Six-Month Exception Clause Samples

The Six-Month Exception clause establishes a specific rule or exemption that applies for a period of six months within the context of an agreement. Typically, this clause might allow certain actions, rights, or obligations to be suspended, modified, or exempted during the initial six months after the contract's effective date. For example, it could permit a party to terminate the agreement without penalty or delay the commencement of certain services for the first six months. The core practical function of this clause is to provide flexibility or a transitional period at the start of a contractual relationship, addressing potential uncertainties or adjustment needs during the early stages.
Six-Month Exception. Notwithstanding the fact that all of the Gross Proceeds of the Local School Bond are spent within six (6) months of the date of issue and no other Gross Proceeds of the Local School Bond are anticipated for the remainder of the term of the issue, if Gross Proceeds of the Local School Bond become available after the end of the initial six-month period, the Locality Rebate Requirement shall be computed with respect to such Gross Proceeds in accordance with the procedure described above.
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Six-Month Exception. The six-month exception requires that Gross Proceeds of the Lease be allocated to Expenditures for the purposes for which the Lease is executed and delivered within the six-month period beginning on the Date of Execution and Delivery of the Lease, and that the Rebate Requirement be met for amounts not required to be spent within such six-month spending period (excluding earnings on a bona fide debt service fund). For purposes of the six-month exception, Gross Proceeds do not include amounts in a bona fide debt service fund, amounts in a reasonably required reserve or replacement fund, amounts that as of the date hereof are not reasonably expected to be Gross Proceeds but that become Gross Proceeds after the end of the six-month spending period, amounts representing Sale Proceeds or Investment Proceeds derived from Payments under any Purpose Investment financed with Proceeds of the Lease, and amounts representing repayments of grants financed by the Lease.
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Six-Month Exception. The obligation to pay arbitrage rebate to the United States will be treated as satisfied if (1) the Gross Proceeds (as modified below) are allocated to expenditures for the governmental purpose of the Lease within six months after the Issue Date; and (2) arbitrage rebate is paid in accordance with Section 148 of the Code on all other Gross Proceeds. For purposes of paragraph (1) above, Gross Proceeds do not include amounts in a Bona Fide Debt Service Fund or amounts that become Gross Proceeds after the end of the six-month spending period, but were not expected to be Gross Proceeds as of the Issue Date (e.g., Gross Proceeds arising from a sale of the facilities financed with the Lease). The Lease meets the six- month expenditure test even if, at the end of the six-month period, Gross Proceeds not exceeding the Minor Portion remain unspent, so long as such Gross Proceeds are spent within one year after the Issue Date. The use of Gross Proceeds to pay the principal component of any Lease Payment will not be treated as an expenditure of Gross Proceeds.
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Six-Month Exception. The Series 2014 Bonds are treated as meeting the Rebate Requirement under this exception if (i) the gross proceeds of the Series 2014 Bonds are allocated to expenditures for the governmental purposes of the Series 2014 Bonds within the six-month period beginning on the issue date of the Series 2014 Bonds (the “six-month spending period”) and (ii) the Rebate Requirement is met for amounts not required to be spent within the six-month spending period (excluding earnings on a bona fide debt service fund). For purposes of the six- month exception, “gross proceeds” means Gross Proceeds other than amounts (i) in a bona fide debt service fund, (ii) in a reasonably required reserve or replacement fund, (iii) that, as of the issue date, are not reasonably expected to be Gross Proceeds but that become Gross Proceeds after the end of the six-month spending period, (iv) that represent Sale Proceeds or Investment Proceeds derived from payments under any Purpose Investment of the Series 2014 Bonds and (v) that represent repayments of grants (as defined in Section 1.148-6(d)(4) of the Regulations) financed by the Series 2014 Bonds. In the case of the Series 2014 Bonds no bond of which is a private activity bond (other than a qualified 501(c)(3) bond) or a tax or revenue anticipation bond, the six-month spending period is extended for an additional six months for the portion of the proceeds of the Series 2014 Bonds which are not expended within the six-month spending period if such portion does not exceed the lesser of five percent of the Proceeds of the Series 2014 Bonds or $100,000.
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Six-Month Exception. (1) The obligation to pay rebate to the United States will be treated as satisfied if— (A) the Gross Proceeds (as modified below) are allocated to expenditures for the governmental purpose of the Bonds within 6 months after the Issue Date; and (B) rebate is paid in accordance with Code § 148 on all Gross Proceeds not required to be spent as provided in paragraph (A) (other than amounts in a Bona Fide Debt Service Fund). Normally, this will include only Gross Proceeds in a reasonably required reserve or replacement fund. (2) For purposes of paragraph (1)(A) above, Gross Proceeds do not include amounts in a Bona Fide Debt Service Fund or a reasonably required reserve or replacement fund, or amounts that become Gross Proceeds after the end of the 6-month spending period, but were not anticipated as of the Issue Date. The use of Gross Proceeds to pay principal of any Bond will not be treated as an expenditure of Gross Proceeds for this purpose. (3) The 6-month spending exception generally is met if all Adjusted Gross Proceeds of the bonds are spent within 6 months following the Issue Date. The test may still be satisfied even if up to 5% of the sale proceeds remain at the end of the initial 6-month period, so long as this amount is spent within one year of the Issuer Date.
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Six-Month Exception. The rebate requirement does not apply if 95% of the Gross Proceeds (other than certain types of Gross Proceeds described below) are spent for the Project within six months of the Date of Issue and 100% within one year. The Gross Proceeds not eligible for this exception, and thus subject to the rebate requirement (unless another exception applies), are: amounts in a Bona Fide Debt Service Fund, amounts in a reasonably required reserve fund (including amounts in any collateral fund for a credit facility), Gross Proceeds arising after the six month period that were not reasonably expected as the Date of Issue, and payments on the Loan Agreement. The exception will not apply if on the Date of Issue Gross Proceeds are reasonably expected to arise after the six month period.
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Related to Six-Month Exception

