Federal Guarantees. The Gross Proceeds will not be invested in any Investment Property that is Federally-Guaranteed.
Federal Guarantees. Except for investments meeting the requirements of Sections 5.2(a) and (c) hereof, investments of Gross Proceeds shall not be made in (a) investments constituting obligations of or guaranteed, directly or indirectly, by the United States (except obligations of the United States Treasury or investments in obligations issued pursuant to Section 21B(d)(3) of the Federal Home Loan Bank Act, as amended (e.g., Refcorp Strips)); or (b) federally insured deposits or accounts (as defined in Section 149(b)(4)(B) of the Code). Except as otherwise permitted by this Section, no portion of the payment of principal or interest on the Bonds, the Credit Facility or any other credit enhancement or liquidity device relating to the foregoing is or will be guaranteed, directly or indirectly (in whole or in part), by the United States (or any agency or instrumentality thereof), including a lease, incentive payment, research or output contract or any similar arrangement, agreement or understanding with the United States or any agency or instrumentality thereof. No portion of the Gross Proceeds has been or will be used to make loans the payment of principal or interest with respect to which is or will be guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof). Neither this Section 5.6 nor Section 5.7 applies to any guarantee by the Federal Housing Administration, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, the Student Loan Marketing Association or the Bonneville Power Administration pursuant to the Northwest Power Act (16 U.S.C. 839d) as in effect on the date of enactment of the Tax Reform Act of 1984.
Federal Guarantees. 23 ARTICLE VII ARBITRAGE SECTION 7.1. ARBITRAGE REPRESENTATIONS........................................................25 SECTION 7.2. ARBITRAGE COMPLIANCE.............................................................30 SECTION 7.3. CALCULATION OF REBATE AMOUNT.....................................................31 SECTION 7.4. PAYMENTS TO UNITED STATED........................................................33 SECTION 7.5. RECORDKEEPING....................................................................33 SECTION 7.6. PROHIBITED PAYMENT COVENANT......................................................34 SECTION 7.7. COMPANY RESPONSIBILITY...........................................................34
Federal Guarantees. The Company represents that neither (A) payment of principal of or interest on the Bonds or payments under any of the Financing Documents are guaranteed, in whole or in part, directly or indirectly, by the United States (or any agency or instrumentality thereof), nor (B) is any portion of the proceeds of the Bonds to be used in making loans, the payment of principal or interest with respect to which is to be guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof) or invested, directly or indirectly, in federally insured deposits or accounts, nor (C) is the payment of principal or interest on the Bonds otherwise indirectly guaranteed (in whole or in part) by the United States (or any agency or instrumentality thereof); provided, however, that the following investments are permitted and may be made: (1) investments of proceeds of the Bonds for an initial temporary period until the proceeds are needed for the Project, (2) investments of a bona-fide debt service fund (as defined in Section 1.103-13(b)(12) of the Regulations), (3) investments of a reserve which meet the requirements of Section 148(d) of the Code, (4) investments in bonds issued by the United States Treasury, or (5) other investments permitted under the Regulations.
Federal Guarantees. (a) The Company represents that the United States (or any agency or instrumentality thereof) will not guarantee (in whole or in part), directly or indirectly, the payment of principal or interest on the Bonds within the meaning of Section 149(b) of the Code, and will not lease any portion of the Project.
