Limitation on Sales Tax Exemption. (a) Any exemption from Sales Taxes resulting from or occasioned by the Agency’s involvement with the Project shall be limited to purchases of property effected by the Lessee as agent and the Sublessee as subagent for the Agency, it being the intent of the parties that no operating expenses of the Lessee or the Sublessee and no purchases of equipment or other personal property (other than Facility Equipment or building materials relating to the Project) shall be subject to an exemption from Sales Taxes because of the Agency’s involvement with the Project.
Limitation on Sales Tax Exemption. In accordance with the Resolution the Company covenants that the purchase of goods and services relating to the Project and subject to New York State and local sales and use taxes are estimated in an amount up to $4,500,000.00, and, therefore, the value of the sales and use tax exemption benefits authorized and approved by the Agency cannot exceed $393,750.00.
Limitation on Sales Tax Exemption. (a) Any exemption from Sales Taxes resulting from or occasioned by Agency's involvement with the Project shall be limited to purchases of Eligible Materials effected in whole from Bond proceeds or funds provided by or for the benefit of the Lessee as agent of the Agency, it being the intent of the parties that no operating expenses of the Lessee and no purchases of equipment or other personal property (other than Eligible Materials) shall be subject to an exemption from Sales Taxes because of the Agency's involvement with the Project. The Lessee shall be entitled to an amount of sales and use tax exemptions pursuant to the Sales Tax Letter until the earlier of (w) the termination of this Agreement, (x) the completion of the Project as provided in Section 2.2 hereof, (y) January 15, 2004 or (z) receipt by the Lessee of notice from the Agency of the termination of the Sales Tax Letter.
