Assurance of Tax Exemption Sample Clauses

Assurance of Tax Exemption. In order to assure that the interest on the Subordinate Bonds shall at all times be excluded from gross income for the purposes of federal income taxation, the Borrower represents and covenants with the Issuer, Trustee and all Holders of the Subordinate Bonds as follows: (1) The Borrower will fulfill all continuing conditions specified in Section 142 of the Code and Section 1.103-8(b) of the Regulations, to qualify the Subordinate Bonds as residential rental property bonds thereunder. (2) The Borrower will not use (or permit to be used) the Project or use or invest (or permit to be used or invested) the proceeds of the Subordinate Bonds, or any other sums treated as “bond proceeds” under Section 148 of the Code and applicable federal income tax regulations, including “investment proceeds,” “invested sinking funds” and “replacement proceeds,” in such a manner as to cause the Subordinate Bonds to be classified “arbitrage bonds” under Section 148 of the Code or “federally guaranteed obligations” under Section 149(b) of the Code. (3) At least ninety-five percent (95%) of Net Bond Proceeds will be used to finance costs properly chargeable to the capital account of a qualified residential rental project within the meaning of Section 142(d) and functionally related and subordinate property thereto. (4) The Borrower has not permitted and will not permit any obligation or obligations to be issued within the meaning of Section 103(b) of the Code so as to cause such obligations to become part of the same “issue of obligations” as the Subordinate Bonds, so as to impair the tax-exempt status of the Subordinate Bonds. (5) No portion of the proceeds of the Subordinate Bonds will to be used to provide any airplanes, skybox, or other private luxury box, health club facility, facility primarily used for gambling or liquor store. (6) No portion of the proceeds of the Subordinate Bonds will be used to acquire (a) property to be leased to the government of the United States of America or to any department, agency or instrumentality of the government of the United States of America, (b) any property not part of the residential rental housing portion of the Project, or (c) any private or commercial golf course, country club, massage parlor, tennis club, skating facility (including roller skating, skateboard and ice-skating), racquet sports facility (including any handball or racquetball court), hot tub facility, suntan facility or racetrack. (7) No portion of the proceeds of the...
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Assurance of Tax Exemption. In order to assure that the interest on the Bonds shall at all times be free from Federal income taxation, the Borrowers covenant with the Issuer, the Trustee and all Bondowners that they will: (a) Not use the proceeds of the Bonds in such a manner as to cause the Bonds to be classified “arbitrage bonds” under Section 148 of the Code and applicable regulations. (b) Comply with and fulfill all other requirements and conditions of the Code and regulations and rulings relating to the Project and not take any action, or refrain from taking any action, or permit others to take any action or refrain from taking any action if the result thereof would be to cause the interest on the Bonds to be included in the gross income of a Bondowner.
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Assurance of Tax Exemption. (a) It is the intention of the Company and the Issuer that the interest on the Bonds be excludable from the gross income of the holders thereof for federal income tax purposes pursuant to Section 103 of the Code (including, where applicable, Section 103 of the 1954 Code), except for any Bond held by a Person referred to in Section 103(b)(13) of the 1954 Code. To that end, the Company represents, covenants and agrees with the Issuer, the Trustee and all Owners of the Bonds that (a) it will not permit the use of any proceeds of the Bonds or fail to use or cause to be used such proceeds or take any other action or omit to take any action, which use, failure, act or omission will cause the loss of such exclusion, and (b) it will file with the Internal Revenue Service, or any other authorized governmental agency, any and all statements or other instruments, if any, required under the Code with respect to obligations the interest on which is excludable from the gross income of the owners thereof for federal income tax purposes pursuant to Section 103 of the Code (including, where applicable, Section 103 of the 1954 Code). Furthermore, the Company represents, covenants and agrees as follows: (1) The Company will not use the proceeds of the Bonds or any other moneys in such a manner as to cause the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code. (2) The Company will not take any action, or permit any action (which is within its control) to be taken, which would otherwise cause the interest on the Bonds to become includable in gross income for purposes of federal income taxation in the hands of the owners thereof (other than by operation of Section 103(b)(13) of the 1954 Code). (3) The Company will not lease, sell, assign, grant or convey all or any portion of the Facilities or any interest therein to the United States of America or any agency or instrumentality thereof within the meaning of Section 149(b) of the Code or Section 103(h) of the 1954 Code, unless first obtaining an opinion of Bond Counsel that any such lease, sale, assignment, grant or conveyance will not adversely affect the excludability from gross income of interest on the Series 2004 Bonds for purposes of federal income taxation. (4) The Company will comply with any restrictions on the investment of moneys set forth in the Tax Compliance Certificate in respect of the Series 2004 Bonds. (5) The Company will take such action, or refrain from taking such action, as shall ...
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Assurance of Tax Exemption. The Borrower understands after consultation with such legal counsel as deemed appropriate, that the exclusion from gross income of interest on any Tax-Exempt Bonds (including the Series 2024A Bonds) for federal income tax purposes is dependent on the accuracy and truthfulness of representations made herein and in the Tax Certificate. The Borrower covenants and warrants that such representations are accurate and truthful, and the Borrower shall comply with the Tax Certificate.
