Section 116 Certificate definition

Section 116 Certificate has the meaning set forth in Section 3.6.

Section 116 Certificate means a Certificate (as amended by any subsequent amendments thereto) with Respect to the Proposed Disposition of Property by a Non-Resident of Canada issued by the Canadian Minsister of National Revenue pursuant to Section 116(4) of the Canadian Income Tax Act, with a Certificate Limit fixed by the Minister of National Revenue in such Certificate.

Section 116 Certificate has the meaning set forth in Section 2.5.1.

Examples of Section 116 Certificate in a sentence

• If a Company Section 116 Certificate is received after the Closing Date, 100% of any amounts held in escrow with respect to such Company Section 116 Certificate (other than amounts required to be remitted to the Receiver General for Canada in accordance with the Tax Act) shall be released to Swan Sponsor.

• The certificate limit specified therein shall be equal to the Purchase Price less the amount of the Non-Competition Agreement Payment (the "Net Share Price") and the certificate shall otherwise be satisfactory to the Purchaser in its reasonable discretion (such certificate with a specified certificate limit of the Net Share Price and satisfactory to Purchaser being referred to as a "Section 116 Certificate").

• The Section 116 Certificate shall have been obtained or otherwise the provisions of Section 1.6(d)(ii) hereof shall apply.

• If an amount has to be remitted to the Canada Revenue Agency in order to obtain a Company Section 116 Certificate, Swan Sponsor and not the Company shall be responsible for remitting and paying such amount; provided, however, that to the extent Swan Sponsor remits or pays such an amount, such amount shall not result in a reduction of amounts payable to Swan Sponsor pursuant to this Agreement, including under Section 9.3(i) or Section 12.1(g).

• As soon as practicable after execution of this Agreement, Parent, the Company and the Stockholder shall cause to be prepared and filed all necessary documents and applications necessary to obtain the Section 116 Certificate.

More Definitions of Section 116 Certificate

Section 116 Certificate has the meaning ascribed to such term in paragraph 5.3(e);

Section 116 Certificate means a certificate issued by the Minister of National Revenue under subsection 116(2) of the ITA in connection with the disposition of the RP Interests.

Section 116 Certificate has the meaning attributed thereto in Section 2.5.

Section 116 Certificate has the meaning set forth in Section 6.7(a) below.

Section 116 Certificate shall have the meaning set forth in Section 5.17(a).

Section 116 Certificate means a certificate issued by the Canada Revenue Agency pursuant to subsection 116(2) or 116(4) of the ITA;

Section 116 Certificate means a certificate issued by the CCRA pursuant to subsection 116(2) or 116(4) of the Canadian Tax Act.