Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 4 contracts
Samples: Funding Loan Agreement, Funding Loan Agreement, Funding Loan Agreement
Investment of Funds. The money Amounts held by the Fiscal Agent in any funds or accounts created under this Funding Loan Agreement shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal Agent, the Funding Lender, the Servicer or the designee of the Funding Lender or Servicer, as applicable, in Permitted Investments at the written direction of the Borrower (orBorrower, subject in all cases to the case restrictions of Section 8.7 hereof and of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or Tax Certificate. The Borrower’s instruction shall be subject to prepayment or withdrawal at par without penalty on or prior sufficient evidence that the investment constitutes a Permitted Investment (including as to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirementslegality thereof). In the absence of written direction any such instruction, monies shall be held uninvested. Permitted Investments purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. All interest or gain derived from the Borrowerinvestment of amounts in any of the funds or accounts established hereunder shall be deposited in such fund or account. For purposes of acquiring any investments hereunder, the Fiscal Agent shall invest amounts on deposit may commingle funds held by it hereunder, except as provided in Section 7.8(h) hereof with respect to the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedRebate Fund. The Fiscal Agent shall be entitled incur no liability for losses arising from any investments made pursuant to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountthis Section. The Fiscal Agent shall not furnish the Borrower and Funding Lender periodic cash transaction statements that include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Borrower. Upon the Borrower’s or Funding Xxxxxx’s election, such statements will be liable or responsible for any loss resulting from any investment made in accordance herewithdelivered via the Fiscal Agent’s online service, and upon electing such service, paper statements will be provided only upon request. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender Borrower waives the right to receive brokerage confirmations of the security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies . The Borrower further understands that trade confirmations for securities transactions effected by the Fiscal Agent hereunderwill be available upon request and at no additional cost, that no brokerage and other trade confirmations need may be sent relating to obtained from the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] applicable broker.
Appears in 2 contracts
Samples: Funding Loan Agreement, Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)) hereof), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six (6) months from the date of investment investment, and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. The Fiscal Agent shall be entitled to rely on any written direction of the Borrower as to the suitability and legality of the directed investment. In the absence of written direction from the Borrower, the Fiscal Agent shall invest hold amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth aboveuninvested. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss loss, fee, tax, or other charge resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 2 contracts
Samples: Funding Loan Agreement, Funding Loan Agreement
Investment of Funds. The money Any moneys held as part of any fund created herein shall be continuously invested and reinvested, from time to time, by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, Trustee in Authorized Investments at the written or oral direction of the Borrower (Company, but, if oral, to be promptly confirmed in writing by the Company, or, in the case absence of such direction, in Authorized Investments with the Rebate Fundshortest available maturities. The Company shall direct that any moneys held in any fund shall be invested so that (1) all investments shall mature or be subject to mandatory redemption by the holder of such investments (at not less than the principal amount thereof, as provided in Section 5.07(b)or the cost of acquisition, whichever is lower), and all deposits in Qualified Investments which mature or time accounts shall be subject to prepayment withdrawal, without penalty, not later than the date when the amounts will foreseeably be needed for purposes of the Indenture, (2) investments of moneys on deposit in the Bond Fund shall mature or withdrawal be subject to mandatory redemption by the holder (at par without penalty on or prior to not less than the earlier of principal amount thereof) not more than ninety (i90) six months days from the date of investment acquisition, and (ii) the date such money is needed; provided, that if the Fiscal Agent in no event shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts moneys on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or Bond Fund be invested in investments of the type described in subparagraph clause (gJ) of the definition of Qualified Authorized Investments and (3) moneys received pursuant to a draw on the Letter of Credit and moneys in the Bond Fund Non-Preference Moneys Subaccount shall only be invested in cash or investments described in clause (A) of the definition of Authorized Investments which shall have mature in not more than 30 days or as needed; provided, however, in the same maturity and other restrictions as set forth above. Such event moneys on deposit in the Bond Fund Non-Preference Moneys Subaccount are invested in investments may be made through the investment or securities department described in clause (A) of the Fiscal Agentdefinition of Authorized Investments, such investments shall be non-callable. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent investments so purchased shall be entitled to assume, absent receipt held by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account Trustee and shall be deemed at all times to be a part of the fund in which such moneys were held. The Trustee is directed to sell and reduce to cash a sufficient amount of such investments whenever the cash balance in said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited insufficient to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or cover a proper disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountfund. The Fiscal Agent Trustee may make any investment permitted by this Section 410 through its own investment department. The Trustee shall not be liable (except for gross negligence or responsible willful misconduct) for any depreciation in the value of any investment made pursuant to this Section 410 or for any loss resulting arising from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] such investment.
Appears in 2 contracts
Samples: Mechanical Technology Inc, Plug Power Inc
Investment of Funds. The money Amounts held by the Fiscal Agent in any funds or accounts created under this Funding Loan Agreement shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal Agent, the Funding Lender, the Servicer or the designee of the Funding Lender or Servicer, as applicable, in Permitted Investments at the written direction of the Borrower (orBorrower, subject in all cases to the case restrictions of Section 8.7 hereof and of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or Tax Certificate. The Borrower’s instruction shall be subject to prepayment or withdrawal at par without penalty on or prior sufficient evidence that the investment constitutes a Permitted Investment (including as to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirementslegality thereof). In the absence of written direction any such instruction, monies shall be held uninvested. Permitted Investments purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. All interest or gain derived from the Borrowerinvestment of amounts in any of the funds or accounts established hereunder shall be deposited in such fund or account. For purposes of acquiring any investments hereunder, the Fiscal Agent shall invest amounts on deposit may commingle funds held by it hereunder, except as provided in Section 7.8(h) hereof with respect to the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedRebate Fund. The Fiscal Agent shall be entitled incur no liability for losses arising from any investments made pursuant to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountthis Section. The Fiscal Agent shall not furnish the Borrower and Funding Lender periodic cash transaction statements that include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Borrower. Upon the Borrower’s or Funding Lender’s election, such statements will be liable or responsible for any loss resulting from any investment made in accordance herewithdelivered via the Fiscal Agent’s online service, and upon electing such service, paper statements will be provided only upon request. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender Borrower waives the right to receive brokerage confirmations of the security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies . The Borrower further understands that trade confirmations for securities transactions effected by the Fiscal Agent hereunderwill be available upon request and at no additional cost, that no brokerage and other trade confirmations need may be sent relating to obtained from the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] applicable broker.
