EXCEPTION FOR GST ON REALTY Sample Clauses

EXCEPTION FOR GST ON REALTY. Buyer shall not be required to pay GST to the Canadian Seller in accordance with Paragraph 7.5.2 on the sale and transfer of any real property (namely, the Toronto InterContinental Hotel and Toronto Staybridge Suites Hotel but excluding the Property relating thereto) if Buyer provides the Canadian Seller on or before the Closing Date with a certificate of Buyer, in a form reasonably acceptable to the Canadian Seller, confirming among other things that Buyer is registered for the purposes of the Excise Tax Act (Canada) on the Closing Date; that Buyer is holding the Canadian Property for its own account and not in trust for or as agent for another party; and an indemnity whereby Buyer agrees to indemnify and save harmless the applicable Canadian Seller from and against any and all losses, costs, damages and liabilities that may be suffered or incurred by the applicable Canadian Seller as a result of Buyer's failure to register for the purposes of the GST imposed under the Excise Tax Act (Canada) or Buyer's failure to perform its obligations under such Act in connection with the purchase of the Canadian Property.
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