Taxable Canadian Property. The Purchased Shares are not Taxable Canadian Property, within the meaning of the Tax Act.
Taxable Canadian Property. The Company covenants and agrees that, subject to the consent of the Investors, at no time will more than fifty percent (50%) of the fair market value of the Preferred Shares or Common Shares of the Company be derived directly or indirectly from one or any combination of real or immovable property situated in Canada, Canadian resource property, timber resource propoerty, and any options or interests in respect thereof.
Taxable Canadian Property. The Common Shares does not derive, for purposes of the Income Tax Act (Canada) as amended, more than 50 percent of its fair market value from one or any combination of (i) real or immoveable property situated in Canada, (ii) Canadian resource properties, (iii) timber resource properties (as such terms are defined in the Income Tax Act (Canada), or (iv) options in respect of, or interests in, or for civil law rights in, property described in any of (i) to (iii) whether or not such property exists.
Taxable Canadian Property. Provided that the Common Shares are listed on a designated stock exchange for purposes of the Tax Act (which currently includes both the TSX and NYSE) at a particular time, the Convertible Debentures will not constitute taxable Canadian property to a Non-Resident Holder at such time unless at any particular time during the sixty-month period that ends at that time: (a) (i) the Non-Resident Holder, (ii) persons with whom the Non-Resident Holder did not deal at arm’s length, (iii) partnerships in which the Non-Resident Holder or a person described in (ii) holds a membership interest directly or indirectly through one or more partnerships, or (iv) any combination of the persons and partnerships described in (i) through (iii), owned 25% or more of any class or series of shares of the capital stock of the Company; and (b) the Common Shares derived, directly or indirectly, more than 50% of their fair market value from one or any combination of (i) real or immovable property situated in Canada, (ii) “Canadian resource properties” (as defined in the Tax Act), (iii) “timber resource properties” (as defined in the Tax Act), and (iv) options or interests in respect of property described in (i), (ii) and (iii), whether or not such property exists. In certain other circumstances set out in the Tax Act, Convertible Debentures which are not otherwise taxable Canadian property may be deemed to constitute taxable Canadian property. Non-Resident Holders whose Convertible Debentures may be taxable Canadian property should consult with their own tax advisors for advice having regard to their particular circumstances.
Taxable Canadian Property. Neither the USP Shares nor the Renown Shares are “taxable Canadian property” for purposes of the Canadian Income Tax Act. Without limiting the generality of the foregoing, neither USP nor Renown has owned, at any time, during the 60-month period ending on the date hereof, property that is (x) real or immovable property situated in Canada, (y) Canadian resource properties or timber resource properties or (z) option in respect of, or interests in, or civil law rights in, any of the foregoing (whether or not such property exists), in each case as defined for purposes the definition of “taxable Canadian property” in subsection 2118(1) of the Canadian Income Tax Act.
Taxable Canadian Property. The Target Shares do not constitute “taxable Canadian property”, as that term is defined in the Tax Act.
Taxable Canadian Property. Each Seller that is not listed in Schedule 4.20 of the Sellers Disclosure Letter is not selling an Acquired Asset that is used in, eligible capital property in respect of, or property described in an inventory of, a business carried on in Canada, in each case for purposes of the Tax Act or that is any other “taxable Canadian property” within the meaning of the Tax Act (“TCP”) or a “taxable Quebec property” within the meaning of sections 1, 1094 and 1096 of the Taxation Act (“TQP”).
Taxable Canadian Property. The Interests sold by Denver LP I and Denver GP are not and will not on the Closing Date be taxable Canadian property to Denver LP I or Denver GP within the meaning of the Income Tax Act (Canada) and are not taxable Quebec property for purposes of the Taxation Act (Quebec) or the equivalent provision of the tax Law of any other province or territory of Canada.
Taxable Canadian Property. As at the Closing Date the Shares are not “taxable Canadian property” for purposes of the Income Tax Act.
Taxable Canadian Property. None of the Purchased Stock owned by the Seller is taxable Canadian property, as defined in subsection 248(1) of the Tax Act, of the Seller.