Appears in 2 contracts
Samples: Funding Loan Agreement, Funding Loan Agreement
Investment of Funds. The money moneys held by the Fiscal Agent Trustee shall constitute trust funds for the purposes hereof. Any money moneys attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal AgentTrustee, at the written direction of the Borrower (orand, in during such time that the case Credit Enhancement Agreement is the Credit Facility, subject to Section 3.1(d) of the Rebate FundCredit Enhancement Agreement, as provided in Section 5.07(b))at least two (2) Business Days prior to the date of investment, in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is moneys are needed; provided, that if the Fiscal Agent Trustee shall have entered into any investment agreement requiring investment of money moneys in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money moneys shall be invested in accordance with such requirements; provided further, that all funds derived from draws on the Credit Facility shall be held uninvested or shall be invested only in Government Obligations or in Qualified Investments of the type described in subparagraph (g) of the definition thereof which, in any case, shall mature or be subject to tender or redemption at par on or prior to the earlier of (i) 30 days from the date of investment or (ii) the date such money is required to be applied pursuant to the provisions of this Indenture. In Except as otherwise provided in the preceding sentence, in the absence of the written direction from of the Borrower, the Fiscal Agent Trustee shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or Indenture in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth aboveInvestments. Such investments may be made through the investment or securities department of the Fiscal AgentTrustee. All such Qualified Investments purchased with money in any fund or account hereunder shall mature, or shall be subject to redemption or withdrawal without discount or penalty at the option of the Trustee, prior to the next succeeding Interest Payment Date. The Fiscal Agent Trustee may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent If the Trustee does not receive instructions, it shall invest funds in Qualified Investments described in subparagraph (g) of the definition thereof. Any instruction from the Borrower shall be entitled deemed to assume, absent receipt by include a representation that the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is constitutes a Qualified Investment remains and is in accordance with the terms hereof and the Tax Certificate. Amounts on deposit in the Principal Reserve Fund shall be invested and reinvested by the Trustee as provided in the Reimbursement Agreement (or as otherwise agreed to by Xxxxxxx Mac) with all such investments attributable to and deemed at all times to be a Qualified Investment thereafterpart of the Principal Reserve Fund. Qualified Investments representing an investment of money moneys attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the General Account of the Revenue Fund, and any loss resulting on the sale thereof shall be charged against General Account of the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money moneys to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money moneys to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money moneys if permitted hereby as an investment of money moneys in that fund or account. For investment purposes the Trustee may commingle the funds and accounts established hereunder (other than the Rebate Fund and the Credit Facility Account). The Fiscal Agent Trustee shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that Unless otherwise confirmed in writing, an account statement delivered periodically by the Trustee to the extent Borrower shall be deemed written confirmation by the Borrower that regulations the investment transactions identified therein accurately reflect the investment directions given to the Trustee by the Borrower unless the Borrower notifies the Trustee in writing to the contrary within thirty days of the Comptroller date of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occursuch statement. In computing for any purpose hereunder hereunder, the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] the lower of cost or par, exclusive of accrued interest.
Appears in 2 contracts
Samples: Trust Indenture, Trust Indenture
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (ia) six (6) months from the date of investment and (iib) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedauthorized and, in such capacity, Fiscal Agent or such affiliate may charge its ordinary and customary fees for such trades, including account maintenance fees, which fees, for purposes of this Funding Loan Agreement, shall be treated as Fiscal Agent’s Extraordinary Fees and Expenses. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. In no event shall Fiscal Agent be required to provide supervision, recommendations, or advice with respect to any investment. In the absence of written direction from Xxxxxxxx, Fiscal Agent shall hold amounts on deposit in the funds and accounts established under this Funding Loan Agreement uninvested. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best current market price obtainable (at least but not less than par) whenever it shall be necessary so to do so in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Office of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 2 contracts
Samples: Funding Loan Agreement, Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments a) Available monies which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts are on deposit in the funds and accounts established under this Funding Loan Agreement Collateral Account or the Reserve Account at the close of any Business Day shall be invested by the Collateral Agent (in Government Obligations its name credited to the related Trust Account for the benefit of the Person or Persons specified herein or in the applicable Supplement) based on written instructions signed by an Authorized Officer of each Borrower in Eligible Investments (provided that (i) in the absence of any such instructions, in investments of the type described set forth in subparagraph clause (gf) of the definition of Qualified Eligible Investments which shall have and (ii) if a Cash Collection Event has occurred and is continuing, in investments of the same maturity and other restrictions as type set forth above. Such investments may be made through the investment or securities department in clause (a) of the Fiscal Agent. The Fiscal definition of Eligible Investments) maturing in the case of monies on deposit in the Collateral Account or the Reserve Account (x) on or before the next Payment Date, if the entity serving as Collateral Agent may purchase from or sell to itself any Affiliate of the Collateral Agent is the obligor thereon, and (y) no later than the Business Day before the next Payment Date, if a Person other than the entity serving as Collateral Agent or an affiliate, as principal or agent, securities herein authorized. The Fiscal any Affiliate of the Collateral Agent shall be entitled to assume, absent receipt by is the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or accountobligor thereon, and, except as otherwise may be provided expressly in other Sections hereofany case, the interest thereon and any profit arising on the sale thereof such Eligible Investments shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountheld until their maturity. The Fiscal Collateral Agent shall not be liable for the selection of investments or responsible for investment losses incurred thereon absent gross negligence or willful misconduct. Notwithstanding the requirement that investments be held until maturity, whenever the Collateral Agent is required or permitted to make any loss resulting from payment, distribution or transfer under this Agreement, the Collateral Agent shall have the right, and is hereby irrevocably authorized, to sell or otherwise liquidate any investment made in accordance herewith. The Governmental Lender acknowledges that Eligible Investments to the extent that regulations of the Comptroller of the Currency necessary to make such payment or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 transfer and hereby notifies the Fiscal Agent hereunder, that shall have no brokerage confirmations need be sent relating to the security transactions as they occur. In computing liability for any purpose hereunder the amount in any fund or account on any date, obligations so purchased and shall be valued at Fair Market Value. [Reserved] fully protected from and against any losses incurred in connection with such sale or liquidation.
