Tax-Exempt Status of Lease–General Representation and Covenants Sample Clauses

Tax-Exempt Status of Lease–General Representation and Covenants. In order to maintain the exclusion of the Interest Portion of Rental Payments payable under the Lease from gross income for federal income tax purposes, Lessee (1) will take whatever action, and refrain from whatever action, necessary to comply with the applicable requirements of the Code, (2) will not use or invest, or permit the use or investment of, any Lease proceeds or other funds of either party in a manner that would violate applicable provisions of the Code, and (3) will not use, or permit the use of, any portion of the Financed Assets in a manner that would cause any portion of the Lease to become a “private activity bond” as defined in Code § 141.
AutoNDA by SimpleDocs
Tax-Exempt Status of Lease–General Representation and Covenants. In order to maintain the exclusion of the interest component of Rental Payments payable under the Lease from gross income for federal income tax purposes, the Issuer (1) will take whatever action, and refrain from whatever action, necessary to comply with the applicable requirements of the Code; (2) will not use or invest, or permit the use or investment of, any Lease Proceeds or other funds of either party in a manner that would violate applicable provisions of the Code; and (3) will not use, or permit the use of, any portion of the Financed Assets or any Benefitted Facilities, in a manner that would cause any portion of the Lease to become a “private activity bond” as defined in Code § 141.

Related to Tax-Exempt Status of Lease–General Representation and Covenants

  • Representations and Covenants In accordance with IRS Notice 2001-82 and IRS Notice 88-129, the Interconnection Customer represents and covenants that (i) ownership of the electricity generated at the Large Generating Facility will pass to another party prior to the transmission of the electricity on the CAISO Controlled Grid, (ii) for income tax purposes, the amount of any payments and the cost of any property transferred to the Participating TO for the Participating TO's Interconnection Facilities will be capitalized by the Interconnection Customer as an intangible asset and recovered using the straight-line method over a useful life of twenty (20) years, and (iii) any portion of the Participating TO's Interconnection Facilities that is a “dual-use intertie,” within the meaning of IRS Notice 88-129, is reasonably expected to carry only a de minimis amount of electricity in the direction of the Large Generating Facility. For this purpose, “de minimis amount” means no more than 5 percent of the total power flows in both directions, calculated in accordance with the “5 percent test” set forth in IRS Notice 88- 129. This is not intended to be an exclusive list of the relevant conditions that must be met to conform to IRS requirements for non-taxable treatment. At the Participating TO’s request, the Interconnection Customer shall provide the Participating TO with a report from an independent engineer confirming its representation in clause (iii), above. The Participating TO represents and covenants that the cost of the Participating TO's Interconnection Facilities paid for by the Interconnection Customer without the possibility of refund or credit will have no net effect on the base upon which rates are determined.

  • ARTICLE UNION REPRESENTATION a) The Employer agrees to recognize a committee of five employees consisting of the President of the local, two (2) part time employees, and two (2) full time employees to negotiate amendments or renewals to this agreement, The Employer agrees to recognize elected Union stewards to assist employees in the presentation of any grievance that properly arises under the provisions of this agreement. The Union agrees to provide the Employer with lists of these stewards and any changes to this list as necessary. The Employer shall recognize up to four (4) employees plus the president of Local to act as Union representatives to the full-time and part-time Employee Relations Committee. It is understood that the committee shall meet periodically at the request of either party. Employees serving on the Employee Relations Committee or any Committee established to address issues of joint concern shall be paid at their regular rate of pay up to or hours per pay period or lieu time in excess of this (as per article a) and for time spent attending the Employee Relations Committee meetings. Part time employees will be paid at least the minimum shift at straight time Employees serving on the Union's Negotiating Committee shall be paid for lost time from his normal straight time working hours at his regular rate of pay, in direct contract negotiations, up to the point of arbitration, for renewal of this Collective Agreement. Upon reference to arbitration, the Negotiating Committee members shall receive unpaid time off with no loss of credits or benefits for the purpose of attending Arbitration Hearings. The Union shall advise the Employer, in writing, the names of its committee. The Employer shall not be obliged to recognize committee members until such time as written notice has been received. The Area Representative may attend meetings at the invitation of the local Union. A representative from may assist in negotiations.

Time is Money Join Law Insider Premium to draft better contracts faster.