Common use of General Requirements for Spending Exception Clause in Contracts

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds to pay principal of any Bonds is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6-month spending exception generally is met if all Adjusted Gross Proceeds of the Bonds are spent within 6 months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within 1 year of the Issue Date.

General Requirements for Spending Exception. The following general requirements apply in determining whether a spending exception is met. (1) Using Adjusted Gross Proceeds to pay principal of any Bonds Note is not taken into account as an expenditure for purposes of meeting any of the spending tests. (2) The 6-month spending exception generally is met if all Adjusted Gross Proceeds of the Bonds Note are spent within 6 months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within 1 year of the Issue Date.

General Requirements for Spending Exception. The following general requirements apply in determining whether a the spending exception is met. (1) Using Adjusted Gross Proceeds Bond proceeds to pay principal of any Bonds is not taken into account as an expenditure for purposes of meeting any of the spending testsexception. (2) The 6six-month spending exception generally is met if all Adjusted Gross Proceeds of the Bonds Bond proceeds are spent within 6 six months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6six-month period, so long as this amount is spent within 1 one year of the Issue Date.