Definition of Tax Receivables

  1. Tax Receivables means certain excess Taxes that were paid by Ally Credit Canada Limited and GMAC Leaseco Corporation prior to Closing in an amount equal to $318,503,727, as more particularly set out in Section 1.01(e) of Parent's Disclosure Letter, that are expected to be refunded by the relevant Government Authority post-Closing. The Tax Receivables are comprised of the following three tranches: (i) Tax Receivables - Tranche 1, in the amount of $48,058,014 in respect of taxation years ending December 31, 2008 or earlier; (ii) Tax Receivables - Tranche 2, in the amount of $88,540,994 in respect of the taxation years ending January 15, 2009 and December 31, 2009; and (iii) Tax Receivables - Tranche 3, in the amount of $181,904,719 in respect of the taxation year ending December 31, 2010. Notwithstanding the foregoing, if any portion of the Tax Receivables is refunded prior to the Closing by the relevant Government Authority then the amount of Tax Receivables, and the relevant tranche of Tax Receivables, shall be correspondingly reduced by the amount refunded.

Examples of Tax Receivables in a sentence

  1. This Agreement together with the LLC Agreement and the Tax Receivables Agreement (a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto and their Permitted Transferees, any rights or remedies hereunder.
  2. Tax Receivables Agreements means the Basis Tax Receivables Agreement and the NOL Tax Receivables Agreement.

Definition of Tax Receivables in Purchase and Sale Agreement

Tax Receivables means certain excess Taxes that were paid by Ally Credit Canada Limited and GMAC Leaseco Corporation prior to Closing in an amount equal to $318,503,727, as more particularly set out in Section 1.01(e) of Parent's Disclosure Letter, that are expected to be refunded by the relevant Government Authority post-Closing. The Tax Receivables are comprised of the following three tranches: (i) Tax Receivables - Tranche 1, in the amount of $48,058,014 in respect of taxation years ending December 31, 2008 or earlier; (ii) Tax Receivables - Tranche 2, in the amount of $88,540,994 in respect of the taxation years ending January 15, 2009 and December 31, 2009; and (iii) Tax Receivables - Tranche 3, in the amount of $181,904,719 in respect of the taxation year ending December 31, 2010. Notwithstanding the foregoing, if any portion of the Tax Receivables is refunded prior to the Closing by the relevant Government Authority then the amount of Tax Receivables, and the relevant tranche of Tax Receivables, shall be correspondingly reduced by the amount refunded.