Common use of Maintenance of Tax-Exemption Clause in Contracts

Maintenance of Tax-Exemption. The Guarantor represents that it has not taken any action, and it knows of no action that any other Person has taken, which would cause interest on the Bonds to be includible in the gross income of the holder thereof for federal income tax purposes, and covenants that it will not take any action or omit to take any action at any time, or permit any Person to take any action or omit to take any action at any time, which action or omission would result in the loss of the exemption from federal income taxation of the interest on the Bonds; provided that no such representation or covenant is made with respect to any Bonds for any period during which they are held by a “substantial user” or a “related person” as those terms are used in Section 147 of the Code. The Guarantor further represents that it will not take or omit to take any action, or permit any Person to take any action or omit to take any action, which action or omission will in any way cause the proceeds from the sale of the Bonds to be applied, or result in such proceeds being applied, in any manner other than as provided in the Indenture and the Lease Agreement.

Maintenance of Tax-Exemption. The Guarantor represents that it has not taken any action, and it knows of no action that any other Person has taken, which would cause interest on the Bonds to be includible in the gross income of the holder thereof for federal income tax purposes, and covenants that it will not take any action or omit to take any action at any time, or permit any Person to take any action or omit to take any action at any time, which action or omission would result in the loss of the exemption from federal income taxation of the interest on the Bonds; provided that no such representation or covenant is made with respect to any Bonds for any period during which they are held by a “"substantial user” " or a “"related person” " as those terms are used in Section 147 of the Code. The Guarantor further represents that it will not take or omit to take any action, or permit any Person to take any action or omit to take any action, which action or omission will in any way cause the proceeds from the sale of the Bonds to be applied, or result in such proceeds being applied, in any manner other than as provided in the Indenture and the Lease Agreement.