Calculation of Rebate Amount Sample Clauses

Calculation of Rebate Amount. (a) ss. 148(f) of the Code requires the payment to the United States of the Rebate Amount. Except as provided below, the Revenue Fund, the Project Fund, the Costs of Issuance Fund, the Rebate Fund and all other funds or accounts treated as containing Gross Proceeds, are subject to this rebate requirement. (b) In accordance with the requirements set out in the Code and pursuant to the Indenture, the Issuer has created the Rebate Fund, to be held by the Trustee, in its capacity as Trustee under the Indenture, and used as provided in this Section. (i) On or before 25 days following each Computation Date, upon the Borrower’s written direction, an amount shall be deposited to the Rebate Fund by the Trustee from source or sources stated in such direction so that the balance of the Rebate Fund shall equal the aggregate Rebate Amount as of such determination date. (ii) Amounts deposited in the Rebate Fund shall be invested in accordance with the Investment Instructions by the Trustee at the written direction of the Borrower. (iii) All money at any time deposited in the Rebate Fund shall be held by the Trustee, to the extent required by this Tax Regulatory Agreement and the Indenture, for payment to the United States of America of the Rebate Amount. All amounts deposited into or on deposit in the Rebate Fund shall be governed by this Tax Regulatory Agreement. (iv) For purposes of crediting amounts to the Rebate Fund or withdrawing amounts from the Rebate Fund, Nonpurpose Investments shall be valued in the manner provided in this Article. (c) In order to meet the rebate requirement of ss. 148(f) of the Code, the Borrower agrees and covenants to take, or cause to be taken by the Trustee or the Rebate Analyst described in Section 4.06 hereof, as appropriate, the following actions: (i) For each Investment of amounts held with respect to the Bonds in (A) the Revenue Fund, (B) the Purchase Fund, (C) the Project Fund, (D) the Costs of Issuance Fund and (E) the Rebate Fund, the Trustee shall record the purchase date of such Investment, its purchase price, accrued interest due on its purchase date, its face amount, its coupon rate, its Yield, the frequency of its interest payment, its disposition price, accrued interest due on its disposition date and its disposition date. The Rebate Analyst retained by the Borrower shall determine the Fair Market Value for such Investments and the Yield thereon as may be required by the Regulations. The Yield for an Investment shall be cal...
Sample 1See All (6)
Calculation of Rebate Amount. Section 148(f) of the Code (formerly Section 103(a)(6) of the 1954 Code) requires the payment to the United States of the excess of the aggregate amount earned on the investment of Gross Proceeds in Nonpurpose Investments over the amount that would have been earned on such investments had the amount so invested been invested at a rate equal to the Yield on the Bonds, together with any income attributable to such excess. Except as provided below, all the funds and accounts established under the Indenture are subject to this requirement. In order to meet the rebate requirements of such Section 148(f), the Company agrees and covenants to take the following actions: (A) For each investment of amounts held with respect to the Bonds in the various funds and accounts established under the Indenture, the Company shall record the purchase date of such investment, its purchase price, its Fair Market Value, accrued interest due on its purchase date, its face amount, its coupon rate, its yield to maturity, the frequency of its interest payments, its disposition price and its disposition date. The yield to maturity for an investment means that discount rate, based on semiannual compounding, which, when used to determine the present value on the purchase date of such investment, or the date on which the investment becomes a Nonpurpose Investment, whichever is later, of all payments of principal and interest on such investment, gives an amount equal to the Fair Market Value of such investment plus accrued interest due on such date. (B) The aggregate amount earned on the investment of Gross Proceeds in Nonpurpose Investments for each Computation Period shall include all income realized under federal income tax accounting principles with respect to such Nonpurpose Investments and with respect to the reinvestment of investment receipts from such Nonpurpose Investments (without regard to the transaction costs incurred in acquiring, carrying, selling or redeeming such Nonpurpose Investments). Such income shall include, for example, gain or loss realized on the disposition of such Nonpurpose Investments (without regard to when such gains are taken into account under Section 453 of the Code) and income under Section 1272 of the Code. In addition, where Nonpurpose Investments are retained after retirement of the Bonds, any unrealized gains or losses as of the date of retirement of the Bonds must be taken into account in calculating the aggregate amount earned on such Nonpurpose ...
Sample 1
Calculation of Rebate Amount. Section 148(f) of the Code requires the payment/rebate to the United States of the excess of the amount earned on the investment of Gross Proceeds in Nonpurpose Investments over the amount that would have been earned on such investments had the amount so invested been invested at a rate equal to the yield on the Agreement, together with any income attributable to such excess. Except as provided below, all of the funds and accounts established in connection with the Agreement, and all other amounts treated as Gross Proceeds, to the extent funded with proceeds of the Agreement, are subject to this requirement. In order to meet the rebate requirement, the County agrees and covenants that subject to any applicable exceptions described in Sections 5.2 below, the County shall perform, or engage Xxxxxxx Xxxxxxxxx & Xxxx LLP or another nationally-recognized firm to perform, the necessary and appropriate rebate and/or penalty calculations that may be required to be made from time to time with respect to the Agreement, as set forth in Section 148(f) of the Code, to determine the Rebate Amount on each Computation Date.
Sample 1
Calculation of Rebate Amount. To meet the rebate requirement of Section 148(f) of the Code, the City agrees, covenants or elects, as applicable: (a) For each investment of amounts held with respect to the Notes in the (i) Sinking Fund and (ii) other moneys held by the City that are Gross Proceeds, the City shall record, or cause to be recorded, the information on Exhibit E. (b) For each Computation Date with respect to rebate amounts specified in paragraph (c) below, the Rebate Analyst described in Section 4.8 hereof shall compute the Yield on the Notes as required by the Regulations based on the Issue Price of the Notes. It is the City's intention, however, to cause the calculation of arbitrage rebate done each year in order to better budget for any payment due on an Installment Computation Date. (c) Subject to the special rules set forth in paragraphs (d) and (e) below, the Rebate Analyst described in Section 4.9 hereof shall determine the amount of earnings received on all Nonpurpose Investments described in paragraph (a) above, for each Computation Date. In addition, where Nonpurpose Investments of amounts in the funds are retained by the Paying Agent after retirement of the Notes, any unrealized gains or losses as of the date of retirement of the Notes must be taken into account in calculating the earnings on such Nonpurpose Investments to the extent required by the Regulations. The method of Calculation shall follow that set forth in the Regulations. (d) In determining the amount of any rebate computed pursuant to this section, all earnings on any Bona Fide Debt Service Fund shall not be taken into account. (e) For each Computation Date specified in paragraph (c) above, the Rebate Analyst shall calculate for each investment described in paragraphs (a) and (c) above, an amount equal to the earnings which would have been received on such investment at an interest rate equal to the Yield on the Notes as described in paragraph (b) above. The method of calculation shall follow that set forth in the Regulations. (f) In determining the amount of any rebate computed pursuant to this section, qualified administrative costs (as defined in Section 1.148-5(e) of the Regulations) shall be taken into account. (g) For each Computation Date specified in paragraph (c) above, the Rebate Analyst shall calculate the rebate amount by any appropriate method to be described in the Code and Regulations applicable or which become applicable to the Notes and shall determine whether any of the exceptions t...
Sample 1

