Authorizing $1,550.000 Economic Development Technologies Corp Project

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ment thereof, is includible in the Federal gross income of the taxpayer named therein (other than a taxpayer who is a "sub- stantial user" or "related person ", within the meaning of Section 103 of the Code), or (iii) any amendment, modification, addition or change shall be made in Section 103 or any other provision of the Code or in any regulation or proposed regulation thereunder; or any ruling shall be issued or revoked by the Internal Revenue Service; or any other action shall be taken by the Internal Revenue Service, the Department of Treasury or any other governmental agency, authority or instrumentality; or any opinion of any Federal court or of the United States Tax Court shall be rendered; and the Bank or any other owner of the Bond shall have notified the Company in writing, that, as a result of any such event or condition, Bond Counsel is unable to give an unqualified opinion that the interest payable on the Bond, or any installment thereof, made on or after a date specified in said notice is excludible from the Federal gross income of the tax- payer named therein (other than a taxpayer who is a "substantial user" or a "related person ", within the meaning of Section 103 of the Code). "Equipment" means the machinery, equipment, apparatus, equipment fittings, readily removable fixtures and related property described in Exhibit B attached to and made a part of the Agreement, comprising a portion of the Project. The term "event of default" means those events specified in and defined in Section 11 hereof. "Event of Taxability" means the date of the occurrence of the event which results in the interest payable on the Bond, or any installment thereof, becoming includible in the Federal gross income of the taxpayer as set forth in as Determination of Taxability or the date of the Determination of Taxability, which- ever is earlier. "Guarantor" means Clark Equipment Company, a corpora- tion duly organized and validly existing under the laws of the State of Delaware, and any surviving, resulting or transferee entity as permitted by the Guaranty. "Guaranty" means the Guaranty Agreement dated as of November 1, 1984 from the Guarantor to the Bank, as from time to time supplemented and amended. The words "hereof ", "herein ", "hereunder" and other words of similar import refer to this Resolution as a whole. "Improvements" means the improvements, fixtures and related property to be constructed on the Land, comprising a portion of the Project.