Contested Tax definition

Contested Tax means taxes that are being contested in good faith by Borrower by appropriate proceedings promptly instituted and diligently conducted and (i) for which an adequate reserve is being maintained by Borrower in accordance with GAAP or (ii) so long as Borrower has a reasonable expectation of succeeding in such contest and there is no material risk of any Collateral (other than Collateral that, individually or in the aggregate, (i) has a fair market value of less than $5,000,000 and (ii) is not of material importance to the normal operation of the Sand Facilities and the business operations of the Loan Parties) being seized or forfeited in connection with such contest.

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Contested Tax means a Tax payable by a Transaction Party that is being contested in good faith on reasonable grounds;

Contested Tax means a Tax assessed as payable by the Issuer where the Issuer:

Examples of Contested Tax in a sentence

Contested Tax a Tax payable by a Transaction Party where the Transaction Party is contesting its liability to pay that Tax, and has reasonable grounds to do so.
Contested Tax a Tax payable by a Transaction Party where the Transaction Party is contesting its liability to pay that Tax, and has reasonable grounds to do so, and in respect of which there has been set aside a reserve (segregated to the extent required by Accounting Standards) in an amount which is adequate.
There is no pending dispute with any taxing authority relating to the Company’s payment of taxes in any material amount except the Contested Tax Lien, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties or assets of the Company for which there is not an adequate reserve reflected in the Company’s financial statements included or incorporated by reference in the SEC Reports.
Regardless of which party controls the contest of the Contested Tax, the other party shall have the right to observe the conduct of the contest at its own expense, including through its own counsel and other professional experts, and to receive copies of any written material issued by or to the party in control (other than material reasonably believed to be the subject of a privilege arising under a rule or statute).
If the Contested Tax could not affect any post Closing Tax obligation of a Holding Company, Project Company or its owners and if the Sellers request in writing, the Buyers shall cause the Project Company to contest such Contested Tax at the cost and expense of Sellers and Sellers may control the contest of such Contested Tax.
For any Tax Return subject to this Section 4.3 that is a Contested Tax Return, the Member Representative and Buyer shall in good faith continue to attempt to resolve any disputes pertaining to such Contested Tax Return.
Contested Tax a Tax payable by the Borrower where the Borrower is contesting its liability to pay that Tax, and has reasonable grounds to do so.
Purchaser, on the one hand, and the Seller, on the other hand, shall jointly represent the Project Company with respect to any Contested Tax relating to a period that includes the Closing Date, and the fees and expenses related to such representation shall be borne equally by Purchaser on the one hand, and the Seller, on the other hand.
Corrective adjustments shall be made to the payments made by or on behalf of the Stockholders pursuant to Section 6.7(a)(i) or Section 6.7(a)(ii) to reflect the changes made to the Contested Tax Return through the Resolved Tax Return in accordance with the Tax payment and reimbursement principles set forth in Section 6.7(a)(i) and Section 6.7(a)(ii).
The amount in dispute covered by the Contested Tax Lien was approximately $44,400 at September 25, 2014.

More Definitions of Contested Tax

Contested Tax means a Tax assessed as payable by the Borrower or a Subsidiary of a Borrower where the Borrower or Subsidiary:

Contested Tax means a Tax payable by an Obligor where the Obligor is contesting its liability to pay that Tax, and has reasonable grounds to do so.