Arbitrage Covenants. 17 Section 7.06. Payment to Rebate Fund. . . . . . . . . . . . . . . . 17 Section 7.07. Qualification in Texas . . . . . . . . . . . . . . . 17 Section 7.08. Recordation . . . . . . . . . . . . . . . . . . . . . 17 Section 7.09.
Arbitrage Covenants. The Issuer and the Company covenant and agree, for the benefit of the Trustee and the owners of the Bonds, that they will not knowingly take any action or omit from taking any action, which would result in a loss of the exemption from federal income taxation of interest on the Bonds by virtue of the Bonds being considered "arbitrage bonds" within the meaning of Section 148 of the Code.
Arbitrage Covenants. (a) The Authority and the Borrower covenant and agree that neither will take any action, or fail to take any action, if such action or failure to take such action would adversely affect the exclusion from gross income of the interest payable on the Bonds under Section 103 of the Code. Without limiting the generality of the foregoing, the Authority and the Borrower each covenants and agrees that it will each comply with the requirements of the Tax Certificate.
Arbitrage Covenants. Neither the City nor the Authority shall, subsequent to the date of the issuance and delivery of the Series 2021 Bond, intentionally use any portions of the proceeds of the Series 2021 Bond to acquire higher yielding investments, or to replace funds which were used directly or indirectly to acquire higher yielding investments, except as may otherwise be permitted by the Code, including, but not limited to, complying with the requirements of Section 148(f) of the Code and the payment of rebate, if any, required to be made by the Authority, and that it will expend the proceeds of the Series 2021 Bond in compliance with the applicable provisions of Section 141 to 149, inclusive, of the Code. [END OF ARTICLE V]
Arbitrage Covenants. The Authority covenants that during the term of this Agreement the Authority will faithfully observe and perform, or cause to be performed, all of its covenants, conditions and agreements contained in the Tax Certificate.
Arbitrage Covenants. Each of the Sublessor and Sublessee covenants that it will not make, or request or permit the Trustee or the Municipality to make, any use of the proceeds of the Bonds or of any moneys on deposit to the credit of any of the funds created and established by the Indenture, which may be deemed to be proceeds of the Bonds pursuant to Section 103(d) of the Internal Revenue Code of 1954 and the applicable regulations thereunder 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 said Section and said regulations. The Sublessor and Sublessee further covenants that it will comply with the requirements of said Section and said regulations, as the same may be amended from time to time, so long as any Bonds remain Outstanding (as defined in the Indenture).
Arbitrage Covenants. (a) Subject to the limitations on its liability as stated herein and to the extent permitted by law, the Authority covenants and agrees that (i) it has not knowingly engaged and will not knowingly engage in any activities and that it has not knowingly taken and will not knowingly take any action which might result in any interest on the Bonds becoming includable in the gross income of the owners thereof for purposes of federal income taxation, and (ii) it will take the action required by it to be taken hereunder and will cooperate, to the extent reasonably possible without incurring additional costs, with the Borrower in maintaining the Tax-exempt status of interest on the Bonds. Without limiting the generality of the foregoing, the Authority covenants and agrees that it will comply with the requirements of the Tax Certificate. The Borrower has made certain tax covenants in Sections 5.8 of the Agreement and in the Tax Certificate.
Arbitrage Covenants. (A) The Authority covenants and agrees that it will not take any action, or fail to take any action, if such action or failure to take such action on a matter of which the Authority has actual knowledge would adversely affect the exclusion from gross income of the interest payable on the Bonds under Section 103 of the Code. Without limiting the generality of the foregoing, the Authority covenants and agrees that it will comply with the requirements of the Tax Agreement. The covenants of Authority in this Section are made solely in reliance on the representations and the covenants of the Borrower set forth in the Loan Agreement and the Tax Agreement.
Arbitrage Covenants. The Borrower and the Issuer each covenants to the owners of the Refunding Bonds that, notwithstanding any other provision of this Agreement or any other instrument, it shall take no action, nor shall the Borrower direct the Trustee to take or approve the Trustee's taking any action or direct the Trustee to make or approve the Trustee's making any investment or use of proceeds of the Refunding Bonds or any other moneys which may arise out of or in connection with this Agreement, the Indenture or the project, which would cause the Series 1996 A Bonds to be treated as "arbitrage bonds" within the meaning of Section 148 of the Code. In addition, the Borrower covenants and agrees to comply with the requirements of Section 148(f) of the Code as it may be applicable to the Series 1996 A Bonds or the proceeds derived from the sale of the Refunding Bonds or any other moneys which may arise out of, or in connection with, this Agreement, the Indenture or the Project throughout the term of the Refunding Bonds. No provision of this Agreement shall be construed to impose upon the Trustee any obligation or responsibility for compliance with arbitrage regulations, except as provided in the Indenture. (End of Article III)
Arbitrage Covenants. The Authority and the Owner certify and covenant that so long as the Bonds remain outstanding, money on deposit in any fund or account in connection with said Bonds, whether or not such monies were derived from the proceeds of the Bonds or from any other sources, will not be used, allowed to accumulate or invested in a manner which will cause such Bonds to be “arbitrage bonds” within the meaning of Section 103(c) of the Code and any regulations promulgated or proposed thereunder, as the same presently exist or may from time to time hereafter be amended, supplemented or revised. The parties reserve the right, however, to make any investment of such monies if, when, and to the extent that said Section 103(c) or regulations promulgated hereafter shall be repealed ore relaxed or shall be held void by final decision of a court of competent jurisdiction, but only if any investment made by virtue of such repeal, relaxation or decision would not result, in the opinion of counsel of recognized competence in such matters, in making the interest on the Bonds subject to Federal income taxation. Under Treasury Regulations in effect under Section 103(c) of the Code on the date of issuance of the Bonds, the yield on Investment Obligations in which the Project Fund is invested will be restricted to the yield on the Bonds. The requirements for’ expenditure of Project Fund investment earnings contained in Articles V and VI of the Indenture shall be observed and the Bond proceeds expended within three (3) years of Bond issuance (or other applicable temporary front end safe harbor period).
