Definition of PLR


PLR means a private letter ruling from the IRS.

Examples of PLR in a sentence

If Lessee or any of its Affiliates decides to pursue a request for a PLR, determination letter, Pre-Filing Agreement or other written guidance from the IRS (the "IRS Guidance") with respect to any aspect of the transactions contemplated by this Agreement or any of the other Transaction Documents or in relation to the New Facility, the Parties shall consider in good faith and make such amendments to this Agreement as may be necessary to permit Lessee to obtain the IRS Guidance.
If Lessee or any of its Affiliates decides to pursue a request for a PLR, determination letter, Pre-Filing Agreement or other written guidance from the IRS (the "IRS Guidance") with respect to any aspect of the transactions contemplated by this Agreement or any of the other Transaction Documents or in relation to the Facility, the Parties shall consider in good faith and make such amendments to this Agreement as may be necessary to permit Lessee to obtain the IRS Guidance.
Except as otherwise required by applicable Law or pursuant to a determination under Section 1313(a) of the Code (or any comparable provision of state, local, or non-U.S. Law), Manchester, Arsenal and their respective Affiliates shall treat any and all payments under this Section 9 or Section 10 (including any payment made under the PLR Bank Guarantee or the Historic Bank Guarantee) as an adjustment to the Repurchase Consideration for all Tax purposes.
Schedule 2.1(a)(xii) sets forth any and all material PLR Contracts that are binding on the Purchased Assets.
Each of the PLR Contracts is in full force and effect and a valid and binding obligation of Seller and, to the Knowledge of Seller, the other parties thereto in accordance with its terms and conditions, except as such validity and enforceability may be limited by: (a) bankruptcy, insolvency or other similar laws affecting the enforcement of creditors' rights generally; and (b) equitable principles of general applicability (whether considered in a proceeding at law or in equity).