Direct or indirect Clause Samples

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Direct or indirect. A plan referred to in paragraph (a) of this section may contemplate direct or indirect bor- rowing of increases in cash value of the contract directly or indirectly to pay premiums and many contemplate bor- rowing either from an insurance car- rier, from a bank, or from any other person. Thus, for example, if a tax- payer borrows $100,000 from a bank and uses the funds to purchase securities, later borrows $100,000 from a second bank and uses the funds to repay the first bank, later sells the securities and uses the funds as a part of a plan re- ferred to in paragraph (a) of this sec- tion to pay premiums on a contract of cash value life insurance, the deduction for interest paid in continuing the loan from the second bank shall not be al- lowed (assuming that none of the ex- ceptions contained in paragraph (d) of this section are applicable). Moreover, a plan referred to in paragraph (a) of this section need not involve a pledge of the contract, but may contemplate unsecured borrowing or the use of other property.
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Direct or indirect. Direct or indirect", when used in describing ownership or other interests in an entity or an agreement, means that intervening levels of ownership are disregarded.
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Related to Direct or indirect

  • Wholly Owned Subsidiary As to Borrower, any Subsidiary of Borrower that is directly or indirectly owned 100% by Borrower.

  • Directly or Indirectly Where any provision in this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

  • No Relationship Landlord shall in no event be construed for any purpose to be a partner, joint venturer or associate of Tenant or of any subtenant, operator, concessionaire or licensee of Tenant with respect to the Property or any of the Other Leased Properties or otherwise in the conduct of their respective businesses.

  • Equity Interests With respect to any Person, any share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right or other interest is authorized or otherwise existing on any date of determination.

  • Ownership Interest 25 Pass-Through Rate..............................................................................25