Trust Tax Event means that there has been a Tax Action which relates to any of the items described in (i) through (iii) below, and that there is more than an insubstantial risk that (i) the Trust is, or will be subject to United States federal income tax with respect to income accrued or received on the Partnership Preferred Securities, (ii) the Trust is, or will be, subject to more than a de minimis amount of other taxes, duties or other governmental charges or (iii) interest payable by one or more of the Investment Affiliates with respect to the Debentures is not, or will not be, deductible by such Investment Affiliate for United States federal income tax purposes.
Trust Tax Event means that the Company shall have requested and received and shall have delivered to the Regular Trustees an opinion of nationally recognized independent tax counsel experienced in such matters (a "Trust Dissolution Tax Opinion") to the effect that there has been (a) an amendment to, change in or announced proposed change in the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, (b) a judicial decision interpreting, applying, or clarifying such laws or regulations, (c) an administrative pronouncement or action that represents an official position (including a clarification of an official position) of the governmental authority or regulatory body making such administrative pronouncement or taking such action, or (d) a threatened challenge asserted in connection with an audit of the Company or any of its subsidiaries, the Partnership, or the Trust, or a threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to the Debentures, the Partnership Preferred Securities, or the Trust Preferred Securities, which amendment or change is adopted or which proposed change, decision or pronouncement is announced or which action, clarification or challenge occurs on or after the date of this Prospectus (collectively a "Tax Action"), which Tax Action relates to any of the items described in (i) through (iii) below, and that following the occurrence of such Tax Action there is more than an insubstantial risk that (i) the Trust is, or will be, subject to United States federal income tax with respect to income accrued or received on the Partnership Preferred Securities, (ii) the Trust is, or will be, subject to more than a DE MINIMIS amount of other taxes, duties or other governmental charges or (iii) interest payable by an Investment Affiliate with respect to the Debenture issued by such Investment Affiliate is not, or will not be, deductible by such Investment Affiliate for United States federal income tax purposes.
Trust Tax Event means that the Company shall have requested and received and shall have delivered to the Regular Trustees an opinion of nationally recognized independent tax counsel experienced in such matters (a “Trust Dissolution Tax Opinion”) to the effect that there has been (a) an amendment to, change in or announced proposed change in the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, (b) a judicial
Examples of Trust Tax Event in a sentence
Upon the occurrence of a Trust Tax Event, the Insurance Company may terminate this Contract by giving not less than thirty-five (35) days and no more than sixty (60) days prior written notice to the Owner.
Guarantor covenants and agrees that if and so long as (i) the Issuer is the holder of all the Subordinated Debentures, (ii) a Trust Tax Event (as defined in the Declaration) in respect of the Issuer has occurred and is continuing and (iii) the Guarantor has elected, and has not revoked such election, to pay Additional Sums (as defined in the Declaration) in respect of the Trust Common Securities and Trust Preferred Securities, the Guarantor will pay to the Issuer such Additional Sums.
Upon the occurrence of a Trust Tax Event, the Insurance Company may terminate this Contract by giving not less than [thirty-five (35)] days and no more than [sixty (60)] days prior written notice to the Owner.
Furthermore, if in the case of the occurrence of a Capital Trust Tax Event, the Capital Trust Administrators have received a Capital Trust Redemption Tax Opinion, then the Company shall have the right, within 90 days following the occurrence of such Capital Trust Tax Event, to elect to redeem the Debentures in whole (but not in part) and, in turn, Asset Trust will redeem Asset Trust Preferred Securities in whole (but not in part) for cash upon not less than 30 nor more than 60 days' notice.
If at any time after [March 31, 2004], a Trust Tax Event shall occur or be continuing, the Sponsor shall have the right, subject to the provisions of the Subordinated Indenture, upon not less than 30 nor more than 60 days' notice, to redeem the Subordinated Debentures, in whole or in part, for cash.
More Definitions of Trust Tax Event
Trust Tax Event means that the Insurance Company has received an opinion of independent legal counsel stating in effect that as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein or (b) any amendment to, or change in, an interpretation or application of any such laws or regulations by any governmental authority in the United States, which amendment or change is enacted, promulgated, issued or announced on or after the Effective Date of this Contract, there is more than an insubstantial risk that (i) the Trust is, or will be within 90 days of the date thereof, subject to United States federal income tax with respect to Interest accrued or received pursuant to this Contract or (ii) the Trust is, or will be within 90 days of the date thereof, subject to more than a de minimis amount of taxes, duties or other governmental charges.
Trust Tax Event means that the Company shall have requested and received and shall have delivered to the Property Trustee an Opinion of Counsel from a firm having a national tax and securities practice (which Opinion of Counsel shall not have been rescinded by such law firm) that there has been a Tax Action which relates to any of the items described in (i) through (iii) below, and that there is more than an insubstantial risk that (i) the Trust is or, within 90 days after such date, will be subject to United States federal income tax with respect to income accrued or received on the Subordinated Debentures, (ii) the Trust is or, within 90 days after such date, will be subject to more than a de minimis amount of other taxes, duties, assessments or other governmental charges or (iii) interest payable by the Company on the Subordinated Debentures is not or, within 90 days after such date, will not be deductible by the Company for United States federal income tax purposes.
Trust Tax Event means that ML&Co. shall have requested and received and shall have delivered to the Regular Trustees an opinion of nationally recognized independent tax counsel experienced in these matters to the effect that there has been:
Trust Tax Event means that the Company shall have requested and received and shall have delivered to the Regular Trustees, an opinion of nationally recognized tax counsel experienced in such matters (who may be counsel for the Company) to the effect that there has been a Tax Action that results in there being more than an insubstantial risk that (i) the Trust is, or will be subject to United States federal income tax with respect to income accrued or received on the Partnership Preferred Securities, (ii) the Trust is, or will be subject to more than a de minimis amount of other taxes, duties or other governmental charges or (iii) interest payable by one or more of the Investment Affiliates with respect to the Initial Debentures is not, or will not be, deductible by such Investment Affiliate for United States federal income tax purposes.
Trust Tax Event means that the Company shall have requested and received and shall have delivered to the Property Trustee an Opinion of Counsel (as defined in the Declaration) from a firm having a national tax and securities practice (which Opinion of Counsel shall not have been rescinded by such law firm) that there has been a Tax Action which relates to any of the items described in (i) through (iii) below, and that there is more than an insubstantial risk that (i) the Trust is or, within 90 days after such date, will be subject to United States federal income tax with respect to income accrued or received on the Debentures, (ii) the Trust is or, within 90 days after such date, will be subject to more than a de minimis amount of other taxes, duties, assessments or other governmental charges or (iii) interest payable by the Company on the Debentures is not or, within 90 days after such date, will not be deductible by the Company for United States federal income tax purposes.
Trust Tax Event means that the Company shall have requested and received and shall have delivered to the Regular Trustees an opinion of nationally recognized independent tax counsel experienced in such matters (a "Trust Dissolution Tax Opinion") to the effect that there has been (a) an amendment to, change in or announced
Trust Tax Event has the meaning set forth in Annex C hereto.