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Assurance of Tax Exemption. In order to assure that the interest on the Bonds shall at all times be excluded from gross income for federal income tax purposes, the Company covenants with the Issuer, the Trustee and all Bondowners that it will comply with and fulfill each of the requirements and conditions of the Tax Regulatory Agreement.
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Assurance of Tax Exemption. (a) In order to ensure that the interest on the Series 2006 Bonds shall, at all times, be excludable from gross income for purposes of federal income taxation (other than by operation of Section 147(a) of the Code), the Company represents, covenants and agrees with the Issuer, the Trustee and all Owners of the Series 2006 Bonds that: (1) The information and estimates heretofore furnished to the Issuer and Bond Counsel by the Company and contained in the Certificate as to Refinanced Facilities delivered in connection with the issuance of the Series 2006 Bonds and in the Tax Compliance Agreement with respect to the nature and use of the Refinanced Facilities and the expenditure of the proceeds of the Prior Bonds and the Refunded Bonds are true and correct and do not omit any statement, the omission of which would render any of the statements made therein misleading in the circumstances in which they are made. The Company has no reason to believe that the Tax Certificates delivered by the City of Marco Island, Florida and the City of Deltona, Florida, are not true and correct in all material respects or omit any statement, the omission of which would render any of the statements made therein misleading in the circumstances in which they are made. (2) At least 95% of the proceeds of each series of the Prior Bonds (including transferred proceeds of the Series 1996 Bonds), including any investment earnings thereon, has been used for the payment of costs of "facilities for the furnishing of water" and "sewage facilities" within the meaning of Section 142(a)(4) and (5) and Section 142(e) of the Code and applicable Treasury Regulations, as applicable. (3) At least 95% of the proceeds of each series of the Prior Bonds (including transferred proceeds of the Series 1996 Bonds), including any investment earnings thereon, has been used to provide either land or property of a character subject to the allowance for depreciation under Section 167 of the Code and all amounts paid from the proceeds of the Prior Bonds were, for federal income tax purposes, chargeable to the capital account of an Affiliate of the Company with respect to the Refinanced Facilities or would have been so chargeable either with a proper election by the Affiliate (for example, under Section 266 of the Code) or but for a proper election by the Affiliate to deduct such amounts. (4) The Company will not use the proceeds of the Series 2006 Bonds or any other moneys in such a manner as to cause the Serie...
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Assurance of Tax Exemption. In order to assure that the interest on the Bonds shall at all times be free from federal income taxation, the Company represents and covenants with the Issuer, Trustee and all Holders of the Bonds that it will comply with the applicable provisions of Sections 103 and 141 through 150 of the Code as follows: (1) the Company will fulfill all conditions specified in Section 144(a)(4) of the Code, to qualify the Bonds as a $10,000,000 "small issue" thereunder; (2) the Company represents that the aggregate amount of any Other Private Activity Bonds under Section 144(a) of the Code used to finance facilities used by the Company or a Principal User, or
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Assurance of Tax Exemption. The Company recognizes that the exclusion of the interest paid on the Series 1997 Bonds from the gross income of the owners thereof for Federal income tax purposes is dependent upon the qualification of the Series 1997 Bonds as "qualified small issue bonds" under Section 144 of the Code and the Regulations. For this purpose, the Company hereby further represents, covenants, and agrees as follows: (a) All of the Net Proceeds of the Series 1997 Bonds, after payment of Issuance Costs to the extent permitted by Section 7.12(b) hereof, shall be used to pay for Qualified Project Costs. (b) An amount not in excess of two percent (2%) of the lesser of the face amount of the Series 1997 Bonds or the proceeds of the Series 1997 Bonds may be used to pay for, or provide for the payment of, Issuance Costs. For this purpose, if the fees of the Underwriter are retained as a discount on the purchase of the Series 1997 Bonds, such retention shall be deemed to be an expenditure of proceeds of the Series 1997 Bonds to pay Issuance Costs. (c) The Company shall not take any action or permit or suffer any action to be taken if the result of the same would be to cause the Series 1997 Bonds to be "Federally guaranteed" within the meaning of Section 149(b) of the Code and the Regulations promulgated thereunder. (d) No portion of the proceeds of the Series 1997 Bonds shall be used to provide any residential real property for family units, private or commercial golf course, country club, massage parlor, tennis club, skating facility (including roller skating, skateboard, and ice skating), racket sports facility (including any handball or racquetball court), hot tub facility, suntan facility, racetrack, health club facility, airplane, sky box or other private luxury box, facility primarily used for gambling, or store the principal business of which is the sale of alcoholic beverages for consumption off premises. (e) No portion of the proceeds of the Series 1997 Bonds shall be used to provide a facility, the primary purpose of which is one of the following: retail food and beverage services, automobile sales or service, or the provision of recreation or entertainment. (f) The proceeds of the Bonds will be used with respect to facilities located or to be located entirely within the City. (g) The Company, or one or more of its wholly-owned subsidiaries, will be the only principal user of the land, facilities and equipment to be acquired and rehabilitated with the proceeds of the Bonds w...
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Assurance of Tax Exemption. (a) It is the intention of the Borrower and the Issuer that the Bonds constitute “qualified Midwestern Disaster Area Bonds” in accordance with Section 1400N(a) of the Code, as applied with modifications pursuant to the Heartland Disaster Tax Relief Act of 2008, and
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Related to Assurance of Tax Exemption

