Tax Materiality Condition. The condition that will be satisfied if either (i) as a result of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate, U.S.$1 million during any 12-month period or (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT and is not a foreign corporation that is not engaged in a trade or business in the United States for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net income basis.
Tax Materiality Condition. The condition that will be satisfied if either (i) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred, and such amount exceeds, in the aggregate, U.S. $1 million during any 12-month period or (ii) the Issuer fails to maintain its status as a qualified REIT subsidiary (within the meaning of Section 856(i)(2) of the Code).
Tax Materiality Condition means a condition that is satisfied during any 12-month period if the sum of (i) the aggregate amount deducted or withheld during such 12-month period for or on account of any tax by all obligors or paying agents from payments to the Issuer under any Collateral Debt Security or under any Corresponding Debenture or in respect of any Limited Guarantee (net of any gross-up payment made by such obligor to the Issuer) and (ii) the aggregate amount of any net income, profits or similar tax imposed on the Issuer during such 12-month period exceeds U.S.$2,000,000.
Examples of Tax Materiality Condition in a sentence
In addition, no Tax Redemption may be effected unless the Tax Materiality Condition is satisfied.
On any Payment Date after the Closing Date, the Notes, subject to satisfaction of certain conditions described herein, will be redeemed in whole, but not in part, by the Co-Issuers at the direction of Majority-in-Interest of Preference Shareholders (including any Preference Shares held by the Collateral Manager and any of its Affiliates) or a Majority of any Affected Class following the occurrence of a Tax Event in an amount satisfying the Tax Materiality Condition.
The alternative will be evaluated by the Engineer in accordance with Item 1C-2 of these specifications.
The "Tax Materiality Condition" will be satisfied if the aggregate amount deducted or withheld for or on account of any tax by all obligors from any payment under any Collateral Debt Security during any 12-month period (net of any gross-up payment made by such obligor to the Issuer) exceeds U.S.$1,000,000.Redemption Procedures.
The "Tax Materiality Condition" will be satisfied during any 12-month period if any combination of Tax Events results, in aggregate, in a payment, charge or tax burden to the Issuer in excess of U.S.$1,000,000.
More Definitions of Tax Materiality Condition
Tax Materiality Condition. A condition that will be satisfied if either (a) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate, $1,000,000 during any 12 month period or (b) the Issuer becomes an association taxable as a corporation, a taxable mortgage pool or publicly traded partnership, in each case subject to U.S. federal income tax on a net basis.
Tax Materiality Condition. The condition that will be satisfied if either (i) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate, $1,000,000 during any twelve (12)-month period or (ii) the Issuer fails to maintain its status as a Qualified REIT Subsidiary or other disregarded entity of a REIT for U.S. federal income tax purposes.
Tax Materiality Condition. The condition that will be satisfied if, as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred and such amount exceeds, in the aggregate, U.S. $100,000 during any 12-month period.
Tax Materiality Condition. The condition that will be satisfied if either (i) (A) as a result of the occurrence of a Tax Event, a tax or taxes are imposed on the Issuer or withheld from payments to the Issuer and with respect to which the Issuer receives less than the full amount that the Issuer would have received had no such deduction occurred, and (B) "gross up payments" required to be made by the Issuer exceed the amounts that the Issuer would have been required to pay had no deduction or withholding been required exceeds, in the aggregate, U.S. $1 million during any 12-month period or (ii) the Issuer fails to maintain its status as a qualified REIT subsidiary (within the meaning of Section 856(i)(2) of the Code).
Tax Materiality Condition means a condition which will be satisfied during any 12-month period if the sum of the following exceeds U.S.$1,000,000: (i) the aggregate amount deducted or withheld for or on account of any tax by all obligors from any payment under any Collateral Debt Security (net of any gross-up payment made by such obligor to the Issuer), (ii) the aggregate amount of any net income, profits or similar tax imposed on the Issuer and (iii) the aggregate of any amounts of any "gross up" payments required to be paid by the Issuer on account of tax under a Synthetic Security or a Hedge Agreement and the deficiencies in the amounts received by the Issuer as a result of any deduction or withholding for or on account
Tax Materiality Condition means a condition that will be satisfied during any 12-month period if the aggregate amount of any net income, profits or similar tax imposed on the Issuer and the Intermediate Trust exceeds $1,000,000.
Tax Materiality Condition. The Tax Materiality Condition will be satisfied if either: