Preservation of Tax Exemption. The City covenants and agrees that, in order to assure that the interest on the Loan shall at all times be excludable from gross income for federal income purposes, the City represents and covenants that it will comply with the applicable provisions of Section 103 and Sections 141 through 150 of the Code as follows:
Preservation of Tax Exemption. The Borrower will not take any action that would adversely affect the exclusion of interest on the Bonds from gross income for purposes of federal income taxation, nor omit or fail to take any action required to maintain the exclusion of interest on the Bonds from gross income for purposes of federal income taxation.
Preservation of Tax Exemption. Pursuant to the terms of various agreements between the City (and the Minneapolis Community Development Agency) and the Xxxxxxx, the “private business use test” of Section 141(b)(1) of the Code and the “private security or payment test” of Section 141(b)(2) of the Code have been and continue to be satisfied with respect to the Parking Ramp. The City has determined to its satisfaction that the Xxxxxxx is a Tax-exempt Organization. Therefore, the Term Loan continues as an obligation the interest on which is not includable in gross income for federal income tax purposes as the City has elected to issue and maintain the Term Loan as a “qualified 501(c)(3) bond” pursuant to Sections 103 and 145 of the Code.
Preservation of Tax Exemption. Borrower covenants that Borrower will take all actions within its control (or the control of its affiliates) necessary to prevent interest on the Bonds from being included in gross income for federal income tax purposes (excluding any period during which the Bonds are held by a “substantial user” of the Project or a “related person” within the meaning of Section 147(a) of the Code), and Borrower will neither take (nor allow any affiliate to take) any action, nor make or permit (nor allow any affiliate to make or permit) any use of proceeds of the Bonds or other funds of Borrower treated as proceeds of the Bonds at any time during the term of the Bonds which would cause interest on the Bonds to be included in gross income for federal income tax purposes. Borrower also covenants that, to the extent arbitrage rebate requirements of Section 148 of the Code are applicable to the Bonds, Borrower will take all actions necessary to comply (or to be treated as having complied) with those requirements in connection with the Bonds, including the calculation and payment of any penalties that Borrower has elected to pay as an alternative to calculating rebatable arbitrage, and the payment of any other penalties if required under Section 148 of the Code to prevent interest on the Bonds from being included in gross income for federal income tax purposes.
Preservation of Tax Exemption if the City agrees in a Supplemental Fiscal Agent Agreement to maintain the exclusion of interest on the Bonds from gross income for purposes of federal income taxation, to make such provisions as are necessary or appropriate to ensure such exclusion; and
Preservation of Tax Exemption. The Company shall at all times do and perform all acts and things necessary to be done and performed under the Loan Documents in order to assure that interest paid on the Bonds shall, for purposes of Federal income taxation, be excludable from the gross income of the recipients thereof and exempt from taxation, except in the event that such recipient is a Substantial User of the Project Facility or a Related Person thereto.
Preservation of Tax Exemption. (1) The Borrower covenants and agrees that, in order to assure that the interest on the Note shall at all times be free from federal income taxation, the Borrower represents and covenants with the City and the Lender that it will comply with the applicable provisions of Section 103 and Sections 141 through 150 of the Code and as follows:
Preservation of Tax Exemption to make such provisions as are necessary or appropriate to maintain the exclusion of interest on a Series of Bonds from gross income for purposes of federal income taxation; and
Preservation of Tax Exemption. The Lessor shall not take any action with respect to the Project that would adversely affect the exemption, if any, of interest on any Bonds from gross income for federal income tax purposes or would otherwise result in a breach of any representations, conditions, or covenants of the Lessee as set forth in the Bond Documents.
