Tax Expense

Tax Expense. Means, for any period, expenses for income and similar taxes of the Borrower and its consolidated subsidiaries for that period, provided that the following items should be excluded from the calculation of Tax Expense: (a) changes in tax valuation allowances; (b) tax expense (benefit) related to uncertain tax positions recorded under FASB Interpretation No. 48 (FIN 48) and (c) tax expense (benefit) related to a change in the Company's assertion regarding indefinite reinvestment of the Company's... foreign subsidiaries' undistributed earnings pursuant to ASC 740-30-25-17 (formerly APB 23) View More