Common use of Adjustment of Tax Liability Clause in Contracts

Adjustment of Tax Liability. In the event of any adjustment of the tax liability as to the consolidated state income tax return of the Consolidated Group, by reason of the filing of an amended return, a tentative loss carryback refund application, claim for refund, or arising out of an audit by the state, the liability of the Parent and Subsidiary hereunder shall be redetermined after fully giving effect to any such adjustment as if such adjustment had been a part of the original computation, including any interest and penalties attributable to any such adjustment.

Adjustment of Tax Liability. In the event of any adjustment of the tax liability as to the consolidated state income tax return of the Consolidated Group, by reason of the filing of an amended return, a tentative loss carryback refund application, claim for refund, or arising out of an audit by the statea federal or state audit, the liability of the Parent and Subsidiary hereunder shall be redetermined after fully giving effect to any such adjustment as if such adjustment had been a part of the original computation, including any interest and penalties attributable to any such adjustment.

Adjustment of Tax Liability. In the event of any adjustment of the tax liability as to the consolidated state Federal income tax return of the Consolidated Group, by reason of the filing of an amended return, a tentative loss carryback refund application, claim for refund, or arising out of an audit by the stateIRS, the liability of the Parent and Subsidiary hereunder shall be redetermined after fully giving effect to any such adjustment as if such adjustment had been a part of the original computation, including any interest and penalties attributable to any such adjustment.