Covered Income Tax Sample Clauses

Covered Income Tax. For purposes of subsection (b)(i) and (b)(ii) of this Section 10, a Covered Income Tax means (i) in the case of any Indemnitee other than the Indenture Trustee or the Trust Indenture Estate, any Tax based on or measured by gross or net income, receipts, capital or net worth, franchises, excess profits or conduct of business (other than taxes which are in the nature of sales or use taxes, license taxes or property taxes) imposed on an Indemnitee by any state or local Taxing Authority in whose jurisdiction such Indemnitee did not otherwise have sufficient business activities or business presence to be subject to tax solely as a result of (x) the operation of the Aircraft in such jurisdiction or (y) the transactions contemplated by the Operative Documents, to the extent such taxes are directly attributable to such operation of the Aircraft or to such transactions. For purposes of determining whether or not the Indemnitee engaged in business, maintained an office or other place of (ii) in the case of any Indemnitee other than the Indenture Trustee or the Trust Indenture Estate, any Tax based on or measured by gross or net income, receipts, capital or net worth, franchises, excess profits or conduct of business (other than taxes which are in the nature of sales or use taxes, license taxes, or property taxes) imposed on such Indemnitee by any foreign jurisdiction (i) which are imposed as a result of Lessee's or sublessee's activities in such foreign jurisdiction in connection with the transactions contemplated by the Operative Documents or (ii) which are withholding taxes on Basic Rent to the extent such withholding taxes would otherwise result in Basic Rent payments being insufficient to cover principal and interest payments on the Equipment Notes; (iii) in the case of the Indenture Trustee or the Trust Indenture Estate any Tax based on or measured by gross or net income, receipts, capital or net worth, franchises, excess profits or conduct of business (including minimum taxes, withholding taxes, and taxes on or measured by any item of tax preference) imposed on such Indemnitee by a Taxing Authority in or of any foreign jurisdiction or a territory or possession of the United States, other than any such Tax which would not have been imposed in the absence of such Indemnitee's (including for purposes of this definition, all entities with which such Indemnitee is combined, integrated, or consolidated in such Taxing Authority's jurisdiction) engaging in business, m...
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Covered Income Tax. For purposes of clause (ii) of subsection (b) of this Section 10, a Covered Income Tax includes: (i) in the case of an Indemnitee other than the Indenture Trustee or the Trust Indenture Estate, any Tax imposed on, based on or measured by gross or net income, receipts, capital or net worth, franchises, excess profits or conduct of business (other than taxes which are in the nature of sales or use taxes, license taxes or property taxes) imposed on an Indemnitee (A) by any state or local Taxing Authority other than Taxes imposed by any such state or local jurisdiction in which the Indemnitee has its principal place of (ii) in the case of the Indenture Trustee or the Trust Indenture Estate, any Tax based on or measured by gross or net income, receipts, capital or net worth, franchises, excess profits or conduct of business (including minimum taxes, withholding taxes, and taxes on or measured by any item of tax preference) imposed on such Indemnitee by a Taxing Authority in or of any foreign jurisdiction or a territory or
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Covered Income Tax. For purposes of clause (ii) of subsection (b) of this Section 10, a Covered Income Tax includes: (i) any Tax based on or measured by gross or net income, capital or net worth, franchises, excess profits or conduct of business imposed on an Indemnitee by a Taxing Authority in or of any foreign jurisdiction or a territory or possession of the United States, other than any such Tax which would not have been imposed in the absence of such Indemnitee's (including for purposes of this definition, all entities with which such Indemnitee is combined, integrated, or consolidated in such Taxing Authority's jurisdiction) engaging in business, maintaining an office or other place of business or otherwise being located in such jurisdiction (other than merely by reason of such Indemnitee's participation in the transactions contemplated by the Operative Documents); and (ii) a Tax imposed by any Taxing Authority other than the Federal government of the United States of America based on, or measured by gross income or receipts, to the extent such Tax is attributable to the operation or registration of the Aircraft in such jurisdiction or to the transactions contemplated by the Operative Documents or is the result of the activities of Lessee or any Affiliate of either thereof in such jurisdiction, including residence.
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Covered Income Tax. For purposes of clauses (i) and (ii) of subsection (b) of this Section 10, a Covered Income Tax includes: (i) any Tax based on or measured by gross or net income, capital or net worth, franchises, excess profits or conduct of business imposed on an Indemnitee by a Taxing Authority in or of any foreign jurisdiction or a territory or possession of the United States, other than any such Tax which would not have been imposed in the absence of such Indemnitee's (including for purposes of this definition, all entities with which such Indemnitee is combined, integrated, or consolidated in such Taxing Authority's jurisdiction) engaging in business, maintaining an office or other place of business or otherwise being located in such (ii) a Tax imposed by any Taxing Authority other than the Federal government of the United States of America based on, or measured by gross income or receipts, to the extent such Tax is attributable to the operation or registration of the Aircraft in such jurisdiction or to the transactions contemplated by the Operative Documents or is the result of the activities of Lessee or any Affiliate of either thereof in such jurisdiction, including residence.
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Covered Income Tax. For purposes of clauses (i) and (ii) of subsection (b) of this Section 10, a Covered Income Tax includes:
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Covered Income Tax. For purposes of clause (ii) of subsection (b) of this Section 10, a Covered Income Tax includes: (i) any Tax based on or measured by gross or net income, capital or net worth, franchises, excess profits or conduct of business imposed on an Indemnitee by a Taxing Authority in or of any foreign jurisdiction or a territory or possession of the United States, other than any such Tax which would not have been imposed in the absence of such Indemnitee's (including for purposes of this definition, all entities with which such Indemnitee is combined, integrated, or consolidated in such Taxing Authority's jurisdiction) engaging in business, maintaining an office or other place of business or otherwise being located in such jurisdiction (other than merely by reason of such Indemnitee's participation in the transactions contemplated by the Operative Documents); and
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Related to Covered Income Tax

