Common use of Material Tax Returns Clause in Contracts

Material Tax Returns. For purposes of Section 3.06(a), a Tax Return is “material” if it (i) could reasonably be expected to reflect (A) a Tax liability equal to or in excess of $900,000, (B) a credit or credits equal to or in excess of $900,000, (C) a loss or losses equal to or in excess of $3,000,000, in each case with respect to the Reviewing Party or (ii) with respect to a Pre-Distribution Tax Return or Straddle Period Tax Return, is not described in clause (i) and is reasonably requested for review by the Party that is not the Preparing Party.