Adverse Tax Event definition

Adverse Tax Event means that the Calculation Agent determines that:

Adverse Tax Event means that following a change in tax law, practice, custom, interpretation or regulation and save as expressly provided otherwise herein:

Adverse Tax Event means (1) an alteration of this Note resulting in an exchange under Treasury Regulations section 1.1001-3(a), (2) an Adverse REMIC Event to any holder of this Note or a portion thereof that is a REMIC, or (3) an event that results in a holder of the Note or a portion thereof that is a grantor trust being treated as having a power under the trust agreement to vary the investment of the certificate holders under Treasury Regulations section 301.7701-4(c)(1).

Examples of Adverse Tax Event in a sentence

• The Transportation Enterprise shall not take any action or omit to take any action if such action or omission would cause an Adverse Tax Event and shall comply with the terms of the Tax Compliance Certificate for each Series of Bonds.

• As a condition to executing any Supplemental Indenture or amendment to this Master Indenture or consenting to any amendment to the 2017 TIFIA Loan Agreement and a CDOT O&M Loan Agreement, the Trustee shall be entitled to receive and rely upon a written opinion of Bond Counsel to the effect that the execution thereof is authorized or permitted under this Master Indenture, the Supplemental Indentures and FASTER and will not cause an Adverse Tax Event.

• As a condition to executing any Supplemental Indenture or amendment to this Master Indenture or consenting to any amendment to the 2011 TIFIA Loan Agreement, the CDOT O&M Loan Agreement and the I-25 Excess Revenues IGA, the Trustee shall be entitled to receive and rely upon a written opinion of Bond Counsel to the effect that the execution thereof is authorized or permitted under this Master Indenture, the Supplemental Indentures and FASTER and will not cause an Adverse Tax Event.

• The Sublessee (a) will not use or permit any other Person to use its Project and will not use, invest or direct any other Person to use or invest any moneys that it withdraws from its Project Account in a manner that would cause an Adverse Tax Event or Adverse Federal Direct Payment Event and (b) will comply with the certifications, representations and agreements set forth in the Tax Compliance Certificate executed and delivered by the Sublessee in connection with the execution of this Sublease.

• Promptly deliver notice to the Lender of (i) any tax payment plan proposed by any taxing authority, and (ii) any Adverse Tax Event.

More Definitions of Adverse Tax Event

Adverse Tax Event means (1) an alteration of this Project Note resulting in an exchange under Treasury Regulations section 1.1001-3(a), or (2) an event that results in a holder of the Note or a portion thereof that is a grantor trust being treated as having a power under the trust agreement to vary the investment of the certificate holders under Treasury Regulations section 301.7701-4(c)(1).

Adverse Tax Event shall, with respect to any Securities of a series, mean that either:

Adverse Tax Event means, with respect to a Tax-Exempt Bond, an event that would cause interest on the Bond to be included in gross income for federal income tax purposes or to be an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations (except, with respect to corporations, as such interest is required to be taken into account in determining “adjusted current earnings” for the purpose of computing the alternative minimum tax imposed on such corporations).

Adverse Tax Event means, with respect to a Tax-Exempt Senior Bond, an event that would cause interest on such Tax-Exempt Senior Bond to be included in gross income for federal income tax purposes.

Adverse Tax Event means where (i) at or before the time when the next payment is due in respect of the Notes, the Calculation Agent determines that the Issuer would suffer, or be required by law to withhold or account for, tax (a) at a rate in excess of any previously applicable rate of such tax in respect of any payment to be made or received by it in respect of the Notes, any Transaction Agreement or any Secured Property such that it would be unable to pay the full amount due in respect of the Notes or any Transaction Agreement (other than, in any case, a Connected Jurisdiction Tax), or (b) in respect of its income or any capital gain, or (ii) where “Adjusted Adverse Tax Event” is specified as applicable to the Early Redemption Events, the Calculation Agent determines that it will not be possible for the Issuer to receive a full rebate of any taxes withheld from payments to or to the order of the Issuer in respect of any Assets within a period of six months following the date of any such withholding.

Adverse Tax Event means, subject to the proviso below, any one of the following occurring after the Effective Date:

Adverse Tax Event means the Issuer determines that as a result of: