Common use of Deferred Taxes Clause in Contracts

Deferred Taxes. No Bank Subsidiary shall have any obligation to pay up to the Parent any portion of their respective federal income tax liability which is properly deferred in accordance with generally accepted accounting principles until such time as such deferred taxes shall become currently payable.

Appears in 2 contracts

Sources: Tax Allocation Agreement (Allegiance Bancshares, Inc.), Tax Allocation Agreement (Allegiance Bancshares, Inc.)