Common use of Realization of Tax Benefits Clause in Contracts

Realization of Tax Benefits. (i) For purposes of this Section 4.3, a Tax Benefit shall be deemed to have been realized at the time any refund of Taxes is received or applied against other Taxes due, or at the time of filing of a Tax Return (including any Tax Return relating to estimated Taxes) on which a loss, deduction or credit is applied in reduction of Taxes which would otherwise be payable; provided, however, that where a party has other losses, deductions, credits or similar items available to it, such deductions, credits or similar items of such party may be applied prior to the use of any Timing Adjustment, Reorganization Tax Payment, or Deferred Compensation Deduction.

Realization of Tax Benefits. (i) For purposes of this Section 4.34.2, a Tax Benefit shall be deemed to have been realized at the time any refund of Taxes is received or applied against other Taxes due, or at the time of filing of a Tax Return (including any Tax Return relating to estimated Taxes) on which a loss, deduction or credit is applied in reduction of Taxes which would otherwise be payable; provided, however, that where a party Party has other losses, deductions, credits or similar items available to it, such deductions, credits or similar items of such party may be applied prior to the use of any Timing Adjustment, adjustments relating to a Reorganization Tax Payment, Payment or any Deferred Compensation Deduction or Post-Distribution Expense Deduction.