Maximum Foreign Use Percentage definition
Examples of Maximum Foreign Use Percentage in a sentence
Unless the Owner Participant otherwise agrees, during the Restricted Use Period, Lessee shall not use the Engine or permit the Engine to be used either "predominantly outside the United States" within the meaning of Section 48(a)(2) of the Code, or in such manner that the percentage of the income, deduction or credit attributable to the Engine for federal income tax purposes during any taxable year of the Lessor considered to be from foreign sources exceeds the Maximum Foreign Use Percentage.
In addition, until the expiration of the Term or termination of the Foreign Lease Agreement, Lessee will not locate or use or permit the location or use of the Aircraft in, to or from Hong Kong or the People's Republic of China or in such manner that the percentage of the income, deduction or credit attributable to the Aircraft, Airframe or Engines for federal income tax purposes during any taxable year of the Lessor considered to be from foreign sources exceeds the Maximum Foreign Use Percentage.