Common use of Payment of Tax Liability Clause in Contracts

Payment of Tax Liability. Parent is responsible for the timely and accurate preparation and filing of the consolidated federal income tax return and any consolidated or combined state and/or local income or franchise tax returns and associated tax liability for each Tax Year. For each Tax Year, each Subsidiary will pay to Nationwide Life Insurance Company an amount equal to the federal income tax liability attributable to such Subsidiary as calculated under Section V. In the event that Parent shall elect or be required to file a consolidated or combined state and/or local income or franchise tax return for any Tax Year, each Subsidiary shall pay to Parent an amount equal to the amount of state and/or local income or franchise tax for such Tax Year as calculated under Section VI.

Payment of Tax Liability. Parent is responsible for the timely and accurate preparation and filing of the consolidated federal income tax return and any consolidated or combined state and/or local income or franchise tax returns and associated tax liability for each Tax Year. For each Tax Year, each Subsidiary will pay to Nationwide Life Insurance Company Mutual an amount equal to the federal income tax liability attributable to such Subsidiary as calculated under Section V. In the event that Parent shall elect or be required to file a consolidated or combined state and/or local income or franchise tax return for any Tax Year, each Subsidiary shall pay to Parent an amount equal to the amount of state and/or local income or franchise tax for such Tax Year as calculated under Section VI.

Payment of Tax Liability. Parent is responsible for the timely and accurate preparation and filing of the consolidated federal income tax return and any consolidated or combined state and/or local income or franchise tax returns and associated tax liability for each Tax Year. For each Tax Year, each Subsidiary will pay to Nationwide Life Insurance Company Financial an amount equal to the federal income tax liability attributable to such Subsidiary as calculated under Section V. In the event that Parent shall elect or be required to file a consolidated or combined state and/or local income or franchise tax return for any Tax Year, each Subsidiary shall pay to Parent an amount equal to the amount of state and/or local income or franchise tax for such Tax Year as calculated under Section VI.