Negative Arbitrage definition

Negative Arbitrage means invested bond funds (typically an Escrow) are earning less interest than the interest rate on the bonds that are the source of the invested funds.
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Examples of Negative Arbitrage in a sentence

  • The transfer of moneys from the Negative Arbitrage Account of the Project Fund to the Funding Loan Payment Fund shall occur automatically without the need for a Written Requisition of the Borrower, or consent of the Funding Lender.

  • Any Extension Payment received by the Trustee in connection with an extension of the Mandatory Tender Date pursuant to Section 3.03 hereof shall also be deposited into the Negative Arbitrage Account.

  • Bonds subject to redemption in accordance with this paragraph shall be redeemed from (i) amounts on deposit in the Collateral Fund, (ii) amounts on deposit in the Bond Fund, other than funds in the Negative Arbitrage Account therein, (iii) amounts on deposit in the Project Fund, and (iv) any other Eligible Funds available or made available for such purpose at the written direction of the Borrower.

  • Upon receipt of (a) a Confirmation of Rating provided by the Rating Agency and (b) a Cash Flow Projection provided on behalf of the Borrower, the Trustee is authorized by the Indenture to release from the Negative Arbitrage Account the amount set forth in the Cash Flow Projection to or at the written direction of the Borrower.

  • On the Closing Date, from moneys in the Surplus Account of the Revenue Fund, there shall also be deposited (a) $120,000 into the 2021 Series E subaccount of the Negative Arbitrage Account, (b) $10,000 into the 2021 Series E subaccount of the Revenue Fund, and (c) $306,000 into the 2021 Series E subaccount of the Cost of Issuance Account.

  • As further described in Section 4.4(a) of the Master Indenture, any moneys collected by the Authority from the Borrower to reimburse the Authority for any Authority moneys deposited to the 2025 Series E subaccount of the Negative Arbitrage Account shall be and remain the property of the Authority, and shall not be subject to the lien and pledge of the Indenture.

  • Neither the Governmental Lender nor the Borrovver nor any other person benefitting from the execution and delivery of the Governmental Lender Note expects to use any fund or account other than the Debt Service Account and the Negative Arbitrage Account directly or indirectly to pay principal of or interest on the Funding Loan.

  • Other than the Debt Service Account and the Negative Arbitrage Account, no fund or account.

  • On the Closing Date, from moneys in the Surplus Account of the Revenue Fund, there shall also be deposited (a) $1,090,000 into the 2020 Series E subaccount of the Negative Arbitrage Account, (b) $60,000 into the 2020 Series E subaccount of the Revenue Fund, and (c) $425,000 into the 2020 Series E subaccount of the Cost of Issuance Account.

  • Other than as provided in Section 4.2 hereof, the Authority shall not be obligated to make any contribution of funds to the Trustee in connection with the delivery of the 2020B Bonds, but the Authority may, at any time on or after the Closing Date, make additional deposits to the Program Fund, including the Restricted Loan Subaccount, the 2020 Series B subaccount of the Cost of Issuance Account and the 2020 Series B subaccount of the Negative Arbitrage Account within the Program Fund.

Related to Negative Arbitrage

  • Dispute Board (DB) means the person or persons named as such in the SCC appointed by agreement between the Procuring Entity and the Contractor to make a decision with respect to any dispute or difference between the Procuring Entity and the Contractor referred to him or her by the Parties pursuant to GCC Sub-Clause 46.1 (Dispute Board) hereof.

  • Privileged Information Exception With respect to any Privileged Information, at any time (a) such Privileged Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, taxing authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, any affected Serviced Companion Loan Holder, the Trustee and the Asset Representations Reviewer, as evidenced by an Officer’s Certificate (which shall include a certification that it is based on the advice of counsel) delivered to each of the Master Servicer, the Special Servicer, the applicable Directing Holder, the applicable Consulting Parties, the Operating Advisor, the Certificate Administrator, the Trustee and the Asset Representations Reviewer) required by law, rule, regulation, order, judgment or decree to disclose such information.

  • Partnership Tax Audit Rules means Sections 6221 through 6241 of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions and any similar provision of state or local tax laws.

  • Resource Adequacy Rulings means CPUC Decisions ▇▇-▇▇-▇▇▇, ▇▇-▇▇-▇▇▇, ▇▇-▇▇-▇▇▇, 06- 06-024, ▇▇-▇▇-▇▇▇ and any subsequent CPUC ruling or decision, or any other resource adequacy laws, rules or regulations enacted, adopted or promulgated by any applicable Governmental Authority, as such CPUC decisions, rulings, laws, rules or regulations may be amended or modified from time to time during the Term.

  • Independent Financial Consultant means a financial consultant or firm of such consultants generally recognized to be well qualified in the financial consulting field, appointed and paid by the District, who, or each of whom: