Loss of Qualified Zone Academy Bond Status Sample Clauses

Loss of Qualified Zone Academy Bond Status. If the Assignee or any owner or holder of all or part of this Lease (the “Holder”) either: (i) receives notice, in any form, from the Internal Revenue Service (“IRS”) that due to a final determination of the IRS or a court of competent jurisdiction (after the District has exhausted all administrative appeal remedies), or (ii) reasonably determines, based on an opinion of an independent tax counsel selected by such Holder and approved by the District (which approval the District shall not unreasonably withhold), in either case, that this Lease Agreement is not a “qualified zone academy bond” as defined in section 54E of the Tax Code (each such case is referred to herein as a “Loss of Qualified Zone Academy Status”), then the District shall pay to the Holder, within thirty (30) days after the Holder notifies the District of such determination or opinion, the amount which, taking into account all penalties, fines, interest and additions to tax that are imposed on the Holder as a result of the loss of “qualified zone academy bond” status for this Lease Agreement owned by such Holder, will restore to the Holder the same after-tax yield on this Lease Agreement that the Holder would have realized from the date of execution and delivery of this Lease Agreement to the date of such determination, had the loss of “qualified zone academy bond” status or prepayment or deemed prepayment not occurred. In addition, the District agrees that upon the occurrence of such an event, it will pay an additional amount, on each Credit Allowance Date occurring after the date on which the first additional payment was made by District pursuant to the preceding sentence, as will maintain such after-tax yield to the Holder through the Term of this Lease as long the Holder holds all or a portion of the Lease. Such Holder shall provide the District a certificate setting forth the calculation made by it to determine the amount of such additional payments. In the event that the District makes any payment to an Holder pursuant to this Section 4.5, and it is subsequently determined, pursuant to a final, conclusive and non-appealable decision of the IRS or a court of competent jurisdiction that this Lease Agreement constitutes a qualified zone academy bond, the District shall be entitled to reimbursement for all amounts so paid to such Holder under this Section 4.5.
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Related to Loss of Qualified Zone Academy Bond Status

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