds to be treated as "arbitrage bonds" within the meaning of Section 148 of the Code. The Company further covenants that: (a) all actions with respect to the Bonds required by Section 148(f) of the Code shall be taken; (b) it shall make the determinations required by paragraph (b) of Section 7.2 of the Indenture and promptly notify the Trustee of the same, together with supporting calculations; and (c) it shall within twenty-five (25) days after (i) the calendar date which corresponds to the final maturity of the respective series of Bonds and each anniversary thereof falling on or after the date of initial authentication and delivery thereof up to and including the final maturity of such series of the Bonds, unless the final payment, whether upon redemption in whole or at maturity, of such Bonds shall have occurred prior to such anniversary, and (ii) such final payment, file with the Trustee a statement signed by the chief financial officer of the Company (or person performing similar functions) to the effect that the Company is then in compliance with its covenants contained in clauses (a) and (b) of this sentence, together with supporting calculations; provided, however, that if the Company shall furnish an opinion of Bond Counsel to the Trustee to the effect that no further action by the Company is required for such compliance with respect to the Bonds, the Company shall not thereafter be required to deliver any such statements or calculations.
Arbitrage Covenant. The Issuer, to the extent it has any control over proceeds of the Bonds, and the Company covenant and represent to each other and to and for the benefit of the Beneficial Owners that so long as any of the Bonds remain Outstanding, moneys on deposit in any fund in connection with the Bonds, whether such moneys were derived from the proceeds of the sale of the Bonds or from any other sources, will not be used in a manner which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code and any lawful regulations promulgated thereunder, as the same exist on this date or may from time to time hereafter be amended, supplemented or revised. The Company also covenants for the benefit of the Beneficial Owners to comply with all of the provisions of the Tax Certificate. The Company reserves the right, however, to make any investment of such moneys permitted by State law, if, when and to the extent that said Section 148 or regulations promulgated thereunder shall be repealed or relaxed or shall be held void by final judgment of a court of competent jurisdiction, but only upon receipt of a Favorable Opinion of Bond Counsel with respect to such investment.
Arbitrage Covenant. 13 Section 5.04.
Arbitrage Covenant. The Board and the Trustee (but only to the extent that the Trustee exercises investment discretion) jointly and severally covenant and certify to each other and to and for the benefit of the Owners of the Series 2014A-1 Certificates from time to time Outstanding that so long as any of the Series 2014A-1 Certificates remain Outstanding, moneys on deposit in any fund or account in connection with or relating to the Series 2014A-1 Certificates, whether or not such moneys were derived from the proceeds of sale of the Series 2014A-1 Certificates or from any other sources, including payments of Installment Payments under the Purchase Contract, will not be used in a manner which will cause either the Series 2014A-1 Certificates to be classified as “arbitrage bonds” within the meaning of Section 148(a) of the Code. Pursuant to such covenant, the Board and the Trustee (but only to the extent that the Trustee exercises investment discretion) obligate themselves to comply throughout the term of the Purchase Contract with the requirements of Section 148 of the Code and any regulations promulgated thereunder. The Board and the Trustee (to the extent the Trustee has any control thereof) hereby agree to comply with the terms and provisions of the Tax Agreement delivered on the date of initial execution and delivery of the Series 2014A-1 Certificates, including but not limited to the restrictions on yield provided for therein.
Arbitrage Covenant. The City covenants and agrees with the Issuer for the benefit of the holders of the Bonds that (i) the proceeds of the Bonds will be used as set forth in Section 4.02 of the Indenture; (ii) it will not permit any proceeds of the Bonds to be invested in such a manner which would cause the Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code and applicable regulations proposed or promulgated thereunder as of the date of such investment; (iii) it will comply with the requirements of Section 148(f) of the Code and the regulations promulgated thereunder and will pay on behalf of Issuer rebate, if any, required to be paid by Issuer; and (iv) it will expend the proceeds of the Series 2020 Bonds in compliance with the applicable provisions of Section 141 to 149, inclusive, of the Code.
Arbitrage Covenant. The Company covenants that none of the proceeds of the Bonds or the payments to be made under this Agreement, or any other funds which may be deemed to be proceeds of the Bonds pursuant to Section 148(a) of the Code, will be invested or used in such a way, and that no actions will be taken or not taken, to violate or fail to comply with the Tax Agreement and the applicable accounting, segregation, reporting and rebate requirements, if any, of Section 148 of the Code and any regulations promulgated or proposed thereunder.
Arbitrage Covenant. A. The Company and the Issuer hereby covenant for the benefit of the Bondholders that the Company and the Issuer will make no use of the proceeds of the Bonds, or of any other funds which may be deemed to be proceeds of the Bonds pursuant to Section 148 of the Code, which, if such use had been reasonably expected on the date of issuance of the Bonds, would have caused the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code, and that they will comply with the requirements of Section 148 of the Code with respect to the Bonds.
Arbitrage Covenant. (a) The Company covenants for the benefit of the Owners of the Bonds and the Issuer that the proceeds of the Bonds, the earnings thereon and any other moneys on deposit in any fund or account maintained in respect of the Bonds, whether held under the Indenture or otherwise (whether such moneys were derived from the proceeds of the sale of the Bonds or from other sources), will not be used in a manner which would cause the Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code and further covenants to provide the Issuer with all necessary representations as to facts, estimates, expectations and circumstances to enable the Issuer to comply with Section 5.07 of the Indenture.
Arbitrage Covenant. 9 Section 3.4. Costs of Issuance..................................................................... 9 ARTICLE IV LOAN AND PROVISIONS FOR REPAYMENT..................................................... 9
Arbitrage Covenant. The Issuer covenants that so long as ----------- ------------------ any of the Bonds remain outstanding, it will not knowingly take any action to cause moneys on deposit in any of the funds established by this Indenture to be used in a manner which will cause the Bonds to be classified as "arbitrage bonds" within the meaning of Section 148 of the Code. The Trustee shall be entitled to receive and may request from time to time from the Borrower written directions from Bond Counsel, at the expense of the Borrower, regarding the interpretation of Section 148 of the Code, and the Trustee agrees that it will comply with such directions (upon which the Trustee and the Issuer may conclusively rely) so as to enable the Issuer to perform its covenants under this Section. The Trustee, however, shall have no liability to the Bondholders or the Borrower, or to any party, for any loss or damage resulting from any investments made by it, except loss or damage caused by the willful, knowing default or gross negligence of the Trustee.
