Income Tax Act (Canada). In this Contract of Trust, any reference to the “Income Tax Act (Canada)”, the “Income Tax Act” or the “Tax Act” shall refer to the Income Tax Act, Revised Statutes of Canada 1985, Chapter 1 (5th Supplement) and the regulations thereunder as amended from time to time applicable with respect thereto. Any reference herein to a particular provision of the Income Tax Act shall include a reference to that provision as it may be renumbered or amended from time to time. Where there are proposals for amendments to the Income Tax Act which have not been enacted into law or proclaimed into force on or before the date on which such proposals are to become effective, the Trustees may take such proposals into consideration and apply the provisions hereof as if such proposals had been enacted into law and proclaimed into force. Any reference herein to the Income Tax Act (Canada), the Income Tax Act or to the Tax Act shall also include a reference to any applicable and corresponding provision under the income tax laws of a province or territory of Canada.
Income Tax Act (Canada). Interest, for tax purposes, will be reported in accordance with the Income Tax Act (Canada).
Income Tax Act (Canada). The Canadian Borrower is not a nonresident of Canada for purposes of the Income Tax Act (Canada).
Income Tax Act (Canada). SKYTRAC represents and warrants that it is not a “non-resident” for the purposes of the Income Tax Act (Canada).
Income Tax Act (Canada). It is the intention of the Vendor and the Purchaser that the exchange of shares as contemplated by the terms and conditions hereof shall take place pursuant to subsection 85.1 of the Income Tax Act (Canada).
Income Tax Act (Canada). Certificate of Bridge Loan Lenders Each initial Bridge Loan Lender (other than Natexis Banques Populaires), on or before the date of the initial Advance, and each Bridge Loan Lender which executes an Assignment and Acceptance after the date of the initial Advance, shall, unless an Event of Default has occurred and is continuing, deliver to Inco a certificate of such Bridge Loan Lender in the form of Schedule G representing and warranting either that it is not a non-resident of Canada for purposes of the ITA, or alternatively that it is a Canadian partnership within the meaning assigned by Section 102 of the ITA, or alternatively that it is an authorized foreign bank deemed to be resident in Canada for purposes of the ITA in respect of all amounts paid or credited to such Bridge Loan Lender under or in respect of this Agreement. Each Bridge Loan Lender shall promptly notify Inco upon any change occurring in terms of their residency status (or that of any of their respective partners) under the ITA.
Income Tax Act (Canada). Canadian Seller is not a non-resident of Canada for purposes of the Income Tax Act (Canada) and any applicable provincial taxing laws."
Income Tax Act (Canada). Notwithstanding anything contained in this Agreement to the contrary, if any Agent or any Lender receives notice under subsection 224(1.1) of the Income Tax Act (Canada) or any successor provision thereto or any comparable provision of any other taxing statute in respect of either Borrower, then so long as such notice is effective, Lenders shall not be obligated to make any further Revolving Loans hereunder to such Borrower.
Income Tax Act (Canada). Election. The parties shall, as soon as possible after the determination of the amount attributable to the Accounts Receivable, jointly execute an election under section 22 of the Income Tax Act (Canada) with respect to the sale of the Accounts Receivable and shall designate therein the portion of the Purchase Price allocated to the Accounts Receivable as the consideration paid by the Purchaser for the Accounts Receivable. The parties shall each file such elections forthwith after the execution thereof (and, in any event, with their respective income tax returns for the taxation year which includes the date of this Agreement).
Income Tax Act (Canada). Each Canadian Lender severally represents and warrants to the Parent Guarantor and to each Borrower, solely with respect to itself, that such Canadian Lender is or is deemed to be resident in Canada for the purposes of Part XIII of Income Tax Act (Canada) in respect of any amount paid or credited to or by such Canadian Lender in respect of its Canadian banking business (as such term is defined in the Income Tax Act (Canada)), including for greater certainty, any amount paid or credited to or by such Canadian Lender under this Agreement or the Financing Documents and that it shall not take any action which would result in such Canadian Lender ceasing to be or ceasing to be deemed under the Income Tax Act (Canada) to be resident in Canada for the purposes of Part XIII of such Income Tax Act (Canada) in respect of any amount paid or credited to or by such Canadian Lender in respect of its Canadian banking business, including for greater certainty, any amount paid or credited to or by such Canadian Lender under this Agreement or the Financing Documents.
