Tax Incentive Transaction means any arrangement between any Subsidiary of the Company and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to such Subsidiary structured as a Sale-Leaseback Transaction whereby the development authority (i) acquires property from or on behalf of such Subsidiary, (ii) leases such property back to such Subsidiary, (iii) if and to the extent the development authority issues the bonds to finance such acquisition, 100% of such bonds are purchased and held by the Company or a Wholly-Owned Subsidiary of the Company, (iv) the rental payments on the lease (disregarding any amount that is concurrently repaid to the Company or a Subsidiary in the form of debt service on any bonds or otherwise) does not exceed amounts such Subsidiary would have paid in taxes and other amounts had the Sale-Leaseback Transaction not occurred and (v) the Company or such Subsidiary has the option to terminate its lease and reacquire the property for nominal consideration (disregarding any additional consideration that is concurrently repaid to the Company or a Subsidiary in the form of repayment of any bonds or otherwise) at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction.
Tax Incentive Transaction means any revenue bond financing arrangement (excluding a New Market Tax Credit Transaction) between any Person and a development authority or other similar governmental authority or entity for the purpose of providing a property tax abatement or other tax incentive to such Person whereby (a) the governmental authority or entity issues notes, bonds or other indebtedness to finance the acquisition of property that at such time is owned by AGCO or a Subsidiary, (b) the property so transferred is leased back by AGCO or such Subsidiary, (c) the notes, bonds or other Indebtedness issued to finance the acquisition are owned by AGCO or a Subsidiary, (d) the rental payments on the lease and the debt service payments on the bonds, notes, or other Indebtedness are substantially equal and (e) AGCO or such Subsidiary has the option to prepay the notes, bonds or other Indebtedness, terminate its lease and reacquire the property for nominal consideration at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction.
Tax Incentive Transaction means any development or revenue bond financing arrangement between the Reporting Company or any of its Subsidiaries and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to the Reporting Company or such Subsidiary structured as a sale-leaseback transaction whereby the development authority (i) acquires property from or on behalf of such the Reporting Company or such Subsidiary, (ii) leases such property back to such the Reporting Company or such Subsidiary, (iii) if and to the extent the development authority issues the bonds to finance such acquisition, 100% of such bonds are purchased and held by the Reporting Company or a Wholly-Owned Subsidiary of the Reporting Company, (iv) the rental payments on the lease (disregarding any amount that is concurrently repaid to the Company or a Subsidiary in the form of debt service on any bonds or otherwise) does not exceed amounts such Subsidiary would have paid in taxes and other amounts had the sale-leaseback transaction not occurred and (v) such that the Reporting Company or such Subsidiary has the option to terminate its lease and reacquire the property for nominal consideration (disregarding any additional consideration that is concurrently repaid to the Company or a Subsidiary in the form of repayment of any bonds or otherwise) at any time; provided that (x) if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction and (y) to the extent such real property would be required to be mortgaged pursuant to the terms hereof, cause the holder of the legal title of such real property to mortgage such property, on a non-recourse basis, as security for the Obligations.
Examples of Tax Incentive Transaction in a sentence
Notwithstanding any provision in this Agreement to the contrary, any Lien created in connection with a Permitted Tax Incentive Transaction solely to secure repayment of a bond, note or other obligation owned by Borrower or a Subsidiary (or any affiliate thereof) shall be deemed a Permitted Encumbrance.
Notwithstanding any provision in this Agreement to the contrary, any Lien created in connection with a Permitted Tax Incentive Transaction solely to secure repayment of a bond, note or other 156 obligation owned by the Company or a Subsidiary (or any affiliate thereof) shall be deemed a Permitted Encumbrance.
Notwithstanding any provision in this Agreement to the contrary, any Lien created in connection with a Permitted Tax Incentive Transaction solely to secure repayment of a bond, note or other obligation owned by the Company or a Subsidiary (or any affiliate thereof) shall be deemed a Permitted Encumbrance.
More Definitions of Tax Incentive Transaction
Tax Incentive Transaction means any arrangement between the Borrower or any Subsidiary of the Borrower and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to the Borrower or such Subsidiary structured as a sale-leaseback transaction whereby the development authority (i) acquires property from or on behalf of the Borrower or such Subsidiary, (ii) leases such property back to the Borrower or such Subsidiary, (iii) if and to the extent the development authority issues the bonds to finance such acquisition, 100% of such bonds are purchased and held by the Borrower or a Wholly-Owned Subsidiary of the Borrower, (iv) the rental payments on the lease (disregarding any amount that is concurrently repaid to the Borrower or a Subsidiary in the form of debt service on any bonds or otherwise) does not exceed amounts the Borrower or such Subsidiary would have paid in taxes and other amounts had the sale-leaseback transaction not occurred and (v) the Borrower or such Subsidiary has the option to terminate its lease and reacquire the property for nominal consideration (disregarding any additional consideration that is concurrently repaid to the Borrower or a Subsidiary in the form of repayment of any bonds or otherwise) at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction.