Appears in 1 contract
Samples: Credit and Security Agreement (Grupo Imsa Sa De Cv)
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment investment, and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. The Fiscal Agent shall be entitled to rely on any written direction of the Borrower as to the suitability and legality of the directed investment. In the absence of written direction from the Borrower, the Fiscal Agent shall invest hold amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth aboveuninvested. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss loss, fee, tax, or other charge resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. Part 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money Moneys held in any Fund created by the Fiscal Agent and held under this Depositary Agreement shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds be invested and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, reinvested in Permitted Investments at the written direction (which may be in the form of a standing instruction) of an Authorized Representative of the Borrower Partnership; provided, however, that at any time when (a) a Responsible Officer of the Depositary Agent has received written notice that an Event of Default shall have occurred and be continuing or (b) an Authorized Representative of the Partnership has not timely furnished such a written direction or, after a request by the Depositary Agent, has not so confirmed a standing instruction to the Depositary Agent, the Depositary Agent shall invest such moneys only in the case Permitted Investments of the Rebate Fund, as provided a maturity of thirty (30) days or less. Such investments shall mature in Section 5.07(b)), in Qualified Investments which mature such amounts and have maturity dates or shall be subject to prepayment or withdrawal redemption at par without penalty the option of the holder thereof on or prior to maturity as needed for the earlier purposes of (i) six months from such Funds, but in no event shall such investments mature more than one year after the date of investment and (ii) the date acquired. Any income or gain realized from such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money investments shall be invested deposited, first, into the Fund from which such moneys came, until the amount in accordance with such requirements. In Fund equals the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times amount then required to be a part of said fund or account, deposited in such Fund and, except as otherwise may be provided expressly in other Sections hereofsecond, into the interest thereon and any profit arising on the sale thereof shall be credited to the Project Revenue Fund, and any . Any loss resulting on the sale thereof shall be charged against to the Revenue applicable Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Depositary Agent shall not be liable or responsible for any such loss resulting from other than by reason of its willful misconduct or gross negligence. For purposes of any investment made in accordance herewith. The Governmental Lender acknowledges that to income tax payable on account of any income or gain on an investment, such income or gain shall be for the extent that regulations account of the Comptroller of Partnership and the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] Company.
Appears in 1 contract
Samples: Deposit and Disbursement Agreement (Panda Interfunding Corp)
Investment of Funds. The money held by Any moneys in the Fiscal Agent shall constitute trust funds for Bond Fund, the purposes hereofConstruction Fund, the Rebate Fund, the Reserve Instrument Fund and the Debt Service Reserve Fund shall, at the discretion and authorization of the Issuer, be invested in Qualified Investments; provided, however, that moneys on deposit in the Bond Fund and the Reserve Instrument Fund may only be invested in Qualified Investments having a maturity date one year or less. Any money attributable If no written authorization is given to each of the Trustee with respect to the funds and accounts hereunder shall bethat it holds, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or moneys shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fundheld uninvested. Such investments shall be sold held by the Issuer and the Trustee in their respective Funds, and when the Issuer or the Trustee determines it necessary to use the moneys in the respective Funds for the purposes for which the Funds were created, they shall liquidate at prevailing market prices as much of the investments as may be necessary and apply the proceeds to such purposes. All income derived from the investment of the Construction Fund, Bond Fund, the Reserve Instrument Fund and Rebate Fund shall be maintained in said respective Funds and disbursed along with the other moneys on deposit therein as herein provided. All income derived from the investment of the Debt Service Reserve Fund shall be maintained therein and disbursed in accordance with Section 5.5 hereof. All moneys in the Revenue Fund may, at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu discretion of the required money if permitted hereby as an investment of money Issuer, be invested by the Issuer in Qualified Investments. With respect to the Funds that fund it holds, the Trustee shall have no liability or account. The Fiscal Agent shall not be liable or responsible responsibility for any loss resulting from any investment made in accordance herewithwith the provisions of this Section 5.8. With respect to the Funds that it holds, the Trustee shall be entitled to assume that any investment, which at the time of purchase is a Qualified Investment, remains a Qualified Investment thereafter, absent receipt of written notice or information to the contrary. The Governmental Lender Trustee may, with respect to the Funds that it holds and to the extent permitted by the State Money Management Act of 1974, Title 51, Chapter 7, Utah Code make any and all investments permitted by the provisions of the Indenture through its own or any of its affiliate’s investment departments. The Issuer acknowledges that to the extent that regulations of the Comptroller comptroller of the Currency currency or any other applicable regulatory agency grant entity grants the Governmental Lender Issuer the right to receive brokerage confirmations of the security transactions as they occur, the Issuer specifically waives receipt of such confirmations to the extent permitted by law. With respect to the Funds that it holds, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies Trustee shall furnish the Fiscal Agent Issuer periodic cash transaction statements which include the detail for all investment transactions made by the Trustee hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for the event the Issuer shall be advised by nationally recognized municipal bond counsel that it is necessary to restrict or limit the yield on the investment of any purpose hereunder moneys paid to or held by the amount Trustee in order to avoid the Bonds, or any fund Series thereof, being considered “arbitrage bonds” within the meaning of the Code or account the Treasury Regulations proposed or promulgated thereunder, or to otherwise preserve the excludability of interest payable or paid on any dateBonds from gross income for federal income tax purposes, obligations the Issuer may require in writing the Trustee to take such steps as it may be advised by such counsel are necessary so purchased shall be valued at Fair Market Value. [Reserved] to restrict or limit the yield on such investment, irrespective of whether the Trustee shares such opinion, and the Trustee agrees that it will take all such steps as the Issuer may require.
