Definition of Tax Reserves

  1. 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

  1. 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.

Definition of Tax Reserves in Agreement and Plan of Merger

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.