Investment of Funds and Accounts Sample Clauses

Investment of Funds and Accounts. (a) Amounts in any fund or account established under this Loan and Trust Agreement may, if and to the extent then permitted by law, be invested only in Qualified Investments. For the purposes of this Section, investments shall be considered as maturing on the date on which they are redeemable without penalty at the option of the holder or the date on which the Trustee may require their repurchase pursuant to a repurchase agreement qualifying as a Qualified Investment. Any investment herein authorized is subject to the condition that no portion of the proceeds derived from the sale of the Bonds shall be used, directly or indirectly, in such manner as to cause any Bond to be an “arbitrage bond” within the meaning of Section 148 of the Code. In particular, unexpended Bond Proceeds transferred from the Project Fund (or from the Earnings Fund with respect to amounts deposited therein from the Project Costs Account) to the Redemption Account pursuant to Section 3.03(d) may not be invested at a Yield (as defined in the Tax Regulatory Agreement) which is greater than the Yield on the Bonds. Such investments shall be made by the Trustee only at the written request of an Authorized Officer of the Company; and if such investment is to be in one or more certificates of deposit, then such written request shall include written assurance to the effect that such investment complies with the Tax Regulatory Agreement. Any investment hereunder shall be made in accordance with the Tax Regulatory Agreement, and the Company shall so certify to the Trustee with each such investment direction as referred to below. Such investments shall mature in such amounts and at such times as may be necessary to provide funds when needed to make payments from the applicable Fund. Net income or gain received and collected from such investments shall be credited and losses charged to (i) the Rebate Fund with respect to the investment of amounts held in the Rebate Fund, (ii) the Bond Fund with respect to the investment of amounts held in the Bond Fund, and (iii) the Earnings Fund relating to a Series of Bonds with respect to the investment of amounts held in the Earnings Fund or any other Fund.
Sample 1See All (4)
AutoNDA by SimpleDocs
Investment of Funds and Accounts. (a) Money held herelU1der, if pennitted by law, shall, as nearly as may be practicable, be invested by the Trustee in any Eligible Investments in accordance with the direction of an Authorized Officer of the Corporation given in writing, which direction shall specifY the particular investment to be made; provided, however, that money in the Debt Service FlU1d shall only be invested in Eligible Investments of the type described in clause (ii), (iii), (vi) or (viii) of the definition of the term "Eligible Investments" set forth in Section 1 .0 I hereof, but, with res t to Eligible Investments described in said clause (viii), only if at the time such investment is made such securities are rated in the highest rating category of each Rating Service. Each investment shall permit the money so deposited or invested to be available for use at the times at, and in the amolU1ts in, which the Corporation reasonably believes such money will be required for the purposes hereof.
Sample 1
Investment of Funds and Accounts. (a) Subject to restrictions set forth in a Credit Agreement, if any, amounts in any account created herein shall, to the extent permitted by Applicable Law, be invested in Investment Securities which, by their terms, are subject to liquidation by the Trustee at the times and in the amounts required to provide immediately available funds for the payment when due of Bond Insurance Premium, Debt Service, Administrative Expenses and Indemnification Obligations.
Sample 1
Investment of Funds and Accounts. 54 Section 6.01 Investment of Bond Fund, Project Fund, and Collateral Fund. 54 Section 6.02 Investment of Rebate Fund 56 Section 6.03 Accounting for Termination of Investments; No Arbitrage 56 Section 6.04 Trustee’s Own Bond or Investment Department 56 Section 6.05 Moneys to be Held in Trust 56 ARTICLE VII GENERAL COVENANTS 57 Section 7.01 Payment of Bonds 57 Section 7.02 Performance of Covenants 57 Section 7.03 Maintenance of Existence; Compliance with Laws 57 Section 7.04 Enforcement of Xxxxxxxx’s Obligations 57 Section 7.05 Further Assurances, Instruments and Actions 58 Section 7.06 Priority of Pledge 58 Section 7.07 Books and Documents Open to Inspection 58
Sample 1
Investment of Funds and Accounts. Subject to Section 4.7 of the Bond Resolution and Section 4.11 hereof, any moneys held as a part of the Sinking Fund, the Project Fund, or any other special trust account shall be invested or reinvested by the Sinking Fund Custodian or the Project Fund Depository, as the case may be, at the written direction of the Authorized Purchaser Representative in such Permitted Investments as may be designated by the Purchaser. The Sinking Fund Custodian or the Project Fund Depository, as the case may be, may make any and all such investments through its own bond or investment department or through its broker-dealer affiliate. The investments so purchased shall be held by the Sinking Fund Custodian or the Project Fund Depository, as the case may be, and shall be deemed at all times a part of the Sinking Fund, the Project Fund, or the trust account described in the preceding paragraph, as the case may be, and the interest accruing thereon and any profit realized therefrom shall be credited to such fund or account, and any losses resulting from such investments shall be charged to such fund or account therein and paid by the Purchaser.
Sample 1
Investment of Funds and Accounts. Subject to Section 5.3 of the Bond Purchase Agreement, any moneys held as a part of the Project Fund, or any other special trust funds shall be invested or reinvested by the Depositary at the written direction of the Authorized Lessee Representative, to the extent permitted by State law, in such Permitted Investments as may be designated by the Lessee. The Depositary may make any and all such investments through its own bond or investment department. The investments so purchased shall be held by the Depositary and shall be deemed at all times a part of the Project Fund or the trust account described in the preceding paragraph, as the case may be, and the interest accruing thereon and any profit realized therefrom shall be credited as provided in Section 5.3 of the Bond Purchase Agreement to such fund or account, and any losses resulting from such investments shall be charged to such fund or account therein and paid by the Lessee. [End of Article IV] EFFECTIVE DATE OF THIS LEASE; DURATION OF LEASE TERM; RENTAL PROVISIONS; NATURE OF OBLIGATIONS OF LESSEE
Sample 1

