7A Request from Presbyterian Homes for Conduit Financing

Home Browse Search

States, including the last insia�lment which sha11 be made no later than 60 days after the day on which the Not� is paid in full; (iv} nat invest, or permit to be invested, "gross proceeds" of the Note in any acquirec� nonpurpose abligahons so as to deflect arbitrage othezwise payabl� to the Unifed States as a"prohibited payment" to a third party; arxd {v) if applicable, retain all records of the determination of thc foregaing arnounts until six (6) years after ihe Note has been full� paid. Unless the Opinion of Counsel described 'an {ii} above is provided, the Borrower agrees that, in order to comply wiih this paragraph (i), it shall determine the Rebate Amaunt within 30 days after each fifth year of ihe anniversary of the Closing and upon payment in full of the Note; upon request, the Borrower shall furnish the Lender a certificate showing how such calcuiaiion was made. {j) The Borrower has not leased, so1d, assigned, granied or conveyed and will no� lease, sell, assign, grant ar convey aIl ar any portion of the Project or any interesi therein to the Uniied Siat�s or any agency or instruxnentality thereof within the rneaning of �ection 149(b) of the Code, (k) In addition to the Note, no other obligations have been ar will be issued under Section J 03 of the Code which are sold at s�xbstantially the same time as the Note �ursuant to a common plan o£ marketing and at substaniially the same rate of interest as the Note and which are payable in whole or part by the Borrowex or otherwise have with �ie Note any cornrnon. or pooled security for the payment af debt service thereon, or which are otherwise ireated as the same "issue of obligations" as tlae Note as described in TreasuryRegulations Section L150-(I}(c){1}; (1) No proceeds of the Noie shall be invested in investments which cause ihe Note to be federally guaranteed within the meaning of Section 149(b) of the Cade. If at any time the moneys i�n such funds exceed, within the meaning of Section 149(b)(3){B) of the Code, (i} az�nounts invested for an irtitial temporary period until the �noneys are needea for the purpose for which the Note was issued, (ii) investments of a bona fide debt �ervice fund, and (iii} investments of a reserve which meet ihe requirement of Section 148(d) of the Code, such excess moneys shall be invested in. only those investments, which are (A) obligations i�sued by the United States Treasury, {B) other investments permitted under regulations, or {C) obligations which are {a} not issued by, or guaranteed by, or insured by, the United States or any agency or instrumentality thereof or (6) not federally insured deposits or accounts, all within the meaziing of Section 149(b) of the Code; and (m) Not otherwise use proc�eds of the Note, or take or fail io take any action within its control, the effect of which would be io impair the exemption o� interest on the Note from f�deral income taxation. (n) rn order to qualify the Note and this Agreement under the "governmental prograrn" provisions a� Section 1.148-1(b) of the Treasiuy Regulations, the Borrovver 22D8845v4 1 L