Consolidated Return Computations of Tax and Payments Sample Clauses

Consolidated Return Computations of Tax and Payments. (a) On or before December 14, 1995, the ITT Destinations Group and the ITT Hartford Group each agree to make appropriate payments to ITT Industries for estimated taxes and ITT Industries agrees to make appropriate payments to the ITT Destinations Group and the ITT Hartford Group for the refund of estimated payments previously made with respect to their Consolidated Return year Separate Consolidated Federal Income Tax Liability. Such payment shall take into account the benefit of any net capital loss, net operating loss, credit or deduction of the ITT Destinations Group or the ITT Hartford Group if the Federal Tax Administrator reasonably determines that such item will produce a benefit in the Consolidated Return.
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Consolidated Return Computations of Tax and Payments. (a) On or before December 14, 1997, the ITT Group and the ESI Group each agree to make payments to Destinations equal to the excess of their estimated Consolidated Return year Separate Consolidated Federal Income Tax Liability (as reasonably determined by the Tax Administrator) over their prior payments, including any payments with respect to estimated Taxes for the Consolidated Return year, and Destinations agrees to make payments to the ITT Group and the ESI Group equal to the excess of their respective prior payments with respect to estimated Taxes for the Consolidated Return year over each of their estimated Consolidated Return year Separate Consolidated Federal Income Tax Liability (as reasonably determined by the Tax Administrator). (b) On or before March 14, 1998, an interim Tax settlement payment shall be made to or by Destinations by or to the ITT Group and the ESI Group, as the case may be, equal to the difference between the Separate Consolidated Federal Income Tax Liability and the net amounts previously paid with respect to estimated Taxes for the Consolidated Return year. (c) Based on computations to be prepared by the affected Group and approved by the Tax Administrator, an adjusting payment equal to the difference between the Allocable Federal Income Tax Liability and the net amounts previously paid with respect to estimated Taxes for the Consolidated Return year, including payments pursuant to Sections 3(a) and (b) of this Agreement, shall be made to or by Destinations by or to the ITT Group and the ESI Group, as the case may be, on or before October 15, 1998 based on the Consolidated Return as filed. Each of the ITT Group and the ESI Group shall increase their liability for such adjusting payment by the amount of any AMT credit carryforward allocated to them under the consolidated return regulations which exceeds the AMT calculated on a separate consolidated basis. Section 4.
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Consolidated Return Computations of Tax and Payments. (a) On or before December 14, 1995, the ITT Destinations Group and the ITT Hartford Group each agree to make payments to ITT Industries equal to the excess of their estimated Consolidated Return year Separate Consolidated Federal Income Tax Liability over their prior payments with respect to estimated taxes for the Consolidated Return year, and ITT Industries agrees to make payments to the ITT Destinations Group and the ITT Hartford Group equal to the excess of their prior payments with respect to estimated taxes for the Consolidated Return year over their Consolidated Return year
Sample 1

Related to Consolidated Return Computations of Tax and Payments

  • Computation and Payment of Tax Due At least three Business Days prior to any Payment Date for any Tax Return, the Responsible Company shall compute the amount of Tax required to be paid to the applicable Tax Authority (taking into account the requirements of Section 4.04 relating to consistent accounting practices, as applicable) with respect to such Tax Return on such Payment Date. The Responsible Company shall pay such amount to such Tax Authority on or before such Payment Date (and provide notice and proof of payment to the other Company).

  • Tax Returns and Payment of Taxes (A) All tax returns required to be filed by Ventas and each Subsidiary have been timely filed in all jurisdictions where such returns are required to be filed; (B) Ventas and each Subsidiary have paid all taxes, including, but not limited to, income, value added, property and franchise taxes, penalties and interest, assessments, fees and other charges due or claimed to be due from such entities or that are due and payable, other than those being contested in good faith and for which reserves have been provided in accordance with generally accepted accounting principles (“GAAP”) or those currently payable without penalty or interest; and (C) Ventas and each Subsidiary have complied with all withholding tax obligations; except in the case of any of clause (A), (B) or (C), where the failure to make such required filings, payments or withholdings is not, individually or in the aggregate, reasonably likely to have a Material Adverse Effect.

  • Filing of Tax Returns and Payment of Taxes (a) Each Party shall execute and timely file each Tax Return that it is responsible for filing under applicable Law and shall timely pay to the relevant Taxing Authority any amount shown as due on each such Tax Return. The obligation to make payments pursuant to this Section 3.02(a) shall not affect a Party’s right, if any, to receive payments under Section 3.02(b) or otherwise be indemnified under this Agreement.

  • Allocation of Tax Liabilities The provisions of this Section 2 are intended to determine each Company's liability for Taxes with respect to Pre-Distribution Periods. Once the liability has been determined under this Section 2, Section 5 determines the time when payment of the liability is to be made, and whether the payment is to be made to the Tax Authority directly or to another Company.

  • Filing of Tax Returns; Payment of Taxes (a) Filing of Tax Returns; Payment of Income

  • Tax Returns and Payments; Pension Contributions Borrower and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower and each of its Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower and such Subsidiaries, in all jurisdictions in which Borrower or any such Subsidiary is subject to taxes, including the United States, unless such taxes are being contested in accordance with the following sentence. Borrower and each of its Subsidiaries, may defer payment of any contested taxes, provided that Borrower or such Subsidiary, (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Collateral Agent in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Neither Borrower nor any of its Subsidiaries is aware of any claims or adjustments proposed for any of Borrower’s or such Subsidiaries’, prior tax years which could result in additional taxes becoming due and payable by Borrower or its Subsidiaries. Borrower and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries have, withdrawn from participation in, and have not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower or its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority.

  • Payment of Taxes and Claims; Tax Consolidation A. Company will, and will cause each of its Subsidiaries to, pay all taxes, assessments and other governmental charges imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided that no such charge or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (1) such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor and (2) in the case of a charge or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such charge or claim.

  • Preparation and Filing of Tax Returns; Payment of Taxes (a) The Seller shall cause to be timely prepared and filed when due all Tax Returns of the Company and each Subsidiary required to be filed (taking into account extensions) on or prior to the Closing Date.

  • Allocation of Tax Liability In the event that any tax is imposed on the Trust, such tax shall be charged against amounts otherwise distributable to the Owners in proportion to their respective Sharing Ratios. The Owner Trustee is hereby authorized to retain from amounts otherwise distributable to the Owners sufficient funds to pay or provide for the payment of, and then to pay, such tax as is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).

  • Computation and Payment Interest shall be computed on the basis of a 360-day year, actual days elapsed. Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby.

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