CADILLAC TAX AVOIDANCE Sample Clauses

CADILLAC TAX AVOIDANCE. The District and the TTA recognize that the federal Affordable Care Act (ACA) contains provisions that will impose a tax on health insurance benefits that exceed certain parameters defined in the ACA. The District and the TTA mutually agree that they will each benefit from assuring that the health insurance benefits described herein do not subject the TTA, any plan administrator, insurer, risk pool or plan participant, that provide or participate in the health insurance benefits, to the so-called “Cadillac Tax.” Accordingly, the District and the TTA agree that in the event that either becomes aware that application of the ACA or any amendments thereto, will subject the District, or any plan administrator, insurer, risk pool or plan participant to the so-called “Cadillac Tax” in a current or in the following plan year, they shall follow the procedure described below. The District and the TTA further agree that if any portion of the parties’ negotiated health insurance plan will not be in compliance with any provisions of the ACA, as it may be amended, during a current or the following plan year, shall also follow the procedure below:
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
CADILLAC TAX AVOIDANCE. The District and the Union recognize that the federal Affordable Care Act (ACA) contains provisions that will impose a tax on health insurance benefits that exceed certain parameters defined in the ACA. The District and the Union mutually agree that they will each benefit from assuring that the health insurance benefits described herein do not subject the Union, any plan administrator, insurer, risk pool or plan participant, that provide or participate in the health insurance benefits, to the so-called “Cadillac Tax.” Accordingly, the District and the Union agree that in the event either becomes aware that application of the ACA or any amendments thereto, will subject the District, or any plan administrator, insurer, risk pool or plan participant to the so-called “Cadillac Tax” in a current or in the following plan year, they shall follow the procedure described below. The District and the Union further agree that if any provisions of the ACA, as it may be amended, during a current or following plan year, shall also follow the procedure below:
Sample 1

Related to CADILLAC TAX AVOIDANCE

  • Avoidance Issues If any First Priority Secured Party is required in any Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential transfer, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the First Priority Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the First Priority Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. The Second Priority Secured Parties agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.

  • Income Tax Allocations (a) Except as provided in this Section 4.3, each item of income, gain, loss and deduction of the Company for federal income tax purposes shall be allocated among the Members in the same manner as such items are allocated for Capital Account purposes under Section 4.1 and Section 4.2.

  • Income Taxes Paragraph 1. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * EXHIBIT G-2 FORM OF TRANSFEROR CERTIFICATE __________ , 20__ Residential Funding Mortgage Securities I, Inc. 8400 Normandale Xxxx Xxxxxxxxx Xxxxx 000 Xxxxxxxxxxx, Xxxxxxxxx 00000 [Trustee] Attention: Residential Funding Corporation Series _______ Re: Mortgage Pass-Through Certificates, Series ________, Class R[-__] Ladies and Gentlemen: This letter is delivered to you in connection with the transfer by _____________________ (the "Seller") to _____________________(the "Purchaser") of $______________ Initial Certificate Principal Balance of Mortgage Pass-Through Certificates, Series ________, Class R[-__] (the "Certificates"), pursuant to Section 5.02 of the Series Supplement, dated as of ________________, to the Standard Terms of Pooling and Servicing Agreement dated as of ________________ (together, the "Pooling and Servicing Agreement") among Residential Funding Mortgage Securities I, Inc., as seller (the "Company"), Residential Funding Corporation, as master servicer, and __________, as trustee (the "Trustee"). All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement. The Seller hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that:

  • Income Tax Characterization For purposes of federal income, state and local income and franchise and any other income taxes, the Issuer will, and each Noteholder by such Noteholder’s acceptance of any such Notes (and each Person who acquires an interest in any Notes through such Noteholder, by the acceptance by such Person of an interest in the applicable Notes) agrees to, treat the Notes that are characterized as indebtedness at the time of their issuance, and hereby instructs the Issuer to treat such Notes, as indebtedness for federal, state and other tax reporting purposes. Each Noteholder agrees that it will cause any Person acquiring an interest in a Note through it to comply with this Indenture as to treatment as indebtedness under applicable tax law, as described in this Section 3.21. The Notes will be issued with the intention that, for federal, state and local income and franchise tax purposes the Trust shall not be treated as an association or publicly traded partnership taxable as a corporation. The parties hereto agree that they shall not cause or permit the making, as applicable, of any election under Treasury Regulation Section 301.7701-3 (or any successor provision) whereby the Trust or any portion thereof would be treated as a corporation for federal income tax purposes. The provisions of this Indenture shall be construed in furtherance of the foregoing intended tax treatment.

  • No Avoidance Not to avoid or seek to avoid (whether by charter amendment or through reorganization, consolidation, merger, issuance of rights, dissolution or sale of assets, or by any other voluntary act) the observance or performance of any of the covenants, agreements or conditions to be observed or performed hereunder by Issuer and not to take any action which would cause any of its representations or warranties not to be true; and

  • Company Tax Returns The Company shall file all tax returns, if any, required to be filed by the Company.

  • Value Added Tax (VAT) 37. You acknowledge that VAT may be payable on some of our services and that where VAT is payable that this is in addition to the amount we have agreed with you for the payment of our services. We will tell you when VAT is applicable and the amount of this VAT. Other charges and taxes

  • Payment of Sales, Use or Similar Taxes All sales, use, transfer, intangible, recordation, documentary stamp or similar Taxes or charges, of any nature whatsoever, applicable to, or resulting from, the transactions contemplated by this Agreement shall be borne by the Sellers.

  • Menu of Labour Adjustment Strategies Where a work force reduction is necessary, the following labour adjustment strategies will be considered, as applicable.

  • DAC TAX 14.1 The parties to this Agreement agree to the following provisions pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations effective December 29, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended:

Time is Money Join Law Insider Premium to draft better contracts faster.