Funding Loan Not a Hedge Bond. The Borrower covenants and agrees that not more than 50% of the proceeds of the portion of the Funding Loan evidenced by the Tax-Exempt Governmental Lender Note will be invested in Nonpurpose Investments having a substantially guaranteed Yield for four years or more within the meaning of Section 149(f)(3)(A)(ii) of the Code, and the Borrower reasonably expects that at least 85% of the spendable proceeds of the portion of the Funding Loan evidenced by the Tax-Exempt Governmental Lender Note will be used to carry out the governmental purposes of the Funding Loan within the three-year period beginning on the Closing Date.
Appears in 5 contracts
Samples: Borrower Loan Agreement, Borrower Loan Agreement, Borrower Loan Agreement
Funding Loan Not a Hedge Bond. The Borrower covenants and agrees that not more than 50% of the proceeds of the portion of the Funding Loan evidenced by the Tax-Tax Exempt Governmental Lender Note will be invested in Nonpurpose Investments having a substantially guaranteed Yield for four years or more within the meaning of Section 149(f)(3)(A)(ii) of the Code, and the Borrower reasonably expects that at least 85% of the spendable proceeds of the portion of the Funding Loan evidenced by the Tax-Tax Exempt Governmental Lender Note will be used to carry out the governmental purposes of the Funding Loan within the three-year period beginning on the Closing Date.
Appears in 1 contract
Samples: Borrower Loan Agreement
Funding Loan Not a Hedge Bond. The Borrower covenants and agrees that not more than 50% of the proceeds of the portion of the Funding Loan evidenced by the Tax-Exempt Governmental Lender Note will be invested in Nonpurpose Investments having a substantially guaranteed Yield for four years or more within the meaning of Section 149(f)(3)(A)(ii) of the Code, and the Borrower reasonably expects that at least 85% of the spendable proceeds of the portion of the Funding Loan evidenced by the Tax-Tax- Exempt Governmental Lender Note will be used to carry out the governmental purposes of the Funding Loan within the three-year period beginning on the Closing Date.
Appears in 1 contract
Samples: Regulatory Agreement and Declaration of Restrictive
