Common use of CLAIMS BARRED Clause in Contracts

CLAIMS BARRED. If (A) any Tax Indemnitee fails to give the ------------- Lessee written notice pursuant to this Section 6.04 of any claim by any government or taxing authority for any Tax for which the Lessee is obligated pursuant to this Section 6.01, (B) as a direct result of such failure the contest of such claim becomes barred by law and (C) the Lessee furnishes, at the Lessee's expense, an opinion of counsel selected by the Lessee and reasonably satisfactory to such Tax Indemnitee to the effect that, had the contest of such claim not become barred by law, a Reasonable Basis, would have existed for pursuing such contest, such Tax Indemnitee shall be deemed to have waived its right to any payment by the Lessee that would otherwise be payable by the Lessee pursuant to this Section 6.01 in respect of such claim.

Appears in 1 contract

Sources: Participation Agreement (Midway Airlines Corp)

CLAIMS BARRED. If (A) any Tax Indemnitee fails to give the Lessee ------------- Lessee written notice pursuant to this Section 6.04 of any claim by any government or taxing authority for any Tax for which the Lessee is obligated pursuant to this Section 6.01, (B) as a direct result of such failure the contest of such claim becomes barred by law and (C) the Lessee furnishes, at the Lessee's expense, an opinion of counsel selected by the Lessee and reasonably satisfactory to such Tax Indemnitee to the effect that, had the contest of such claim not become barred by law, a Reasonable Basis, would have existed for pursuing such contest, such Tax Indemnitee shall be deemed to have waived its right to any payment by the Lessee that would otherwise be payable by the Lessee pursuant to this Section 6.01 in respect of such claim.

Appears in 1 contract

Sources: Participation Agreement (Midway Airlines Corp)

CLAIMS BARRED. If (A) any Tax Indemnitee fails to give the Lessee ------------- Lessee written notice pursuant to this Section 6.04 of any claim by any government or taxing authority for any Tax for which the Lessee is obligated pursuant to this Section 6.01, (B) as a direct result of such failure the contest of such claim becomes barred by law has been effectively precluded, and (C) the Lessee furnishes, at the Lessee's expense, an opinion of counsel selected by the Lessee and reasonably satisfactory to such Tax Indemnitee to the effect that, had the contest of such claim not become barred by lawbeen effectively precluded, a Reasonable Basis, Basis would have existed for pursuing such contest, such Tax Indemnitee shall be deemed to have waived its right to any payment by the Lessee that would otherwise be payable by the Lessee pursuant to this Section 6.01 in respect of such claim.

Appears in 1 contract

Sources: Participation Agreement (Midway Airlines Corp)

CLAIMS BARRED. If (A) any Tax Indemnitee fails to give the ------------- Lessee written notice pursuant to this Section 6.04 of any claim by any government or taxing authority for any Tax for which the Lessee is obligated pursuant to this Section 6.01, (B) as a direct result of such failure the contest of such claim becomes barred by law and (C) the Lessee furnishes, at the Lessee's expense, an opinion of counsel selected by the Lessee and reasonably satisfactory to such Tax Indemnitee to the effect that, had the contest of such claim not become barred by law, a Reasonable Basis, would have existed for pursuing such contest, such Tax Indemnitee shall be deemed to have waived its right to any payment by the Lessee that would otherwise be payable by the Lessee pursuant to this Section 6.01 in respect of such claim.

Appears in 1 contract

Sources: Participation Agreement (Midway Airlines Corp)

CLAIMS BARRED. If (A) any Tax Indemnitee fails to give the Lessee ------------- Lessee written notice pursuant to this Section 6.04 of any claim by any government or taxing authority for any Tax for which the Lessee is obligated pursuant to this Section 6.01, (B) as a direct result of such failure the contest of such claim becomes barred by law and (C) the Lessee furnishes, at the Lessee's expense, an opinion of counsel selected by the Lessee and reasonably satisfactory to such Tax Indemnitee to the effect that, had the contest of such claim not become barred by law, a Reasonable Basis, Basis would have existed for pursuing such contest, such Tax Indemnitee shall be deemed to have waived its right to any payment by the Lessee that would otherwise be payable by the Lessee pursuant to this Section 6.01 in respect of such claim.

Appears in 1 contract

Sources: Supplemental Agreement (Midway Airlines Corp)