Tax Reserves means the state and local income tax reserve of approximately $4,400,000 and the approximately $1,100,000 reserve with respect to sales and use state and local taxes, in each case (i) as reflected in the Business Financial Statements, and (ii) as specified with respect to particular matters, jurisdictions and taxable periods on Schedule VI. Notwithstanding any other provision of this Agreement, neither Indebtedness nor Working Capital shall include Tax Reserves.
Examples of Tax Reserves in a sentence
Excess Tax Reserves has the meaning specified in Section 6.05(b).
All Taxes (whether or not shown on any Tax Return) owed by, or with respect to, the Company on or before the date hereof, have been timely paid, except those, if any, which are presently being contested in good faith (which are set forth on Section 3.14 of the Company Disclosure Schedule) and for which exist adequate Tax Reserves.
Pre-Closing Tax Reserves means cash amounts held by a Related Corporate Unitholder which have been set aside or reserved on the books of such Related Corporate Unitholder for the payment of Taxes.
On or before the date hereof, Mortgagor shall deposit with Mortgagee an amount equal to 1/12th of the amount which Mortgagee estimates will be required to make the next annual payment of taxes, assessments, and similar governmental charges referred to in this Section (collectively, the Tax Reserves), multiplied by the number of whole or partial months that have elapsed since the date one month prior to the most recent due date for such taxes, assessments and similar governmental charges.
C* Analysis of Increase in Reserves - page 7 of NAIC blank D* New York State Analysis of Reserves E DAC Premiums, under Section 848 of the Internal Revenue Code (see addendum and 2) F Tax Reserves G Audited Statutory and, if available, GAAP statements H Policy by Policy in force listing (in NYS format, if available) I* Leverage Worksheet J Any management letter from the Company's external auditors regarding reinsurance ceded.