PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

Home Browse Search

Borrower shall have an opportunity for no more than 180 days after receipt by the Trustee to contest any such statutory notice,ruling or final decision and that no such statutory notice, ruling or final decision shall be deemed a "Determination of Taxability" if the Borrower is contesting the same during such 180 day period in good faith until the earliest of (a) abandonment of such contest by the Borrower, (b) the date on which such statutory notice, ruling or final decision becomes final, or (c) the 181st day after the initial receipt by the Trustee of such statutory notice, ruling or final decision; and provided further than no Determination of Taxability shall arise from the interest on the Tax-Exempt Bonds being included, for example, (1) as a specific "tax preference" item for individual or corporate taxpayers in computing the alternative minimum taxi (2) in income for purposes of calculating alternative minimum taxable income of any company pursuant to Section 55 of the Code; (3) in earnings and profits of branches of foreign corporations for purposes of calculating the "branch profits" tax; (4)within gross income of certain recipients of social security and railroad retirement benefits; or (5) as passive investment income to certain subchapter S corporations which have subchapter C earnings and profits. "Development Agreement" means the Development Agreement, dated as of November 1,2001,between the City,the Orono Housing and Redevelopment Authority,and the Borrower, as amended from time to time. "Disbursing Agent" means the party so named in the Disbursing Agreement. "Disbursing Agreement"means Disbursing Agreement dated as of November 1,2001 between the Borrower, Trustee and the title insurance company named therein as the "Disbursing Agent." "Equipment"means all items of furnishings,furniture,equipment,and other tangible personal property. "Event of Default" means an Event of Default described in Section 7.01 of the Indenture that has not been cured. "Event of Nonpayment"means,with respect to Subordinated Debt,any nonpayment when scheduled of any amount of principal or interest thereon. "Fiscal Year" means the fiscal year of the Borrower designated from time to time in writing to the Trustee, and shall initially mean the 12-month period commencing each January 1. "501(c)(3)Organization"means an organization described in Section 501(c)(3)of the Code whose income is exempt from taxation under Section 501(a) of the Code. "Force Majeure" means any one or more of the following: acts of God; strikes, lockouts or other economic disturbances; acts of public enemies; orders or restraints of any kind of the government of the United States or of the State or any of their departments,