Representations, Covenants and Warranties of the Lessee. The Lessee hereby represents, covenants, and warrants that (a) it is a body politic and corporate validly existing under the laws of the Commonwealth; (b) it has full power and authority to enter into and to perform its obligations under this Lease and all related documents; (c) it has duly authorized the execution and delivery of this Lease and all related documents; (d) this Lease and all related documents are valid, legal, and binding obligations of the Lessee, enforceable against the Lessee in accordance with their respective terms; (e) the execution and delivery of this Lease and all related documents does not (i) conflict with or result in a breach of the terms of any agreement or instrument by which the Lessee is bound or (ii) conflict with or result in a violation of any provision of any law or regulation applicable to the Lessee; (f) there is no action, suit, proceeding, or investigation before or by any court or public body wherein an unfavorable decision would materially and adversely affect the transactions contemplated by this Lease; (g) it will not take or permit, or omit to take or cause to be taken, any action that would adversely affect the exclusion of the designated interest component of Lease Rental Payments from gross income for federal income tax purposes; (h) the Project furthers the governmental purposes of the Lessee, serves a public purpose, and is in the best interests of the Lessee; (i) at the time of execution and delivery of the Lease, the Lessee intends to annually appropriate the Lease Rental Payments due hereunder; and (j) at all times during the Lease Term, the Project will be used only for the purpose of performing one or more lawful governmental functions of the Lessee. The Lessee acknowledges that it has requested that the Lessor act on its behalf to issue the Bonds and that this Lease is being funded with the proceeds of bonds which may require the Lessee to comply with certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Lessee hereby covenants and agrees that it will not take or omit to take any actions that conflict with the requirements of the Code that are applicable to the Bonds.
Appears in 1 contract
Samples: Lease Agreement
Representations, Covenants and Warranties of the Lessee. The Lessee hereby represents, covenants, covenants and warrants that (a) it is a body politic and corporate validly existing under the laws of the CommonwealthState; (b) it has full power and authority to enter into and to perform its obligations under under, this Lease and all related documents; (c) it has duly authorized the execution and delivery of this Lease and all related documents; (d) this Lease and all related documents are valid, legal, legal and binding obligations of the Lessee, enforceable against the Lessee in accordance with their respective its terms; (e) the execution and delivery of this Lease and all related documents does not (i) conflict with or result in a breach of the terms of any agreement or instrument by which the Lessee is bound bound, or (ii) conflict conflicts with or result results in a violation of any provision of any law or regulation applicable to the Lessee; (f) there is no action, suit, proceeding, proceeding or investigation before or by any court or public body wherein an unfavorable decision would materially and adversely affect the transactions contemplated by this Lease; (g) it will not take or or permit, or omit to take or cause to be taken, any action that would adversely affect the exclusion from gross income for federal income tax purposes of the designated interest component of Lease Rental Payments from gross income for federal income tax purposesPayments; (h) the Project furthers the Lessee's governmental purposes of the Lesseepurposes, serves a public purpose, purpose and is in the best interests of the Lessee; (i) Lessee and at the time of execution and delivery of the Lease, the Lessee intends to annually appropriate the Lease Rental Payments due hereunder; and (ji) at all times during the Lease Term, the Project will at all times be used only for the purpose of performing one or more lawful governmental functions of the Lessee. The Lessee acknowledges that it has requested that the Lessor act on its behalf to issue the Bonds and that this Lease is being funded with the proceeds of bonds which may require the Lessee to comply with certain provisions of the Internal Revenue Code of 1986, as amended (the “"Code”"). Accordingly, the The Lessee hereby covenants and agrees that it will not take or omit to take any actions that conflict with the requirements of the Code that are applicable to the Bonds.
