Rebate Obligations. If the Recipient satisfies the requirements of one of the spending exceptions to rebate specified in Section 1.148-7 of the Treasury Regulations, amounts earned from investments, if any, acquired with the Bond Funded Portion of the Project Funds will not be subject to the rebate requirements imposed under Section 148(f) of the Code. If the Recipient fails to satisfy such requirements for any period, it will notify the State Water Board and the Bank immediately and will comply with the provisions of the Code and the Treasury Regulations at such time, including the payment of any rebate amount calculated by the State Water Board or the Bank.
Rebate Obligations. The Borrower covenants that it will undertake to determine precisely what is required with respect to the rebate provisions contained in Section 148(f) of the Code and said regulations from time to time and will comply with any requirements that may be applicable to the Bonds. Except to the extent inconsistent with any requirements of the Code or the regulations or future regulations, the Borrower will undertake the methodology described in this Tax Certificate and Agreement.
Rebate Obligations. The Borrower covenants that it will undertake to determine precisely what is required with respect to the rebate provisions contained in Section 148(f) of the Code and said regulations from time to time and will comply with any requirements that may be applicable to the Bonds. Except to the extent inconsistent with any requirements of the Code or the regulations or future regulations, the Borrower will undertake the methodology described in this Tax Certificate and Agreement. Signature Block: CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY By: Deputy Treasurer For Chairman, State Treasurer [Treasurer’s Name] By:
Rebate Obligations. The Borrower covenants that it will undertake to determine precisely what is required with respect to the rebate provisions contained in Section 148(f) of the Code and said regulations from time to time and will comply with any requirements that may be applicable to the Authority Loan. Except to the extent inconsistent with any requirements of the Code or the regulations or future regulations, the Borrower will undertake the methodology described in this Tax Certificate and Agreement. Signature Block: CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY By: Deputy Treasurer For Chairperson, State Treasurer [Treasurer’s Name] By: Executive Director [NAME OF XXXXXXXX] By: [Name and Title of Authorized Representative]
Rebate Obligations. The Board of Education hereby covenants and agrees to assume all obligations of the City set forth in Article V of the Tax Compliance Agreement respecting the Public School Proceeds including, without limitation, the obligation to comply with Section 148(f) of the Code as set forth in Section 5.1 of the Tax Compliance Agreement and the obligation to maintain records and prepare or cause to be prepared a calculation of the Rebate Requirement (though only with respect to the Public School Proceeds portion of the Warrants) as set forth in Section 5.2 and Section 5.3, respectively, of the Tax Compliance Agreement.
Rebate Obligations. Buyer may, at Buyer’s sole discretion, settle or pay any Rebate Obligation at any time, and from time to time, during the three (3) year period immediately following the Closing (the “Rebate Escrow Period”), by providing written notice thereof to the Escrow Agent (with a copy to the Lenders’ Representative) (i) describing the Rebate Obligation and the amount so settled, paid or to be paid (each a “Rebate Amount”), in reasonable detail and (ii) instructing the Escrow Agent to release to Buyer an amount equal to such Rebate Amount from the Rebate Escrow Funds (“Rebate Escrow Release Notice”); provided, however, (x) Buyer will not be entitled to receive any Rebate Amount from the Rebate Escrow Funds unless and until the aggregate amount of all Rebate Obligations actually paid by Buyer without utilization of any Rebate Escrow Funds has exceeded $500,000 and (y) Buyer shall provide at least three (3) Business Days advance written notice to the Lenders’ Representative that it intends to deliver a Rebate Escrow Release Notice before delivering a Rebate Escrow Release Notice. Within two (2) Business Days after the expiration of the Rebate Escrow Period, Buyer and the Lenders’ Representative shall deliver joint written instructions signed by Buyer and the Lenders’ Representative, instructing the Escrow Agent to pay and deliver all then-remaining Rebate Escrow Funds minus the amounts of any unpaid Rebate Amounts set forth in any then pending Rebate Escrow Release Notice to the Lenders’ Representative within five (5) Business Days after delivery thereof. For the avoidance of doubt, and notwithstanding anything to the contrary contained herein, Buyer Indemnitees’ sole source of recovery for any Rebate Obligations shall be the Rebate Escrow Funds.
