Agenda 04/27/1999 - Laserfiche WebLink

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265(b)(3)(D)(I) of the Code by virtue of the provisions of Section 265(b)(3)(D)(ii) of the Code ) as "qualified tax-exempt obligations" during the calendar year 1999. The Lessee furthercovenants that it will not take any action, or fail to take any action, if any such action or failure to take action would adversely affect the exclusion from gross income of the interest portion of the rental payments made hereunder under Section 103 of the Code. The Lessee will not directly or indirectly use or permit the use of any proceeds available from the Lessor or any other funds of the Lessee, or take or omit to take any action that would cause the lease purchase obligation evidenced by this Agreement to be an "arbitrage bond" within the meaning of Section 148(a) of the Code. To that end, the Lessee will comply with all requirements of Section 148 of the Code to the extent applicable to the lease purchase obligation evidenced by this Agreement. 12. DISCLAIMER OF WARRANTIES No Representations by the Lessor. The Lessee acknowledges and agrees that it has selected each item, type, quality, quantity and supplier of Equipment based upon recommendations of its independent consultants and disclaims any reliance upon any statements or representations made by the Lessor, and agrees that the Equipment is of a design, size, quality and capacity required by the Lessee and is suitable for its purposes. Disclaimer. THE LESSOR MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO THE VALUE, DESIGN, CONDITION, MERCHANTABILITY OR 'FITNESS FOR A PARTICULAR PURPOSE OR FITNESS FOR USE OF THE EQUIPMENT OR ANY OTHER REPRESENTATION OR WARRANTY WITH RESPECT TO THE EQUIPMENT, AND, AS TO THE LESSOR, THE LESSEE LEASES THE EQUIPMENT AS IS. Assignment of Manufacturer's Warranties. The Lessor hereby agrees to assign to the Lessee, solely for the purpose of making and prosecuting any such claim, all of the · Lessor's rights, if any, against the manufacturer or supplier of the Equipment for breach of warranty or other representation respecting the Equipment to the extent the same are assignable. 13. DEFAULT AND REMEDIES Definition of Default. The Lessee shall be deemed to be in default hereunder upon the happening of any of the following events of default, which default (other than a monetary default) is not cured within thirty (30) days after receipt of written notice thereof(an "Event of Default"). The Lessee shall fail to make any rental payment or pay any other sum under this Agreement when due or shall fail to perform or observe any term or condition or covenant of this Agreement. 12