Common use of Prepaid Amounts Clause in Contracts

Prepaid Amounts. Where Empire has prepaid for a service or function for which IBM is assuming, or shall become obligated to assume, financial responsibility under this Agreement, IBM shall refund to Empire, upon either Party identifying the prepayment, that portion of such prepaid expense which is attributable to periods, on and after the Effective Date, during which IBM is obligated to pay for such service or function.