Refunds and Benefits Sample Clauses
The "Refunds and Benefits" clause outlines the conditions under which a customer may receive a refund or additional benefits from the provider. Typically, this clause specifies the circumstances that qualify for a refund, such as product defects, service failures, or cancellations within a certain period, and may detail the process for requesting a refund or the types of benefits offered as compensation. Its core practical function is to provide clear guidelines for both parties regarding financial remedies or compensatory measures, thereby reducing disputes and ensuring customer satisfaction in cases where expectations are not met.
Refunds and Benefits. If any Lender, the Issuing Bank or the Administrative Agent receives a refund or credit in respect of any Taxes or Other Taxes for which such Lender, Issuing Bank or the Administrative Agent has received payment from the Borrower (whether under Sections 4.06(a) or (c) or otherwise), and to the extent that such payment by the Borrower reduced the tax burden that such Lender, the Issuing Bank or the Administrative Agent was or shall be required to pay (such tax burden reduction hereinafter called the "tax benefit"), such Lender, Issuing Bank or the Administrative Agent, as the case may be, shall promptly notify the Borrower of such refund, credit or tax benefit and shall, if no Default or Event of Default has occurred and is continuing promptly thereafter (or promptly upon receipt or realization, if the Borrower has requested application for such refund, credit or tax benefit pursuant hereto), pay an amount equal to such refund, credit or tax benefit to the Borrower without interest (but with any interest so refunded or credited), provided that the Borrower, upon the request of such Lender, the Issuing Bank or the Administrative Agent, agrees to return such refund, credit or tax benefit (plus penalties, interest or other charges) to such Lender or the Administrative Agent to the extent such Lender or the Administrative Agent is required to repay such refund, credit or tax benefit (plus penalties, interest or other charges).
Refunds and Benefits. Any Tax refund to the extent relating solely to a pre-Closing Date period (other than any such refund included as a Current Asset on the Closing Statement of Net Working Capital and taken into account as an asset for purposes of calculating the purchase price adjustment in Section 2.08) including any interest with respect thereto (and any other benefit obtained through a reduction in Tax Liability for a post-Closing Date period through an offset of an amount otherwise payable with an amount otherwise refundable to a Mexican Subsidiary) relating to a Mexican Subsidiary or a Transferred Asset for any taxable period (or portion thereof) ending on or before the Closing Date shall be the property of the Sellers, and the amount of such refund or benefit, if not received by the Sellers, shall be paid over by the Purchaser to the relevant Seller within five Business Days of the earlier of receipt or entitlement thereto; provided, that, in the case of any taxable period that begins on or before the Closing Date and ends after the Closing Date, any Tax refund (or other benefit) shall be equitably apportioned between the Purchaser and the Sellers in accordance with the principles set forth in Section 7.01(b) above. The Purchaser shall, if any Seller so requests and at the Sellers’ expense, cause the relevant entity to file for and use its reasonable best efforts to obtain and expedite the receipt of any refund to which the Sellers are entitled under this Section 7.03. The Purchaser shall permit the Sellers to participate in (at the Sellers’ expense) the prosecution of any such refund claim. This Section 7.03 shall not apply to the use of any net operating loss carry forward or the carry forward of any similar Tax attribute from a pre-Closing Date period to a post-Closing Date period.
Refunds and Benefits. Any Tax refund, including any interest with respect thereto (and any other benefit obtained through a reduction in Tax Liability for a post-Closing Date period, including without limitation the use of any net operating loss or Tax credit), relating to a Transferred Asset for any taxable period (or portion thereof) ending on or before the Closing Date or for any taxable period beginning before and ending after the Closing Date to the extent allocable to the portion of such period ending on or before the Closing Date, shall be the property of Sellers, and the amount of such refund or benefit, if received by Purchaser rather than any of Sellers, shall be paid over by Purchaser to Sellers within five (5) Business Days after the earlier of receipt or entitlement thereto. Purchaser shall, if any of Sellers so request and at Sellers’ expense, file or cause the relevant entity to file for and use its reasonable best efforts to obtain and expedite the receipt of any refund to which any of Sellers are entitled under this Section 7.01. Purchaser shall permit any of Sellers to participate in (at Sellers’ expense) in the prosecution of any such refund claim.