Common use of Increase or Decrease in Future Payments Clause in Contracts

Increase or Decrease in Future Payments. (i) Within five (5) Business Days after the delivery of an Amended Schedule to PICO for any Taxable Year, the Company shall pay to PICO an amount equal to the excess, if any, of (x) the amount PICO is entitled to receive under this Agreement in respect of the relevant Taxable Year (based on such Amended Schedule) over (y) the cumulative amount PICO actually received in respect of such Taxable Year pursuant to this Agreement. (ii) In the event that an Amended Schedule reflects a decrease in the Realized Tax Benefit for such year (including, without limitation, by reason of net operating loss carryovers or carrybacks) and payments have previously been made based on the higher Realized Tax Benefit reflected in any prior Schedule (either such excess, an “Excess Payment”), future payments, if any, to be made under this Section 3.01 shall be reduced by the amount of the Excess Payment until such Excess Payment has effectively been repaid. For the avoidance of doubt, if future payments are insufficient to repay any Excess Payment (a “Shortfall”), PICO shall have no obligation to repay to the Company or any other Person any such Shortfall.

Increase or Decrease in Future Payments. (i) Within five (5) Business Days after the delivery of an Amended Schedule to PICO the Series B Member Representative for any Taxable Year, the Company shall pay to PICO the Series B Members an amount equal to the excess, if any, of (x) the amount PICO such Series B Member is entitled to receive under this Agreement in respect of the relevant Taxable Year (based on such Amended Schedule) over (y) the cumulative amount PICO such Series B Member actually received in respect of such Taxable Year pursuant to this Agreement. (ii) In the event that an Amended Schedule reflects a decrease in the Realized Tax Benefit for such year (including, without limitation, by reason of net operating loss carryovers or carrybacks) and payments have previously been made based on the higher Realized Tax Benefit reflected in any prior Schedule (either such excess, an “Excess Payment”), future payments, if any, to be made under this Section 3.01 shall be reduced by the amount of the Excess Payment until such Excess Payment has effectively been repaid. For the avoidance of doubt, if future payments are insufficient to repay any Excess Payment (a “Shortfall”), PICO the Series B Members shall have no obligation to repay to the Company or any other Person any such Shortfall.

Increase or Decrease in Future Payments. (i) Within five (5) Business Days after the delivery of an Amended Schedule to PICO the Applicable Members for any Taxable Year, the Company Corporation shall pay to PICO the Applicable Members an amount equal to the excess, if any, of (x) the amount PICO such Member is entitled to receive under this Agreement in respect of the relevant Taxable Year (based on such Amended Schedule) over (y) the cumulative amount PICO such Member actually received in respect of such Taxable Year pursuant to this Agreement. (ii) In the event that an Amended Schedule reflects a decrease in the Realized Tax Benefit for such year (including, without limitation, including by reason of net operating loss carryovers or carrybacks) and payments have previously been made based on the higher Realized Tax Benefit reflected in any prior Schedule (either such excess, an “Excess Payment”), future payments, if any, to be made under this Section 3.01 shall be reduced by the amount of the Excess Payment until such Excess Payment has effectively been repaid. For the avoidance of doubt, if future payments are insufficient to repay any Excess Payment (a “Shortfall”), PICO the Members shall have no obligation to repay to the Company Corporation or any other Person any such Shortfall.

Increase or Decrease in Future Payments. (i) Within five (5) Business Days after the delivery of an Amended Schedule to PICO the Applicable Members for any Taxable Year, the Company Corporation shall pay to PICO the Applicable Members an amount equal to the excess, if any, of (x) the amount PICO such Member is entitled to receive under this Agreement in respect of the relevant Taxable Year (based on such Amended Schedule) over (y) the cumulative amount PICO such Member actually received in respect of such Taxable Year pursuant to this Agreement. (ii) In the event that an Amended Schedule reflects a decrease in the Realized Tax Benefit for such year (including, without limitation, by reason of net operating loss carryovers or carrybacks) and payments have previously been made based on the higher Realized Tax Benefit reflected in any prior Schedule (either such excess, an “Excess Payment”), future payments, if any, to be made under this Section 3.01 shall be reduced by the amount of the Excess Payment until such Excess Payment has effectively been repaid. For the avoidance of doubt, if future payments are insufficient to repay any Excess Payment (a “Shortfall”), PICO the Members shall have no obligation to repay to the Company or any other Person any such Shortfall.