Related to Calculation of Rebate Amount

  • Calculation of Amounts Binding Effect of Interpretations and Actions of Master Servicer...............................

  • Determination of Applicable Interest Rate As soon as practicable on each Interest Rate Determination Date, Bank shall determine (which determination shall, absent manifest error in calculation, be final, conclusive and binding upon all parties) the interest rate that shall apply to the LIBOR Advances for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to Borrower.

  • Determination of Amount In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units ("Conversion Right") as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of shares of Common Stock and Warrants comprising that number of Units equal to the quotient obtained by dividing (x) the "Value" (as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below). The "Value" of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted. As used herein, the term "Current Market Value" per Unit at any date means the remainder derived from subtracting (x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y) the Current Market Price of the Common Stock multiplied by the number of shares of Common Stock underlying the Warrants and the Common Stock issuable upon exercise of one Unit. The "Current Market Price" of a share of Common Stock shall mean (i) if the Common Stock is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), the last sale price of the Common Stock in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be; (ii) if the Common Stock is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq SmallCap Market or the NASD OTC Bulletin Board (or successor such as the Bulletin Board Exchange), but is traded in the residual over-the-counter market, the closing bid price for the Common Stock on the last trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

  • Basis for calculation of periodic payments All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a 360 day year.

  • CALCULATION OF NET ASSET VALUE U.S. Trust will calculate the Fund's daily net asset value and the daily per-share net asset value in accordance with the Fund's effective Registration Statement on Form N-2 (the "Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), including its current prospectus. If so directed, U.S. Trust shall also calculate daily the net income of the Fund

  • Computation of Amounts For purposes of computing the amount of any item of income, gain, loss, deduction or expense to be reflected in Capital Accounts, the determination, recognition and classification of each such item shall be the same as its determination, recognition and classification for federal income tax purposes; provided that: (i) any income that is exempt from Federal income tax shall be added to such taxable income or losses; (ii) any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), shall be subtracted from such taxable income or losses; (iii) if the Book Value of any Company property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) (in connection with a distribution of such property) or (f) (in connection with a revaluation of Capital Accounts), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property; (iv) if property that is reflected on the books of the Company has a Book Value that differs from the adjusted tax basis of such property, depreciation, amortization and gain or loss with respect to such property shall be determined by reference to such Book Value; and (v) the computation of all items of income, gain, loss, deduction and expense shall be made without regard to any election pursuant to Section 754 of the Code that may be made by the Company, unless the adjustment to basis of Company property pursuant to such election is reflected in Capital Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m).

  • Calculation of Overtime If the overtime work has been carried out before as well as after the regular working hours during a certain day, the overtime periods shall be added together. Only full half hours are included in the calculation.

  • Calculation of Fees Ameriprise will have sole responsibility, and Ameriprise’s records will provide the sole basis, for calculating fees for which Ameriprise invoices under this Agreement. However, the Issuer Entities may provide records to assist Ameriprise in its calculations.

  • Calculation of Rent All calculation of Rent payable hereunder shall be computed based on the actual number of days elapsed over a year of three hundred sixty (360) days or, to the extent such Rent is based on the Prime Lending Rate, three hundred sixty-five (365) (or three hundred sixty-six (366), as applicable) days.

  • Adjustments to Required Subordinated Percentages and Amount (a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2015-1) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. (b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2015-1) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes.