Common use of Covenants Regarding Section 103 and Sections 141 Clause in Contracts

Covenants Regarding Section 103 and Sections 141. 150 of the Code (a) The Issuer and the User do each hereby covenant and agree for the benefit of the Owners that neither the Issuer nor the User will take any action, omit to take any action, permit any action to be taken or fail to require any action to be taken, which would cause the interest on the Bonds to be or become includable in gross income for federal income taxation. Without limiting the generality of the foregoing, the User covenants and agrees that (a) the proceeds of the Bonds shall not be used or applied in such manner as to cause any Bond to be or become an "arbitrage bond" as that term is defined in Section 148 of the Code, (b) ninety-five percent (95%) or more of the net proceeds will be used for the acquisition, construction, reconstruction, or improvement of land or property of a character subject to the allowance for depreciation, within the meaning of Section 144(a) of the Code, (c) the proceeds will be used solely for the acquisition and construction of the Project, which shall constitute facilities solely for the manufacturing, including processing, of tangible personal property, or for issuance expenses, or shall be rebated to the United States of America as provided in this Lease Agreement and the Indenture, and no part of the proceeds will be used by the User, directly or indirectly, for working capital or to finance inventory, or to acquire any facility or asset which may not be financed, in whole or in part, with the proceeds of obligations the interest on which is excludable from gross income for federal income taxation, (d) the net proceeds shall not be used for the acquisition, construction, reconstruction or improvement of any property which would cause the average maturity of the Bonds to exceed one hundred twenty percent (120%) of the average reasonably expected economic life of the facilities financed with the net proceeds of the Bonds, within the meaning of Section 147(b) of the Code, (e) none of the net proceeds shall be used to acquire (directly or indirectly) any land (or any interest therein) to be used for farming purposes; (f) less than twenty-five percent (25%) of the net proceeds shall be used to acquire (directly or indirectly) the Project Site or any other land (or any interest therein), (g) none of the net proceeds shall be used to acquire any property or any interest therein (including, without limitation, buildings, structures, facilities, improvements, equipment, machinery or other personal property) the first use of which property was not pursuant to such acquisition with the proceeds, (h) neither the Bonds nor any proceeds therefrom shall ever be federally guaranteed, as such term is defined in Section 149(b) of the Code, except as expressly permitted by said Section 149(b), (i) neither the User nor any related person shall ever have allocated to it and outstanding tax-exempt facility-related bonds (as such term is used in Section 144(a) (10) of the Code) in an aggregate principal amount exceeding $40,000,000, (j) no party shall ever be allowed to use or otherwise occupy or derive any benefit whatsoever from the Project, or any part thereof, if the effect of the foregoing shall result in a test period beneficiary (as defined in Section 144(a) (10) of the Code) having allocated to it and outstanding in excess of $40,000,000 in aggregate principal amount of tax-exempt facility related bonds, (k) no more than two percent of the face amount of the Bonds shall be used to pay issuance costs. (b) The Issuer has elected and does hereby elect to have the provisions relating to the $10,000,000 limit in Section 144(a)(4) of the Code apply to the Bonds. (c) The User covenants and agrees that (i) the limitation set forth in Section 144(a)(4)(A) of the Code will not be exceeded during the applicable six-year period with respect to "facilities" described in Section 144(a)(4)(B) of the Code, and (ii) during such six-year period it will not make, or permit to be made, "capital expenditures" (as described in Section 144(a)(4) of the Code and applicable regulations thereunder) in an aggregate amount that would exceed the limitation set forth in said Section. (d) The Issuer and the User will each cooperate to assure compliance with the provisions of Section 12.03 of this Lease Agreement and Article XVI of the Indenture.

