Common use of Preparation and Filing of Tax Returns and Payment of Taxes Clause in Contracts

Preparation and Filing of Tax Returns and Payment of Taxes. (a) ASC shall be responsible for the preparation and filing of (i) all income Tax Returns with respect to the Companies and their respective Subsidiaries for any Tax period ending on or prior to the Closing Date and (ii) all non-income Tax Returns with respect to the Companies and their respective Subsidiaries for any Tax period ending on or prior to the Closing Date, but only to the extent such Tax Returns are required to be filed on or prior to the Closing Date. All such Tax Returns shall be prepared and filed in a manner that is consistent, in all material respects, with the prior practice of the Companies and their respective Subsidiaries (including, without limitation, prior Tax elections and accounting methods or conventions made or utilized by the Companies and their respective Subsidiaries), except as required by a change in the applicable Law or regulations.

Preparation and Filing of Tax Returns and Payment of Taxes. (a) ASC shall be responsible for the preparation and filing of (i) all income Tax Returns with respect to the Companies Company and their respective its Subsidiaries for any Tax period ending on or prior to the Closing Date and (ii) all non-income Tax Returns with respect to the Companies Company and their respective its Subsidiaries for any Tax period ending on or prior to the Closing Date, but only to the extent such Tax Returns are required to be filed on or prior to the Closing Date. All such Tax Returns shall be prepared and filed in a manner that is consistent, in all material respects, with the prior practice of the Companies Company and their respective its Subsidiaries (including, without limitation, prior Tax elections and accounting methods or conventions made or utilized by the Companies Company and their respective its Subsidiaries), except as required by a change in the applicable Law or regulations.