Common use of Effect of Revocation of Federal Rulings Clause in Contracts

Effect of Revocation of Federal Rulings. If any rulings which are applied for or have been or may be obtained by the Employer holding that payments by the Employer under the Plan constitute currently deductible expenses under the Income Tax Act (Canada), as amended, now in effect or as hereafter may be amended, or under any other applicable federal or provincial income tax law shall be denied, revoked or modified in such manner as to no longer be satisfactory to the Employer, or if the provisions of the Income Tax Act (Canada), as amended, now in effect or as hereafter may be amended, or of any other applicable federal or provincial income tax law are amended so as to deny the deduction, as a current deductible expense, of any payments made by the Employer under the Plan, all obligations of the Employer under the Plan shall cease and the Plan shall thereupon terminate and be of no further effect.