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.
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).
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.
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.
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.