Use of Proceeds; Prohibited Uses of Facility, etc Sample Clauses

Use of Proceeds; Prohibited Uses of Facility, etc. Neither the Authority knowingly nor the Borrower shall cause any proceeds of the Bonds to be expended except pursuant to the Indenture. The Borrower shall not (i) requisition or otherwise allow any payment out of proceeds of the Bonds (A) if such payment is to be used for the acquisition of any property (or an interest therein) unless the first use of such property is pursuant to such acquisition, provided that this clause (A) shall not apply to any building if the "rehabilitation expenditures", as defined in Section 147(d) of the Code, with respect to the building equal or exceed 15% of the portion of the cost of acquiring the building financed with the proceeds of the Bonds, (B) if as a result of such payment, 25% or more of the proceeds of the Bonds would be considered as having been used directly or indirectly for the acquisition of land (or an interest therein), (C) if, as a result of such payment, less than 95% of the net proceeds of the Bonds, expended at the time of such requisition would be considered as having been used for costs of the acquisition, construction or improvement of land or property of a character subject to the allowance for depreciation and for a "manufacturing facility," all within the meaning of Section 144(a)(1)(A) of the Code ("Qualifying Costs") or (D) if such payment is used to pay issuance costs (including counsel fees and placement fees) in excess of an amount equal to 2% of the principal amount of the Bonds; (ii) take or omit, or permit to be taken or omitted, any other action with respect to the use of such proceeds the taking or omission of which would result in the loss of exemption of interest on the Bonds from Federal income taxation under Section 103(a) of the Code; or (iii) take or omit, or permit to be taken or omitted, any other action the taking or omission of which would cause the loss of such exemption. Without limiting the generality of the foregoing, neither the Authority knowingly nor the Borrower shall use the proceeds of the Bonds, or permit such proceeds to be used directly or indirectly, for the acquisition of land (or an interest therein) to be used for farming purposes, or to provide (x) any facility the primary purpose of which is retail food and beverage services, automobile sales and service, the provision of recreation or entertainment, or banks, savings and loan institutions or mortgage companies, (y) any airplane, skybox or other private luxury box, any health club facility, any facility primari...