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

• Upon reasonable request by Seller, Buyer will make its counsel reasonably available to Seller to discuss why Buyer believes the described change in Tax Law or Proposed Change in Tax Law has a possibility of constituting a Buyer Adverse Tax Event.

• There shall not have been a Buyer Adverse Tax Event that is in existence as of the Closing.

• Since the date of this Agreement, there shall not have been a Company Adverse Tax Event.

• 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.

• Notwithstanding anything contained herein to the contrary, the Issuer, the Holders and the Beneficial Owners shall not direct the Trustee to consummate any act that would cause an Adverse Tax Event.

More Definitions of Adverse Tax Event

Adverse Tax Event means any action or the failure to take action required herein that would cause the Class B Arrangement to be characterized as an association or publicly traded partnership taxable as a corporation for federal income tax purposes.

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 any action or the failure to take action required herein that would cause the Class A Arrangement or the Portfolio to be characterized as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

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

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.