Preferred Enterprise definition

Preferred Enterprise as defined in the Israeli Law for Encouragement of Capital Investments, 1959.

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Preferred Enterprise or “technological enterprise” or “industrial company” status with respect to any of the Company’s facilities or operations (including, in all such cases, notice of proceedings or investigations related thereto). All information supplied by the Company with respect to the applications or notifications relating to such “approved enterprise” status, “benefited enterprise” status, “preferred enterprise” status and “technological enterprise” status and to grants and benefits from the IIA and/or the Investment Center or the Israel Tax Authority in accordance with the Investment Law, was true, correct and complete in all material respects when supplied to the appropriate authorities.

Preferred Enterprise or “Preferred Technological Enterprise” status or otherwise under the Law for Encouragement of Capital Investments, 1959 (each, a “Tax Incentive”); nor has it received any grants from the Israeli Innovation Authority or otherwise under the Law for the Encouragement of Industrial Research and Development, 1984; and there are no royalties, fees, repayments or other amounts due or payable by the Company to any Governmental Entity with respect to any of the foregoing; (ii) no claim or challenge has been made by any Governmental Entity with respect to the entitlement of the Company to such Tax Incentive; (iii) the Company has complied with all filing, reporting and other obligations in connection with, and remains eligible to receive, such Tax Incentive (if required); and (iv) the continuity of entitlement to any such Tax Incentive is not subject to any pre-approval or notification to or by any Governmental Entity in connection with the transactions contemplated hereby.

Examples of Preferred Enterprise in a sentence

• The Grantor hereby grants to the Beneficiary a Preference Right in the transfer to a Third Party, by any means, including but not limited to, a voluntary sale and purchase and a judicial sale in the context of any enforcement action or bankruptcy or any other judicial proceedings, of the Preferred Enterprise.

• This Agreement shall be without prejudice to any other terms which the Parties may agree to with respect to the Preference Right over the Preferred Enterprise.

• This Agreement shall be made in writing and authenticated, in four originals, one of which shall be submitted to the Commercial and Movable Assets Registry, or such other relevant registration or governmental authority, for purposes of registration of the Preference Right in respect of the Preferred Enterprise which may be subject to registration.

• The Grantor (or any other person acting on behalf of the Grantor as agreed to by the Beneficiary), as the case may be, shall give notice to the Beneficiary for the purpose of the exercise by the Beneficiary of the Preference Right granted hereunder (the “Preference Notice”) prior to entering into any binding agreement or arrangement, by any form, manner or document, to transfer or, as the case may be, effecting a transfer of any Preferred Enterprise to a Third Party.

• If applicable, the Company has not modified the treatment of any Government Grants, revoked any election relating thereto, or undertaken any action disqualifying the Company or any of the Company Subsidiaries from treating such investments as Approved Enterprise or Preferred Enterprise.

• The Company has not received any cash Governmental Grants with respect to its classification as a Preferred Enterprise, Benefited Enterprise or an Approved Enterprise.

• Each applicable Purchased Entity has not revoked any election relating to its status as a Preferred Enterprise (or similar status), or undertaken any action disqualifying it from qualifying as a Preferred Enterprise (or similar status).

• Section 4.25 of the M-CO Disclosure Letter sets forth a complete and correct list of all pending and outstanding Grants from the State of Israel or any agency thereof, or from any other Governmental Entity, to M-CO or any of the M-CO Subsidiaries, including Approved Enterprise, Benefitted Enterprise or Preferred Enterprise status conferred by the Investment Center.

• The Company has not been granted nor has it adopted or applied for Approved Enterprise, Beneficiary Enterprise or Preferred Enterprise Status granted by the Investment Center of the Israeli Ministry of Economy (the “Investment Center”) or the Israeli Tax Authorities.

• Each applicable Purchased Entity is in compliance in all material respects with any applicable Law and Tax ruling and has duly fulfilled all conditions, undertakings and other obligations relating to its status as a Preferred Enterprise.

More Definitions of Preferred Enterprise

Preferred Enterprise. “Preferred Technological Enterprise” or “Special Preferred Technological Enterprise” status or benefits (“Tax Incentive Program”). All information supplied by the Company or any of its subsidiaries with respect to applications or notifications relating to any Tax Incentive Program (including in connection with any Ruling) true, correct and complete in all material respects when supplied to the appropriate authorities. Neither the Company nor any of its subsidiaries has received any written notice of any proceeding or investigation relating to annulment, revocation or modification of any of its current Tax Incentive Programs except as would have been required to have been disclosed in an SEC Document. No event has occurred, and no circumstance or condition exists, that would reasonably be expected to give rise to or serve as the basis for (i) the annulment, revocation, withdrawal, suspension, cancellation, recapture or modification of any Tax Incentive Program benefits, except as would have been required to have been disclosed in an SEC Document, (ii) the imposition of any material limitation on any Tax Incentive Program benefits or (iii) a requirement that the Company return or refund any material benefits provided under any Tax Incentive Program.

Preferred Enterprise as defined in the Israeli Law for Encouragement of Capital Investments, 1959; or (ii) is subject to any restrictions or limitations pursuant to Part E2 of the Ordinance or pursuant to any Tax ruling made with reference to the provisions of such Part E2.

Preferred Enterprise means a preferred enterprise as defined in the Investment Law;

Preferred Enterprise. “Preferred Technological Enterprise” or “Special Preferred Technological Enterprise” status or benefits (collectively, “Tax Incentive Programs”) and by Israeli laws and regulations relating to any Tax Incentive Program; (ii) all information supplied by the Company with respect to applications or notifications relating to any Tax Incentive Program (including in connection with any Ruling) was true, correct and complete when supplied to the appropriate authorities; and (iii) the Company has not received any notice of any proceeding or investigation relating to revocation or modification or denial of any current or past Tax Incentive Program granted with respect to the Company or any of its facilities or any such status or benefits, in each case, except for any failure to comply, inaccuracy or notice (as appropriate) that would not, individually or in the aggregate, have a Material Adverse Effect. (jjj) All obligations of the Company to provide statutory severance pay to all its currently engaged employees in Israel (“Israeli Employees”) are in accordance with

Preferred Enterprise or “Preferred Technological Enterprise” status or otherwise under the Law for Encouragement of Capital Investments, 1959; nor has it received any grants from the IIA or otherwise under the Law for the Encouragement of Industrial Research and Development, 1984; and there are no royalties, fees, repayments or other amounts due or payable by the Company to the IIA with respect to any of the foregoing. The Company has complied with all material filing, reporting and other obligations under applicable Law in connection with, and, as of the date of this Agreement, is eligible to receive, such incentive, subsidy or benefit. No prior written approval of or written notice to the Israel Authority for Investments and Development of the Industry and Economy, or any other taxing authority, is required in order to consummate this Agreement, or to preserve entitlement of the Company to any such incentive, subsidy, or benefit.