Examples of Proceeds Agreement in a sentence
VPSA will not charge any other fee to the Localities for its services or seek reimbursement for its costs, fees and expenses, including counsel fees, incurred in connection with the discharge of its duties and responsibilities under this Proceeds Agreement.
Although the Local School Bond of a Locality may qualify for the Small Issuer Exception, custody, investment and disbursement of the proceeds of the VPSA Bonds applied to the purchase of the Locality's Local School Bond shall continue under the Proceeds Agreement, and the Investment Manager shall continue to provide an Investment Report for such Locality.
This Proceeds Agreement may be amended only with the consent of all the affected parties; provided, however, that this Proceeds Agreement shall be amended whenever, in the judgment of VPSA, based on an opinion of its counsel, such amendment is required in order to insure that interest on the VPSA Bonds shall remain excludable from gross income for federal income taxation under Section 103 of the Code to the same extent it was, in the opinion of such counsel, so excludable on the Closing Date.
This Proceeds Agreement is executed with the intent that the laws of the Commonwealth of Virginia shall govern its construction.
On the Closing Date, each Locality shall furnish an opinion of counsel, addressed to VPSA, to the effect that the obligations of its client under this Proceeds Agreement are valid, binding and enforceable against such client in accordance with its terms.