Section 116 of ITA. (1) Wabush Iron shall take all reasonable steps to obtain and deliver to the Purchaser on or before Closing a certificate of compliance issued by the Minister of National Revenue (Canada) under subsection 116(5.2) of the ITA in respect of its disposition of the 116(5.2) Property. A certificate issued by the Minister of National Revenue (Canada) under subsection 116(5.2) of the ITA in respect of the 116(5.2) Property is hereinafter referred to as a “Certificate of Compliance”.
Section 116 of ITA. (1) Wabush Iron shall take all reasonable steps to obtain and deliver to the Purchaser on or before Closing a certificate of compliance issued by the Minister of National Revenue (Canada) under subsection 116(2) or 116(4) of the ITA in respect of its disposition of the 116(2) Property and a certificate of compliance issued by the Minister of National Revenue (Canada) under subsection 116(5.2) of the ITA in respect of its disposition of the 116(5.2) Property. Wabush Iron shall submit an initial application for any applicable Certificate of Compliance (as defined below) to the CRA no later than ten (10) days following the date hereof. Wabush Iron shall take all commercially reasonable steps to complete such application and obtain a Certificate of Compliance and shall use commercially reasonable efforts to keep the Purchaser’s counsel informed of all material developments related to such process, both prior to and after the Closing, including by providing the Purchaser with a copy of the initial application (subject to such redactions as Wabush Iron determines, acting reasonably, to be appropriate in respect of any tax information of Wabush Iron contained therein). A certificate issued by the Minister of National Revenue (Canada) under subsection 116(2) or 116(4) of the ITA in respect of the 116(2) Property or under subsection 116(5.2) of the ITA in respect of the 116(5.2) Property is hereinafter referred to as a “Certificate of Compliance”.
