Private Business Use. The City shall assure that the Athletic Fields and the Improvements are not used by third parties as to cause the Lease to satisfy the private business tests of Section 141(b) of the Internal Revenue Code of 1986 (the “Code”) as in effect on the date of execution of this Agreement or the private loan financing test of Section 141(c) of the Code.
Private Business Use. So long as any Series 2023 Bonds remain outstanding under the Code, the Manager agrees that it will manage the Xxxxx Port Public Roadway in such a manner that at least 90% of the Net Proceeds of the Series 2023 Bonds utilized for Xxxxx Port Public Roadway will be treated as used, directly or indirectly, in activities that do not constitute a Private Business Use; not more than 10% of the proceeds of the Series 2023 Bonds utilized for the Xxxxx Port Public Roadway will be treated under the Code as used, directly or indirectly, in a Private Business Use; and not more than 5% of the proceeds of the Series 2023 Bonds utilized for the Xxxxx Port Public Roadway will be treated under the Code as used, directly or indirectly, in a Private Business Use that is not directly related to the use of the Xxxxx Port Public Roadway for the Roadway Function. The Manager will not enter into any contract or other arrangement that would cause more than 10% of the proceeds of the Series 2023 Bonds utilized for the Xxxxx Port Public Roadway to be treated under the Code as used, directly or indirectly, in a Private Business Use, or more than 5% of the proceeds of the Series 2023 Bonds utilized for the Xxxxx Port Public Roadway to be treated under the Code as used, directly or indirectly, in a Private Business Use that is not directly related to the use of the Xxxxx Port Public Roadway as public infrastructure improvements. The Manager may depart from its covenants in this subparagraph (c) only if and to the extent requested in writing by the Manager and approved in writing by the Port Authority and if a No Adverse Effect Opinion, describing the extent to which the Manager may depart from such covenants, is obtained, which shall be at the sole cost and expense of the Manager, and delivered to the Port Authority and the Trustee.
Private Business Use. 8 Section 2.2. Registration 8 Section 2.3. [RESERVED] 8 Section 2.4. Change of Use 8 Section 2.5. 120 Percent Maturity Limitation 9
Private Business Use. During the term of the Notes, the City reasonably expects that:
Private Business Use. With respect to the use of the facilities financed or refinanced with the proceeds of the Bonds the Responsible Person will:
Private Business Use a. If entering into a contract for the use of or lease of space of any portion of a University building or outdoor space and the third party will use the space for its business use (i.e. not personal use)
