No Adverse Effect Opinion means an opinion of independent counsel nationally recognized for having expertise in the taxation of regulated investment companies to the effect that the requested action, if undertaken, will not have an adverse effect on any of the opinions of counsel delivered in connection with the issuance of the RVMTP Shares.
No Adverse Effect Opinion means an opinion of independent counsel nationally recognized for having expertise in the taxation of regulated investment companies to the effect that the requested action, if undertaken, will not have an adverse effect on any of the opinions of counsel delivered in connection with the issuance of the VMTP Shares.
No Adverse Effect Opinion means an opinion of counsel to the effect that the requested action, if undertaken, will not have an adverse effect on any of the opinions of counsel delivered in connection with the issuance of the RVMTP Shares.
Examples of No Adverse Effect Opinion in a sentence
Notwithstanding anything in this Funding Loan Agreement to the contrary, no additional amounts of the Funding Loan may be drawn down and funded hereunder after December 31, 2025 provided, however, that upon the delivery of a Tax Counsel No Adverse Effect Opinion to the Governmental Lender and the Funding Lender such date may be changed to a later date as specified in such Tax Counsel No Adverse Effect Opinion.
In complying with the foregoing covenants, the Governmental Lender may rely from time to time on a Tax Counsel No Adverse Effect Opinion or other appropriate opinion of Tax Counsel.
More Definitions of No Adverse Effect Opinion
No Adverse Effect Opinion means an opinion of Bond Counsel addressed to the Fiscal Agent and Funding Lender that a proposed action or amendment will not adversely affect the exclusion of the interest on the Governmental Note from gross income for federal income tax purposes.
No Adverse Effect Opinion means an opinion of Bond Counsel that a particular event, plan of action or circumstance will not cause, in and of itself, interest on any Bonds issued hereunder to become includable in the gross income of the holders thereof for federal income tax purposes. A No Adverse Effect Opinion will not be required with respect to any Series of Bonds which were issued as Taxable Bonds.
No Adverse Effect Opinion means an opinion of Bond Counsel to the effect that the taking of the action specified therein will not impair the exclusion of interest on the Funding Loan from gross income for purposes of federal income taxation (subject to the inclusion of such customary exceptions as are acceptable to the recipient thereof).
No Adverse Effect Opinion means an opinion of Tax Counsel substantially to the effect that the taking of the action specified therein will not, in and of itself, adversely affect any exclusion of interest on the Governmental Note from gross income for purposes of federal income taxation (subject to the inclusion of such customary exceptions as are acceptable to the recipient thereof).
No Adverse Effect Opinion means an Opinion of Bond Counsel addressed to the Port Authority and the Trustee to the effect that an action, or the failure to take an action, in and of itself, will not adversely affect the Tax Status of the Series 2023 Bonds.
No Adverse Effect Opinion means, with respect to any action the taking of which requires such an opinion, an Opinion of Counsel from Bond Counsel substantially to the effect that the taking of the action specified therein will not, in and of itself, adversely affect any exclusion of interest on the Bonds from gross income for purposes of federal income taxation (subject to customary qualifications and exceptions).