Common use of Carrybacks of Losses & Credits Clause in Contracts

Carrybacks of Losses & Credits. In allocating the Group’s federal income tax liability, each Subsidiary will be entitled to the tax benefit that results from any of its net operating losses, net capital losses, deductions or credits (each, a “Tax Item”) that are carried back to a prior period consolidated return. The benefit of any carryback of a Tax Item to any prior period consolidated return will be taken into account only when and to the extent that such carryback reduces the tax liability in a prior period return. The Subsidiary generating, or otherwise bearing the cost of, such Tax Item that has been carried back will be paid pursuant to the Settlement provisions of Section IV (D).

Carrybacks of Losses & Credits. In allocating the Group’s 's federal income tax liability, each Subsidiary will be entitled to the tax benefit that results from any of its net operating losses, net capital losses, deductions or credits (each, a “"Tax Item”") that are carried back to a prior period consolidated return. The benefit of any carryback of a Tax Item to any prior period consolidated return will be taken into account only when and to the extent that such carryback reduces the tax liability in a prior period return. The Subsidiary generating, or otherwise bearing the cost of, such Tax Item that has been carried back will be paid pursuant to the Settlement provisions of Section IV (D).