Common use of A TAX EVENT Clause in Contracts

A TAX EVENT. Tax Event occurs if we have received an opinion of independent legal counsel stating in effect that there is more than an insubstantial risk that as a result of any amendment to, or change (including any announced prospective change) in, the laws (or regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein or any amendment to, or change in, an interpretation or application of any such laws or regulations by any governmental authority in the United States, which amendment or change is enacted, promulgated, issued or announced on or after the Effective Date, you are or will be within 90 days of the date thereof, (1) subject to U.S. federal income tax with respect to interest accrued or received on this Contract or (2) subject to more than a de minimis amount of taxes, duties or other governmental charges.

A TAX EVENT. A Tax Event occurs if we have received an opinion of independent legal counsel stating in effect that there is more than an insubstantial risk that as a result of any amendment to, or change (including any announced prospective change) in, the laws (or regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein or any amendment to, or change in, an interpretation or application of any such laws or regulations by any governmental authority in the United States, which amendment or change is enacted, promulgated, issued or announced on or after the Effective Date, you are or will be within 90 days of the date thereof, (1) subject to U.S. federal income tax with respect to interest accrued or received on this Contract or (2) subject to more than a de minimis amount of taxes, duties or other governmental charges.