Covenants Regarding Section 103 and Sections 141. 150 of the Internal Revenue Code (a) The Issuer and the User do each hereby covenant and agree for the benefit of the Owners Bondholders that neither the Issuer nor the User will take any action, omit to take any action, permit any action to be taken or fail to require any action to be taken, which would cause the interest on the Bonds to be or become includable in gross income for federal income taxationTaxable. Without limiting the generality of the foregoing, the User covenants and agrees that (a) the proceeds of the Bonds shall not be used or applied in such manner as to cause any Bond to be or become an "“arbitrage bond" ” as that term is defined in Section 148 of the Internal Revenue Code, (b) ninety-five percent (9595 %) or more of the net proceeds will be used for the acquisition, construction, reconstruction, or improvement of land or property of a character subject to the allowance for depreciation, within the meaning of Section 144(a) of the Internal Revenue Code, (c) the proceeds will be used solely for the acquisition and construction of the Project, which shall constitute facilities solely for the manufacturing, including processing, of tangible personal property, or for issuance expenses, or shall be rebated to the United States of America as provided in this Lease Agreement and the Indenture, and no part of the proceeds will be used by the User, directly or indirectly, for working capital or to finance inventory, or to acquire any facility or asset which may not be financed, in whole or in part, with the proceeds of obligations the interest on which is excludable from gross income for federal income taxation, (d) the net proceeds shall not be used for the acquisition, construction, reconstruction or improvement of any property which would cause the average maturity of the Bonds to exceed one hundred twenty percent (120%) of the average reasonably expected economic life of the facilities financed with the net proceeds of the Bonds, within the meaning of Section 147(b) of the Internal Revenue Code, (e) none of the net proceeds shall be used to acquire (directly or indirectly) any land (or any interest therein) to be used for farming purposes; (f) less than twenty-five percent (2525 %) of the net proceeds shall be used to acquire (directly or indirectly) the Project Site or any other land (or any interest therein), (g) none of the net proceeds shall be used to acquire any property or any interest therein (including, without limitation, buildings, structures, facilities, improvements, equipment, machinery or other personal property) the first use of which property was not pursuant to such acquisition with the proceeds, (h) neither the Bonds nor any proceeds therefrom shall ever be federally guaranteed, as such term is defined in Section 149(b) of the Internal Revenue Code, except as expressly permitted by said Section 149(b), (i) neither the User nor any related person shall ever have allocated to it and outstanding tax-exempt facility-facility related bonds (as such term is used in Section 144(a) (10) of the Internal Revenue Code) in an aggregate principal amount exceeding $40,000,000, (j) no party shall ever be allowed to use or otherwise occupy or derive any benefit whatsoever from the Project, or any part thereof, if the effect of the foregoing shall result in a test period beneficiary (as defined in Section 144(a) (10) of the Internal Revenue Code) having allocated to it and outstanding in excess of $40,000,000 in aggregate principal amount of tax-exempt facility related bonds, (k) no more than two percent of the face amount of the Bonds shall be used to pay issuance costs. (b) The Issuer has elected and does hereby elect to have the provisions relating to the $10,000,000 limit in Section 144(a)(4) of the Internal Revenue Code apply to the Bonds. (c) The User covenants and agrees that (i) the limitation set forth in Section 144(a)(4)(A) of the Code will not be exceeded during the applicable six-year period with respect to "“facilities" ” described in Section 144(a)(4)(B) of the Code, and (ii) during such six-year period it will not make, or permit to be made, "“capital expenditures" ” (as described in Section 144(a)(4) of the Code and applicable regulations thereunder) in an aggregate amount that would exceed the limitation set forth in said Section. (d) The Issuer and the User will each cooperate to assure compliance with the provisions of Section 12.03 of this Lease Agreement and Article XVI XVII of the Indenture.

Covenants Regarding Section 103 and Sections 141. 150 of the Code (a) The Issuer and the User do each hereby covenant and agree for the benefit of the Owners that neither the Issuer nor the User will take any action, omit to take any action, permit any action to be taken or fail to require any action to be taken, which would cause the interest on payable with respect to the Bonds to be or become includable in gross income for federal income taxation. Without limiting the generality of the foregoing, the User covenants and agrees that (a) the proceeds of the Bonds shall not be used or applied in such manner as to cause any Bond to be or become an "arbitrage bond" as that term is defined in Section 148 of the Code, (b) ninety-five percent (95%) or more of the net proceeds will be used for the acquisition, construction, reconstruction, or improvement of land or property of a character subject to the allowance for depreciation, within the meaning of Section 144(a) of the Code, (c) the proceeds will be used solely for the acquisition and construction of the Project, which shall constitute facilities solely for the manufacturing, including processing, of tangible personal property, or for issuance expenses, or shall be rebated to the United States of America as provided in this Lease Agreement and the Indenture, and no part of the proceeds will be used by the User, directly or indirectly, for working capital or to finance inventory, or to acquire any facility or asset which may not be financed, in whole or in part, with the proceeds of obligations the interest on which is excludable from gross income for federal income taxation, (d) the net proceeds shall not be used for the acquisition, construction, reconstruction or improvement of any property which would cause the average maturity of the Bonds to exceed one hundred twenty percent (120%) of the average reasonably expected economic life of the facilities financed with the net proceeds of the Bonds, within the meaning of Section 147(b) of the Code, (e) none of the net proceeds shall be used to acquire (directly or indirectly) any land (or any interest therein) to be used for farming purposes; (f) less than twenty-five percent (25%) of the net proceeds shall be used to acquire (directly or indirectly) the Project Site or any other land (or any interest therein), (g) none of the net proceeds shall be used to acquire any property or