Appears in 1 contract
Samples: Bond Purchase Agreement
Investment of Funds. The money Amounts held by the Fiscal Agent in any funds or accounts created under or pursuant to this Funding Loan Agreement shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal Agent, the Funding Lender, the Servicer or the designee of the Funding Lender or Servicer, as applicable, in Permitted Investments at the written direction of the Borrower (orBorrower, subject in all cases to the case restrictions of Section 8.7 hereof and of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or Tax Certificate. The Borrower’s instruction shall be subject to prepayment or withdrawal at par without penalty on or prior sufficient evidence that the investment constitutes a Permitted Investment (including as to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirementslegality thereof). In the absence of written direction any such instruction, monies shall be held uninvested. Permitted Investments purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. All interest or gain derived from the Borrowerinvestment of amounts in any of the funds or accounts established hereunder shall be deposited in such fund or account. For purposes of acquiring any investments hereunder, the Fiscal Agent shall invest amounts on deposit may commingle funds held by it hereunder, except as provided in Section 7.8(h) hereof with respect to the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedRebate Fund. The Fiscal Agent shall be entitled incur no liability for losses arising from any investments made pursuant to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountthis Section. The Fiscal Agent shall not furnish the Borrower and Funding Lender periodic cash transaction statements that include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Borrower. Upon the Borrower’s or Funding Lender’s election, such statements will be liable or responsible for any loss resulting from any investment made in accordance herewithdelivered via the Fiscal Agent’s online service, and upon electing such service, paper statements will be provided only upon request. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender Borrower waives the right to receive brokerage confirmations of the security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies . The Borrower further understands that trade confirmations for securities transactions effected by the Fiscal Agent hereunderwill be available upon request and at no additional cost, that no brokerage and other trade confirmations need may be sent relating to obtained from the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] applicable broker.
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money Amounts held by the Fiscal Agent in any funds or accounts created under this Funding Loan Agreement shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal Agent, the Funding Lender, the Servicer or the designee of the Funding Lender or Servicer, as applicable, in Permitted Investments at the written direction of the Borrower (orBorrower, subject in all cases to the case restrictions of Section 8.7 hereof and of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or Tax Certificate. The Borrower’s instruction shall be subject to prepayment or withdrawal at par without penalty on or prior sufficient evidence that the investment constitutes a Permitted Investment (including as to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirementslegality thereof). In the absence of written direction any such instruction, monies shall be held uninvested. Permitted Investments purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. All interest or gain derived from the Borrowerinvestment of amounts in any of the funds or accounts established hereunder shall be deposited in such fund or account. For purposes of acquiring any investments hereunder, the Fiscal Agent shall invest amounts on deposit may commingle funds held by it hereunder, except as provided in Section 7.8(h) hereof with respect to the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedRebate Fund. The Fiscal Agent shall be entitled incur no liability for losses arising from any investments made pursuant to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountthis Section. The Fiscal Agent shall not furnish the Borrower and Funding Lender periodic cash transaction statements that include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Borrower. Upon the Borrower’s or Funding Xxxxxx’s election, such statements will be liable or responsible for any loss resulting from any investment made in accordance herewithdelivered via the Fiscal Agent’s online service, and upon electing such service, paper statements will be provided only upon request. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender Borrower waives the right to receive brokerage confirmations of the security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies . The Borrower further understands that trade confirmations for securities transactions effected by the Fiscal Agent hereunderwill be available upon request and at no additional cost, that no brokerage and other trade confirmations need may be sent relating to obtained from the security transactions as they occurapplicable broker. In computing for any purpose hereunder Establishment of Funds. There are established with the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .Fiscal Agent the following funds and accounts:
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money held Monies in the Bond Fund and the accounts in such fund shall be invested and reinvested by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal AgentTrustee, at the specific written direction of the Borrower (orCompany, so long as the Company is not in default hereunder or under the Participation Agreement, to the extent reasonable and practicable in Investment Securities selected by the Company and maturing in the case of amounts and at the Rebate Fund, times as provided in Section 5.07(b)), in Qualified Investments which mature or shall determined by the Company so that the payments required to be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months made from the date of investment such funds and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall accounts may be invested in accordance with such requirementsmade when due. In the absence of written such direction from and subsequent to the Borroweroccurrence of an Event of Default hereunder or under the Participation Agreement, the Fiscal Agent Trustee shall invest amounts hold monies in the Bond Fund uninvested. Investment earnings shall be considered on deposit in any Fund or Account as of the date they are actually received by the Trustee. The Trustee, with the consent of the Company, shall be authorized to sell any investment when necessary to make the payments to be made from the funds and accounts established under this Funding Loan Agreement therein. All earnings on and income from monies in Government Obligations or said funds and accounts created hereby shall be considered to be Revenues and shall be held in investments of the type described respective account in subparagraph (g) of the definition of Qualified Investments which shall have Bond Fund for use and application as are all other monies deposited in such accounts. The Trustee shall, in the same maturity and other restrictions as statement required by Section 12.07, set forth above. Such investments may be made through the Investment Securities held separately in, and the earnings realized on investment or securities department of the Fiscal Agentfor, each fund and account hereunder. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent Trustee shall not be liable or responsible for any depreciation in the value of the Investment Securities acquired hereunder or any loss resulting from suffered in connection with any investment of funds made by it in accordance herewith, including, without limitation, any loss suffered in connection with the sale of any investment pursuant hereto. The Governmental Lender acknowledges that to the extent that regulations Trustee may make any such investments through its own investment department upon written direction of the Comptroller Company. All Investment Securities shall constitute a part of the Currency or other applicable regulatory agency grant respective fund and accounts therein from which the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount investment in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] Investment Securities was made.
