Tax Convention. Whenever it is necessary for purposes of the Closing, any indemnification required under this Section 6.4 or any other provision of this Agreement to determine any liability for Taxes attributable to a taxable period that begins before the Closing Date and ends after the Closing Date (a “Straddle Period”), the determination as to the portion of such Taxes payable for the period ending on the Closing Date, other than any ad valorem or property Taxes, shall be made by treating the Closing Date as the end of a short taxable year of Seller or the Related Entity, as the case may be. In making this computation, exemptions, allowances, or deductions calculated on an annual basis, such as the deduction for depreciation, shall be apportioned as provided in the Code. All personal property Taxes which are past due upon any personal property included among the Purchased Assets or in respect of assets of any Related Entity prior to the Closing Date shall be paid by Seller (or if Seller has objected to such Taxes, Seller shall assume responsibility for such Taxes), together with any penalty or interest thereon. Current personal property Taxes attributable to the Purchased Assets or in respect of assets of any Related Entity for any Straddle Period shall be prorated and adjusted between Seller and Buyer as of the Closing Date on a per diem basis based on the number of days in the portion of such Straddle Period ending on the Closing Date (“Pre-Closing Period”) and the number of days of such taxable period beginning on the day after the Closing Date (“Post-Closing Period”). Seller shall be liable for the proportionate amount of such Taxes that is attributable to the Pre-Closing Period, and Buyer shall be liable for the proportionate amount of such Taxes that is attributable to the Post-Closing Period. If current Tax bills are unavailable at the Closing Date, the prior year’s Tax bills shall be used for proration purposes and when the current year’s Tax bills are received, the proration shall be recalculated and the appropriate payment shall be made forthwith.
Tax Convention. Whenever it is necessary for purposes of the Closing, Section 7.15(A) or any indemnification required under ARTICLE IX or ARTICLE X to determine any liability for Taxes attributable to a period ending with the Closing Date or beginning on any day following the Closing Date and the return in respect of such Tax liability relates to a taxable year or period beginning on or before and ending after the Closing Date, the determination shall be made by apportioning the total Taxes involved by treating the Closing Date as the end of a short taxable year. In making this computation, exemptions, allowances, or deductions calculated on an annual basis, such as the deduction for depreciation, shall be apportioned as provided in the Code. All real property and personal property Taxes which are past due or have been due upon any owned Real Property conveyed hereby or upon any owned personal property conveyed hereby prior to the Closing Date shall be paid by Sellers (or if Sellers have objected to such Taxes, Sellers shall assume responsibility for such Taxes), together with any penalty or interest thereon. Current real property and personal property Taxes and special assessments shall be prorated and adjusted between Sellers and Buyer as of the Closing Date on a per diem basis. If current tax bills are unavailable at the Closing Date, the prior year's tax bills shall be used for proration purposes and when the current year's tax bills are received, the proration shall be recalculated and the appropriate payment shall be made forthwith.
Tax Convention. The term ‘‘tax convention’’ means—
(A) any income tax or gift and estate tax convention, or
(B) any other convention or bilateral agreement (including multilateral conven- tions and agreements and any agreement with a possession of the United States) pro- viding for the avoidance of double taxation, the prevention of fiscal evasion, non- discrimination with respect to taxes, the ex- change of tax relevant information with the United States, or mutual assistance in tax matters.
Tax Convention. In order for the Manager and the Fund to comply with their obligations under the IGA, all Subscribers must complete Schedule “E”, and must immediately notify the Manager if any information provided in Schedule “E” changes. Schedule “E” will be provided by Metric. The Subscriber acknowledges that if the Manager is required to report information to the CRA in connection with the Subscriber's investment in the Fund, such report shall not be treated as a breach of any restriction upon the disclosure of information that may be imposed by Canadian law or otherwise.
Tax Convention. The Seller qualifies as a resident of the United States for the purposes of, and is entitled to all of the benefits of, the Canada-US Income Tax Convention, 1980 as amended.
