Common use of No Private Loan Clause in Contracts

No Private Loan. Except as would not cause any Authority Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District shall not use or permit the use of Gross Proceeds of the Authority Bonds to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority 2015-A Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Treasury Regulations and rulings thereunder, the District Authority and the City shall not use or permit the use of Gross Proceeds of the Authority Bonds any 2015-A Bond to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (ia) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (iib) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iiic) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District shall not use or permit the use of Gross Proceeds of the Authority Bonds to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Tax-Exempt 2022 Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Treasury Regulations and rulings thereunder, the District Authority and the City shall not use or permit the use of Gross Proceeds of the Authority Bonds any Tax- Exempt 2022 Bond to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (ia) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (iib) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iiic) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Tax-Exempt 2020 Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District Authority and the City shall not use or permit the use of Gross Proceeds of the Authority Bonds any Tax-Exempt 2020 Bond to make or finance loans to any person or entity other than a state or local governmentNongovernmental Person. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (ia) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (iib) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iiic) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Tax-Exempt 2022 Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District Authority and the City shall not use or permit the use of Gross Proceeds of the Authority Bonds any Tax-Exempt 2022 Bond to make or finance loans to any person or entity other than a state or local governmentNongovernmental Person. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (ia) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (iib) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iiic) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Bond to become a “private activity bond” within the meaning of section Section 141 of the Code and the Tax Regulations and rulings thereunder, neither the District Agency nor the Authority shall not use or permit the use of Gross Proceeds of the Authority Bonds to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Bond Tax-Exempt Obligation to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, neither the District nor the Participant shall not use or permit the use of the Gross Proceeds of the Authority Bonds Tax-Exempt Obligations to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i1) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii2) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii3) indirect benefits of such Gross Proceedsbenefits, or burdens and benefits of ownership ownership, of such Gross Proceeds or any property acquired, constructed or improved with such Gross Proceeds, Proceeds are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. (i) Except as would not cause any Authority Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District County shall not use or permit the use of Gross Proceeds of the Authority Bonds to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii) capacity in or service from such property is committed to such person or entity under a take-or-or- pay, output or similar contract or arrangement; or (iii) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority 2009-A Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District Authority and the City shall not use or permit the use of Gross Proceeds of the Authority Bonds any 2009-A Bond to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (ia) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (iib) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iiic) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Tax-Exempt 2016 Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District Authority and the City shall not use or permit the use of Gross Proceeds of the Authority Bonds any Tax-Exempt 2016 Bond to make or finance loans to any person or entity other than a state or local governmentNongovernmental Person. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (ia) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (iib) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iiic) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Bond the Tax Exempt Notes to become a “"private activity bond” bonds" within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District shall not use or permit the use of Gross Proceeds of the Authority Bonds to make or finance loans to any person or entity other than a state or local governmentgovernment (including Indian tribal governments or subdivisions thereof). For purposes of the foregoing covenantthis clause (c), such Gross Proceeds are considered to be “"loaned” " to a person or entity if: (i1) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii2) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii3) indirect benefits of such Gross Proceedsbenefits, or burdens and benefits of ownership ownership, of such Gross Proceeds or any property acquired, constructed or improved with such Gross Proceeds, Proceeds are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Bond this Agreement to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, neither the District City nor the Authority has used or permitted the use of, or shall not use or permit the use of Gross Proceeds of the Authority Bonds this Agreement to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i1) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii2) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii3) indirect benefits of such Gross Proceedsbenefits, or burdens and benefits of ownership ownership, of such Gross Proceeds or any property acquired, constructed or improved with such Gross Proceeds, Proceeds are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority 2004 Bond or Additional Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District Authority shall not use or permit the use of Gross Proceeds of the Authority 2004 Bonds and Additional Bonds to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i1) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii2) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii3) indirect benefits of such Gross Proceedsbenefits, or burdens and benefits of ownership ownership, of such Gross Proceeds or any property acquired, constructed or improved with such Gross Proceeds, Proceeds are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Bond the Tax Exempt Notes to become a “"private activity bond” " within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District shall not use or permit the use of Gross Proceeds of the Authority Bonds to make or finance loans to any person or entity other than a state or local governmentgovernment (including Indian tribal governments or subdivisions thereof). For purposes of the foregoing covenantthis clause (c), such Gross Proceeds are considered to be “"loaned” " to a person or entity if: (i1) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii2) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii3) indirect benefits of such Gross Proceedsbenefits, or burdens and benefits of ownership ownership, of such Gross Proceeds or any property acquired, constructed or improved with such Gross Proceeds, Proceeds are otherwise transferred in a transaction that is the economic equivalent of a loan.

No Private Loan. Except as would not cause any Authority Bond or Prior PFA Bond to become a “private activity bond” within the meaning of section 141 of the Code and the Tax Regulations and rulings thereunder, the District Authority shall not use or permit the use of Gross Proceeds of the Authority Bonds to make or finance loans to any person or entity other than a state or local government. For purposes of the foregoing covenant, such Gross Proceeds are considered to be “loaned” to a person or entity if: (i) property acquired, constructed or improved with such Gross Proceeds is sold or leased to such person or entity in a transaction that creates a debt for federal income tax purposes; (ii) capacity in or service from such property is committed to such person or entity under a take-or-pay, output or similar contract or arrangement; or (iii) indirect benefits of such Gross Proceeds, or burdens and benefits of ownership of any property acquired, constructed or improved with such Gross Proceeds, are otherwise transferred in a transaction that is the economic equivalent of a loan.