Section 22 Election Clause Samples
The Section 22 Election clause allows a party to make a formal choice or declaration regarding a specific right or option provided under Section 22 of the agreement. In practice, this clause typically outlines the process by which a party must notify the other party of its decision, such as by delivering written notice within a specified timeframe. This mechanism ensures that both parties are aware of and can act upon the election, thereby providing clarity and certainty in the exercise of contractual rights or obligations.
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Section 22 Election. The Buyer and the Sellers shall, as soon as possible after the Closing, jointly execute an election under Section 22 of the Income Tax Act (Canada) as to the sale of the Accounts Receivable, shall designate therein the applicable portion of the Purchase Price referred to in ss.2(b) as the consideration paid by the Buyer therefor and shall each file such election with the Canada Customs and Revenue Agency forthwith after execution thereof to make such election effective.
Section 22 Election. Purchaser shall, and Seller shall cause Canadian Seller to, elect jointly in the prescribed form under section 22 of the Income Tax Act (Canada), and the corresponding provisions of any other applicable Tax Law as to the sale of the accounts receivable and designate in such election an amount equal to the portion of the Purchase Price allocated to the accounts receivable of the Business in Canada. This election, or these elections, shall be made within the time prescribed for such elections.
Section 22 Election. The Purchaser and the Vendor shall elect jointly in the prescribed form under Section 22 of the Income Tax Act (Canada) and the corresponding provisions of any other applicable taxing statute as to the sale of the Accounts Receivable and designate in such election an amount equal to the portion of the Purchase Price allocated to the Accounts Receivable pursuant to Schedule C. This election, or these elections, will be made within the time prescribed for such elections.
Section 22 Election. Canadian Purchaser and Canadian Seller agree to file an election with respect to the Accounts Receivable under Section 22 of the Income Tax Act (Canada), and the corresponding sections of any provincial statute and any regulations under such statutes, in a manner consistent with the Purchase Price Allocation Schedule prepared in accordance with Section 1.08.
Section 22 Election. The Purchaser and MFI shall elect jointly in the prescribed form under section 22 of the Tax Act, section 184 of the Taxation Act (Québec), if applicable, and the corresponding provisions of any other applicable provincial or territorial Tax statute as to the sale of the Receivables included in the Purchased Assets and designate in such election an amount equal to the portion of the Purchase Price allocated to such Receivables pursuant to Section 2.5. This election, or these elections, shall be made within the time prescribed for such elections.
Section 22 Election. The Buyer and the Seller agree to elect, in the prescribed manner and form and within the prescribed time to have section 22 of the Income Tax Act apply to the transfer of the accounts receivable comprised in the Assets and transferred under this Agreement. The parties shall file all necessary elections or filings under all corresponding provincial tax legislation to make the transfer of the accounts receivable transferred hereunder effective on the same basis as contemplated by section 22 of the Income Tax Act.
Section 22 Election. The Parties agree to elect jointly in prescribed form pursuant to Section 22 of the Tax Act and the corresponding provisions of any applicable provincial income tax legislation and on a timely basis with respect to accounts receivable pursuant to this Agreement to the extent the face value of any accounts receivable that have been or will be included in computing the income of the Vendor exceeds the consideration paid by the Purchaser for such accounts receivable.