Special Arbitrage Covenants. The Trustee, but only to the extent it exercises investment discretion, and the Board jointly and severally certify and covenant to each other and to and for the benefit of the purchasers and owners of the Certificates from time to time Outstanding that so long as any of the Certificates remain unpaid, (a) moneys on deposit in any fund or account in connection with or relating to either this Purchase Contract or the Certificates, whether or not such moneys were derived from the proceeds of sale of the Certificates or from any other sources, including payments of Installment Payments hereunder, will not be used in a manner that will cause either this Purchase Contract or the Certificates to be classified as “arbitrage bonds” within the meaning of Section 148(a) of the Code and any regulations promulgated or proposed thereunder, as the same exist on this date, or may from time to time hereafter be amended, supplemented or revised and (b) the Trustee (to the extent it exercises investment discretion) and the Board will execute, and comply with the covenants and conditions of, the Tax Agreement, except as may be otherwise permitted pursuant to Section 7.05 of the Indenture.
Special Arbitrage Covenants. The Issuer and the Lessee certify each to the other and to and for the benefit of the holder of the Bond that none of the proceeds from the issue of the Bond will be invested or otherwise used in any manner which would result in the Bond being classified as an arbitrage bond within the meaning of Section 103(c)(2) of the Code and any regulations proposed or promulgated thereunder. Pursuant to such certification, the Issuer and the Lessee jointly and severally obligate themselves to comply throughout the term of the Bond with the requirements of Section 103(c) of the Code, and any regulations proposed or promulgated from time to time thereunder, so that the Bond shall not be classified as an arbitrage bond.
Special Arbitrage Covenants. The Company further covenants and represents to and for the benefit of the purchasers of the Bonds that, on the basis of the facts, estimates and circumstances now known and reasonably expected to be in existence on the date or dates of issue of the Bonds, no use will be made of the proceeds from the issue and sale of the Bonds which would cause the Bonds to be classified as of the date or dates of their issue as arbitrage bonds within the meaning of Section 148 of the Code. The Company further covenants and agrees to pay timely on behalf of the County Rebatable Arbitrage (as defined in the Company's Tax Certificate and Covenants dated and delivered on the date of issuance of the Bonds) to the United States Government in accordance with the provisions of the Tax Certificate in order to maintain continuous compliance with Section 148 of the Code.
Special Arbitrage Covenants. (a) The Authority and the Company certify each to the other and to and for the benefit of the holders of the Series 1998A Bonds that neither the Company nor the Authority shall (1) take any action, or approve the Trustee’s making any investment or use of the proceeds of the Series 1998A Bonds or taking any other action, which would cause the Series 1998A Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code and the regulations thereunder as may be applicable to the Series 1998A Bonds, or (2) barring unforeseen circumstances, approve the use of the proceeds from the sale of the Series 1998A Bonds otherwise than in accordance with the Authority’s “non-arbitrage” certificate given immediately prior to the issuance of the Series 1998A Bonds.
Special Arbitrage Covenants. (a) The Company hereby covenants and represents to the Authority, and, based upon said representations, the Authority and the Company jointly and severally covenant with all purchasers and owners of the Bonds, that until the last Bond shall have been paid or redeemed, the Authority and the Company will comply with all requirements of Section 103(c)(6) of the Code and all applicable Regulations. The Company and the Authority further specifically agree that:
Special Arbitrage Covenants. Section 148(f) of the Code, as implemented by Section 1.148-1 to 1.148-11 of the regulations issued thereunder (the “Rebate Provisions”), requires that, with certain exceptions, the Issuer pay to the United States of America the amount of rebatable arbitrage (“Rebate Amount”) required with respect to the Bonds. The Company hereby assumes and agrees to make all payments for timely deposit into the Rebate Fund, in accordance with the terms of Section 6.06 of the Indenture, to pay the Rebate Amount, consents to the payment of the Rebate Amount by the Trustee in accordance with the terms and provisions of Section 6.06 of the Indenture, and agrees to pay any amounts in addition to the Rebate Amount, including all interest and penalties, if any, related thereto to the extent that funds available therefor held by the Trustee under the Indenture are not sufficient for such purpose. The Company will maintain all records required by Section 148(f) of the Internal Revenue Code and the applicable regulations thereunder and shall furnish to the Trustee such data or information as the Trustee shall reasonably request in writing to verify compliance with Section 148(f) of the Internal Revenue Code. The Company agrees to indemnify, protect and hold harmless the Issuer and the Trustee with respect to any nonpayment of the Rebate Amount and such interest and penalties, and the Trustee with respect to the unavailability or insufficiency of funds with which to make such payments, and with respect to any expenses or costs incurred by the Trustee in complying with the terms of Section 6.06 of the Indenture. The Company hereby agrees to fully and timely comply with the requirements of Section 6.06
Special Arbitrage Covenants. The Issuer and the Company each covenant for themselves, but not each other, that so long as Bonds shall remain outstanding (any provisions in this Agreement or the Indenture to the contrary notwithstanding with respect to investment of moneys, whether such moneys were derived from the proceeds of the Bonds or from any other source), no use will be made by them of any moneys which would cause the Bonds to be classified as "arbitrage bonds" within the meaning of Section 148 of the Code, and further covenant to comply with the requirements of the Letter of Instructions and of said Section 148 and the Regulations and to execute such certificates as may be necessary to evidence such compliance. To the extent of any inconsistency between the Letter of Instructions and this Agreement, the Letter of Instructions shall control. The Issuer hereby authorizes and directs the Company to cause the Trustee to transfer moneys in the Acquisition and Construction Fund to the Rebate Fund to the extent required under the Letter of Instructions.
