Exempt Property definition

Examples of Exempt Property in a sentence

• In the event OWNER ultimately obtains an amount in excess of the Intended Maximum in any year of Abatement under this AGREEMENT (such amount the “Exempt Property Excess”), the percentage of abatement described in the “Abatement Schedule” shall be reduced pro rata so as to reimburse the COUNTY for the total decrease in County tax revenue during the abatement period beginning on January 1, 2020 which is expected to result from the Exempt Property Excess.

• Exempt Property Unless otherwise specified in the cooperative agreement, title to equipment purchased or fabricated with NSF award funds will vest with the awardee upon acquisition.

• The parties mutually agree that this agreement is subject to the provision of Act 189 of 1953 as amended (Users of Tax Exempt Property).

• All Liens of Agent in the Collateral, other than Exempt Property, are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over Agent’s Liens (for clarification, Permitted Liens that are expressly allowed to have priority over Agent’s Liens include the Liens of the Senior Secured Notes Collateral Agent to the extent such Liens have priority over Agent’s Liens pursuant to the terms of the Intercreditor Agreement).

• Issuer hereby agrees to use best faith efforts to obtain the issuance of an order from the Board of Tax Appeals approving tax abatement on the Bond Financed Portion of the Project for the Exempt Period such that 100% of the Bond Financed Portion of the Project is Exempt Property.