Designation as Qualified Tax-Exempt Obligations Sample Clauses

Designation as Qualified Tax-Exempt Obligations. The Lessee hereby designates the Agreement as a “qualified tax-exempt obligation” as defined in section 265(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). In furtherance of such designation, the Lessee represents, covenants and warrants the following: (a) that during the current calendar year the Lessee (including any subordinate entities) has not designated nor will designate tax-exempt obligations, which when aggregated with the Agreement, will result in more than $10,000,000 of “qualified tax-exempt obligations” being issued; (b) that the Lessee reasonably anticipates that the amount of tax-exempt obligations issued during the current calendar year by the Lessee (or any subordinate entities) will not exceed $10,000,000; and, (c) that the Lessee will take such action or refrain from such action as necessary, and as more particularly set forth in Article II of the Agreement, in order that the Agreement will not be considered a “private activity bond” within the meaning of section 141 of the Code.
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Related to Designation as Qualified Tax-Exempt Obligations

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