No Replacement Proceeds Sample Clauses

No Replacement Proceeds. Except for the Debt Service Fund, there are and there are to be no replacement proceeds of the Bonds (i.e., amounts that have a sufficiently direct nexus to the Bonds or to the governmental purpose of the Bonds to conclude that the amounts would have been used for that governmental purpose if the proceeds of the Bonds were not used or to be used for that governmental purpose). Specifically, there are no Financed Facilities costs that have been or are to be financed out of any of the following: (a) other debt of the District, (b) state appropriations or (c) restricted gifts or grants.
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No Replacement Proceeds. The Lessee has not created or established, and does not expect to create or establish, any sinking fund, debt service fund, reserve fund or similar fund or account with respect to the payment of lease payments due under the Lease or pledged as security therefor. In accordance with Treasury Regulation Section 1.148-1(c) the term of the Lease will not be considered to be so long as to cause Replacement Proceeds to arise with respect to the Lease as (a) the weighted average maturity of the principal portion of lease payments due under the Lease (90 days) does not exceed (b) 120% of the average reasonably expected economic life of the Equipment (at least 5 years and determined by taking into account the respective costs of the separate items of property acquired with Proceeds of the Lease having different economic lives by weighting such lives by the amount of Proceeds of the Lease applied to acquire each item of property).
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No Replacement Proceeds. Neither the City, a related person (as defined in Section 147 of the Code), nor any other substantial beneficiary of the Lease has created or established and none of the foregoing parties expect to create or establish any other fund or account to make payments of Base Rentals on the Lease, or a base rentals reserve fund or any other similar fund with respect to the Lease. Further, there are no other funds that are reasonably expected to be used to make Base Rentals payments on the Lease and for which there is a reasonable assurance that amounts on deposit therein or the investment income earned thereon will be available to make Base Rentals payments on the Lease if the applicable obligor encounters financial difficulties. The City will not create or establish, and will not allow to be created or established, any such fund or account unless the City obtains an opinion of Bond Counsel to the effect that the creation or establishment of such fund or account will not adversely affect the excludability of the Interest Component from gross income for federal income tax purposes.
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No Replacement Proceeds. The Issuer and the Borrower each covenants, expects and represents as follows: (i) neither it nor a Related Party to it nor any other substantial beneficiary of the Bonds has created or established or expects to establish any fund to pay debt service on the Bonds, or a debt service reserve fund or any other similar fund with respect to the Bonds, or a negative pledge or right of set-off in any of its funds, accounts or assets, except to the extent set forth in this Section 4.01; (ii) there are no funds or accounts that it reasonably expects will be used to pay debt service on the Bonds and for which there is a reasonable assurance that amounts on deposit therein or the investment income earned thereon will be available to pay debt service on the Bonds if the Issuer or the Borrower encounters financial difficulties, except to the extent set forth in this Section 4.01; (iii) it will not create or establish, and will not allow to be created or established, any such fund, account, negative pledge or right of set-off unless there is delivered to the Issuer an opinion of Bond Counsel to the effect that the creation or establishment of such fund, account, negative pledge or right of set-off will not adversely affect the excludability of interest on the Bonds from gross income for federal income tax purposes.
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No Replacement Proceeds. As of the date hereof, no “replacement proceeds” have been created with respect to the Refunded Bonds, within the meaning of Section 1.148 1(c) of the Treasury Regulations and, with respect to the Refunded Bonds or the Bonds, it is not anticipated that any such “replacement proceeds” will be created; however, in the event that any such replacement proceeds are deemed to have been created, such amounts will be invested in compliance with Section 148 of the Code.
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Related to No Replacement Proceeds

  • Proceeds The Company shall use the proceeds from the issuance and sale of the Securities as set forth in “Use of Proceeds to issuer” in the Offering Circular.

  • Balance in the Replacement Reserve Account The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

  • Condemnation Proceeds all Condemnation Proceeds other than proceeds to be applied to the restoration or repair of the property subject to the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be deposited by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Repair or Replacement Except where an appraisal has been made, the Insurer, instead of making payment, may, within a reasonable time, repair, rebuild or replace the property damaged or lost with other of like kind and quality if, within seven days after the receipt of the proof of loss, it gives written notice of its intention to do so.