Tax Security definition

Tax Security means a special amount collected by means of a deduction at source made by a withholding agent (for example, by an issuer of a note or by a buyer of a note) upon payment of taxable income which serves essentially as an advance with respect to tax that is to be self-assessed by the recipient of the relevant income (i.e. unlike the Withholding Tax, the amount so withheld does not generally represent a final tax liability).
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Examples of Tax Security in a sentence

  • If the Annual Tax Security Reassessment results in a reduction of the Tax Security amount, the Interconnection Customer may choose to reduce its Tax Security amount or maintain the Tax Security in the current amount for the following year.

  • Upon notification of the Annual Tax Security Reassessment, the Interconnection Customer shall modify its Tax Security accordingly.

  • If the Annual Tax Security Reassessment results in a deficiency in the Tax Security amount, the Interconnection Customer will be required to increase its Tax Security amount within 30 days after receipt of the deficiency notification.

  • The Interconnection Customer’s provision of security with respect to the Interconnection Customer’s tax indemnification obligations, provided in accordance with Article 5.17.3. The Tax Security is provided in Section 5 of this Appendix A.

  • An Equity Security or a Withholding Tax Security may be sold during or after the Reinvestment Period.

  • If the Collateral Advisor does not elect within such five (5) Business Days to direct the Issuer to sell or otherwise dispose of any Defaulted Security, Written Down Security or Withholding Tax Security, such Collateral Debt Security shall not be sold or otherwise disposed of and shall remain part of the Collateral.

  • If the Collateral Advisor elects to direct the Issuer to sell or otherwise dispose of any Defaulted Security, Written Down Security or Withholding Tax Security as described above, such Collateral Debt Security (or specified portion thereof) is required to be sold or otherwise disposed of within twelve (12) months following such election.

  • Any decision by the Collateral Advisor to sell or not to sell any Collateral Debt Security within five (5) Business Days of such Collateral Debt Security first becoming either a Defaulted Security or a Written Down Security or a Withholding Tax Security shall not thereafter be changed by the Collateral Advisor or the Issuer for any reason.

  • Tax Security – The Interconnection Customer’s provision of security with respect to the Interconnection Customer’s tax indemnification obligations.

  • Upon termination of the Interconnection Customer’s obligation to provide Tax Security, and Distribution Provider’s receipt of the Interconnection Customer’s written instructions regarding the release of any unused Tax Security, any unused amount of the Tax Security shall be released to the Interconnection Customer.

Related to Tax Security

  • Quasi-Security means an arrangement or transaction described in paragraph (b) below.

  • Relevant Security means the Stock, any other equity security of the Company or any of its subsidiaries and any security convertible into, or exercisable or exchangeable for, any Stock or other such equity security.