Appears in 1 contract
Samples: Lease Agreement
Representations, Covenants and Warranties of the Lessee. The Lessee hereby represents, covenantscovenants and warrants, in addition to any additional representations, covenants and warrants warranties as may be set forth in Exhibit G, that (a) it is a body politic and corporate validly existing under the laws of the CommonwealthState; (b) it has full power and authority to enter into and to perform its obligations under under, this Lease and all related documents; (c) it has duly authorized the execution and delivery of this Lease and all related documents; (d) this Lease and all related documents are valid, legal, legal and binding obligations of the Lessee, enforceable against the Lessee in accordance with their respective its terms; (e) the execution and delivery of this Lease and all related documents does not (i) conflict with or result in a breach of the terms of any agreement or instrument by which the Lessee is bound bound, or (ii) conflict conflicts with or result results in a violation of any provision of any law or regulation applicable to the Lessee; (ft) there is no action, suit, proceeding, proceeding or investigation before or by any court or public body wherein an unfavorable decision would materially and adversely affect the transactions contemplated by this Lease; (g) it will not take or or permit, or omit to take or cause to be taken, any action that would adversely affect the exclusion from gross income for federal income tax purposes of the designated interest component of Lease Rental Payments from gross income for federal income tax purposesPayments; (h) the Project furthers the Lessee's governmental purposes of the Lesseepurposes, serves a public purpose, purpose and is in the best interests of the Lessee; (i) Lessee and at the time of execution and delivery of the Lease, the Lessee intends to annually appropriate the Lease Rental Payments due hereunder; and (ji) at all times during the Lease Term, the Project will at all times be used only for the purpose of performing one or more lawful governmental functions of the Lessee. The Lessee acknowledges that it has requested that the Lessor act on its behalf to issue the Bonds and that this Lease is being funded with the proceeds of bonds which may require the Lessee to comply with certain provisions of the Internal Revenue Code of 1986, as amended (the “"Code”"). Accordingly, the The Lessee hereby covenants and agrees that it will not take or omit to take any actions that conflict with the requirements of the Code that are applicable to the Bonds.
Appears in 1 contract
Samples: Lease Agreement
Representations, Covenants and Warranties of the Lessee. The Lessee hereby represents, covenantscovenants and warrants, in addition to any additional representations, covenants and warrants warranties as may be set forth in Exhibit G, that (a) it is a body politic and corporate validly existing under the laws of the CommonwealthState; (b) it has full power and authority to enter into and to perform its obligations under under, this Lease and all related documents; (c) it has duly authorized the execution and delivery of this Lease and all related documents; (d) this Lease and all related documents are valid, legal, legal and binding obligations of the Lessee, enforceable against the Lessee in accordance with their respective its terms; (e) the execution and delivery of this Lease and all related documents does not (i) conflict with or result in a breach of the terms of any agreement or instrument by which the Lessee is bound bound, or (ii) conflict conflicts with or result results in a violation of any provision of any law or regulation applicable to the Lessee; (f) there is no action, suit, proceeding, proceeding or investigation before or by any court or public body wherein an unfavorable decision would materially and adversely affect the transactions contemplated by this Lease; (g) it will not take or or permit, or omit to take or cause to be taken, any action that would adversely affect the exclusion from gross income for federal income tax purposes of the designated interest component of Lease Rental Payments from gross income for federal income tax purposesPayments; (h) the Project furthers the Lessee’s governmental purposes of the Lesseepurposes, serves a public purpose, purpose and is in the best interests of the Lessee; (i) Lessee and at the time of execution and delivery of the Lease, the Lessee intends to annually appropriate the Lease Rental Payments due hereunder; and (ji) at all times during the Lease Term, the Project will at all times be used only for the purpose of performing one or more lawful governmental functions of the Lessee. Lessee. The Lessee acknowledges that it has requested that the Lessor act on its behalf to issue the Bonds and that this Lease is being funded with the proceeds of bonds which may require the Lessee to comply with certain provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the The Lessee hereby covenants and agrees that it will not take or omit to take any actions that conflict with the requirements of the Code that are applicable to the Bonds.
Appears in 1 contract
Samples: Tax Compliance Agreement