Appears in 1 contract
Samples: Amending and Supplementing the Indenture (Keyspan Corp)
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments a) Available monies which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts are on deposit in the funds and accounts established under this Funding Loan Agreement Collateral Account at the close of any Business Day shall be invested by the Collateral Agent (in Government Obligations its name credited to the related trust account for the benefit of the Person or Persons specified herein or in the applicable supplement) based on written instructions signed by an Authorized Officer of each Borrower in Eligible Investments (provided that (i) in the absence of any such instructions, in investments of the type described set forth in subparagraph clause (gf) of the definition of Qualified Eligible Investments which shall have and (ii) if a Cash Collection Event has occurred and is continuing, in investments of the same maturity and other restrictions as type set forth above. Such investments may be made through the investment or securities department in clause (a) of the Fiscal Agent. The Fiscal definition of Eligible Investments) maturing in the case of monies on deposit in the Collateral Account (x) on or before the next Payment Date, if the entity serving as Collateral Agent may purchase from or sell to itself any Affiliate of the Collateral Agent is the obligor thereon, and (y) no later than the Business Day before the next Payment Date, if a Person other than the entity serving as Collateral Agent or an affiliate, as principal or agent, securities herein authorized. The Fiscal any Affiliate of the Collateral Agent shall be entitled to assume, absent receipt by is the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or accountobligor thereon, and, except as otherwise may be provided expressly in other Sections hereofany case, the interest thereon and any profit arising on the sale thereof such Eligible Investments shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountheld until their maturity. The Fiscal Collateral Agent shall not be liable for the selection of investments or responsible for investment losses incurred thereon absent gross negligence or willful misconduct. Notwithstanding the requirement that investments be held until maturity, whenever the Collateral Agent is required or permitted to make any loss resulting from payment, distribution or transfer under this Agreement, the Collateral Agent shall have the right, and is hereby irrevocably authorized, to sell or otherwise liquidate any investment made in accordance herewith. The Governmental Lender acknowledges that Eligible Investments to the extent that regulations of the Comptroller of the Currency necessary to make such payment or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 transfer and hereby notifies the Fiscal Agent hereunder, that shall have no brokerage confirmations need be sent relating to the security transactions as they occur. In computing liability for any purpose hereunder the amount in any fund or account on any date, obligations so purchased and shall be valued at Fair Market Value. [Reserved] fully protected from and against any losses incurred in connection with such sale or liquidation.
Appears in 1 contract
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each (a) Upon receipt of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction a Written Request of the Borrower (orfiled with the Bond Trustee, moneys consisting of proceeds of the Series 2007A Bonds, if any, and all investment earnings thereon in the case of the Rebate Interest Fund, as provided Bond Sinking Fund, Debt Service Reserve Fund, Project Fund, Expense Fund and Redemption Fund shall be invested in Section 5.07(b))Authorized Investments, and all remaining moneys in said funds shall be invested in Qualified Investments which mature or specified by the Borrower. Such investments shall be subject made so as to prepayment or withdrawal at par without penalty mature on or prior to the earlier of (i) six months from date or dates that moneys therefrom are reasonably anticipated to be required. If the date of investment Borrower fails to give such direction and (ii) file such written request with the date Bond Trustee, moneys in such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money funds shall be invested in accordance Government Obligations, maturing not more than fourteen days after the day such investment is made. As and when any amounts invested pursuant to this Bond Indenture may be needed for disbursements from the Bond Sinking Fund, the Interest Fund, the Debt Service Reserve Fund, the Expense Fund, the Project Fund or the Redemption Fund, the Bond Trustee shall cause a sufficient amount of such investments to be sold or otherwise converted into cash to the credit of such fund. The Bond Trustee may rely upon an Officer’s Certificate of the Borrower in determining whether any investments constitute Authorized Investments and comply with such requirementsthe investment restrictions in this Bond Indenture and the Tax Exemption Agreement. In the absence of written direction from The Bond Trustee, when authorized by the Borrower, the Fiscal Agent shall invest amounts on deposit may trade with itself in the funds purchase and accounts established under this Funding Loan Agreement sale of securities for such investment; provided, however, that in Government Obligations or no case shall any investment be otherwise than in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through accordance with the investment or securities department of limitations contained herein and in the Fiscal AgentTax Exemption Agreement. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent Bond Trustee shall not be liable or responsible for any loss resulting from any investment made in accordance herewithsuch investments. The Governmental Lender acknowledges that Gains from investments shall be credited to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occurand held in, to the extent permitted by lawand losses shall be charged to, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] from which the investment is made.
Appears in 1 contract
Investment of Funds. The money Amounts held by the Fiscal Agent in any funds or accounts created under this Funding Loan Agreement shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal Agent, the Funding Lender, the Servicer or the designee of the Funding Lender or Servicer, as applicable, in Permitted 1404506.docx Investments at the written direction of the Borrower (orBorrower, subject in all cases to the case restrictions of Section 8.7 hereof and of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or Tax Certificate. The Borrower’s instruction shall be subject to prepayment or withdrawal at par without penalty on or prior to sufficient evidence that the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Permitted Investment, such money shall be invested in accordance with such requirements. In the absence of written direction any such instruction, monies shall be held uninvested. Permitted Investments purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. All interest or gain derived from the Borrowerinvestment of amounts in any of the funds or accounts established hereunder shall be deposited in such fund or account. For purposes of acquiring any investments hereunder, the Fiscal Agent shall invest amounts on deposit may commingle funds held by it hereunder, except as provided in Section 7.8(h) hereof with respect to the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedRebate Fund. The Fiscal Agent shall be entitled incur no liability for losses arising from any investments made pursuant to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountthis Section. The Fiscal Agent shall not furnish the Borrower and Funding Lender periodic cash transaction statements that include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Borrower. Upon the Borrower’s or Funding Lender’s election, such statements will be liable or responsible for any loss resulting from any investment made in accordance herewithdelivered via the Fiscal Agent’s online service, and upon electing such service, paper statements will be provided only upon request. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender Borrower waives the right to receive brokerage confirmations of the security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies . The Borrower further understands that trade confirmations for securities transactions effected by the Fiscal Agent hereunderwill be available upon request and at no additional cost, that no brokerage and other trade confirmations need may be sent relating to obtained from the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] applicable broker.
