Liability Account definition
Examples of Liability Account in a sentence
Washington State University, its officers, agents, employees, and registered volunteers, when acting in good faith and within the scope of their official duties in the performance of this Agreement, are covered by the State of Washington’s Self Insurance Liability Program and the Tort Claims Act (RCW 4.92.060), and successful claims against WSU and CPCNW may be paid from the Tort Claims Liability Account as provided in RCW 4.92.130.
Notwithstanding the foregoing provisions of this Section 3.4, to the extent of Net Cash Flow available for distribution, the Company will use its best efforts to make annual Tax Distributions by April 15 of each year, equal to the positive balances in each Member’s Tax Liability Account (determined pursuant to Section 3.4(c)(ii)).
The Tax Liability Account will also be decreased by any Tax Distributions to the Member.
In the absence of such an extension, the Shared Liability Account shall be terminated on the third anniversary of the Exchange Date; provided, that if any Third Party Claims (as defined herein) with respect to Shared Liabilities are pending or threatened on such date, the Shared Liability Account shall not be terminated until all such Third Party Claims have been finally resolved.
Baltimore Management shall apply funds from the Shared Liability Account (as defined in Section 6.1), or such other account of Baltimore Management (the "Other Account") into which funds may be deposited for this purpose, to the payment, on or about January 4, 1999, of any and all principal and interest due on the Unpaid Senior Notes and any prepayment penalties relating thereto.
However, Members will not be required to make a payment, or have an obligation to the Company, if the balance in the Tax Liability Account becomes negative.
Baltimore Management will provide New ATAPCO, ATRECO and Gateway with reports on a monthly basis setting forth the disbursements that have been made from the Shared Liability Account.
The parties agree that prior to the Effective Time, ATAPCO shall transfer to the Shared Liability Account or the Other Account $48.3 million in cash to be paid out pursuant to this Section 4.27.
Following the Effective Time, Baltimore Management shall apply the funds in the Shared Liability Account solely to the payment of Shared Liabilities.
The Company shall maintain separate Participant’s Liability Accounts which indicate the portion of the general ledger Liability Account that is accrued for each Participant.