Examples of Arbitrage Instructions in a sentence
The requirements of these Arbitrage Instructions may be modified or amended in whole or in part upon receipt of an opinion of Xxxxxxx & Xxxx, P.C. or other nationally recognized bond counsel acceptable to Lessor, to the effect that such modifications and amendments will not adversely affect the exclusion from federal gross income of the Rental Payments.
These Arbitrage Instructions provide guidance regarding compliance with § 148 of the Internal Revenue Code of 1986, as amended (the "Code"), in order to preserve the exclusion from gross income for federal income tax purposes of the interest components of Lease Payments to be paid by the Lessee under the Lease.
For purposes of these Arbitrage Instructions, as of any date, all amounts in the Escrow Fund which are expected to be used to pay capitalized interest during the current Lease Year should be treated as amounts in a Bona Fide Debt Service Fund.
Xxxxxxx Holdings, LLC LESSOR By: Title: City of Manitou Springs LESSEE By: Printed Name: Xxxxxx Xxxxxxxxx Title: Mayor The Commerce Trust Company ESCROW AGENT By: Title: EXHIBIT A ARBITRAGE INSTRUCTIONS These Arbitrage Instructions provide procedures for complying with § 148 of the Internal Revenue Code of 1986, as amended (the “Code”), in order to preserve the exclusion from federal gross income of the interest portions of the Rental Payments under the Lease.
These Arbitrage Instructions may be modified or amended in whole or in part upon receipt of an opinion of nationally recognized counsel in the area of tax-exempt municipal obligations, satisfactory to Lessor, that such modifications and amendments will not adversely affect the exclusion of the interest components of Rental Payments from gross income for federal income tax purposes.