Examples of FT Purchasers in a sentence
The expenses to be renounced by the Company to the FT Purchasers will constitute Qualifying Expenditures on the effective date of the renunciation and on the date incurred.
The Corporation hereby agrees to incur (or be deemed to incur) Resource Expenses in an amount equal to the Commitment Amount on or after the Closing Time and on or before the Termination Date in accordance with the Tax Act and the Subscription and Renunciation Agreement in respect of the FT Shares and agrees to renounce to the FT Purchasers, with an effective date no later than December 31, 2018, Resource Expenses in an amount equal to the Commitment Amount.
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The Company shall enter into all necessary agreements (including internal back-to-back agreements if required) to retain all such books and records as may be required to support the renunciation of Qualifying Expenditures contemplated by this Agreement and the FT Subscription Agreements and, upon reasonable notice, shall make such books and records available for inspection and audit by or on behalf of the FT Purchasers, at the FT Purchaser’s sole expense.
The Company shall maintain proper, complete and accurate accounting books and records relating to the Commitment Amount, the Qualifying Expenditures, the amounts renounced to the FT Purchasers under this Agreement and the FT Subscription Agreements and all transactions relating to the Qualifying Expenditures.
The terms and provisions of this Agreement shall be binding upon and enure to the benefit of the Corporation, the Agent and the FT Purchasers and their respective executors, heirs, successors and permitted assigns; provided that, except as provided herein or in the FT Subscription Agreement(s), this Agreement shall not be assignable by any party without the written consent of the others.
The Corporation shall deliver to the FT Purchasers, on or before March 1, 2019, the relevant Prescribed Forms, fully completed and executed, renouncing to each FT Purchaser, Resource Expenses in an amount equal to the Commitment Amount applicable to such FT Purchaser with an effective date of no later than December 31, 2018, such delivery constituting the authorization of the Corporation to the FT Purchasers to file such Prescribed Forms with applicable taxation authorities.
Unless required to do so pursuant to subsection 66(12.73) of the Tax Act, the Company shall not reduce the amount renounced to the FT Purchasers pursuant to subsection 66(12.6) or 66(12.66) of the Tax Act.
If the Company amalgamates with any one or more companies, any shares issued to or held by the FT Purchasers as a replacement for the FT Unit Shares comprising the FT Units as a result of such amalgamation will qualify, by virtue of subsection 87(4.4) of the Tax Act as “flow- through shares” as defined in subsection 66(15) of the Tax Act, and in particular will not be “prescribed shares” as defined in section 6202.1 of the regulations to the Tax Act.
For certainty, the foregoing indemnity shall have no force or effect and the FT Purchasers shall not have any recourse or rights of action to the extent that such indemnity would otherwise cause the FT Unit Shares or the FT Unit Warrants to be “prescribed shares” or “prescribed rights” within the meaning of section 6202.1 of the regulations to the Tax Act.