Unused Credit definition

Unused Credit means for any Taxable Year, the amount of Credit granted under Section II.B that the Company cannot or does not use to offset its Illinois State Income Taxes for that Taxable Year.
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Examples of Unused Credit in a sentence

  • Pursuant to Section 211(4) of the Illinois Income Tax Act, the Company may carryforward any Unused Credit and apply it to its Illinois State Income Taxes imposed in the five (5) Taxable Years following the Taxable Year in which there is Unused Credit so long as the Company is in compliance with the terms and conditions of this Agreement, and subject to the limitations on the total amount of Credits for all Taxable Years, as set forth in Sections IV.B through IV.D.

Related to Unused Credit

  • Total Credit Exposure means, as to any Lender at any time, the unused Commitments, Revolving Credit Exposure and outstanding Term Loans of such Lender at such time.

  • Unused Portion has the meaning assigned to that term in Section 2.09(a).