Reversion to Normal Taxability Sample Clauses

Reversion to Normal Taxability. If the option to purchase the Project set forth in the Lease is exercised by the Company or if the Lease is otherwise terminated or expires, the Project will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.
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Reversion to Normal Taxability. If the Purchase Option is exercised upon termination of the Lease or earlier, in whole or in part, or if the Lease is otherwise terminated or expires, from and after the date of such exercise, termination or expiration, the Project will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.
Sample 1
Reversion to Normal Taxability. If the option to purchase the Project to the extent it is owned by the DDA is exercised upon termination of the Bond Lease or earlier, in whole or in part, or if the Bond Lease is otherwise expires or is terminated, including by Issuer in the event of an uncured default, the Project (or the portion of the Project so purchased pursuant to an exercise of the purchase option) will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.
Sample 1
Reversion to Normal Taxability. If the option to purchase the Project to the extent it is owned by the Authority is exercised upon termination of the Bond Lease or earlier, in whole or in part, or if the Bond Lease is otherwise terminated or expires, the Project as depreciated will be taxable according to normal ad valorem property taxation rules that are applicable to privately-owned property.
Sample 1

Related to Reversion to Normal Taxability

  • Allocation of Payments After Event of Default Notwithstanding any other provisions of this Credit Agreement, after the occurrence and during the continuance of an Event of Default with respect to any Borrower, all amounts collected from such Borrower or received by the Administrative Agent or any Lender on account of amounts outstanding under any of the Credit Documents shall be paid over or delivered as follows: FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable outside attorneys’ fees other than the fees of in-house counsel) of the Administrative Agent or any of the Lenders in connection with enforcing the rights of the Lenders under the Credit Documents against such Borrower and any protective advances made by the Administrative Agent or any of the Lenders, pro rata as set forth below; SECOND, to payment of any fees owed to the Administrative Agent or any Lender by such Borrower, pro rata as set forth below; THIRD, to the payment of all accrued interest payable to the Lenders by such Borrower hereunder, pro rata as set forth below; FOURTH, to the payment of the outstanding principal amount of the Loans or Letters of Credit outstanding of such Borrower, pro rata as set forth below; FIFTH, to all other obligations which shall have become due and payable of such Borrower under the Credit Documents and not repaid pursuant to clauses “FIRST” through “FOURTH” above; and SIXTH, the payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category and (b) each of the Lenders shall receive an amount equal to its pro rata share (based on each Lender’s Commitment Percentages) of amounts available to be applied.

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