Section 116 of ITA Sample Clauses

Section 116 of ITA. (1) Wabush Iron shall take all reasonable steps to obtain and deliver to the Purchaser on or before Closing a certificate of compliance issued by the Minister of National Revenue (Canada) under subsection 116(2) or 116(4) of the ITA in respect of its disposition of the 116(2) Property and a certificate of compliance issued by the Minister of National Revenue (Canada) under subsection 116(5.2) of the ITA in respect of its disposition of the 116(5.2) Property. Wabush Iron shall submit an initial application for any applicable Certificate of Compliance (as defined below) to the CRA no later than ten (10) days following the date hereof. Wabush Iron shall take all commercially reasonable steps to complete such application and obtain a Certificate of Compliance and shall use commercially reasonable efforts to keep the Purchaser’s counsel informed of all material developments related to such process, both prior to and after the Closing, including by providing the Purchaser with a copy of the initial application (subject to such redactions as Wabush Iron determines, acting reasonably, to be appropriate in respect of any tax information of Wabush Iron contained therein). A certificate issued by the Minister of National Revenue (Canada) under subsection 116(2) or 116(4) of the ITA in respect of the 116(2) Property or under subsection 116(5.2) of the ITA in respect of the 116(5.2) Property is hereinafter referred to as a “Certificate of Compliance”. (2) If a Certificate of Compliance in respect of the 116(2) Property is delivered to the Purchaser on or before the Closing, the Purchaser shall be entitled to withhold from the portion of the Purchase Price allocable to the 116(2) Property and payable to the Monitor in respect of Wabush Iron at Closing, twenty-five percent (25%) of the amount, if any, by which such portion of the Purchase Price exceeds the certificate limit specified in such certificate. If a Certificate of Compliance in respect of the 116(2) Property is not delivered to the Purchaser on or before the Closing, the Purchaser shall be entitled to withhold from the portion of the Purchase Price allocable to the 116(2) Property and payable to the Monitor in respect of Wabush Iron at Closing, twenty-five percent (25%) of such portion of the Purchase Price. (3) If a Certificate of Compliance in respect of the 116(5.2) Property is delivered to the Purchaser on or before the Closing, the Purchaser shall be entitled to withhold from the portion of the Purchase Pr...
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Related to Section 116 of ITA

  • Section 116 Judgment Currency.....................................................................16

  • SECTION 102 Compliance Certificates and Opinions...........................7 SECTION 103. Form of Documents Delivered to Trustee.........................8 SECTION 104. Acts of Holders................................................9

  • SECTION 104 Acts of Holders; Record Dates............................ 10

  • Section 10.3 Compliance Certificates and Opinions..........................8 SECTION 104. Form of Documents Delivered to Trustee........................8 SECTION 105. Acts of Holders; Record Dates.................................9

  • Section 16 The Company Board of Directors shall, to the extent necessary, take appropriate action, prior to or as of the Acceptance Time, to approve, for purposes of Section 16(b) of the Exchange Act the disposition and cancellation of Shares (including derivative securities with respect to Shares) resulting from the transactions contemplated by this Agreement.

  • Section 17 Right Certificate Holder Not Deemed a Stockholder................13 Section 18. Concerning the Rights Agent......................................14 Section 19. Merger or Consolidation or Change of Name of Rights Agent........14 Section 20.

  • SECTION 107 Conflict with Trust Indenture Act........................... 12

  • SECTION 115 Counterparts................................................. 31

  • Definition of Force Majeure For the purposes of this section, an event of force majeure shall mean any cause beyond the control of the affected Interconnection Party or Construction Party, including but not restricted to, acts of God, flood, drought, earthquake, storm, fire, lightning, epidemic, war, riot, civil disturbance or disobedience, labor dispute, labor or material shortage, sabotage, acts of public enemy, explosions, orders, regulations or restrictions imposed by governmental, military, or lawfully established civilian authorities, which, in any of the foregoing cases, by exercise of due diligence such party could not reasonably have been expected to avoid, and which, by the exercise of due diligence, it has been unable to overcome. Force majeure does not include (i) a failure of performance that is due to an affected party’s own negligence or intentional wrongdoing; (ii) any removable or remediable causes (other than settlement of a strike or labor dispute) which an affected party fails to remove or remedy within a reasonable time; or (iii) economic hardship of an affected party.

  • Section 12 contained herein shall be construed to include in the bargaining unit any person whose duties 44 as deputy, administrative assistant, supervisor, xxxxxxx or secretary necessarily imply a confidential 45 relationship to the Board of Directors or Superintendent of the District pursuant to RCW 41.56.030 (2).

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