Tax Refund Reserve definition
Tax Refund Reserve means, as of any date on and after the receipt of any part of the Tax Refund by the Collateral Agent, a reserve against availability under the RoadOne Borrowing Base in the aggregate amount of such Tax Refund payments received as of such date, with such reserve to be increased as and when additional parts of the Tax Refund are received from time to time; provided, however, that such reserve shall be reduced by the amount of, and the corresponding released availability shall be applied in reduction of, the amount, if any, of the Temporary Over-advance Amount; and provided, further, thereafter the balance of such reserve shall from time to time be reduced in such amounts, and the corresponding released availability shall be applied, as the Borrowers shall direct.
Tax Refund Reserve means, without limitation upon the rights of Agent to establish and maintain other Reserves under the Loan Agreement, an additional Reserve in an amount equal to $3,523,260.50 on account of certain of the proceeds of the federal income tax refund received by Parent on December 7, 2006.”
Examples of Tax Refund Reserve in a sentence
Upon such application, Agent shall contemporaneously establish the Tax Refund Reserve.