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withdrawn by the Trustee at the written instruction of the Rebate Analyst or the Borrower as required above
solely for the purposes set forth in this Section. The Trustee shall withdraw money from the Rebate Fund
and remit all required rebate installments and a final rebate payment to the United States of America at the
written instruction of the Rebate Analyst or the Borrower. Neither the Trustee nor the Issuer shall have any
obligation to pay any amounts required to be rebated pursuant to this Section and the Tax Certificate, other
than from money held in the Rebate Fund as provided in this Indenture or from other moneys provided to
it by the Issuer.
Money in the Rebate Fund shall be invested and reinvested by the Trustee in Eligible Investments
at the written direction of the Authorized Borrower Representative. The Trustee shall be entitled to rely on
any written direction of the Borrower as to the suitability and legality of the directed investments and such
written direction shall be deemed to be a certification that such directed investments constitute Eligible
Investments. In the absence of instructions from the Authorized Borrower Representative, money in the
Rebate Fund shall be invested in Eligible Investments described in clause (b) of the definition of Eligible
Investments. At no time shall the Borrower direct that any funds constituting gross proceeds of the Bonds
be used in any manner as would constitute failure of compliance with Section 148 of the Code.
The Trustee shall not be responsible for any determination or calculation concerning arbitrage
rebate with respect to the Bonds, or for determining whether the yield on any investments made in
accordance with this Indenture would cause, or whether any other facts exist which would cause, any of the
Bonds to become arbitrage bonds under Section 148 of the Code. Further the Trustee shall have no other
obligation or responsibility whatsoever in connection with any federal or state tax-exempt status of the
Bonds or the interest thereon.
Section 5.10 Valuation. For the purpose of determining the amount on deposit to the credit of
any fund or account, the value of obligations in which money in such fund or account shall have been
invested shall be computed at the then market value thereof.
The Eligible Investments shall be valued by the Trustee at any time requested by the Borrower on
reasonable notice to the Trustee (which period of notice may be waived or reduced by the Trustee);
provided, however, that the Trustee shall not be required to value the Eligible Investments more than once
in any calendar month.
Pursuant to Section 3.8 of the Loan Agreement, values shall be determined in accordance with the
price provided by pricing services and sources relied upon by the Trustee, and the Trustee does not have
any duty to independently value any asset or an obligation other than the price provided by pricing services
and sources relied upon by the Trustee.
Section 5.11 Completion of the Project. The completion of the Project and payment of all
costs and expenses incident thereto shall be evidenced by the filing with the Trustee of the Completion
Certificate required by Section 3.7 of the Loan Agreement. As soon as practicable after the filing with the
Trustee of the Completion Certificate, any balance remaining in the Project Fund (other than the amounts
retained by the Trustee as described in the Completion Certificate) shall be deposited or applied in
accordance with the written direction of the Borrower executed by an Authorized Borrower Representative
pursuant to Section 3.4 of the Loan Agreement.
Section 5.12 Collateral Fund. Pursuant to Section 5.03 hereof, there shall be deposited in the
Collateral Fund Available Money in such amounts as may be necessary to allow the Trustee to transfer
funds from the Project Fund, subject to reallocation as provided in Section 5.14 hereof, upon the Trustee鈥檚
receipt of a Disbursement Request from the Borrower. Money in the Collateral Fund shall be invested as
directed in writing by the Borrower in Eligible Investments.
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