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
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