  • TAX EXEMPTION The Department of Montana is exempt from Federal Excise Taxes (#00-0000000).

  • Opinion of Tax Counsel The Company shall have received an opinion from Xxxxxx Xxxxxx Rosenman LLP, special counsel to the Company, dated the Closing Date, to the effect that, on the basis of the facts, representations and assumptions set forth or referred to in such opinion, the Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code. In rendering its opinion, Xxxxxx Xxxxxx Xxxxxxxx LLP may require and rely upon representations contained in letters from each of HEOP and the Company.

  • SALES TAX EXEMPTION The Services under the Contract will be paid for from the Department’s funds and used in the exercise of the Department’s essential functions as a State of Utah entity. Upon request, the Department will provide Contractor with its sales tax exemption number. It is Contractor’s responsibility to request the Department’s sales tax exemption number. It is Contractor’s sole responsibility to ascertain whether any tax deductions or benefits apply to any aspect of the Contract.

  • Tax Exemptions Ontario Universities and College Residences are tax-exempt and Residents are not charged taxes on Residence fees. As such, the Resident may claim only $25 as the occupancy cost for the part of the year lived in Residence. If filing either a paper or an electronic income tax return, the Resident does not need to include receipts with the tax return. For that reason, Humber Residences does not provide tax receipts.