any interest therein (including, without limitation, buildings, structures, facilities, improvements, equipment, machinery or other personal property) the first use of which property was not pursuant to such acquisition with the proceeds, if such property is personal property, and if such property is a building (and the equipment therefor), unless "rehabilitation expenditures" are made with respect to such property in an amount not less than fifteen percent (15%) of the cost of such property financed with the proceeds of the Bonds within two years after the date such property was acquired, all within the meaning of Section 147(d) of the Code; (h) neither the Bonds nor any proceeds therefrom shall ever be federally guaranteed, as such term is defined in Section 149(b) of the Code, except as expressly permitted by said Section 149(b), (i) neither the User nor any related person shall ever have allocated to it and outstanding tax-exempt facility-related bonds (as such term is used in Section 144(a) (10) of the Code) in an aggregate principal amount exceeding $40,000,000, (j) no party shall ever be allowed to use or otherwise occupy or derive any benefit whatsoever from the Project, or any part thereof, if the effect of the foregoing shall result in a test period beneficiary (as defined in Section 144(a) (10) of the Code) having allocated to it and outstanding in excess of $40,000,000 in aggregate principal amount of tax-exempt facility related bonds, and (k) no more than two percent of the face amount of the Bonds shall be used to pay issuance costs. (b) The Issuer has elected and does hereby elect to have the provisions relating to the $10,000,000 limit in Section 144(a)(4) of the Code apply to the Bonds. (c) The User covenants and agrees that (i) the limitation set forth in Section 144(a)(4)(A) of the Code will not be exceeded during the applicable six-year period with respect to "facilities" described in Section 144(a)(4)(B) of the Code, and (ii) during such six-year period it will not make, or permit to be made, "capital expenditures" (as described in Section 144(a)(4) of the Code and applicable regulations thereunder) in an aggregate amount that would exceed the limitation set forth in said Section. (d) The Issuer and the User will each cooperate to assure compliance with the provisions of Section 12.03 of this Lease Agreement and Article XVI XVII of the Indenture.

Covenants Regarding Section 103 and Sections 141. 150 of the Internal Revenue Code (a) The Issuer and the User do each hereby covenant and agree for the benefit of the Owners Bondholders that neither the Issuer nor the User will take any action, omit to take any action, permit any action to be taken or fail to require any action to be taken, which would cause the interest on the Bonds to be or become includable in gross income for federal income taxationTaxable. Without limiting the generality of the foregoing, the User covenants and agrees that (a) the proceeds of the Bonds shall not be used or applied in such manner as to cause any Bond to be or become an "“arbitrage bond" ” as that term is defined in Section 148 of the Internal Revenue Code, (b) ninety-five percent (9595 %) or more of the net proceeds will be used for the acquisition, construction, reconstruction, or improvement of land or property of a character subject to the allowance for depreciation, within the meaning of Section 144(a) of the Internal Revenue Code, (c) the proceeds will be used solely for the acquisition and construction of the Project, which shall constitute facilities solely for the manufacturing, including processing, of tangible personal property, or for issuance expenses, or shall be rebated to the United States of America as provided in this Lease Agreement and the Indenture, and no part of the proceeds will be used by the User, directly or indirectly, for working capital or to finance inventory, or to acquire any facility or asset which may not be financed, in whole or in part, with the proceeds of obligations the interest on which is excludable from gross income for federal income taxation, (d) the net proceeds shall not be used for the acquisition, construction, reconstruction or improvement of any property which would cause the average maturity of the Bonds to exceed one hundred twenty percent (120%) of the average reasonably expected economic life of the facilities financed with the net proceeds of the Bonds, within the meaning of Section 147(b) of the Internal Revenue Code, (e) none of the net proceeds shall be used to acquire (directly or indirectly) any land (or any interest therein) to be used for farming purposes; (f) less than twenty-five percent (2525 %) of the net proceeds shall be used to acquire (directly or indirectly) the Project Site or any other land (or any interest therein), (g) none of the net proceeds shall be used to acquire ac- quire any property or any interest therein (including, without limitation, buildings, structures, facilities, improvements, equipment, machinery or other personal property) the first use of which property was not pursuant to such acquisition with the proceeds, (h) neither the Bonds nor any proceeds therefrom shall ever be federally guaranteed, as such term is defined in Section 149(b) of the Internal Revenue Code, except as expressly permitted by said Section 149(b), (i) neither the User nor any related person shall ever have allocated to it and outstanding tax-exempt facility-facility related bonds (as such term is used in Section 144(a) (10) of the Internal Revenue Code) in an aggregate principal amount exceeding $40,000,000, (j) no party shall ever be allowed to use or otherwise occupy or derive any benefit whatsoever from the Project, or any part thereof, if the effect of the foregoing shall result in a test period beneficiary (as defined in Section 144(a) (10) of the Internal Revenue Code) having allocated to it and outstanding in excess of $40,000,000 in aggregate principal amount of tax-exempt facility related bonds, (k) no more than two percent of the face amount of the Bonds shall be used to pay issuance costs. (b) The Issuer has elected and does hereby elect to have the provisions relating to the $10,000,000 limit in Section 144(a)(4) of the Internal Revenue Code apply to the Bonds. (c) The User covenants and agrees that (i) the limitation set forth in Section 144(a)(4)(A) of the Code will not be exceeded during the applicable six-year period with respect to "“facilities" ” described in Section 144(a)(4)(B) of the Code, and (ii) during such six-year period it will not make, or permit to be made, "“capital expenditures" ” (as described in Section 144(a)(4) of the Code and applicable regulations thereunder) in an aggregate amount that would exceed the limitation set forth in said Section. (d) The Issuer and the User will each cooperate to assure compliance with the provisions of Section 12.03 of this Lease Agreement and Article XVI XVII of the Indenture.

