Examples of Tax Event in a sentence
Burdened Party The party afflicted or at fault (if it is the merging party) in the Tax Event Upon Merger Termination Event as the case may be.
Where an Illegality under Section 5(b)(i)(1) or Tax Event under Section 5(b)(ii) has occurred and there are two Affected Parties, they must both use all reasonable efforts to agree on action to avoid the relevant Termination Event within 30 days following notice.
Please note that a Tax Event and a Tax Event Upon Merger will not apply if it is a Credit Support Provider that unexpectedly needs to gross up.
If a payee is not entitled to receive a gross up payment because it has given a false Payee Tax Representation or failed to deliver requested tax documenta- tion, it will not be entitled to call a Tax Event Upon Merger.
If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event.