Private Security or Payment Test Sample Clauses

Private Security or Payment Test. In general, the private security or payment test is satisfied if the present value of the payments to be taken into account exceeds 10% of the present value of the debt service to be paid over the term of the issue. The private payment portion of the test generally takes into account payment of debt service derived from payments (whether or not to the Issuer or a related party) in respect of property or borrowed money used or to be used for a private business use. The private security portion of the test generally takes into account payment of debt service directly or indirectly secured by an interest in property used or to be used for a private business use, or payments in respect of such property. The security for an issue and the payment of debt service on the issue are determined from both the bond documents and on the basis of an underlying arrangement between the parties. An underlying arrangement can result from separate agreements between the parties or may be inferred from all the facts and circumstances in connection with the issuance of the Bonds.
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Private Security or Payment Test. Not more than 10% of the Periodic Payments under the Master Agreement shall be directly or indirectly (i) secured by any interest in property used or to be used for a private business use, or payments in respect of such property, or (ii) derived from payments in respect of property or borrowed money used or to be used for a private business use. The test described in this paragraph shall be applied by changing 10% to 5% with respect to any proceeds used for unrelated or disproportionate private business use. Xxxx Xxxxx 4/20/17 3:45 PM
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Private Security or Payment Test. During the Measurement Period, the District will not permit the Bonds to meet the private security or payment test of Section 141(b)(2) of the Code. To that end, among other things, the District will not permit the present value of the payments and property taken into account as private payments or private security under Treas. Reg. § 1. 141-4 (including, e.g., payments by a Person (whether or not to the District) of property financed or refinanced with the Proceeds of the Bonds and to be used in a Private Business Use (even if not made by a Private Business User) to the extent allocable to the payment of debt service on the Proceeds of the Bonds used to finance or refinance such property) to exceed 10 percent (five percent, in the case of combined unrelated Private Business Use Proceeds and disproportionate related Private Business Use Proceeds as described in Section 2.1 (E) hereof) of the present value of the debt service (as defined in Treas. Reg. § 1.141-4(b)(2)(ii)) over the term of the Bonds. For purposes of the foregoing example, under Treas. Reg. § 1.141-4(c)(2)(A) and (B) and - 4(d)(5), such payments with respect to Private Business Use Proceeds are not taken into account as private payments or private security to the extent that the present value of those payments exceeds the present value of debt service on those Private Business Use Proceeds. For purposes of the foregoing, under Treas. Reg. § 1.141-4(e), “generally applicable taxes,” including for all purposes hereof tax equivalency payments or other payments in lieu of taxes meeting the requirements of Treas. Reg. § 1.141-4(e)(5)(i) through (iv), are not treated as private payments or as private security. A tax, including for all purposes hereof a tax equivalency payment or other payment in lieu of a tax, is not a “generally applicable tax” to the extent one or more taxpayers make any “impermissible agreements” relating to payment of that tax. The following are examples of “impermissible agreements” that cause a tax to fail to be a “generally applicable tax”: an agreement to be personally liable on a tax that generally does not impose personal liability, to provide additional credit support such as a third party guarantee, or to pay unanticipated shortfalls; an agreement regarding the minimum market value of the property subject to the tax; and an agreement not to challenge or seek deferral of the tax. If an agreement by a taxpayer causes the tax imposed on that taxpayer not to be treated as ...
Sample 1
Private Security or Payment Test. 1. The security for, and payment of debt service on, the Loan is determined from both the terms of the Bond documents and on the basis of any underlying arrangement between the Recipient and a Nongovernmental Person. 2. Generally applicable taxes are not treated as private business payments as long as such taxes are not in the nature of fees for goods or services, have a uniform tax rate that is applied to all persons of the same classification in the appropriate jurisdiction and have a generally applicable manner of determination and collection.
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Related to Private Security or Payment Test

  • Site Security While providing services at a DSHS location, the Contractor, its agents, employees, or Subcontractors shall conform in all respects with physical, fire, or other security regulations specific to the DSHS location.

  • Performance Security 47.1 Within twenty-one (21) days of the receipt of Letter of Acceptance from the Procuring Entity, the successful Tenderer, if required, shall furnish the Performance Security in accordance with the GCC 18, using for that purpose the Performance Security Form included in Section X, Contract Forms. If the Performance Security furnished by the successful Tenderer is in the form of a bond, it shall be issued by a bonding or insurance company that has been determined by the successful Tenderer to be acceptable to the Procuring Entity. A foreign institution providing a bond shall have a correspondent financial institution located in Kenya, unless the Procuring Entity has agreed in writing that a correspondent financial institution is not required. 47.2 Failure of the successful Tenderer to submit the above-mentioned Performance Security or sign the Contract shall constitute sufficient grounds for the annulment of the award and forfeiture of the Tender Security. In that event the Procuring Entity may award the Contract to the Tenderer offering the next lowest Evaluated Tender. 47.3 Performance security shall not be required for a contract, if so specified in the TDS.

  • Conflict of Interest Questionnaire Requirement - Form CIQ - Continued If you responded "No, Vendor does not certify - VENDOR HAS CONFLICT" to the Conflict of Interest Questionnaire question above, you are required by law to fully execute and upload the form attachment entitled "Conflict of Interest Questionnaire - Form CIQ." If you accurately claimed no conflict above, you may disregard the form attachment entitled "Conflict of Interest Questionnaire - Form CIQ." Have you uploaded this form if applicable? Not Applicable

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Late payment on Zero Coupon Notes If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon Note pursuant to Condition 7.1, 7.2, 7.3, 7.4, 7.5, 7.6 or 7.7 above or upon its becoming due and repayable as provided in Condition 10 (Events of Default) is improperly withheld or refused, the amount due and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in Condition 7.8(b) above as though the references therein to the date fixed for the redemption or the date upon which such Zero Coupon Note becomes due and payable were replaced by references to the date which is the earlier of: (a) the date on which all amounts due in respect of such Zero Coupon Note have been paid; and (b) five days after the date on which the full amount of the moneys payable in respect of such Zero Coupon Notes has been received by the Principal Paying Agent or the Registrar and notice to that effect has been given to the Noteholders in accordance with Condition 14 (Notices).

  • STATE SECURITY 4.01 Nothing in this Agreement shall be construed as requiring the Employer to do or refrain from doing anything contrary to any instruction, direction or regulations given or made by or on behalf of the Government of Canada in the interest of the safety or security of Canada or any state allied or associated with Canada.

  • Covenant to Secure Notes Equally The Company covenants that, if it or any Subsidiary shall create or assume any Lien upon any of its property or assets, whether now owned or hereafter acquired, other than Liens permitted by the provisions of paragraph 6B(1) (unless the prior written consent to the creation or assumption thereof shall have been obtained pursuant to paragraph 11C), it will make or cause to be made effective provision whereby the Notes will be secured by such Lien equally and ratably with any and all other Debt thereby secured so long as any such other Debt shall be so secured.

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Application of this Revenue Sharing Agreement to Notes The terms of this Revenue Sharing Agreement shall apply to each Note as if the terms of this Revenue Sharing Agreement were fully set forth in each Note.

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