Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Principal Issues: Supplemental Ruling to 2005-012408. Are the events of default which contain events that involve parties not subject to the Loan Agreement acceptable?
Position: YES
Reasons: All the events are linked to The Project and are material.
XXXXXXXXXX 2005-013447
XXXXXXXXXX, 2005
Dear Sirs:
Re: XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
Advance Income Tax Ruling 2005-012408 (the "Ruling")
This is in response to your electronic message of XXXXXXXXXX and is supplemental to the Ruling. We hereby confirm the following changes:
1. Definition (h) "Equity Contribution Agreement" is amended to replace the amount "$XXXXXXXXXX" with "$XXXXXXXXXX" in the third line after the words " ...agree to commit..."
2. Definition (o) "LP Parent" is amended to replace the words "...means XXXXXXXXXX ..." with the words "...means XXXXXXXXXX ..."
3. Definition (v) is amended to add "LP Parent" immediately after "the LP" and immediately before "...GP Parent;"
4. Definition (qq) is amended to replace "...the LP..." with "...the LP Parent..." in the third line immediately before "...or the GP Grandparent;"
5. Paragraph 15 is amended to replace the amount "$XXXXXXXXXX " with "$XXXXXXXXXX" in the second line.
6. Paragraph 16 is amended to replace the amount "$XXXXXXXXXX " with "$XXXXXXXXXX in the second line.
7. Paragraph 24(b) is amended to add "GP Grandparent" immediately after "...a Major Project Party" and immediately before "...or LP Parent..." in the first line.
We confirm that the Ruling remains binding on the Canada Revenue Agency subject to the same limitations and qualifications set out therein.
Yours truly,
XXXXXXXXXX
for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Planning Branch
0
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 2005
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 2005
Email this Content