Reserve for Taxes Clause Samples
The "Reserve for Taxes" clause requires a party, typically a borrower or tenant, to set aside funds specifically to cover anticipated tax obligations related to a property or transaction. In practice, this may involve making regular payments into an escrow account managed by a lender or landlord, ensuring that property taxes or other relevant taxes are paid on time. This clause helps prevent defaults or liens due to unpaid taxes, thereby protecting the interests of the lender or property owner and ensuring compliance with tax requirements.
Reserve for Taxes. Lessor must supply all corporate reporting information, including a Federal Tax Id or Social Security Number, to comply with Federal vendor tax reporting (1099).
Reserve for Taxes. Seller shall reserve from the proceeds to be received at Closing an amount sufficient to pay unpaid federal and state taxes that are due and payable.
Reserve for Taxes. The unpaid Taxes of UK Subsidiary, Korean Subsidiary or Factory Power (i) did not, as of December 31, 1997, exceed, by any material amount, the reserve for income tax liability (rather than any reserve for deferred taxes established to reflect timing differences between book and tax income) set forth on the face of the December Balance Sheet (rather than in any notes thereto), and (ii) do not exceed, by any material amount, that reserve as adjusted for the passage of time through the Transfer Date in accordance with the past custom and practice of UK Subsidiary, Korean Subsidiary or Factory Power, as the case may be, and in filing their respective Tax Returns. Adequate provision has also been made in the December Balance Sheet and in the books and records of UK Subsidiary, Korean Subsidiary or Factory Power, and will be adjusted for the passage of time through the Transfer Date and reflected in the Final Closing Balance Sheet, for any deferred Taxes applicable to all differences, if any, between book and taxable income.
Reserve for Taxes. Marquis has established adequate reserves in accordance with GAAP for all Taxes not yet due and payable. The amount of Marquis’ Liability for unpaid Taxes for all periods ending on or before the Interim Balance Sheet Date does not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes established to reflect the timing differences between book and tax income) reflected on the Interim Balance Sheet. The amount of Marquis’ Liability for unpaid Taxes for all periods following May 30, 2015 shall not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes established to reflect the timing differences between book and tax income) as adjusted for the passage of time in accordance with the past custom and practice of Marquis (and which accruals shall not exceed comparable amounts incurred in similar periods in prior years).
Reserve for Taxes. If Beneficiary shall at any time so request, following any Event of Default (whether or not such Event of Default is subsequently cured) Grantor will create a fund or reserve for the payment of taxes, assessments and similar governmental charges referred to in this Section 4.4 in accordance with Section 6.5 of the Loan Agreement.
Reserve for Taxes. The unpaid Taxes of UK Subsidiary, Korean Subsidiary or Factory Power (i) did not, as of December 31, 1997, exceed, by any material amount, the reserve for income tax liability (rather than any reserve for deferred taxes established to reflect timing differences between book and tax income) set forth on the face of the December Balance Sheet (rather than in any notes thereto), and (ii) do not exceed, by any material amount, that reserve as adjusted for the passage of time through the Transfer Date in accordance with the past custom and practice of UK Subsidiary, Korean Subsidiary or Factory Power, as the case may be, and in filing their respective Tax Returns. Adequate provision has also been made in the December Balance Sheet and in the books and records of UK Subsidiary, Korean Subsidiary or Factory Power, and will be adjusted for the passage of time through the Transfer Date and reflected in the Final Closing Balance Sheet, for any deferred Taxes applicable to all differences, if any, between book and taxable income.
(h) Absence of Certain Agreements. Except as otherwise disclosed on Schedule 3.21(h), neither UK Subsidiary, Korean Subsidiary nor Factory Power is a party to any Tax sharing, allocation or indemnification agreement.
(i) State and Local Tax Benefit Agreements. Set forth on Schedule 3.21(i) are copies of the applicable state and local tax agreements (collectively, the "State and Local Tax Benefit Agreements") between Seller and the applicable State or local taxing authority which relate to the Business. Also set forth on Schedule 3.21(i) is a description of the extent to which each of the State and Local Tax Benefit Agreements is transferable to the Business. Seller is materially in compliance with all terms of the State and Local Tax Benefit Agreements.
Reserve for Taxes. The Company has established adequate reserves in accordance with GAAP for all Taxes not yet due and payable. The amount of the Company’s Liability for unpaid Taxes for all periods ending on or before the Interim Balance Sheet Date does not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes established to reflect the timing differences between book and tax income) reflected on the Interim Balance Sheet. The amount of the Company’s Liability for unpaid Taxes shall not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes established to reflect the timing differences between book and tax income) as adjusted for the passage of time in accordance with the past custom and practice of the Company (and which accruals shall not exceed comparable amounts incurred in similar periods in prior years).
Reserve for Taxes. Owner must supply all corporate reporting information, including a Federal Tax Id or Social Security Number, to comply with Federal vendor tax reporting (1099). Without this information, Manager will deduct up to one-third (1/3) of the proceeds from each month as a tax withholding. Such withholding will be released to Owner upon proof of Federal income tax filing of the revenues from this agreement.