  • Imputed Income The Bank shall impute the economic benefit to the Executive on an annual basis, by adding the economic benefit to the Executive’s W-2, or if applicable, Form 1099.

  • Income Tax During each taxation year, the participating employee's income tax liability shall be in accordance with the Income Tax Act and directives from Canada Revenue Agency. Similarly, the withholding tax deducted at source by the College shall be in accordance with the Income Tax Act and directives from Canada Revenue Agency.

  • Federal Income Tax Allocations If the Certificates have more than one beneficial owner for United States federal income tax purposes, then for United States federal income tax purposes each item of income, gain, loss, credit and deduction for a month shall be allocated to the Certificateholders as of the first Record Date following the end of such month in proportion to their Percentage Interests on such Record Date. The Depositor (or the Administrator in accordance with the Administration Agreement and Section 5.3) is authorized, in its sole discretion, (i) to modify the allocations in this paragraph if necessary or appropriate for the allocations to fairly reflect the economic income, gain or loss to the Certificateholders or otherwise comply with the requirements of the Code and (ii) to determine whether or not to make any available tax elections such as an election under Sections 1278 or 754 of the Code.

  • Tax Benefit Payments Section 3.1 Payments 12 Section 3.2 No Duplicative Payments 13

  • the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first protocol) and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form 1. You do not furnish your TIN to the requester, 2. You do not certify your TIN when required (see the instructions for Part II for details), 3. The IRS tells the requester that you furnished an incorrect TIN, 4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only), or 5. You do not certify to the requester that you are not subject to backup withholding under 4 above (for reportable interest and dividend accounts opened after 1983 only). Certain payees and payments are exempt from backup withholding. See Exempt payee code, later, and the separate Instructions for the Requester of Form W-9 for more information. Also see Special rules for partnerships, earlier. The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code, later, and the Instructions for the Requester of Form W-9 for more information.

