Common use of Section 85 Election Clause in Contracts

Section 85 Election. The Purchaser shall execute and file an election pursuant to subsection 85(1) of the Income Tax Act (Canada) in respect of the purchase and sale of the Purchased Assets in respect of the Purchase Price paid pursuant to Section 2.3(2)(b) (the “Section 85 Election”), and for that purpose the Vendor shall be entitled, in its sole discretion, to determine the “Agreed amount” on the Section 85 Election.