REBATE COMPLIANCE Sample Clauses

REBATE COMPLIANCE a. It is acknowledged by the Sponsor that funds provided under this Agreement constitute indirect proceeds of New York State Housing Finance Agency Service Contract Obligation revenue bonds (the "Bonds"). The Sponsor will receive proceeds originally funded with advances received from the State and to be subsequently reimbursed with the proceeds of the Bonds. It is intended that interest on the bonds be excluded from gross income for Federal income tax purposes by virtue of Section 103(a) of the Internal Revenue Code of 1986, as amended (the "Code"). The Code and the regulations promulgated thereunder impose certain conditions with respect to the exclusion from gross income pursuant to Section 103(a) of the Code of interest paid or accrued on obligations such as the Bonds. It will be necessary to comply with the Code and regulations in order to assure the exclusion from gross income of interest paid on the boards pursuant to Section 103 of the Code. It is further necessary to comply with the provisions of the temporary Treasury Regulations Sections 1.148-OT through 1.150-IT, concerning arbitrage rebate. b. It is further acknowledged that the Corporation, together with other State public benefit corporations entered into a rebate compliance agreement with the New York State Housing Finance Agency (the "Agency") under which agreement the Corporation has agreed, among other things, to cause its Sponsors under the HHAC to (a) furnish such information as may be required in writing by the Agency in order to monitor investments of funds received by Sponsors which constitute Bond proceeds and (b) to invest such Bond proceeds in the manner and in the types of investments subsequently specified by the Agency. c. The Sponsor agrees to invest any proceeds disbursed under this Final Award Agreement only in demand deposit bank accounts, i.e., an account which permits the withdrawal of funds, without penalty, at any time, as opposed to a time deposit account, which permits withdrawal without penalty only upon maturity. d. The Sponsor agrees to promptly furnish to the Corporation upon request monthly statements of demand deposit bank accounts showing: the amount and dates of deposits into such accounts, the amount and dates of expenditure from such accounts, the amount and dates of the crediting of earnings to such accounts, together with the interest rates pursuant to which such earnings accrue, as much interest rates may change from time to time. Where statements do not ...
Sample 1Sample 2Sample 3See All (7)
AutoNDA by SimpleDocs
REBATE COMPLIANCE. The City shall take any and all actions necessary to assure compliance with Section 148(f) of the Tax Code, relating to the rebate of excess investment earnings, if any, to the federal government, to the extent that such section is applicable to this Lease. For purposes of this paragraph, investments of Available Project Proceeds during the Expenditure Period are deemed to comply with the requirements and limitations of Section 148 of the Tax Code.
Sample 1

Related to REBATE COMPLIANCE

  • CEQA Compliance The District has complied with all assessment requirements imposed upon it by the California Environmental Quality Act (Public Resource Code Section 21000 et seq. (“CEQA”) in connection with the Project, and no further environmental review of the Project is necessary pursuant to CEQA before the construction of the Project may commence.

  • Code Compliance Each of the Company Properties complies with all applicable codes, laws and regulations (including, without limitation, building and zoning codes, laws and regulations and laws relating to access to the Company Properties), except for such failures to comply that would not, in the aggregate, have a Material Adverse Effect; and neither the Company nor any of its subsidiaries has knowledge of any pending or threatened condemnation proceeding, zoning change or other proceeding or action that would reasonably be expected to have a Material Adverse Effect.

  • OSHA Compliance To the extent applicable to the services to be performed under this Agreement, Contractor represents and warrants, that all articles and services furnished under this Agreement meet or exceed the safety standards established and promulgated under the Federal Occupational Safety and Health Law (Public Law 91-596) and its regulations in effect or proposed as of the date of this Agreement.

  • Monitoring Compliance Upon the request of the Lender, but without incurring any liability beyond the Guaranteed Obligations, from time to time, Guarantor shall promptly provide to the Lender such documents, certificates and other information as may be deemed reasonably necessary to enable the Lender to perform its functions under the Servicing Agreement as the same relates to the Guarantor.

  • FERPA Compliance In connection with all FERPA Records that Contractor may create, receive or maintain on behalf of University pursuant to the Underlying Agreement, Contractor is designated as a University Official with a legitimate educational interest in and with respect to such FERPA Records, only to the extent to which Contractor (a) is required to create, receive or maintain FERPA Records to carry out the Underlying Agreement, and (b) understands and agrees to all of the following terms and conditions without reservation:

  • GAAP Compliance Contractor maintains an adequate system of accounting and internal controls that meets Generally Accepted Accounting Principles.

  • CRA Compliance Neither Buyer nor any Buyer Subsidiary has received any notice of non-compliance with the applicable provisions of the CRA and the regulations promulgated thereunder. As of the date hereof, Buyer Sub received a CRA rating of “satisfactory” or better from the FDIC in its most recent examination. Buyer knows of no fact or circumstance or set of facts or circumstances which would be reasonably likely to cause Buyer or any Buyer Subsidiary to receive any notice of non-compliance with such provisions or cause the CRA rating of Buyer or any Buyer Subsidiary to decrease below the “satisfactory” level.

  • SOX Compliance The Company has taken all actions it deems reasonably necessary or advisable to take on or prior to the date of this Agreement to assure that, upon and at all times after the Effective Date, it will be in compliance in all material respects with all applicable provisions of the Sxxxxxxx-Xxxxx Act of 2002 and all rules and regulations promulgated thereunder or implementing the provisions thereof. (the “Sxxxxxxx-Xxxxx Act”) that are then in effect and will take all action it deems reasonably necessary or advisable to assure that it will be in compliance in all material respects with other applicable provisions of the Sxxxxxxx-Xxxxx Act not currently in effect upon it and at all times after the effectiveness of such provisions.

  • FCPA Compliance The Company has not and, to the best of the Company’s knowledge, none of its employees or agents at any time during the last five years have (i) made any unlawful contribution to any candidate for foreign office, or failed to disclose fully any contribution in violation of law, or (ii) made any payment to any federal or state governmental officer or official, or other person charged with similar public or quasi-public duties, other than payments required or permitted by the laws of the United States or any jurisdiction thereof.

  • Standards Compliance Registry Operator shall comply with relevant existing RFCs and those published in the future by the Internet Engineering Task Force (IETF), including all successor standards, modifications or additions thereto relating to the DNS and name server operations including without limitation RFCs 1034, 1035, 1123, 1982, 2181, 2182, 2671, 3226, 3596, 3597, 4343, and 5966. DNS labels may only include hyphens in the third and fourth position if they represent valid IDNs (as specified above) in their ASCII encoding (e.g., “xn--ndk061n”).

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