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. As at the Closing Date the Shares are not “taxable Canadian property” for purposes of the Income Tax Act.
Taxable Canadian Property. At no time has more than 50% of the fair market value of the Common Shares (including the Existing Securities) been derived directly or indirectly from one or any combination of: (i) real or immovable property situated in Canada, (ii) Canadian resource property, (iii) timber resource property or (iv) options in respect of, or interests in, or for civil law rights in, property described in (i) to (iii) above, whether or not the property exists.
Taxable Canadian Property. The Target Shares do not constitute “taxable Canadian property”, as that term is defined in the Tax Act.
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,
Taxable Canadian Property. At the time of Closing, none of the Assets will be “taxable Canadian property” as that term is defined in the Income Tax Act (Canada) of any Seller (other than NNC or NNL).
Taxable Canadian Property. Throughout the 60-month period immediately before the date hereof, less than 50 percent of the fair market value of the Shares was derived directly or indirectly from the following:
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. 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”).
