Favorable Opinion definition

Favorable Opinion means an opinion of Bond Counsel addressed to the Board and the Paying Agent/Registrar to the effect that the action proposed to be taken with respect to any Bonds (i) is authorized or permitted by the Acts and this Resolution and (ii) if the Bonds were issued as Tax-Exempt Bonds, will not adversely affect the excludability from gross income for federal income tax purposes of interest on such Bonds.

Favorable Opinion means an opinion of Bond Counsel addressed to the Issuer, the Company and the Trustee and stating that the action proposed to be taken is authorized or permitted by the Act and the Indenture and will not, in and of itself, adversely affect the excludability from gross income for federal income tax purposes of interest on the Bonds (other than as held by a “substantial user” of the Project or a “related person” within the meaning of the Code).

Favorable Opinion means an opinion of Bond Counsel addressed to the Authority and the Trustee to the effect that the action proposed to be taken is authorized or permitted by the Indenture and will not adversely affect the exclusion from gross income for federal income tax purposes of interest on any Tax-Exempt Bonds.

Examples of Favorable Opinion in a sentence

• If the Borrower so elects, the Borrower shall send a notice of such election to purchase in lieu of redemption of the Bonds to the Trustee no later than 10 days prior to the date scheduled for redemption accompanied by a Favorable Opinion of Bond Counsel addressed to the Issuer and the Trustee.

• The notice must be accompanied by a Favorable Opinion of Tax Counsel, except as described below.

• Before the Issuer shall enter into any supplemental indenture pursuant to this Section 11.02, a Favorable Opinion of Bond Counsel shall have been filed with the Trustee and the Issuer.

• The Borrower shall give the Trustee written notice at least 10 days prior to the scheduled redemption date accompanied by a Favorable Opinion of Bond Counsel addressed to the Issuer and the Trustee.

• Notwithstanding anything in this Indenture to the contrary, the Company must deliver a Favorable Opinion of Tax Counsel whenever there is a change from a period during which the interest rate on the Bonds is set at intervals of 365 days or less to a period during which the interest rate on the Bonds is set at intervals in excess of 365 days, or vice versa.

More Definitions of Favorable Opinion

Favorable Opinion means an opinion of Bond Counsel addressed to the Board and the Paying Agent/Registrar to the effect that the action proposed to be taken with respect to any Bonds

Favorable Opinion means a written opinion of Special Counsel addressed to the Board, the Corporation and the Trustee to the effect that the action proposed to be taken will not adversely affect the status of the Series 2010C Lease as a Qualified School Construction Bond.

Favorable Opinion means an opinion of Bond Counsel addressed to the Issuer, the Company and the Trustee and stating, unless otherwise specified herein, that the action proposed to be taken is authorized or permitted by the Act and this Indenture and will not, in and of itself, adversely affect the excludability from gross income for federal income tax purposes of interest on the Bonds (other than as held by a “substantial user” of the Project or a “related person” within the meaning of the Code).

Favorable Opinion means an opinion of Bond Counsel addressed to the Issuer, the Company and the Trustee to the effect that the action proposed to be taken is authorized or permitted by, to the extent applicable, the Acts and this Indenture and will not adversely affect the excludability of interest on the Bonds from gross income of the owners thereof for federal income tax purposes (other than as held by a "substantial user" of the Projects or a "related person" within the meaning of the Code).

Favorable Opinion means an opinion of counsel nationally recognized on the subject

Favorable Opinion means an opinion of Bond Counsel acceptable to the Trustee addressed to the Authority and the Trustee to the effect that: (i) the action proposed to be taken is authorized or permitted by the Act and this Indenture and complies with their respective terms; and (ii) such action will not adversely affect (A) the exemption of interest on the Bonds from New Jersey personal income tax and corporate net income tax, (B) the exemption of the Bonds from New Jersey gross income taxes, and (C) the validity of the Bonds.

Favorable Opinion means a written opinion of Bond Counsel, in form and substance reasonably satisfactory to the Trustee and the Lender, and except as may be otherwise specifically set forth herein, of either, as determined appropriate by Bond Counsel (a) to the effect that the interest on the 2020 Series A Bond is excludable from the gross income of the holders thereof for purposes of federal income taxation or (b) to the effect that the action proposed to be taken is authorized or permitted by the laws of the State and by the terms of the Bond Resolution and will not adversely affect the validity of the 2020 Series A Bond under the laws of the State or the excludability from gross income for federal income tax purposes of the interest on the 2020 Series A Bond (subject to the inclusion of any exception provided under the Code).