Federal Tax Status definition

Federal Tax Status means, as to the Bonds, the status of the interest on the Bonds as excludable from gross income for federal income tax purposes (except on any Bond during any period during which it is held by a “substantial user” or “related person” to such a substantial user within the meaning of Section 147(a) of the Code).

Federal Tax Status means, as to the Bonds, the status of the interest on the Bonds as excludible from gross income for federal income tax purposes of the Holders of the Bonds (except on Bonds while held by a substantial user or related person, each as defined in the Code).

Federal Tax Status means, as to the Governmental Note, the status under existing law of the interest on the Governmental Note as excludable from gross income for federal income tax purposes (except on the Governmental Note for any period during which it is held by a “substantial user” of the Project or by a “related person” of such a “substantial user,” each within the meaning of Section 147(a) of the Code).

Examples of Federal Tax Status in a sentence

• Before the Issuer and the Trustee shall enter into any amendment of this Indenture, there shall have been delivered to the Trustee an Opinion of Bond Counsel to the effect that such Supplemental Indenture will not adversely affect the Federal Tax Status of the Bonds.

• The Borrower covenants that it will not take or omit to take any action or permit any action to be taken or omitted that would adversely affect the Federal Tax Status of the Bonds.

• The covenants of the Borrower herein with respect to preservation of such Federal Tax Status of the Bonds are made expressly subject to all Controlling HUD and GNMA Requirements and the Mortgage Loan Documents.

• The obligation of the Borrower to make or cause to be made such payments shall remain in effect and be binding upon the Borrower, notwithstanding the release and discharge of the Indenture or the termination of this Agreement, for so long as may be required to maintain the Federal Tax Status of the Bonds in accordance with applicable law.

• Any disbursement for any item not described in, or the cost for which item is other than as described in, the information statement filed by the Issuer in connection with the issuance of the Bonds as required by Section 149(e) of the Code, and in the notice of public hearing pertaining to the Bonds shall be accompanied by an Opinion of Bond Counsel to the effect that such disbursement will not adversely affect the Federal Tax Status of the Bonds.

More Definitions of Federal Tax Status

Federal Tax Status means the status of the interest as excludable from gross income for federal income tax purposes and not treated as an item of tax preference for purposes of the alternative minimum tax.

Federal Tax Status means, as to the Governmental Note, the status under existing law of the interest on the Governmental Note as excludable from gross income for federal income tax purposes (except on the Governmental Note for any period during which it is held by a “substantial

Federal Tax Status means, as to the Bonds, the status of the interest on the Bonds as excludable from gross income for federal income tax purposes (except on any Bond for any period during which it is held by a

Federal Tax Status means, as to the Bonds, the status under existing law of the interest on the Bonds as excludable from gross income for federal income tax purposes (except on any Bond for any period during which it is held by a “substantial user” of the Project or by a “related person” to such a “substantial user,” each within the meaning of Section 147(a) of the Code).

Federal Tax Status. Non-qualified Cash Submitted With Application:* $10,000.00 * Exchanges and transfers from other accounts are not reflected and will be confirmed separately.

Federal Tax Status means the status of the interest as excludable from gross income for

Federal Tax Status means, as to each Bond Issue, the status under existing law of the interest on such Bond Issue as excludable from gross income for federal income tax purposes (except on any Bond for any period during which it is held by a “substantial user” of each Project or by a “related person” to such a “substantial user,” each within the meaning of Section 147(a) of the Code).