No Tax Law Change. No Change in Tax Law shall have occurred nor shall a judicial opinion on a tax issue have been rendered on or prior to the Closing Date which change, if enacted, adopted or made effective, or such judicial opinion, would, in the reasonable opinion of Owner Participant, render it disadvantageous or inadvisable for Owner Participant to enter into the transactions contemplated by the Operative Agreements unless Lessee shall indemnify Owner Participant to Owner Participant’s reasonable satisfaction for such Change in Tax Law or, if such change can be compensated for by an adjustment to Basic Rent, unless Lessee agrees to an adjustment to Basic Rent in accordance with the principles of Section 2.6 of this Agreement to preserve Owner Participant’s Net Economic Return.
No Tax Law Change. Lessee shall not be obligated to carry out the transactions contemplated on such Delivery Date if a Change in Tax Law shall have occurred after the date of execution hereof and on or prior to such Delivery Date which would, in the reasonable opinion of Lessee, result in an adjustment pursuant to Section 2.6 which would increase by more than 50 basis points the present value (discounted at an interest rate per annum equal to the Debt Rate) of all payments of Basic Rent payable for the Units to be delivered on such Delivery Date.
No Tax Law Change. In the opinion of the Owner Participant and its special counsel, there shall have been, since July 1, 1995, no amendment, modification, addition or change in or to the provisions of the Code (including for this purpose, any non-Code provisions of legislation affecting the Code such as transition rules or effective date provisions), the regulations promulgated under the Code (including temporary or proposed regulations), Internal Revenue Service Revenue Procedures or Revenue Rulings, or other administrative interpretations, applicable judicial precedents or Executive Orders of the President of the United States which would adversely affect the accuracy of the Tax Assumptions set forth in Section 2 of the Tax Indemnity Agreement.
No Tax Law Change. In the opinion of the Owner Participant and its special counsel, no amendment, modification, addition or change in or to the provisions of the Code (including for this purpose, any non-Code provisions of legislation affecting the Code such as transition rules or effective date provisions), the regulations promulgated under the Code (including temporary or proposed regulations), Internal Revenue Service Revenue Procedures or Revenue Rulings, or other administrative interpretations, applicable judicial precedents or Executive Orders of the President of the United States shall have been made or proposed after August 10, 1995 which might adversely affect the accuracy of the Tax Assumptions set forth in Section 2 of the Tax Indemnity Agreement or which might otherwise adversely affect the Owner Participant.
No Tax Law Change. The Owner Participant shall not have delivered notice to the Company that a Material Adverse Tax Law Change shall have occurred.
No Tax Law Change. There shall not have occurred on or before the Closing Date any change or proposed change in tax law (including the Code, regulations, rulings or case law) that would have any adverse tax consequences to the Owner Participant with respect to the transactions contemplated by the Operative Documents, unless the Owner Participant is indemnified against such consequences in an amount, form and manner reasonably acceptable to the Owner Participant.
No Tax Law Change. In the opinion of the Owner Participant and its special counsel, there shall have been, since March 1, 1995, no amendment, PARTICIPATION AGREEMENT [N396SW] -12- 18 modification, addition or change in or to the provisions of the Code (including for this purpose, any non-Code provisions of legislation affecting the Code such as transition rules or effective date provisions), the regulations promulgated under the Code (including temporary or proposed regulations), Internal Revenue Service Revenue Procedures or Revenue Rulings, or other administrative interpretations, applicable judicial precedents or Executive Orders of the President of the United States which would adversely affect the accuracy of the Tax Assumptions set forth in Section 2 of the Tax Indemnity Agreement.
No Tax Law Change. No change in applicable tax law shall have occurred nor shall a judicial opinion on a tax issue have been rendered prior to the acceptance and delivery of the Equipment on the Lease Closing Date which change, if enacted, adopted or made effective, in the same or substantially similar form of such judicial opinion, would, in the reasonable opinion of Lessor, render it disadvantageous or inadvisable for Lessor to enter into the transactions contemplated by this Agreement and the Lease unless Lessee shall indemnify Lessor to Lessor's reasonable satisfaction for such change in tax law or unless Lessee agrees to an adjustment to Rent so as to preserve Lessor's net economic return. g)
No Tax Law Change. No Change in Tax Law affecting Net Economic Return shall have occurred or shall have been proposed on or prior to the purchase of any Equipment on the Initial Closing Date or the Subsequent Closing Date unless the Lessee shall have agreed to an adjustment to Basic Rent in accordance with Section 2.6 of this Agreement to preserve the Owner Participant's Net Economic Return.