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments Investments, which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price 4837-1660-0800.3 obtainable (at least par) whenever it shall be necessary so to do so in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent provided relating to the security transactions as they occur. In computing for any purpose hereunder Except as otherwise provided in the amount following paragraph of this Section, the Governmental Lender and the Borrower (by their execution of the Project Loan Agreement) each covenant that all investments of amounts deposited in any fund or account on any datecreated by or pursuant to this Funding Loan Agreement, obligations so purchased or otherwise containing Gross Proceeds of the Funding Loan or the Governmental Note (within the meaning of Section 148 of the Code) shall be acquired, disposed of, and valued (as of the date that valuation is required by this Funding Loan Agreement or the Code) at Fair Market Value. [Reserved] The Governmental Lender and the Borrower (by their execution of the Project Loan Agreement) each covenant that investments in funds or accounts (or portions thereof) that are subject to a yield restriction under applicable provisions of the Code and (unless valuation is undertaken at least annually) investments in any reserve fund shall be valued at their present value (within the meaning of Section 148 of the Code).
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (ia) six (6) months from the date of investment and (iib) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedauthorized and, in such capacity, Fiscal Agent or such affiliate may charge its ordinary and customary fees for such trades, including account maintenance fees, which fees, for purposes of this Funding Loan Agreement, shall be treated as Fiscal Agent’s Extraordinary Fees and Expenses. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. In no event shall Fiscal Agent be required to provide supervision, recommendations, or advice with respect to any investment. In the absence of written direction from Xxxxxxxx, Fiscal Agent shall hold amounts on deposit in the funds and accounts established under this Funding Loan Agreement uninvested. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best current market price obtainable (at least but not less than par) whenever it shall be necessary so to do so in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Office of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunderxxxxxxxxx, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money moneys held by the Fiscal Agent Trustee shall constitute trust funds for the purposes hereof. Any money moneys attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal AgentTrustee, at the written direction of the Borrower (orand, in during such time that the case Credit Enhancement Agreement is the Credit Facility, subject to Section 3.1(d) of the Rebate FundCredit Enhancement Agreement, as provided in Section 5.07(b))at least two (2) Business Days prior to the date of investment, in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is moneys are needed; provided, that if the Fiscal Agent Trustee shall have entered into any investment agreement requiring investment of money moneys in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money moneys shall be invested in accordance with such requirements; provided further, that all funds derived from draws on the Credit Facility shall be held uninvested or shall be invested only in Government Obligations or in Qualified Investments of the type described in subparagraph (g) of the definition thereof which, in any case, shall mature or be subject to tender or redemption at par on or prior to the earlier of (i) 30 days from the date of investment or (ii) the date such money is required to be applied pursuant to the provisions of this Indenture. In Except as otherwise provided in the preceding sentence, in the absence of the written direction from of the Borrower, the Fiscal Agent Trustee shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or Indenture in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth aboveInvestments. Such investments may be made through the investment or securities department of the Fiscal AgentTrustee. All such Qualified Investments purchased with money in any fund or account hereunder shall mature, or shall be subject to redemption or withdrawal without discount or penalty at the option of the Trustee, prior to the next succeeding Interest Payment Date. The Fiscal Agent Trustee may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent If the Trustee does not receive instructions, it shall invest funds in Qualified Investments described in subparagraph (g) of the definition thereof. Any instruction from the Borrower shall be entitled deemed to assume, absent receipt by include a representation that the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is constitutes a Qualified Investment remains and is in accordance with the terms hereof and the Tax Certificate. Amounts on deposit in the Principal Reserve Fund shall be invested and reinvested by the Trustee as provided in the Reimbursement Agreement (or as otherwise agreed to by Freddie Mac) with all such investments attributable to and deemed at all times to be a Qualified Investment thereafterpart of the Principal Reserve Fund. Qualified Investments representing an investment of money moneys attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the General Account of the Revenue Fund, and any loss resulting on the sale thereof shall be charged against General Account of the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money moneys to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money moneys to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money moneys if permitted hereby as an investment of money moneys in that fund or account. For investment purposes the Trustee may commingle the funds and accounts established hereunder (other than the Rebate Fund and the Credit Facility Account). The Fiscal Agent Trustee shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that Unless otherwise confirmed in writing, an account statement delivered periodically by the Trustee to the extent Borrower shall be deemed written confirmation by the Borrower that regulations the investment transactions identified therein accurately reflect the investment directions given to the Trustee by the Borrower unless the Borrower notifies the Trustee in writing to the contrary within thirty days of the Comptroller date of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occursuch statement. In computing for any purpose hereunder hereunder, the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] the lower of cost or par, exclusive of accrued interest.
Appears in 1 contract
Samples: Trust Indenture
Investment of Funds. The money held by the Fiscal Agent (a) Money in any Fund established pursuant to this Master Indenture shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal Agent, Trustee as directed by the City pursuant to a City Certificate filed with the Trustee at the written direction least two (2) Business Days in advance of the Borrower (ormaking of such investment in time deposits, other bank deposit products, or certificates of deposit secured in the case of the Rebate Fundmanner required by law for public funds, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In direct obligations of, including obligations the absence of written direction from the Borrowerprincipal and interest on which are unconditionally guaranteed by, the Fiscal Agent shall invest amounts on deposit United States of America, in the funds and accounts established under this Funding Loan Agreement in Government Obligations obligations of any agencies or instrumentalities thereof, or in such other investments as are permitted under the Public Funds Investment Act Chapter 2256 Texas Government Code, as amended, or any successor law, as in effect from time to time; provided that all such deposits and investments shall be made in such manner (which may include repurchase agreements for such investment with any primary dealer of such agreements) that the type described in subparagraph (g) of money required to be expended from any Fund will be available at the definition of Qualified Investments which shall have the same maturity and other restrictions as proper time or times set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fundthis Master Indenture. Such investments shall be sold at valued each year in terms of current market value as of September 30 and on each Interest Payment Date (for the best price obtainable (at least parpurpose of determining excess funds pursuant to Section 5.6(c) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or accountand 5.7(a)). In the case For purposes of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an maximizing investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occurreturns, to the extent permitted by law, money in such Funds may be invested in common investments of the Governmental Lender specifically waives compliance kind described above, or in a common pool of such investments which shall be kept and held at an official depository bank, which shall not be deemed to be or constitute a commingling of such money or funds provided that safekeeping receipts or certificates of participation clearly evidencing the investment or investment pool in which such money is invested and the share thereof purchased with 12 C.F.R. 12 and hereby notifies such money or owned by such Fund are held by or on behalf of each such Fund. If necessary, such investments shall be promptly sold to prevent any default. In the Fiscal Agent hereunderabsence of investment instructions from the City, that no brokerage confirmations need the Trustee shall hold monies held by it uninvested. Any obligations purchased as an investment of moneys in any Fund shall be sent relating deemed to be part of such Fund or Account, subject, however, to the security transactions as they occur. In computing requirements of this Master Indenture for any purpose hereunder the amount transfer of interest earnings and profits resulting from investment of amounts in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] Funds and Accounts.
