Preparing Party definition
Examples of Preparing Party in a sentence
Except as provided in Section 3.04(c), Air PubCo shall prepare any Tax Return with respect to which it is the Preparing Party under Section 3.01 or Section 3.02, in accordance with past practices, accounting methods, elections or conventions (“Past Practices”) used with respect to such Tax Returns in question, and to the extent any items are not covered by Past Practices, in accordance with reasonable Tax accounting practices selected by Air PubCo.
Except as provided in Section 3.04(c), RemainCo shall prepare any Tax Return with respect to which it is the Preparing Party under Section 3.01 or Section 3.02 in accordance with reasonable Tax accounting practices selected by RemainCo.
Each Party shall provide to the other Party information and documents relating to its respective Group required by such other Party to prepare Tax Returns, including, but not limited to, any pro forma Tax Returns required by the Preparing Party for purposes of preparing such Tax Returns.
If RemainCo makes a valid election pursuant to the foregoing sentence, RemainCo will be the Preparing Party and Air PubCo will be the Reviewing Party, in each case, with respect to the applicable Tax Return for purposes of Section 3.06.
Any information or documents the Preparing Party requires to prepare such Tax Returns shall be provided in such form as the Preparing Party reasonably requests and at or prior to the time reasonably specified by the Preparing Party so as to enable the Preparing Party to file such Tax Returns on a timely basis.