Dependence On Executory Provisions Sample Clauses

Dependence On Executory Provisions. The Service avoids agreements depending upon executory provisions, i.e., that the taxpayer agrees to do something. To avoid the difficulties that may ensue if taxpayer does not perform as agreed upon, the agreement should state the tax treatment to be accorded the transaction or amount. For example, in lieu of a statement that "the taxpayer will report as income in the year received," a statement to the effect that "such amount shall be includible in the taxpayer's taxable income in the year of receipt" is ordinarily preferable. In appropriate cases it is feasible to state what the tax consequences will be if a certain event happens and what it will be if it does not happen.
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Related to Dependence On Executory Provisions

  • Statutory Provisions Any statutory or regulatory reference in this Agreement shall include a reference to any successor to such statute or regulation and/or revision thereof.

  • Counterparts; Severability; Section References This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Agreement. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement.

  • Provisions Applicable to Certain Agreements The provisions in this section are applicable only to the types of orders specified in the first sentence of each subsection. If this Agreement is not of the type described in the first sentence of a subsection, then that subsection does not apply to the Agreement.

  • REFERENCED CONTRACT PROVISIONS Term provision and Amount Not To Exceed provision, of the Contract are deleted in their entirety and replaced with the following: Period One means the period from July 1, 2018 through June 30, 2019 Period Two means the period from July 1, 2019 through June 30, 2020 Period Three means the period from July 1, 2020 through June 30, 2021 Period Four means the period from July 1, 2021 through June 30, 2022 Period Five means the period from July 1, 2022 through June 30, 2023 Period One Amount Not To Exceed: $ 1,104,767 Period Two Amount Not To Exceed: 1,104,767 Period Three Amount Not To Exceed: 1,104,767 Period Four Amount Not To Exceed: 1,287,723 Period Five Amount Not To Exceed: 1,446,490 TOTAL AMOUNT NOT TO EXCEED: $ 6,048,514”

  • SUNDRY PROVISIONS Section 4.1 Subject and subordinate always to the prior rights of the First Mortgagee under the First Mortgage and to the prior rights of the Second Mortgagee under the Second Mortgage, all of the covenants, promises, stipulations and agreements of the Shipowner in this Deed of Covenants contained shall bind the Shipowner and its successors and permitted assigns and shall be binding on and inure to the benefit of the Mortgagee and its successors and permitted assigns. In the event of any assignment of the Mortgage or this Deed of Covenants by the Mortgagee in accordance with the applicable provisions of the Third Lien Indenture, any other Third Lien Note Documents and the Third Lien Intercreditor Agreement, as applicable, the term “Mortgagee” as used in this Deed of Covenants shall be deemed to mean any such successor or permitted assignee. Section 4.2 Wherever and whenever herein any right, power or authority is granted or given to the Mortgagee, such right, power or authority may be exercised in all cases by the Mortgagee or such agent or agents as it may appoint, and the act or acts of such agent or agents when taken shall constitute the act of the Mortgagee hereunder. Section 4.3 (a) In the event that any provision of this Deed of Covenants shall be deemed invalid or unenforceable by reason of any present or future Legal Requirements or any decision of any court of competent jurisdiction, the validity and enforceability of any other provision hereof shall not be affected thereby. Any such invalidity or unenforceability of any provision of this Deed of Covenants in any jurisdiction or nation shall not render such provision invalid or unenforceable under the Legal Requirements of any other jurisdiction or nation.