Certain Tax Refunds Sample Clauses
The 'Certain Tax Refunds' clause defines how tax refunds related to a transaction or agreement are to be handled between the parties. Typically, it specifies which party is entitled to receive any tax refunds, credits, or similar benefits that arise from taxes paid or overpaid in connection with the subject matter of the contract. For example, if a company overpays taxes before a sale and later receives a refund, this clause determines whether the buyer or seller receives the benefit. Its core function is to allocate the right to tax refunds clearly, preventing disputes and ensuring that financial benefits are distributed as intended.
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Certain Tax Refunds. Seller shall be entitled to the benefit arising from any Excluded Tax Asset and Purchaser acknowledges and agrees that neither Purchaser nor any of its Affiliates shall claim any such Excluded Tax Asset on any Tax Return for a Post-Closing Tax Period; provided, however, that if any such Excluded Tax Asset is not permitted by applicable Law to be claimed on a Tax Return for which Seller has filing responsibility and is permitted by applicable Law to be claimed on a Tax Return for which Purchaser has filing responsibility pursuant to this Section 7.2, then Purchaser shall claim such Excluded Tax Asset and pay to Seller the amount of any such Excluded Tax Asset net of reasonable costs and expenses incurred in connection with obtaining or receiving such Excluded Tax Asset. Any payment of any Excluded Tax Asset shall be made directly to the applicable Asset Selling Entity. To the extent Purchaser is obligated to repay to the relevant Tax Authority any amount paid to Seller or its Affiliates pursuant to this Section 7.2, Seller shall pay or cause to be paid to Purchaser such amount plus, without duplication, any related, penalties or interest imposed by such Tax Authority on Purchaser.
Certain Tax Refunds. (a) Trimble or any applicable member of the ▇▇▇▇▇▇▇ Group shall be entitled to any refunds or credits (net of Tax or other costs) that are paid to, or otherwise utilized by, a member of the Company Group of or against any Taxes described in Section 9.8(a) to the extent Trimble or any such applicable member of the ▇▇▇▇▇▇▇ Group would be liable for such Taxes pursuant to Section 9.8(a) (and applying the apportionment principles of Section 9.1 in the event of any refund or credit relating to any Straddle Period). If any such refunds or credits (including any interest paid thereon by the applicable Tax Authority) are paid to, or otherwise utilized by, the Company or any member of the Company Group, then the Company or such member of the Company Group shall pay the amount of such refunds or credits (net of Tax or other costs) to Trimble or the applicable member of the ▇▇▇▇▇▇▇ Group. Notwithstanding the forgoing, no refund or credit shall be due or payable to Trimble or any applicable member of the ▇▇▇▇▇▇▇ Group if such attribute is included in the calculation of Indebtedness or Net Working Capital.
(b) AGCO or any applicable member of the AGCO Group shall be entitled to any refunds or credits (net of Tax or other costs) that are paid to, or otherwise utilized by, any JCA Entity of or against any Taxes described in Section 9.8(b) to the extent AGCO or any such applicable member of the AGCO Group would be liable for such Taxes pursuant to Section 9.8(b) (and applying the apportionment principles of Section 9.1 in the event of any refund or credit relating to any Straddle Period). If any such refunds or credits (including any interest paid thereon by the applicable Tax Authority) are paid to, or otherwise utilized by, the Company or any JCA Entity, then the Company or such JCA Entity shall pay the amount of such refunds or credits (net of Tax or other costs) to AGCO or the applicable member of the AGCO Group. Notwithstanding the forgoing, no refund or credit shall be due or payable to AGCO or any applicable member of the AGCO Group if such attribute is included in the calculation of Indebtedness or Net Working Capital.
Certain Tax Refunds. Any refunds or credits of Taxes described in Retained Tax Liabilities shall be for the account of Seller (except to the extent Buyer economically bore the Tax being refunded) and, upon receipt of any such refund or credit, Buyer shall promptly make a cash payment to Seller in an amount equal to such refund or credit. For the avoidance of doubt, such refunds or credits of Taxes shall only include those refunds or credits not taken into account in calculating the Purchase Price. To the extent permitted by Applicable Law, upon Seller’s request, and at Seller’s own cost and expense, Buyer shall, and shall cause the Acquired Entities and its Affiliates to, execute such documents, take such commercially reasonable actions, and otherwise use reasonable best efforts to cooperate with Seller and its Affiliates, as may be necessary for Buyer, the Acquired Entities, and its Affiliates, to seek, file for, perfect their rights in, and obtain any such refund or credit. All other refunds or credits of Taxes of the Acquired Entities not otherwise described in this Section 8.11 shall be for the account of Buyer and, to the extent taken into account in calculating the Purchase Price, Seller shall execute such documents, take such commercially reasonable actions, and otherwise use reasonable best efforts to cooperate with Buyer and its Affiliates, as may be necessary for Buyer, the Acquired Entities, and its Affiliates, to seek, file for, perfect their rights in, and obtain any such refund or credit.