Appears in 1 contract
Samples: Master Indenture
Investment of Funds. The money With respect to any moneys held by the Fiscal Agent shall constitute trust funds for Trustee under any Fund established hereunder, the purposes hereof. Any money attributable to each of Company and the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested City agree that all moneys in the Project Fund established by the Fiscal Agentthis Indenture may, at the written direction of the Borrower (or, in Company with the case approval of the Rebate FundClerk-Treasurer of the City, as provided be invested in Section 5.07(b))Qualified Investments, and all moneys in any other Fund established by this Indenture may, at the written direction of the City, be invested in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirementsextent permitted by law. In the absence of written such direction from the BorrowerCompany or City, as the case may be, the Fiscal Agent Trustee shall invest hold such amounts on deposit uninvested in cash, with no liability for interest. The Trustee may conclusively rely upon the funds Company’s or the City’s, as the case may be, written instructions as to both the suitability and accounts established under this Funding Loan Agreement in Government Obligations or in investments legality of the type described in subparagraph (g) of the definition directed investments and such written direction shall be deemed to be a certification that such directed investments constitute Qualified Investments. The Trustee has no investment discretion. Ratings of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which determined at the time of initial purchase is a Qualified Investment remains a Qualified Investment thereafter. of such Qualified Investments representing an and without regard to ratings subcategories and the Trustee shall have no shall have no responsibility to monitor the ratings of Qualified Investments after the initial purchase of such Qualified Investments, including at the time of reinvestment of earnings thereof. With respect to any moneys held by the City under any Fund established by this Indenture, the City may invest such moneys in Qualified Investments as it deems appropriate. Investments of moneys in the Bond Fund shall mature or be redeemable at the option of the Trustee at the times and in the amounts necessary to provide moneys to pay the principal of and interest on the Bonds by redemption or otherwise. All income derived from the investment of money attributable to any fund or account moneys on deposit in such Fund shall be deemed at all times to be a part of said fund deposited in or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall from such investment will be charged against to the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement corresponding Fund from said fund or account. In the case of any required transfer of money to another which such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountwas made. The Fiscal Agent Trustee is hereby authorized to trade with itself in the purchase and sale of securities for investments. Neither the Trustee nor the City shall not be liable or responsible for any loss resulting from any investment made in accordance herewithinvestment. The Governmental Lender acknowledges that to All such investments shall be held by or under the extent that regulations control of the Comptroller of Trustee or the Currency City, as applicable, and any income resulting therefrom shall be applied in the manner specified in this Indenture. Although the Company and the City each recognize that they may obtain a broker confirmation or other applicable regulatory agency grant written statement containing comparable information at no additional cost, the Governmental Lender Company and the right to receive brokerage City each hereby agree that confirmations of investments are not required to be issued by the security transactions Trustee for each month in which a monthly statement is rendered. Unless otherwise requested by the Company or the City, as they occurthe case may be, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations statement need be sent relating to the security transactions as they occur. In computing rendered for any purpose hereunder the amount in any fund or account on if no activity occurred in such fund or account during such month The Trustee may elect, but shall not be obligated, to credit the funds and accounts held by it with moneys representing income or principal payments due on, or sales proceeds due in respect of, Qualified Investments in such funds and accounts, or to credit to Qualified Investments intended to be purchased with such moneys, in each case before actually receiving the requisite moneys from the payment source, or to otherwise advance funds for account transactions. The Company and the City each acknowledge that the legal obligation to pay the purchase price of any dateQualified Investments arises immediately at the time of the purchase. Notwithstanding anything else in this Indenture, obligations so purchased (i) any such crediting of funds or assets shall be valued at Fair Market Value. [Reserved] provisional in nature, and the Trustee shall be authorized to reverse any such transactions or advances of funds in the event that it does not receive good funds with respect thereto, and (ii) nothing in this Indenture shall constitute a waiver of any of the Trustee’s rights as a securities intermediary under Uniform Commercial Code §9-206.
Appears in 1 contract
Samples: Financing Agreement
Investment of Funds. The money . Amounts held by the Fiscal Agent in any funds or accounts created under this Funding Loan Agreement shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, be invested by the Fiscal Agent, the Funding Lender, the Servicer or the designee of the Funding Lender or Servicer, as applicable, in Permitted 1404506.docx Investments at the written direction of the Borrower (orBorrower, subject in all cases to the case restrictions of Section 8.7 hereof and of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or Tax Certificate. The Borrower’s instruction shall be subject to prepayment or withdrawal at par without penalty on or prior to sufficient evidence that the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Permitted Investment, such money shall be invested in accordance with such requirements. In the absence of written direction any such instruction, monies shall be held uninvested. Permitted Investments purchased as an investment of moneys in any fund shall be deemed to be part of such fund or account. All interest or gain derived from the Borrowerinvestment of amounts in any of the funds or accounts established hereunder shall be deposited in such fund or account. For purposes of acquiring any investments hereunder, the Fiscal Agent shall invest amounts on deposit may commingle funds held by it hereunder, except as provided in Section 7.8(h) hereof with respect to the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedRebate Fund. The Fiscal Agent shall be entitled incur no liability for losses arising from any investments made pursuant to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or accountthis Section. The Fiscal Agent shall not furnish the Borrower and Funding Lender periodic cash transaction statements that include detail for all investment transactions effected by the Fiscal Agent or brokers selected by the Borrower. Upon the Borrower’s or Funding Lender’s election, such statements will be liable or responsible for any loss resulting from any investment made in accordance herewithdelivered via the Fiscal Agent’s online service, and upon electing such service, paper statements will be provided only upon request. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender Borrower waives the right to receive brokerage confirmations of the security transactions effected by the Fiscal Agent as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies . The Borrower further understands that trade confirmations for securities transactions effected by the Fiscal Agent hereunderwill be available upon request and at no additional cost, that no brokerage and other trade confirmations need may be sent relating to obtained from the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] applicable broker.
