Common use of Section 22 Election Clause in Contracts

Section 22 Election. The Buyer and the Sellers shall, as soon as possible after the Closing, jointly execute an election under Section 22 of the Income Tax Act (Canada) as to the sale of the Accounts Receivable, shall designate therein the applicable portion of the Purchase Price referred to in ss.2(b) as the consideration paid by the Buyer therefor and shall each file such election with the Canada Customs and Revenue Agency forthwith after execution thereof to make such election effective.

Section 22 Election. The Buyer Purchaser, on the one hand, and each of the Sellers Canadian Sellers, on the other hand, shall, as soon as possible after the Closingif applicable, jointly execute and file an election under Section 22 subsection 22(1) of the Income Tax Act (Canada) and the corresponding provisions of any other applicable Tax statute as to the sale of the Accounts Receivable, shall Receivable and designate therein in such election an amount equal to the applicable portion of the Purchase Price referred allocated to in ss.2(b) as the consideration paid by Accounts Receivable pursuant to Section 3.4. This election, or these elections, shall be made within the Buyer therefor and shall each file time prescribed for such election with the Canada Customs and Revenue Agency forthwith after execution thereof to make such election effectiveelections.

Section 22 Election. The Buyer and the Sellers shall, as soon as possible after the Closing, Seller shall execute jointly execute an --------------------- election in prescribed form under Section 22 of the Income Tax Act (Canada) as to the sale in respect of the Accounts Receivable, shall designate therein the applicable portion of the Purchase Price referred to in ss.2(b) as the consideration paid by the Buyer therefor Receivable and shall each file such election with their respective tax returns for their respective taxation years that include the Canada Customs and Revenue Agency forthwith after execution thereof to make such election effectiveEffective Time.