Initial Notification of Taxability definition

Initial Notification of Taxability means the receipt by Trustee or any Owner of a communication from the Internal Revenue Service or any court of competent jurisdiction to the effect that the exclusion of interest on the Bonds from the gross income of the Owners, for federal income tax purposes, will not continue in effect.
Sample 1Sample 2Sample 3
Initial Notification of Taxability means the receipt by the Bondowner Representative or the Owner of a communication from the Internal Revenue Service or any court of competent jurisdiction to the effect that interest on the Bonds is not excluded, or will not in the future be excluded, from the gross income of the owners of the Bonds for federal income tax purposes.
Sample 1
Initial Notification of Taxability means the receipt by Trustee or any Owner of a communication from the Internal Revenue Service or any court of competent jurisdiction to the effect that interest on the Bond is includable in gross income for federal income tax purposes (other than interest on any Bond held by an Owner who is a “substantial user” of the Project or a “related person,” as such terms are defined in Section 147(a) of the Code).
Sample 1Sample 2Sample 3

Examples of Initial Notification of Taxability in a sentence

  • If an Initial Notification of Taxability shall occur, the Bonds shall bear interest from the date of such Initial Notification of Taxability at the Taxable Rate.

  • If such Initial Notification of Taxability is reversed by the Internal Revenue Service or a court of competent jurisdiction and a Determination of Taxability has not occurred, then the Bonds shall bear interest from the date of such reversal at the rate applicable to the Bonds prior to the Initial Notification of Taxability and the Bank shall refund to the Borrower on or prior to the next succeeding Bond Payment Date, the excess interest previously paid.

  • If they fail, they will be failing our people, the majority of whom have been living in abject poverty all their lives.

  • If such Initial Notification of Taxability is reversed by the Internal Revenue Service or a court of competent jurisdiction and a Determination of Taxability has not occurred, then the Tax-Exempt Bond shall bear interest from the date of such reversal at the rate applicable to the Tax-Exempt Bond prior to the Initial Notification of Taxability and the Bank shall refund to the Borrower on or prior to the next succeeding Bond Payment Date, the excess interest previously paid.

  • If an Initial Notification of Taxability shall occur, the Bond shall bear interest from the date of such Initial Notification of Taxability at the Taxable Rate.

  • If an Initial Notification of Taxability shall occur, the Tax- Exempt Bond shall bear interest from the date of such Initial Notification of Taxability at the Taxable Rate.

  • If such Initial Notification of Taxability is reversed by the Internal Revenue Service or a court of competent jurisdiction and a Determination of Taxability has not occurred, then the Bond shall bear interest from the date of such reversal at the rate applicable to the Bond prior to the Initial Notification of Taxability and the Owner shall refund to the Borrower on or prior to the next succeeding Bond Payment Date, the excess interest previously paid.

  • If an Initial Notification of Taxability shall occur, the Borrower shall be obligated to pay an additional Taxable Fee to the Funding Lender from the date of such Initial Notification of Taxability, as provided in the Construction Funding Agreement.

  • If such Initial Notification of Taxability is reversed by the Internal Revenue Service or a court of competent jurisdiction and a Determination of Taxability has not occurred, then the Bonds shall bear interest from the date of such reversal at the rate applicable to the Bonds prior to the Initial Notification of Taxability and the Bank shall refund to the Borrower on or prior to the next succeeding BondPayment Date, the excess interest previously paid.

  • She filed a withdrawal from the record in the original proceeding in February of 2012 and she filed another withdrawal shortly before the appeal in September of 2012 but she did not provide the advice prescribed by Rule 6.07(c).


More Definitions of Initial Notification of Taxability

Initial Notification of Taxability means the receipt by the Bondowner Representative or the Owner of a communication from the Internal Revenue Service or any court of competent jurisdiction to the effect that interest on the Bonds is not excluded, or will not in the future be excluded, from the gross income of the owners of the Bonds for federal income tax purposes. “Investor Limited Partner” means, collectively, Bank of America, N.A., a national banking association and Banc of America CDC Special Holding Company, Inc., a North Carolina corporation, together with their successors and assigns as limited partner in Borrower.
Sample 1
Initial Notification of Taxability means the receipt by the Trustee or the Owner of a communication from the Internal Revenue Service or any court of competent jurisdiction to the effect that interest on the Tax-Exempt Bond is not excluded, or will not in the future be excluded, from the gross income of the owner of the Tax-Exempt Bond for federal income tax purposes.
Sample 1

Related to Initial Notification of Taxability

  • Determination of Taxability means and shall be deemed to have occurred on the first to occur of the following:

  • Event of Taxability means (i) a change in Law or fact or the interpretation thereof, or the occurrence or existence of any fact, event or circumstance (including, without limitation, the taking of any action by the Authority, or the failure to take any action by the Authority, or the making by the Authority of any misrepresentation herein or in any certificate required to be given in connection with this Agreement) which has the effect of causing interest paid or payable on any Tax-Exempt Loan to become includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes or (ii) the entry of any decree or judgment by a court of competent jurisdiction, or the taking of any official action by the Internal Revenue Service or the Department of the Treasury, which decree, judgment or action shall be final under applicable procedural law, in either case, which has the effect of causing interest paid or payable on any Tax-Exempt Loan to become includable, in whole or in part, in the gross income of the Lender or any Participant for federal income tax purposes.

  • Redemption Application means an application by a Participating Dealer for the redemption of Units in Application Unit size (or whole multiples thereof) in accordance with the Operating Guidelines and the Trust Deed.

  • Form of Fundamental Change Repurchase Notice means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A.

  • Redemption Notice means a notice in a form approved by the Company by which a holder of Public Shares is entitled to require the Company to redeem its Public Shares, subject to any conditions contained therein.

  • MREL Disqualification Event means that, at any time, all or part of the outstanding nominal amount of Securities is or will be excluded fully or partially from the eligible liabilities available to meet the MREL Requirements provided that: (a) the exclusion of a Series of such Securities from the MREL Requirements due to the remaining maturity of such Securities being less than any period prescribed thereunder, does not constitute a MREL Disqualification Event; (b) the exclusion of all or some of a Series of Securities due to there being insufficient headroom for such Securities within a prescribed exception to the otherwise applicable general requirements for eligible liabilities does not constitute a MREL Disqualification Event; and (c) the exclusion of all or some of a Series of Securities as a result of such Securities being purchased by or on behalf of the Issuer or as a result of a purchase which is funded directly or indirectly by the Issuer, does not constitute a MREL Disqualification Event.

  • Mandatory Conversion Notice has the meaning ascribed thereto in Section 4.5(a);