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g6) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorizedauthorized provided such purchase or sale shall be at Fair Market Value. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .12
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent Trustee shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder (except the Principal Reserve Fund as provided in this Section and the Bond Purchase Fund, the investment of which is provided for in Section 10.03) shall be, except as otherwise expressly provided herein, invested by the Fiscal AgentTrustee, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b))Borrower, in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent Trustee shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements; provided further, that all funds derived from draws on the Credit Facility shall be held uninvested or shall be invested only in Government Obligations or in Qualified Investments of the type described in subparagraph (g) of the definition thereof which, in any case, shall mature or be subject to tender or redemption at par on or prior to the earlier of: (i) 30 days from the date of investment or (ii) the date such money is required to be applied pursuant to the provisions of this Indenture. In Except as otherwise provided in the preceding sentence, in the absence of written direction from the BorrowerBorrower and the Credit Facility Provider, the Fiscal Agent Trustee shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or Indenture in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth aboveInvestments. Such investments may be made through the investment or securities department of the Fiscal AgentTrustee. All such Qualified Investments purchased with money in any fund or account hereunder shall mature, or shall be subject to redemption or withdrawal without discount or penalty at the option of the Trustee, prior to the next succeeding Interest Payment Date. The Fiscal Agent Trustee may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. Any instruction from the Borrower shall be deemed to include a representation that the investment constitutes a Qualified Investment and is in accordance with the terms hereof and the Tax Certificate. The Fiscal Agent Trustee shall be entitled to assume, absent receipt by the Fiscal Agent Trustee of written notice to the contrary, that any investment which at the time of purchase is in a Qualified Investment remains a Qualified Investment thereafter. Amounts on deposit in the Principal Reserve Fund shall be invested and reinvested by the Trustee at the written direction of the Borrower in accordance with the investment requirements set forth in the Reimbursement Agreement. All such investments shall be attributable to and deemed at all times to be a part of the Principal Reserve Fund. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the General Account of the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the General Account of the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent Trustee shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender Issuer acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender Issuer the right to receive brokerage confirmations of the security transactions as they occur, to . To the extent permitted by law, the Governmental Lender Issuer specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent Trustee hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 1 contract
Samples: Trust Indenture
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. The Fiscal Agent may conclusively rely upon the Borrower’s written instructions as to both the suitability and legality of the directed investments so long as the directed investment is a Qualified Investment. In the absence of investment instructions from the Borrower, the Fiscal Agent shall hold the moneys held by it hereunder uninvested. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .12
Appears in 1 contract
Samples: Funding Loan Agreement
Investment of Funds. The money held by the Fiscal Agent shall constitute trust funds for the purposes hereof. Any money attributable to each of the funds and accounts hereunder shall be, except as otherwise expressly provided herein, invested by the Fiscal Agent, at the written direction of the Borrower (or, in the case of the Rebate Fund, as provided in Section 5.07(b)the Tax Exemption Agreement), in Qualified Investments which mature or shall be subject to prepayment or withdrawal at par without penalty on or prior to the earlier of (i) six months from the date of investment and (ii) the date such money is needed; provided, that if the Fiscal Agent shall have entered into any investment agreement requiring investment of money in any fund or account hereunder in accordance with such investment agreement and if such investment agreement constitutes a Qualified Investment, such money shall be invested in accordance with such requirements. In the absence of written direction from the Borrower, the Fiscal Agent shall invest amounts on deposit in the funds and accounts established under this Funding Loan Agreement in Government Obligations or in investments of the type described in subparagraph (g) of the definition of Qualified Investments which shall have the same maturity and other restrictions as set forth above. Such investments may be made through the investment or securities department of the Fiscal Agent. The Fiscal Agent may purchase from or sell to itself or an affiliate, as principal or agent, securities herein authorized. The Fiscal Agent shall be entitled to assume, absent receipt by the Fiscal Agent of written notice to the contrary, that any investment which at the time of purchase is a Qualified Investment remains a Qualified Investment thereafter. Qualified Investments representing an investment of money attributable to any fund or account shall be deemed at all times to be a part of said fund or account, and, except as otherwise may be provided expressly in other Sections hereof, the interest thereon and any profit arising on the sale thereof shall be credited to the Revenue Fund, and any loss resulting on the sale thereof shall be charged against the Revenue Fund. Such investments shall be sold at the best price obtainable (at least par) whenever it shall be necessary so to do in order to provide money to make any transfer, withdrawal, payment or disbursement from said fund or account. In the case of any required transfer of money to another such fund or account, such investments may be transferred to that fund or account in lieu of the required money if permitted hereby as an investment of money in that fund or account. The Fiscal Agent shall not be liable or responsible for any loss resulting from any investment made in accordance herewith. The Governmental Lender acknowledges that to the extent that regulations of the Comptroller of the Currency or other applicable regulatory agency grant the Governmental Lender the right to receive brokerage confirmations of the security transactions as they occur, to the extent permitted by law, the Governmental Lender specifically waives compliance with 12 C.F.R. 12 and hereby notifies the Fiscal Agent hereunder, that no brokerage confirmations need be sent relating to the security transactions as they occur. In computing for any purpose hereunder the amount in any fund or account on any date, obligations so purchased shall be valued at Fair Market Value. [Reserved] .
Appears in 1 contract
Samples: Funding Loan Agreement