  • Mortgage Payments Received After Transfer Date The amount of any related Monthly Payments received by the Seller after the related Transfer Date shall be forwarded to the Purchaser by overnight mail within one (1) Business Day following the date of receipt. The Seller shall notify the Purchaser of the particulars of the payment, which notification requirement shall be satisfied if the Seller forwards with its payment sufficient information to permit appropriate processing of the payment by the Purchaser. The Seller shall assume full responsibility for the necessary and appropriate legal application of such Monthly Payments received by the Seller after the related Transfer Date with respect to related Mortgage Loans then in foreclosure or bankruptcy; provided, for purposes of this Agreement, necessary and appropriate legal application of such Monthly Payments shall include, but not be limited to, endorsement of a Monthly Payment to the Purchaser with the particulars of the payment such as the account number, dollar amount, date received and any special Mortgagor application instructions and the Seller shall comply with the foregoing requirements with respect to all Monthly Payments received by it after the related Transfer Date.

  • Effective Date of Coverage An eligible employee is entitled to benefits provided he is actively at work on the first day the Long Term Disability Benefit Plan becomes effective. An eligible employee absent from work due to sickness or accident at the effective date of the Plan, shall only be eligible for Long Term Disability Plan benefits upon the return to continuous active full-time employment for a period of more than four consecutive weeks. The Company shall have the right to give medical examinations to employees returning from such lay-off to determine their eligibility under the Plan.

  • Indemnity Limitation for TIPS Sales Texas and other jurisdictions restrict the ability of governmental entities to indemnify others. Vendor agrees that if any "Indemnity" provision which requires the TIPS Member to indemnify Vendor is included in any TIPS sales agreement/contract between Vendor and a TIPS Member, that clause must either be stricken or qualified by including that such indemnity is only permitted, "to the extent permitted by the laws and constitution of [TIPS Member's State]” unless the TIPS Member expressly agrees otherwise. Any TIPS Sale Supplemental Agreement containing an "Indemnity" clause that conflicts with these terms is rendered void and unenforceable.

  • Six-Month Delay Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under this Section 4, shall be paid to the Executive during the six-month period following the Executive’s Separation from Service if the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive’s death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period.

  • After Acquired Real Property Upon the acquisition by it or any of its Subsidiaries after the date hereof of any interest (whether fee or leasehold) in any real property (wherever located) (each such interest being a “New Facility”) with a Current Value (as defined below) in excess of $500,000 in the case of a fee interest immediately so notify the Collateral Agent, setting forth with specificity a description of the interest acquired, the location of the real property, any structures or improvements thereon and either an appraisal or such Loan Party’s good-faith estimate of the current value of such real property (for purposes of this Section, the “Current Value”). The Collateral Agent shall notify such Loan Party whether it intends to require a Mortgage (and any other Real Property Deliverables or landlord’s waiver (pursuant to Section 7.01(l) hereof) with respect to such New Facility. Upon receipt of such notice requesting a Mortgage (and any other Real Property Deliverables) or landlord’s waiver, the Person that has acquired such New Facility shall promptly furnish the same to the Collateral Agent. The Borrower shall pay all fees and expenses, including, without limitation, reasonable attorneys’ fees and expenses, and all title insurance charges and premiums, in connection with each Loan Party’s obligations under this Section 7.01(m).