  • Franchise Tax Certification If PROVIDER is a taxable entity subject to the Texas Franchise Tax (Chapter 171, Texas Tax Code), then PROVIDER certifies that it is not currently delinquent in the payment of any franchise (margin) taxes or that PROVIDER is exempt from the payment of franchise (margin) taxes.

  • Withholding Tax Exemption At least five Business Days prior to the first date on which interest or fees are payable hereunder for the account of any Lender, each Lender that is not incorporated under the laws of the United States of America, or a state thereof, agrees that it will deliver to each of the Borrower and the Agent two duly completed copies of United States Internal Revenue Service Form 1001 or 4224, certifying in either case that such Lender is entitled to receive payments under this Agreement and the Notes without deduction or withholding of any United States federal income taxes. Each Lender which so delivers a Form 1001 or 4224 further undertakes to deliver to each of the Borrower and the Agent two additional copies of such form (or a successor form) on or before the date that such form expires (currently, three successive calendar years for Form 1001 and one calendar year for Form 4224) or becomes obsolete or after the occurrence of any event requiring a change in the most recent forms so delivered by it, and such amendments thereto or extensions or renewals thereof as may be reasonably requested by the Borrower or the Agent, in each case certifying that such Lender is entitled to receive payments under this Agreement and the Notes without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form with respect to it and such Lender advises the Borrower and the Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax.

  • Treatment of Taxes Except as otherwise provided in the Loan Agreement, the proceeds of the Loan may be withdrawn to pay for taxes levied by, or in the territory of, the Borrower or the Guarantor on the goods or services to be financed under the Loan, or on their importation, manufacture, procurement or supply. Financing of such taxes is subject to the Bank’s policy of requiring economy and efficiency in the use of the proceeds of its loans. To that end, if the Bank shall at any time determine that the amount of any taxes levied on or in respect of any item to be financed out of the proceeds of the Loan is excessive or otherwise unreasonable, the Bank may, by notice to the Borrower, adjust the percentage for withdrawal set forth or referred to in respect of such item in the Loan Agreement as required to be consistent with such policy of the Bank.” (b) Section 6.03 (c) of the General Conditions is amended by replacing the words “corrupt or fraudulent” with the words “corrupt, fraudulent, collusive or coercive”. Section 1.02. Unless the context otherwise requires, the several terms defined in the General Conditions and in the Preamble to this Agreement have the respective meanings therein set forth and the following additional terms have the following meanings:

  • PRESERVATION OF TAX AND ACCOUNTING TREATMENT Except as contemplated by this Agreement or the Registration Statement, after the Funding and Consummation Date, TCI shall not and shall not permit any of its subsidiaries to undertake any act that would jeopardize the tax-free status of the organization, including without limitation: (a) the retirement or reacquisition, directly or indirectly, of all or part of the TCI Stock issued in connection with the transactions contemplated hereby; or (b) the entering into of financial arrangements for the benefit of the Stockholders.

  • Tax Certification If Contractor is a taxable entity as defined by Chapter 171, Texas Tax Code, then Contractor certifies it is not currently delinquent in the payment of any taxes due under Chapter 171, Contractor is exempt from the payment of those taxes, or Contractor is an out‑of‑state taxable entity that is not subject to those taxes, whichever is applicable.

  • Group Tax Exemption Ruling As of the Disaffiliation Date, Local Church shall cease to use, and also shall ensure that any Subsidiaries or affiliates of Local Church which have been included in the group tax exemption ruling shall cease to use, any and all documentation stating that Local Church is included in the denomination’s group tax exemption ruling administered by the General Council on Finance and Administration of The United Methodist Church. Local Church and any of its Subsidiaries and affiliates which have been included in the group tax exemption ruling will be removed as of the Disaffiliation Date.

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