Opinion of Tax Counsel definition
Examples of Opinion of Tax Counsel in a sentence
The notice must be accompanied by a Favorable Opinion of Tax Counsel, except as described below.
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.
If such Favorable Opinion of Tax Counsel has not been delivered, the Bonds shall remain in a Long-Term Interest Rate Period with an interest rate equal to the interest rate for the prior Long-Term Interest Rate Period and with a duration equal to the prior Long-Term Interest Rate Period (or, if earlier, a Long-Term Interest Rate Period ending on the day before the Maturity Date for such Bond).
Notwithstanding any provision of this Section 2.02, no change shall be made in the interest rate determination method at the direction of the Company pursuant to Section 2.02(b)(1) hereof if the Trustee shall receive written notice prior to such change that the Favorable Opinion of Tax Counsel required under Section 2.02(b)(1) or Section 2.02(a)(5) or, if applicable, the Opinion of Tax Counsel required by Section 2.02(b)(2)(ii), has been rescinded.
Except in the case of the rescission of the Favorable Opinion of Tax Counsel described in Section 2.02(e), if the Company's notice complies with this paragraph, the interest rate on the Bonds will be payable at the new rate on the effective date specified in the notice until there is another change as provided in this Section.