Related to Investment of Funds and Accounts

  • Investment of Funds NCPS will not commingle Escrow Funds received by it in escrow with funds of others and shall not invest such Escrow Funds. The Escrow Funds will be held in a non-interest bearing account.

  • Disbursement of Funds No later than 1:00 p.m. (local time at the place of funding) on the date specified in each Notice of Borrowing, each Lender will make available its Pro Rata Share of Loans, to fund the Borrowing requested to be made on such date in Dollars, Euro or Sterling, as the case may be, and in immediately available funds, at the Payment Office (for the account of such non-U.S. office of the Administrative Agent as the Administrative Agent may direct in the case of Eurocurrency Loans) and the Administrative Agent will make available to the Borrower at its Payment Office the aggregate of the amounts so made available by the Lenders not later than 2:00 p.m. (local time in the place of payment). Unless the Administrative Agent shall have been notified by any Lender at least one Business Day prior to the date of Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the Borrowing to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower and, if so notified, the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the rate for Base Rate Loans or Eurocurrency Loans, applicable to the Type of Loan to which such corresponding amount related, for the period in question; provided, however, that any interest paid to the Administrative Agent in respect of such corresponding amount shall be credited against interest payable by the Borrower to such Lender under Section 3.1 in respect of such corresponding amount. Any amount due hereunder to the Administrative Agent from any Lender which is not paid when due shall bear interest payable by such Lender, from the date due until the date paid, at the Federal Funds Rate for amounts in Dollars (and at the Administrative Agent’s cost of funds for amounts in Euros or Sterling or any other Alternative Currency) for the first three days after the date such amount is due and thereafter at the Federal Funds Rate (or such cost of funds rate) plus 1%, together with the Administrative Agent’s standard interbank processing fee. Further, such Lender shall be deemed to have assigned any and all payments made of principal and interest on its Loans, amounts due with respect to its Letters of Credit (or its participations therein) and any other amounts due to it hereunder first to the Administrative Agent to fund any outstanding Loans made available on behalf of such Lender by the Administrative Agent pursuant to this Section 2.7 until such Loans have been funded (as a result of such assignment or otherwise) and then to fund Loans of all Lenders other than such Lender until each Lender has outstanding Loans equal to its Pro Rata Share of all Loans (as a result of such assignment or otherwise). Such Lender shall not have recourse against the Borrower with respect to any amounts paid to the Administrative Agent or any Lender with respect to the preceding sentence; provided, that such Lender shall have full recourse against the Borrower to the extent of the amount of such Loans such Lender has been deemed to have made pursuant to the preceding sentence. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the Borrower may have against the Lender as a result of any default by such Lender hereunder.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!