Covenants Regarding Section 103 and Sections 141. 150 of the CodeOF THE INTERNAL REVENUE CODE (a) The Issuer and the User do each hereby covenant and agree for the benefit of the Owners Bondholders that neither the Issuer nor the User will take any action, omit to take any action, permit any action to be taken or fail to require any action to be taken, which would cause the interest on the Bonds to be or become includable in gross income for federal income taxationTaxable. Without limiting the generality of the foregoing, the User covenants and agrees that (a) the proceeds of the Bonds shall not be used or applied in such manner as to cause any Bond to be or become an "arbitrage bond" as that term is defined in Section 148 of the Internal Revenue Code, (b) ninety-five percent (95%) or more of the net proceeds will be used for the acquisition, construction, reconstruction, or improvement of land or property of a character subject to the allowance for depreciation, within the meaning of Section 144(a) of the Internal Revenue Code, (c) the proceeds will be used solely for the acquisition and construction of the Project, which shall constitute facilities solely for the manufacturing, including processing, of tangible personal property, or for issuance expenses, or shall be rebated to the United States of America as provided in this Lease Agreement and the Indenture, and no part of the proceeds will be used by the User, directly or indirectly, for working capital or to finance inventory, or to acquire any facility or asset which may not be financed, in whole or in part, with the proceeds of obligations the interest on which is excludable from gross income for federal income taxation, (d) the net proceeds shall not be used for the acquisition, construction, reconstruction or improvement of any property which would cause the average maturity of the Bonds to exceed one hundred twenty percent (120%) of the average reasonably expected economic life of the facilities financed with the net proceeds of the Bonds, within the meaning of Section 147(b) of the Internal Revenue Code, (e) none of the net proceeds shall be used to acquire (directly or indirectly) any land (or any interest therein) to be used for farming purposes; (f) less than twenty-five percent (25%) of the net proceeds shall be used to acquire (directly or indirectly) the Project Site or any other land (or any interest therein), (g) none of the net proceeds shall be used to acquire any property or any interest therein (including, without limitation, buildings, structures, facilities, improvements, equipment, machinery or other personal property) the first use of which property was not pursuant to such acquisition with the proceeds, (h) neither the Bonds nor any proceeds therefrom shall ever be federally guaranteed, as such term is defined in Section 149(b) of the Internal Revenue Code, except as expressly permitted by said Section 149(b), (i) neither the User nor any related person shall ever have allocated to it and outstanding tax-exempt facility-related bonds (as such term is used in Section 144(a) (10) of the Internal Revenue Code) in an aggregate principal amount exceeding $40,000,000, (j) no party shall ever be allowed to use or otherwise occupy or derive any benefit whatsoever from the Project, or any part thereof, if the effect of the foregoing shall result in a test period beneficiary (as defined in Section 144(a) (10) of the Internal Revenue Code) having allocated to it and outstanding in excess of $40,000,000 in aggregate principal amount of tax-exempt facility related bonds, (k) no more than two percent of the face amount of the Bonds shall be used to pay issuance costs. (b) The Issuer has elected and does hereby elect to have the provisions relating to the $10,000,000 limit in Section 144(a)(4) of the Internal Revenue Code apply to the Bonds. (c) The User covenants and agrees that (i) the limitation set forth in Section 144(a)(4)(A) of the Code will not be exceeded during the applicable six-year period with respect to "facilities" described in Section 144(a)(4)(B) of the Code, and (ii) during such six-year period it will not make, or permit to be made, "capital expenditures" (as described in Section 144(a)(4) of the Code and applicable regulations thereunder) in an aggregate amount that would exceed the limitation set forth in said Section. (d) The Issuer and the User will each cooperate to assure compliance with the provisions of Section 12.03 of this Lease Agreement and Article XVI XVII of the Indenture.