Certain Tax Refunds. In order to promptly obtain the Tax Refunds referred to in Section 2.4(d)(ii), Purchaser agrees that (i) it will use its best efforts to file an application to recover estimated Tax payments previously made in 2010 on behalf of the Company no later than the later of (A) January 10, 2011 or (B) twenty (20) Business Days after the Closing Date, (ii) it will use its best efforts to file amended Tax Returns or such other U.S. federal, state and local income tax forms on behalf of the Company as may be required to carryback its losses from 2010 to prior years no later than March 15, 2011, and (iii) it will use its best efforts to file any state or local estimated Tax payment refunds on behalf of the Company with respect to overpayments of the Company’s 2010 state Taxes no later than March 31, 2011. Sellers shall use their best efforts to (i) make available to Purchaser the services of the Company’s current Tax advisor (▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ PC) (“Company’s Accountants”) to assist it in filing all such applications and forms and (ii) deliver to Purchaser correct and complete unaudited financial statements for the Company for the taxable year ending December 31, 2010 from Company’s Accountants on or before January 31, 2011. The costs and expenses of Company’s Accountants related to its duties hereunder shall be split 50/50 between Purchaser and Sellers’ Representative. Purchaser agrees to diligently pursue the collection of any and all Tax Refund claims referred to in Section 2.4(d)(ii) and this Section 6.8 and to promptly pay over to Sellers the amount of any such refunds (including any interest paid on such refunds) that Purchaser or Company receives. To the extent Purchaser is required to retain outside counsel to pursue the collection of any such refunds, such counsel shall be reasonably acceptable to Sellers’ Representative and the reasonable costs of such outside counsel shall be the responsibility of Sellers. In the event of any subsequent increase in the amount of any such refunds as the result of any action by a taxing authority or otherwise, Purchaser shall pay such increase to Sellers. In the event of any subsequent decrease in the amount of any such refunds as the result of any action by a taxing authority or otherwise, Purchaser shall be entitled to recover such decrease in the manner provided for in Article X hereof.
Certain Tax Refunds. All of Seller's right, title and interest in and to any refunds of Taxes (net of any Tax liabilities arising as a result of such refunds) paid with respect to the Business for Tax Periods (or portions thereof) ending on or prior to the Closing Date, other than refunds relating to federal or state income taxes or business and occupation taxes.
Certain Tax Refunds. Any Tax refund or credit of the Company or its Subsidiaries relating to a Pre-Closing Period described on Section 6.14(d) of the Company Schedule shall be for the benefit of the Shareholders and each of Parent, the Surviving Entity and its Subsidiaries shall pay to the Shareholder Representative for the benefit of the Shareholders the amount of such refund or credit (whether or not such refund or credit is applied to or used to offset the Post Closing Period Taxes of Parent, the Surviving Entity and its Subsidiaries) within fifteen (15) days after such refund or credit is received.
Certain Tax Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Body with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Body) in the event that such indemnified party is required to repay such refund to such Governmental Body. Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
Certain Tax Refunds. The Borrower shall cause the Ultimate Parent to contribute to HoldingsParent, and HoldingsParent to contribute promptly to the Borrower, any U.S. federal, state and/or local tax refunds received by the Ultimate Parent, or received by Liberty TopCo and delivered to the Ultimate Parent, (i) that are attributable to the taxable income of Liberty TopCo prior to the date hereofSecond Amendment Effective Date, and (ii) that are attributable to the taxable income of the Borrower and its Subsidiaries from and after the date hereofSecond Amendment Effective Date.
Certain Tax Refunds. Promptly following receipt of each refund listed below (provided that such refund is final and nonappealable by or on behalf of the State of Texas), Buyer will pay to Sellers an amount equal to any net refund from the State of Texas for overpayment of severance Taxes and interest, if any as filed by the LP as follows (but only with respect to overpayment for periods prior to the Settlement Date): Date Properties 12/3/98 Ector, ▇. ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇ 12/4/98 ▇▇▇▇▇▇▇ Devonian 2/22/99 ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ 10/20/99 ▇▇▇▇▇▇ ODC, Levelland, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ Irish, ▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇▇▇
Certain Tax Refunds. (i) Any Tax refund (including any interest in respect of the refund) received by or on behalf of the Company with respect to a Pre-Effective Time Period, and any amounts credited against Tax of the Company with respect to a Pre-Effective Time Period to which SmartPros or the Company becomes entitled (including by way of any Amended Returns), shall be for the account of Loscalzo, except to the extent that such refund or credit wa▇ ▇▇▇▇uded in the finally-determined Effective Time Net Assets Statement, in which case such refund or credit shall be for the account of SmartPros.
(ii) Any Tax refund (including any interest in respect of the refund) received by Loscalzo or the Company with respect to a period ending after the ▇▇▇▇▇▇▇ve Time, and any amounts credited against Tax with respect to such period to which Loscalzo or the Company becomes entitled (including by way of any Am▇▇▇▇▇ ▇▇turn), shall be for the account of SmartPros.
(iii) For purposes of this Section 6.02(c), whenever a refund or credit must be apportioned between Loscalzo and SmartPros, such refund or credit shall be apportione▇ ▇▇ ▇ccordance with the principles of Section 6.02(b).