Common use of Restricted Gifts Clause in Contracts

Restricted Gifts. ‌ (a) The Institution agrees that it shall deliver to the Issuer a certificate of an Authorized Officer of the Institution satisfactory to an Authorized Officer of the Issuer setting forth and representing (i) the amount of Restricted Gifts theretofore received in connection with the Project, (ii) that all of such amount has been or will be spent on the Project or will be otherwise applied in a manner for which the Institution provides a Favorable Opinion of Bond Counsel addressed to the Issuer and the Trustee; (iii) that such amount shall not be reimbursed from the proceeds of the sale of the Bonds, (iv) whether the Institution reasonably expects to receive while Bonds are Outstanding any additional Restricted Gifts, and (v) such other matters as may be required to determine whether issuance of the Bonds will comply with the requirements of the Code. (b) If, prior to completion of construction of the Project, the Institution receives any Restricted Gift therefor, the Institution shall, to the extent not inconsistent with the terms of such Restricted Gift, to the extent such moneys will exceed the amount necessary to complete the Project, pay such amount to the Trustee for deposit to the Debt Service Fund (consistent with the requirements of the Tax Certificate, if any) or apply such amount in a manner for which Institution provides a Favorable Opinion of Bond Counsel addressed to the Issuer and the Trustee. If, after completion of the construction of the Project, the Institution receives any Restricted Gift, the Institution shall deliver a like amount to the Trustee for deposit to the Debt Service Fund (consistent with the requirements of the Tax Certificate, if any) or apply such amount in a manner for which the Institution provides the Issuer and the Trustee with a Favorable Opinion of Bond Counsel. (c) The Institution represents, warrants and covenants that it has expended or will expend on the Project, from sources other than proceeds of the issuance of the Bonds, an amount equal to the amount of Restricted Gifts received and reasonably expected to be received by it in the future from pledges or otherwise and no such moneys will be pledged as collateral for the Bonds or is otherwise expected to be used to pay the principal of or interest on the Bonds. For purposes of this paragraph, it is understood that the Institution may name all or part of the Project in honor of a donor or donors in recognition of pledges, contributions or services of the donor or donors that are unrelated to the Costs of the Project, and amounts pledged or contributed by the donor or donors for purposes unrelated to the Costs of the Project will not be considered to have been raised for purposes of constructing or equipping the Project.

Restricted Gifts. ‌ (a) The Institution agrees that that, upon the request of the Authority and as a condition to the issuance of the Bonds, it shall deliver to the Issuer Authority a certificate of an Authorized Officer of the Institution satisfactory to an Authorized Officer of the Issuer Authority setting forth and representing (i) the amount of Restricted Gifts theretofore received by the Institution in connection with the ProjectProject financed thereby, (ii) that all of such amount has been or will be spent on the such Project or will be otherwise applied in a manner for which the Institution provides a Favorable Opinion of Bond Counsel addressed acceptable to the Issuer and the Trustee; Authority, (iii) that such amount shall will not be reimbursed from the proceeds of the sale of the such Bonds, (iv) whether the Institution reasonably expects to receive that additional Restricted Gifts in connection with such Project will be received by the Institution while such Bonds are Outstanding any additional Restricted GiftsOutstanding, and (v) such other matters as may be required by the Authority to determine whether issuance of the such Bonds will comply with the requirements of the Code. (b) If, prior to completion of construction of the Project, the Institution receives any Restricted Gift therefor, the Institution shall, to the extent not inconsistent with the terms of such Restricted Gift, either (i) to the extent necessary to complete the Project, apply such amount in a manner acceptable to the Authority, or (ii) to the extent such moneys will exceed the amount necessary to complete the Project, pay such amount to the Trustee for deposit to the Debt Service Fund (consistent with the requirements of the Tax Certificate, if any) or apply such amount in a manner for which Institution provides a Favorable Opinion of Bond Counsel addressed to the Issuer and the TrusteeFund. If, after completion of the construction of the Project, the Institution receives any Restricted GiftGift which prior to such completion it reasonably expected to receive, the Institution shall deliver a like amount to the Trustee for deposit to the Debt Service Fund (consistent with the requirements of the Tax Certificate, if any) or apply such amount in a manner for which the Institution provides the Issuer and the Trustee with a Favorable Opinion of Bond CounselFund. (c) The Institution represents, warrants and covenants that it has expended or will expend on the Project, from sources other than the proceeds of the issuance of the Bonds, an amount equal to the amount of Restricted Gifts received and reasonably expected to be received by it in the future from pledges or otherwise otherwise, and no such moneys will be pledged as collateral for the Bonds or is otherwise expected to be used to pay the principal of or interest on the Bonds, except as otherwise provided in paragraph (c) above. For purposes of this paragraph, it is understood that the Institution may name all or any part of the Project may be named in honor of a donor or donors in recognition of pledges, contributions or services of the donor or donors that are unrelated to the Costs of the such Project, and amounts pledged or contributed by the donor or donors for purposes unrelated to the Costs of the such Project will not be considered to have been raised for purposes of constructing or equipping the such Project.

Restricted Gifts. ‌ (a) The Institution agrees that it shall deliver to the Issuer a certificate of an Authorized Officer of the Institution satisfactory to an Authorized Officer of the Issuer setting forth and representing (i) the amount of Restricted Gifts theretofore received in connection with the Touro College Project, (ii) that all of such amount has been or will be spent on the Touro College Project or will be otherwise applied in a manner for which the Institution provides a Favorable Opinion of Bond Counsel addressed to the Issuer and the Trustee; (iii) that such amount shall not be reimbursed from the proceeds of the sale of the Series 2020A Bonds, (iv) whether the Institution reasonably expects to receive while Series 2020A Bonds are Outstanding any additional Restricted Gifts, Gifts and (v) such other matters as may be required to determine whether issuance of the Series 2020A Bonds will comply with the requirements of the Code. (b) If, prior to completion of construction of the Touro College Project, the Institution receives any Restricted Gift therefor, the Institution shall, to the extent not inconsistent with the terms of such Restricted Gift, to the extent such moneys will exceed the amount necessary to complete the Touro College Project, pay such amount to the Trustee for deposit to the Debt Service Fund (consistent with the requirements of the Tax Certificate, if any) or apply such amount in a manner for which Institution provides a Favorable Opinion of Bond Counsel addressed to the Issuer and the Trustee. If, after completion of the construction of the Touro College Project, the Institution receives any Restricted Gift, the Institution shall deliver a like amount to the Trustee for deposit to the Debt Service Fund (consistent with the requirements of the Tax Certificate, if any) or apply such amount in a manner for which the Institution provides the Issuer and the Trustee with a Favorable Opinion of Bond Counsel. (c) The Institution represents, warrants and covenants that it has expended or will expend on the Touro College Project, from sources other than proceeds of the issuance of the Series 2020A Bonds, an amount equal to the amount of Restricted Gifts received and reasonably expected to be received by it in the future from pledges or otherwise and no such moneys will be pledged as collateral for the Series 2020A Bonds or is otherwise expected to be used to pay the principal of or interest on the Series 2020A Bonds. For purposes of this paragraph, it is understood that the Institution may name all or part of the Touro College Project in honor of a donor or donors in recognition of pledges, contributions or services of the donor or donors that are unrelated to the Costs of the Touro College Project, and amounts pledged or contributed by the donor or donors for purposes unrelated to the Costs of the Touro College Project will not be considered to have been raised for purposes of constructing or equipping the Touro College Project.