Common use of Initial Tax Report Clause in Contracts

Initial Tax Report. The Initial Tax Report has been prepared, and any revised Tax Report prepared pursuant to paragraph 4.1 shall be prepared to show, on the basis of Variable Assumptions 1.7 and 1.11 (as the same may be varied from time to time), how the taxable income arising to the Lessor from the transactions contemplated by the Transaction Documents will be calculated in the Accounting Period of the Lessor current at the date of preparation thereof and in all subsequent Accounting Periods of the Lessor up to the Accounting Period of the Lessor in which the Final Date applied in the preparation of the Applicable Cash Flow falls.