Principal Issues: Minor changes to definitions
Position: Change does not affect Ruling provided
Reasons: Minor
XXXXXXXXXX 2007-024095
XXXXXXXXXX, 2007
Dear XXXXXXXXXX:
Re: Advance Income Tax Ruling
XXXXXXXXXX
This is in reply to your correspondence of XXXXXXXXXX, wherein you request the following amendment to our advance income tax ruling number 2007-022352 (the "Ruling"), issued XXXXXXXXXX, 2007 on behalf of the above-named corporation. Capitalized terms not defined herein are as defined in the Ruling.
As requested, the Ruling is amended as follows:
1. paragraph (aa) "XXXXXXXXXX Event" of the Definitions is deleted in its entirety and replaced with the following: "XXXXXXXXXX Event" means XXXXXXXXXX.
2. paragraph (gg) of the Definitions is amended such that the word "XXXXXXXXXX " is replaced with XXXXXXXXXX.
3. paragraph 11 is amended to restate the words "...Event of Default..." in the 1st line as "...event of default...".
4. paragraph 13 is amended to delete the words "... that is not an..." after the words "...the issuance of the Notes..." on the first line and replaced with the words "...but prior to the Initial..." . The word "...XXXXXXXXXX ..." in the last line before "...Redemption Price..." is deleted and replaced with the words "... XXXXXXXXXX ...".
5. paragraph 14 is amended to delete the words "...Interest Reset Date..." in the 1st line after the words "On any..." and are replaced with the words "...interest payment date on or after the Initial Interest Reset Date...."
6. paragraph 15 is amended to delete the word "...XXXXXXXXXX ..." before the words "...Redemption Price..." in the last line and replaced with the words "...XXXXXXXXXX ..."
7. paragraph 16 is amended by adding the words "Subject to certain limitations,.." before the beginning of the paragraph.
8. paragraph 17 is deleted in its entirety.
9. paragraph 20 is amended by adding the words "...or exchanged, as applicable..." before the word "...effective..." and after the word "...converted..." in the 2nd line.
10. paragraph 25 is amended by adding the words "...of or deduction ..." after the word "...withholding..." and before the words"...for or on account..." on line 7 and also adding the word "...duty..." before the word "...assessment..." and after the words "...future tax..." on line 7. The words "...of whatever nature..." are added before the word "...imposed..." and after the words "...governmental charge..." on line 8. The words "...upon such payment..." are deleted and replaced with the words "...or levied..." after the word "...imposed..." on line 8. The words "...or on behalf of..." are added before the word "...Canada...". Also, on line 8, the words "...(or, in the case of a substitution, any other jurisdiction in which the substitute is organized or otherwise considered to be a resident for tax purposes) are added after the word "...Canada...". The words "...having the power to tax..." are added after the words "...thereof or therein..." and before the words " ...will not be less than..." on line 9.
We confirm that the Ruling, as amended herein, remains binding on the Canada Revenue Agency subject to the same limitations and qualifications set out in the Ruling.
Yours truly,
XXXXXXXXXX
For Director
Financial Sector and Exempt Entities Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch