Approving Opinion means, with respect to any action relating to any or all Tax-Exempt Loans or any or all Tax-Exempt Term Loans, an opinion delivered by Bond Counsel to the effect that such action (i) is permitted by this Agreement and the other Related Documents and (ii) will not adversely affect the exclusion of interest on such Tax-Exempt Loans or Tax-Exempt Term Loans from gross income of the Bank for purposes of federal income taxation.
Approving Opinion means, with respect to any action relating to the Bonds, the occurrence of which requires an Opinion of Counsel, an Opinion of Counsel delivered by Bond Counsel to the effect that such action (a) is permitted by this Agreement and the Act, and (b) will not adversely affect the exclusion of interest on the Bonds from gross income of the Owners for purposes of federal income taxation.
Approving Opinion means, with respect to any action relating to the Notes, an opinion delivered by Bond Counsel to the effect that such action (i) is permitted by this Agreement and the other Financing Documents and (ii) will not adversely affect the exclusion of interest on the Notes from the gross income of any Noteholder for purposes of federal income taxation.
Examples of Approving Opinion in a sentence
If any Tax-Exempt Series B Note is then outstanding, the County shall cause an Approving Opinion to be delivered to the Purchaser each time a new Benchmark Replacement is determined and, notwithstanding anything to the contrary herein or in any other Financing Document, in no event shall a Benchmark Replacement replace the then-current Benchmark prior to the Purchaser’s receipt of the Approving Opinion with respect to such Benchmark Replacement.
More Definitions of Approving Opinion
Approving Opinion means an opinion of Bond Counsel (addressed and delivered to the Authority and the Trustee) that an action being taken (i) is authorized by this Indenture and complies with the terms of the Agreement, if applicable, and (ii) will not, in and of itself, adversely affect the Tax-exempt status of the Bonds.
Approving Opinion means an opinion of Bond Counsel, acceptable to the Authority, that an action being taken (i) is authorized by applicable law and this Indenture, and (ii) will not adversely affect the Tax‑exempt status of interest on the Bonds.
Approving Opinion means an opinion of Bond Counsel that an action being taken (i) is authorized by applicable law and the Indenture, and (ii) will not adversely affect the Tax-exempt status of interest on the Bonds.
Approving Opinion means, with respect to any action or matter that may affect a Tax- Exempt Loan, an opinion delivered by Bond Counsel to the effect that such action (i) is permitted by this Agreement and the other Related Documents and, (ii) will not adversely affect the exclusion of interest on any Tax-Exempt Loan from gross income of the Lender or any Participant for purposes of federal income taxation.
Approving Opinion means, with respect to any action or matter that may affect a Tax- Exempt Loan, an opinion delivered by Bond Counsel to the effect that such action (i) is permitted by this Agreement and the other Related Documents and (ii) will not adversely affect the exclusion of interest on any Tax-Exempt Loan from gross income of the Bank or any Participant for purposes of federal income taxation, it being understood that interest on the Tax-Exempt Loans is included in the “adjusted financial statement income” of certain corporations that are subject to the alternative minimum tax under Section 55 of the Code.
Approving Opinion means a written opinion of Bond Counsel, addressed to the County and the Purchaser to the effect that the new Benchmark Replacement will not, in and of itself, cause interest on the outstanding Tax-Exempt Series B Notes to be included in gross income for purposes of federal income taxation.
Approving Opinion means an opinion delivered by Bond Counsel to the effect that such action (i) is permitted by this Agreement and the other Related Documents and (ii) will not adversely affect the exclusion of interest on any Tax-Exempt Revolving Loan from gross income of the Lender for purposes of federal income taxation.