Common use of APPLICATION OF MONEYS IN THE REBATE FUND Clause in Contracts

APPLICATION OF MONEYS IN THE REBATE FUND. 1. Amounts deposited in the Rebate Fund shall be applied solely to pay Costs of Construction described in clause (i) of the definition of Costs of Construction in accordance with subsection 2 of this Section 5.08 except to the extent otherwise permitted by subsection 3 of this Section 5.08. 2. The Trustee, upon receipt of written instructions from an Authorized Company Representative in accordance with Section 7.3 of the Tax Regulatory Agreement, shall pay to the United States out of amounts in the Rebate Fund (a) not later than thirty (30) days after the end of each five-year period following the date of issuance of the Bonds, an amount certified to the Trustee by an Authorized Company Representative such that, together with amounts previously paid, the total amount paid to the United States is equal to 90% of the Rebate Amount calculated as of the end of the most recent Computation Period, and (b) not later than 30 days after the date on which all of the Bonds have been paid or redeemed, 100% of the Rebate Amount as of the end of the final Computation Period as certified to the Trustee by an Authorized Company Representative. 3. In the event that on the first day of any Bond Year the amount on deposit in the Rebate Fund exceeds the Rebate Amount, the Trustee, upon the receipt of written instructions from an Authorized Company Representative specifying the amount of such excess, shall withdraw such excess amount and prior to the Completion Date, deposit it in the Investment Proceeds Account of the Project Fund, or, after the Completion Date, deposit it in the Bond Fund. Pending such application, such moneys may be invested in accordance with instructions from the Company given in accordance with the provisions of Article VII.