  • Income Tax Allocations (a) Except as provided in this Section 9.4, each item of income, gain, loss and deduction of the Company for federal income tax purposes shall be allocated among the Members in the same manner as such items are allocated for book purposes under Sections 9.1, 9.2, 9.3 and 13.4(b). (b) In accordance with Code Section 704(c) and the applicable Treasury Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Gross Asset Value at the time of its contribution to the Company. If the Gross Asset Value of any Company property is adjusted in accordance with clause (c) or (d) of the definition of Gross Asset Value, then subsequent allocations of income, gain, loss and deduction shall take into account any variation between the adjusted basis of such property for federal income tax purposes and its Gross Asset Value as provided in Code Section 704(c) and the related Treasury Regulations. For purposes of such allocations, the Company shall elect the remedial allocation method described in Treasury Regulation Section 1.704-3(d). (c) All items of income, gain, loss, deduction and credit allocated to the Members in accordance with the provisions hereof and basis allocations recognized by the Company for federal income tax purposes shall be determined without regard to any election under Section 754 of the Code which may be made by the Company. (d) If any deductions for depreciation or cost recovery are recaptured as ordinary income upon the Transfer of Company properties, the ordinary income character of the gain from such Transfer shall be allocated among the Members in the same ratio as the deductions giving rise to such ordinary character were allocated.

  • Federal Income Taxes For a brief description of the tax effects of an investment in the notes, see “U.S. Federal Income Tax Considerations” on page S-12 of the attached prospectus supplement and page 61 of the attached prospectus.

  • Tax Benefit If, as the result of any Taxes paid or indemnified against by the Facility Lessee under this Section 9.2, the aggregate Taxes actually paid by the Tax Indemnitee for any taxable year and not subject to indemnification pursuant to this Section 9.2 are less (whether by reason of a deduction, credit, allocation or apportionment of income or otherwise) than the amount of such Taxes that otherwise would have been payable by such Tax Indemnitee (a "Tax Benefit"), then to the extent such Tax Benefit was not taken into account in determining the amount of indemnification payable by the Facility Lessee under paragraph (a) or (c) above and provided no Significant Lease Default or Lease Event of Default shall have occurred and be continuing (in which event the payment provided under this Section 9.2(e) shall be deferred until the Significant Lease Default or Lease Event of Default has been cured), such Tax Indemnitee shall pay to the Facility Lessee the lesser of (A) (y) the amount of such Tax Benefit, plus (z) an amount equal to any United States federal, state or local income tax benefit resulting to the Tax Indemnitee from the payment under clause (y) above and this clause (z) (determined using the same assumptions as set forth in the second sentence under the definition of After-Tax Basis) and (B) the amount of the indemnity paid pursuant to this Section 9.2 giving rise to such Tax Benefit; provided, however, that any excess of (A) over (B) shall be carried forward and reduce the Facility Lessee's obligations to make subsequent payments to such Tax Indemnitee pursuant to this Section 9.

  • Income Tax Liability Within ten (10) Business Days after the receipt of revenue agent reports or other written proposals, determinations or assessments of the IRS or any other taxing authority which propose, determine or otherwise set forth positive adjustments to the Tax liability of, or assess or propose the collection of Taxes required to have been withheld by, the Borrower which equal or exceed $100,000 in the aggregate, telephonic or facsimile notice (confirmed in writing within five (5) Business Days) specifying the nature of the items giving rise to such adjustments and the amounts thereof;

  • Income Taxes The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * EXHIBIT G-2 FORM OF TRANSFEROR CERTIFICATE __________ , 20__ Residential Funding Mortgage Securities I, Inc. 8400 Normandale Xxxx Xxxxxxxxx Xxxxx 000 Xxxxxxxxxxx, Xxxxxxxxx 00000 [Xxxxxxx] Xxxention: Residential Funding Corporation Series _______ Re: Mortgage Pass-Through Certificates, Series ________, Class R[-__] Ladies and Gentlemen: This letter is delivered to you in connection with the transfer by _____________________ (the "Seller") to _____________________(the "Purchaser") of $______________ Initial Certificate Principal Balance of Mortgage Pass-Through Certificates, Series ________, Class R[-__] (the "Certificates"), pursuant to Section 5.02 of the Series Supplement, dated as of ________________, to the Standard Terms of Pooling and Servicing Agreement dated as of ________________ (together, the "Pooling and Servicing Agreement") among Residential Funding Mortgage Securities I, Inc., as seller (the "Company"), Residential Funding Corporation, as master servicer, and __________, as trustee (the "Trustee"). All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement. The Seller hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that:

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