DISPLACED CREDITS Sample Clauses

DISPLACED CREDITS. If VRI has reduced the VRI Group Consolidated Tax Liability or received a refund pursuant to this Section 4(h) for any Taxable Year pursuant to this Section 4(h) as a result of any Designated Credit of any Member of the VRI Group, and such Designated Credit is subsequently displaced by another attribute of the ARCO Group in a situation where Section 4(h)(vii) does not apply, VRI shall reimburse ARCO for any amount by which VRI's liability to ARCO was reduced as a result of the use of the displaced Designated Credit or repay to ARCO the amount of the refund from ARCO that was attributable to the use of the displaced Designated Credit. For purposes of this Section 4(h)(viii), Refundable Designated Credits shall be deemed to be displaced prior to Designated Credits. A Designated Credit that is displaced may be carried forward pursuant to Section 4(h)(iv) thereafter, or, with the consent of ARCO, carried back if ARCO determines that the circumstances giving rise to such displacement will allow it 5 to utilize a greater amount of Designated Credits in a prior Taxable Year than it would have utilized absent such circumstances. i. Section 7(b) of the Basic Agreement As Amended is amended by deleting the following phrase "(other than Designated Credits (including carryovers) that reduced the VRI Group Tax Liability for any Taxable Year pursuant to Section 4(h) of this Agreement or Refundable Designated Credits (including carryovers) with respect to which VRI has received a refund from ARCO pursuant to Section 4(h) of this Agreement)" in the 10th and 19th lines of that section and by substituting in its place the following phrase "(other than Designated Credits (including carryovers) that reduced the VRI Group Consolidated Tax Liability or with respect to which VRI has received a refund from ARCO for any Taxable Year pursuant to Section 4(h) of this Agreement)".
Sample 1
AutoNDA by SimpleDocs
DISPLACED CREDITS. If VRI has reduced the VRI Group Consolidated Tax Liability or received a refund pursuant to this Section 4(h) for any Taxable Year pursuant to this Section 4(h) as a result of any Designated Credit of any Member of the VRI Group, and such Designated Credit is subsequently displaced by another attribute of the BPA Group in a situation where Section 4(h)(vii) does not apply, VRI shall reimburse BPA for any amount by which VRI's liability to BPA was reduced as a result of the use of the displaced Designated Credit or repay to BPA the amount of the refund from BPA that was attributable to the use of the displaced Designated Credit. For purposes of this Section 4(h)(viii), Eligible Refundable Designated Credits shall be deemed to be displaced prior to other Refundable Designated Credits and other Refundable Designated Credits shall be deemed to be displaced prior to Designated Credits. A Designated Credit that is displaced may be carried forward pursuant to Section 4(h)(iv) thereafter, or, with the consent of BPA, carried back if BPA determines that the circumstances giving rise to such displacement will allow it to utilize a greater amount of Designated Credits in a prior Taxable Year than it would have utilized absent such circumstances.
Sample 1

Related to DISPLACED CREDITS

  • Interconnection Customer Compensation If the CAISO requests or directs the Interconnection Customer to provide a service pursuant to Articles 9.6.3 (Payment for Reactive Power) or 13.5.1 of this LGIA, the CAISO shall compensate the Interconnection Customer in accordance with the CAISO Tariff.

  • Points of Interconnection and Trunk Types 2.1 Point(s) of Interconnection. 2.1.1 Each Party, at its own expense, shall provide transport facilities to the technically feasible Point(s) of Interconnection on Verizon’s network in a LATA selected by PNG.

  • Delivery Point The delivery point is the point of delivery of the Power Product to the CAISO Controlled Grid (the “Delivery Point”). Seller shall provide and convey to Buyer the Power Product from the Generating Facility at the Delivery Point. Title to and risk of loss related to the Power Product transfer from Seller to Buyer at the Delivery Point.

  • Imbalances The parties hereto recognize that with respect to Section 2.01, on any Day, receipts of gas by Union and deliveries of gas by Union may not always be exactly equal, but each party shall cooperate with the other in order to balance as nearly as possible the quantities transacted on a daily basis, and any imbalances arising shall be allocated to the Facilitating Agreements and shall be subject to the respective terms and charges contained therein, and shall be resolved in a timely manner.

  • Delivery Points ‌ Project water made available to the Agency pursuant to Article 6 shall be delivered to the Agency by the State at the delivery structures established in accordance with Article 10.

  • Interconnection Customer Payments Not Taxable The Parties intend that all payments or property transfers made by the Interconnection Customer to the Participating TO for the installation of the Participating TO's Interconnection Facilities and the Network Upgrades shall be non-taxable, either as contributions to capital, or as a refundable advance, in accordance with the Internal Revenue Code and any applicable state income tax laws and shall not be taxable as contributions in aid of construction or otherwise under the Internal Revenue Code and any applicable state income tax laws.

  • Interconnection Customer Provided Services The services provided by Interconnection Customer under this LGIA are set forth in Article 9.6 and Article 13.5. 1. Interconnection Customer shall be paid for such services in accordance with Article 11.6.

  • Cost Responsibility for Interconnection Facilities and Distribution Upgrades 4.1 Interconnection Facilities 4.2 Distribution Upgrades

  • Gas Imbalances As of the Closing Date, except as set forth on Schedule 7.24 or on the most recent certificate delivered pursuant to Section 8.07(c), on a net basis there are no gas imbalances, take or pay or other prepayments with respect to any of the Obligors’ Oil and Gas Properties which would require any such Obligors to deliver, in the aggregate, five percent (5%) or more of the monthly production of Hydrocarbons produced from their Oil and Gas Properties at some future time without then or thereafter receiving fall payment therefor.

  • Metering The Interconnection Customer shall be responsible for the Connecting Transmission Owner’s reasonable and necessary cost for the purchase, installation, operation, maintenance, testing, repair, and replacement of metering and data acquisition equipment specified in Attachments 2 and 3 of this Agreement. The Interconnection Customer’s metering (and data acquisition, as required) equipment shall conform to applicable industry rules and Operating Requirements.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!