Tax Matter Partner definition
Examples of Tax Matter Partner in a sentence
The Company shall indemnify and hold harmless the Tax Matters Partner and its directors, officers, employees and agents from and against any loss, expense, damage or injury suffered or sustained by them by reason of any acts, omissions or alleged acts or omissions arising out of its activities on behalf of the Company as Tax Matters Partner absent the gross negligence of the Tax Matter Partner.
The Members specifically acknowledge that the Tax Matters Partner shall not be liable, responsible or accountable in damages or otherwise to the Company or any Member with respect to any action taken by the Tax Matters Partner with respect to an Audit absent the gross negligence of the Tax Matter Partner.
The Tax Matter Partner shall represent the Company (at the Company's expense) in connection with all examinations of the Company's affairs by tax authorities, including resulting judicial and administrative proceedings, and shall expend the Company funds for professional services and costs associated therewith.
To the extent reasonably practicable, the Tax Matter Partner shall obtain approval of the Board of Managers prior to taking any action in his capacity as the Tax Matters Partner.
To the extent that a portion of the Entity Taxes for a prior year relates to a former partner of the Tax Partnership, the Tax Matter Partner may require such former partner to indemnify the Tax Partnership for its allocable portion of such taxes.
Any accountants and/or lawyers retained by the Partnership in connection with any Internal Revenue Service audit of the Partnership shall be selected by the Tax Matter Partner with the reasonable approval of Cheniere.
Woodworm to act as "Tax Matter Partner" as that term is defined in Section 6231(a)(7) of the Code.
The Tax Matter Partner shall promptly give notice to all Members of any administrative or judicial proceeding pending before the Internal Revenue Service involving any Company item and the progress of any such proceeding.
The Tax Matter Partner shall not enter into any settlement agreement purporting to bind the Limited Partner without the Limited Partner’s consent.
All expenses of the Tax Matters Partner incurred in serving as Tax Matter Partner shall be Company expenses and shall be paid by the Company.