Substantial User definition

Substantial User means a “substantial user” within the meaning of Section 147(a) of the Code.

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Substantial User means any substantial user of the Project within the meaning of Section 147(a) of the Code.

Substantial User means, with respect to any “facilities” (as the term “facilities” is used in Section 144(a) of the Code), a “substantial user” of such “facilities” within the meaning of Section 147(a) of the Code.

Examples of Substantial User in a sentence

• The Company shall at all times do and perform all acts and things permitted by law and necessary or desirable in order to assure that interest paid on the Bonds shall for the purposes of federal income taxation be excludable from the gross income of the holders of the Bonds, except in the event that any such holder is a Substantial User or Related Person thereto.

• No Loan Party has taken any action or omitted to take any action, and no Loan Party has actual knowledge of any action taken or omitted to be taken by any other Person, which action, if taken or omitted, respectively, would adversely affect the exclusion of interest on the Bonds from gross income for federal income Tax purposes (except when owned by a Substantial User).

• The Borrower shall not effect such transfer or change if the result thereof would be to violate any sale restrictions set forth in Section 5.2 hereof, or to subject the interest payable on the Subordinate Bonds (in the hands of any Person who is not a Substantial User of the Project or a Related Person) to federal income taxes under Section 103 of the Code.

• No Loan Party shall take any action or omit to take any action which, if taken or omitted, would adversely affect the tax-exempt status of the Bonds (other than with respect to any Bonds owned by a Substantial User).

• For purposes of this Section 5.5, any and all actions of any Substantial User shall be deemed to be actions of the Borrower.

More Definitions of Substantial User

Substantial User means “substantial user” as defined in Section 147(a) of the Code. “Supervening Event” has the meaning set forth in the Project Agreement.

Substantial User means, with respect to any "facilities" (as the term "facilities" is used in Section 144(a)(4)(B) of the Code), a "substantial user" of such "facilities" within the meaning of Section 147(a)(1) of the Code.

Substantial User means, with respect to any "facilities" (as the term "facilities" is used in Section 147(a) of the Code), a "substantial user" of such "facilities" within the meaning of Section 147(a) of the Code.

Substantial User means any Bondholder that is a “substantial user” of the Terminal Storage Facility (or any other property financed by a Series of the Bonds) or any “related person” within the meaning of Section 147(a) of the Code.

Substantial User shall have the meaning set forth in the Tax Certificate.

Substantial User means “substantial user” as defined in Section 147(a) of the Code. “Supplemental Indenture” means any indenture supplementing or amending the Indenture or another Supplemental Indenture that is executed and delivered pursuant to Article IX of the Indenture.

Substantial User means, a “substantial user” within the meaning of Section 147(a) of the Code and Section 1.103-11 of the Regulations.