Common use of Repayment for Misuse of Sales Tax Exemption Clause in Contracts

Repayment for Misuse of Sales Tax Exemption. In the event that the Lessee or any Agent shall utilize the Sales Tax Exemption authorization in violation of the terms of this Agreement, the Lessee shall promptly deliver notice of same to the Agency, and the Lessee shall, upon demand by the Agency, pay to or at the direction of the Agency a return of Sales Tax Savings in an amount equal to all such unauthorized Sales Tax Savings together with interest at the rate of twelve percent (12%) per annum compounded daily from the date and with respect to the dollar amount for which each such unauthorized Sales Tax Savings was availed of by the Lessee (less any amount of interest and penalties paid to the State, if any). The Lessee acknowledges and agrees that the use of the Sales Tax Exemption to obtain Sales Tax Savings in excess of the Maximum Sales Tax Savings Amount is a violation of this Agreement.

Repayment for Misuse of Sales Tax Exemption. In the event that the Lessee or any Agent shall utilize the Sales Tax Exemption authorization in violation of the terms of this Agreement, the Lessee shall promptly deliver notice of same to the Agency, and the Lessee shall, upon demand by the Agency, pay to or at the direction of the Agency a return of Sales Tax Savings exemptions in an amount equal to all such unauthorized Sales Tax Savings exemptions together with interest at the rate of twelve percent (12%) per annum compounded daily from the date and with respect to the dollar amount for which each such unauthorized Sales Tax Savings exemption was availed of by the Lessee (less any amount of interest and penalties paid to the State, if any). The Lessee acknowledges and agrees that the use of the Sales Tax Exemption to obtain Sales Tax Savings in excess of the Maximum Sales Tax Savings Amount is a violation of this Agreement.