Submission of Contracts for Bond Counsel Review Sample Clauses

Submission of Contracts for Bond Counsel Review. Manager shall be permitted, at its option, to submit inquiries to Owner to ascertain whether an action or inaction on Manager’s part could have an adverse effect on the exemption from federal income tax of interest on the Bonds. As part of such review, Manager may, at its option, submit to Owner contracts with unrelated third parties for the management, operation or use of the Hotel to ascertain whether such contracts could adversely affect the exemption from federal income tax of interest on the Bonds. Owner may seek the advice of Bond Counsel with respect to each such inquiry or contract so submitted. Manager shall be entitled to rely upon the advice from Owner or Bond Counsel, as applicable, and in the event Manager takes any action or inaction in reliance upon the express advice or interpretation of Owner or Bond Counsel, Manager shall be relieved from any liability to Owner with respect to any such action or inaction. Owner shall use its best efforts to make or obtain such determination within ten (10) days of such submission but in no event later than thirty (30) days of such submission. Failure to submit any such contract shall not result in an Event of Default under this Agreement, except to the extent that (i) any such contract is required to be submitted to Owner pursuant to Section 2.4.1, 2.4.2 or 2.4.3 and (ii) failure to submit any such contract adversely affects the exemption from federal income tax of the interest on the Bonds. Contracts with unrelated third parties which satisfy the criteria set forth in Section 2.4.7 need not be submitted for such review and approval.