Tax Incentive Transaction means any arrangement between the Company or any Restricted Subsidiary of the Company and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to the Company or such Restricted Subsidiary structured as a Sale/Leaseback Transaction whereby (i) the development authority acquires property from or on behalf of the Company or such Restricted Subsidiary, (ii) the development authority leases such property back to the Company or such Restricted Subsidiary, (iii) if and to the extent the development authority issues bonds to finance such acquisition, 100% of such bonds are purchased and held by the Company or a Wholly Owned Subsidiary of the Company, (iv) the rental payments on the lease (disregarding any amount that is concurrently repaid to the Company or a Restricted Subsidiary in the form of debt service on any bonds or otherwise) do not exceed amounts such Restricted Subsidiary would have paid in taxes and other amounts had the Sale/Leaseback Transaction not occurred and (v) the Company or such Restricted Subsidiary has the option to terminate its lease and reacquire the property for nominal consideration (disregarding any additional consideration that is concurrently repaid to the Company or a Restricted Subsidiary in the form of repayment of any bonds or otherwise) at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction.
Tax Incentive Transaction means any development or revenue bond financing arrangement between the Company or any of its Subsidiaries and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to the Company or such Subsidiary whereby the development authority (i) purchases property from or on behalf of such the Company or such Subsidiary, (ii) leases such property back to such the Company or such Subsidiary, (iii) the development authority issues the bonds to finance such acquisition and 100% of such bonds are purchased and held by the Company or a Wholly-Owned Subsidiary of the Company, (iv) the rental payments on the lease and the debt service payments on the bonds are substantially equal and (v) such that the Company or such Subsidiary has the option to prepay the bonds, terminate its lease and reacquire the property for nominal consideration at any time; provided that (x) if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction and (y) to the extent such real property would be required to be mortgaged pursuant to the terms hereof, cause the holder of the legal title of such real property to mortgage such property, on a non-recourse basis, as security for the Obligations.
Tax Incentive Transaction means any arrangement between any Subsidiary of the Issuer and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to such Subsidiary structured as a Sale and Leaseback Transaction whereby the development authority (i) acquires property from or on behalf of such Subsidiary, (ii) leases such property back to such Subsidiary, (iii) if and to the extent the development authority issues the bonds to finance such acquisition, 100% of such bonds are purchased and held by the Issuer or a Wholly Owned Subsidiary of the Issuer, (iv) the rental payments on the lease (disregarding any amount that is concurrently repaid to the Issuer or a Subsidiary in the form of debt service on any bonds or otherwise) does not exceed amounts such Subsidiary would have paid in taxes and other amounts had the Sale and Leaseback Transaction not occurred and (v) the Issuer or such Subsidiary has the option to terminate its lease and reacquire the property for nominal consideration (disregarding any additional consideration that is concurrently repaid to the Issuer or a Subsidiary in the form of repayment of any bonds or otherwise) at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction.
Tax Incentive Transaction means any development or revenue bond financing arrangement between any Subsidiary of AbitibiBowaterResolute and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to such Subsidiary whereby the development authority (i) purchases property from or on behalf of such AbitibiBowaterResolute Subsidiary, (ii) leases such property back to such AbitibiBowaterResolute Subsidiary, (iii) the development authority issues the bonds to finance such acquisition and 100% of such bonds are purchased and held by AbitibiBowaterResolute or a Wholly-Owned Subsidiary of AbitibiBowaterResolute, (iv) the rental payments on the lease and the debt service payments on the bonds are substantially equal and (v) such AbitibiBowaterResolute or such Subsidiary has the option to prepay the bonds, terminate its lease and reacquire the property for nominal consideration at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction.
Tax Incentive Transaction means any development or revenue bond financing arrangement between any Subsidiary of AbitibiBowater and a development authority or other similar governmental authority or entity for the purpose of providing property tax incentives to such Subsidiary whereby the development authority (i) purchases property from or on behalf of such AbitibiBowater Subsidiary, (ii) leases such property back to such AbitibiBowater Subsidiary, (iii) the development authority issues the bonds to finance such acquisition and 100% of such bonds are purchased and held by AbitibiBowater or a Wholly-Owned Subsidiary of AbitibiBowater, (iv) the rental payments on the lease and the debt service payments on the bonds are substantially equal and (v) such AbitibiBowater or such Subsidiary has the option to prepay the bonds, terminate its lease and reacquire the property for nominal consideration at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction.
Tax Incentive Transaction means any revenue bond financing arrangement (excluding a New Market Tax Credit Transaction) between any Person and a development authority or other similar governmental authority or entity for the purpose of providing a property tax abatement or other tax incentive to such Person whereby (a) the governmental authority or entity issues notes, bonds or other indebtedness to finance the acquisition of property that at such time is owned by AGCO or a Subsidiary, (b) the property so transferred is leased back by AGCO or such Subsidiary, (c) the notes, bonds or other Indebtedness issued to finance the acquisition are owned by AGCO or a Subsidiary, (d) the rental payments on the lease and the debt service payments on the bonds, notes, or other Indebtedness are substantially equal and (e) AGCO or such Subsidiary has the option to prepay the notes, bonds or other Indebtedness, terminate its lease and reacquire the property for nominal consideration at any time; provided that if at any time any of the foregoing conditions shall cease to be satisfied, such transaction shall cease to be a Tax Incentive Transaction. "Taxes" means all present or future taxes, levies, imposts, deductions, charges or withholdings (including backup withholding), assessments, fees and other charges and all liabilities with respect thereto imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. "Term SOFR" means, (a) for any calculation with respect to a USD Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S.