Examples of Canadian Tax Ruling in a sentence
EnCana has received the Canadian Tax Ruling which confirms that, based on the current provisions of the Tax Act, the transactions as disclosed in this Information Circular will be treated for the purposes of the Tax Act as a tax-deferred “butterfly” reorganization, thereby not imposing any material current Canadian federal income tax on any of EnCana or Cenovus, in general and subject to the comments under “Pre-Arrangement Reorganization”.
If (i) the Tax consequences to the transactions described in the Canadian Tax Ruling differ from those set out in the Canadian Tax Ruling or if the Tax consequences to the Separation differ from those set out in the recitals of this Agreement and (ii) Sections 3.01, 3.02, 3.03 and 3.04 do not apply, then no indemnity shall be provided for under this Agreement except in the circumstances and to the extent provided for in Sections 4 to 6 and 10.
If the Tax consequences to the transactions described in the Canadian Tax Ruling differ from those set out in the Canadian Tax Ruling or if the Tax consequences to the transactions forming part of the Separation differ from those set out in the Tax Framework and Sections 3.01, 3.02, 3.03 and 3.04 do not apply, then no indemnity shall be provided for under this agreement except in the circumstances and to the extent provided for in Sections 4 to 7 and 11.
Assuming the Canadian Tax Ruling is received and the Board determines that any amendment should be made to the Arrangement or the related transactions or if a law, regulation or policy is proposed, enacted, promulgated or applied that may interfere with or is inconsistent with the Canadian Tax Ruling, Toromont may require amendments to the Canadian Tax Ruling in order for it to be in satisfactory form and substance immediately prior to the Arrangement Date.
The Arrangement Agreement provides that Toromont may, in its sole discretion, obtain an amendment to the Canadian Tax Ruling so long as such amendment is not materially adverse to the other parties to the agreement.