Special Construction Account definition

Special Construction Account shall have the meaning as defined in Section 5.12.

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Special Construction Account maintained under the Existing Loan Contract and continue to hold therein all moneys currently held therein, as provided in this Section 5.12. The Special Construction Account shall be insured to the extent insurable by the Federal Deposit Insurance Corporation or other federal agency acceptable to the RUS and shall be designated by the corporate name of the Borrower followed by the words “Special Construction Account.” The Borrower shall promptly deposit proceeds from all Advances, including previously advanced funds whose original expenditure has been disallowed by a RUS loan fund audit, into the Special Construction Account. Moneys in the Special Construction Account shall be used solely for the purposes for which the Advance was made or for such other purposes as may be approved by the RUS.

Special Construction Account. The Borrower shall promptly deposit proceeds from all Advances, including previously advanced funds whose original expenditure has been disallowed by a RUS loan fund audit, into the Special Construction Account. Moneys in the Special Construction Account shall be used solely for the purposes for which the Advance was made or for such other purposes as may be approved by the RUS.

Examples of Special Construction Account in a sentence

The Borrower shall promptly deposit all moneys advanced to it by the Government hereunder in a special construction account (hereinafter called "Special Construction Account") in a bank or banks, which shall meet the requirements specified in section 4.3 of the Loan Contract (or such other section thereof as is headed "Deposit of Funds"), and shall hold such moneys in trust for the Government until disbursed.
Moneys in the Special Construction Account shall be used solely for the purposes for which the Advance was made or for such other purposes as may be approved by the RUS.
Until the aggregate amount of withdrawals from the Special Construction Account shall equal or exceed the amount of the equity funds, they shall be deemed to have been made from equity funds and not from funds advanced by the Government to the Borrower.
Any Special Construction Account shall be designated by the corporate name of the Borrower, followed by the words "Trustee, REA Construction Fund Account." All loan funds in any Special Construction Account shall be used solely for the purposes specified in section 1.1 of the Loan Contract, as amended by this Agreement and any subsequent amendment.
If the Borrower is required to obtain equity funds by the terms of the Loan Contract, as amended by this Agreement or any subsequent amendment, the Borrower shall also deposit all such equity funds in the Special Construction Account on the same terms and conditions and for the same purposes as funds advanced on account of the Loan.
The Special Construction Account shall be insured to the extent insurable by the Federal Deposit Insurance Corporation or other federal agency acceptable to the RUS and shall be designated by the corporate name of the Borrower followed by the words “Special Construction Account.” The Borrower shall promptly deposit proceeds from all Advances, including previously advanced funds whose original expenditure has been disallowed by a RUS loan fund audit, into the Special Construction Account.
Subject to the provisions of paragraph 7 of this Exhibit I and section 5.2(c) of the Loan Contract (or subsection (c) of such other section of the Loan Contract as is headed "Remedies upon Default"), moneys in any Special Construction Account may be withdrawn only upon checks, drafts or orders signed on behalf of the Borrower and countersigned by an executive officer thereof.
All loan funds in any Special Construction Account shall be used solely for the purposes specified in section 1.1 hereof.
Any account (herein called "Special Construction Account") in which any such moneys shall be deposited shall be designated by the corporate name of the Borrower followed by the words "Trustee, REA Construction Fund Account".
Any funds advanced on account of the Loan remaining unexpended in any Special Construction Account upon the closing of the Loan shall be forthwith remitted by the Borrower to the Government and a credit in respect thereof allowed against any one or more of the Notes to be designated by the Administrator.

More Definitions of Special Construction Account

Special Construction Account shall have the meaning as defined in Section 5.21. Subsidiary shall mean a corporation that is a subsidiary of the Borrower and subject to the Borrower's control, as defined by RUS Accounting Requirements.

Special Construction Account shall have the meaning as defined in Section 5.12. “Subsidiary” shall mean a corporation or other entity that is a subsidiary of the Borrower and subject to the Borrower’s control, as defined by Accounting Requirements. “System” shall mean all electric properties and interest in electric properties of the Borrower, it being the intent that “System” be broadly construed to encompass and include the Borrower’s interests in all electric production, transmission, distribution, conservation, load management, general plant and other related facilities, equipment or property and in any mine, well, pipeline, plant, structure or other facility for the development, production, manufacture, storage, fabrication or processing of fossil, nuclear or other fuel of any kind or in any facility or rights with respect to the supply of water, in each case for use, in whole or in major part, in any of the Borrower’s generating plants, now existing or hereafter acquired by lease, contract, purchase or otherwise or constructed by the Borrower, including any interest or participation of the Borrower in any such facilities or any rights to the output or capacity thereof, together with all additions, betterments, extensions and improvements to said System or any part thereof hereafter made and together with all lands, easements and rights-of-way of the Borrower and all other works, property or structures of the Borrower and contract rights and other tangible and intangible assets of the Borrower used or useful in connection with or related to said System, including, without limitation, a contract right or other contractual arrangement for the long-term or short-term interconnection, interchange, exchange, pooling, wheeling, transmission, purchase or sale of electric power and energy and other similar arrangements with entities having

Special Construction Account refers to Special RMB Construction Account and Special USD Construction Account.