Definition of Tax Liability Account

  1. Tax Liability Account means a memorandum account maintained by Holdings for each of its members. The initial balance of the Tax Liability Account for each such member is zero. At the end of each Fiscal Year, the Tax Liability Account is increased by the amount of the Assumed Tax Liability of such member for such year and decreased in the amount of the Assumed Tax Benefit of such member for the year. The Tax liability Account will also be decreased by any Tax Distributions to such member.

Examples of Tax Liability Account in a sentence

  1. The Tax Liability Account will also be decreased by any Tax Distributions to the Member.

Definition of Tax Liability Account in Credit Agreement

Tax Liability Account means a memorandum account maintained by Holdings for each of its members. The initial balance of the Tax Liability Account for each such member is zero. At the end of each Fiscal Year, the Tax Liability Account is increased by the amount of the Assumed Tax Liability of such member for such year and decreased in the amount of the Assumed Tax Benefit of such member for the year. The Tax liability Account will also be decreased by any Tax Distributions to such member.