Common use of Redeterminations of Tax Liability Clause in Contracts

Redeterminations of Tax Liability. In the event of any redetermination of the consolidated federal income tax liability of the Parent Group for any Taxable Period (or of the combined state or local income tax liability for any Taxable Period for which a combined return is filed) as the result of an audit by the Internal Revenue Service (or the relevant state or local taxing authorities), a claim for refund or otherwise, the Panavision Group's Federal Tax (or the Panavision Group's State and Local Tax) shall be recomputed for such Taxable Period and any prior and subsequent Taxable Periods to take into account such redetermination, and payments due pursuant to Paragraph 2 hereof shall be appropriately adjusted. Any payment for any Taxable Period by Panavision to Parent or Parent to Panavision required by such adjustment shall be paid within ten (10) days after the date of a Final Determination with respect to such redetermination or as soon as such adjustment practicably can be calculated, if later, together with interest for the period at the rate provided for in the relevant statute.

Redeterminations of Tax Liability. In the event of any redetermination of the consolidated federal Federal income tax liability of the Parent Group for any Taxable Period (or of the combined state or local income tax liability for any Taxable Period for which a combined return is filed) as the result of an audit by the Internal Revenue Service (or the relevant state or local taxing authorities), a claim for refund or otherwise, the Panavision Public Co. Group's Federal Tax (or the Panavision Public Co. Group's State and or Local Tax) shall be recomputed for such Taxable Period and any prior and subsequent Taxable Periods to take into account such redetermination, and payments due pursuant to Paragraph 2 hereof shall be appropriately adjusted. Any payment for any Taxable Period by Panavision to Parent or Parent to Panavision between Public Co. and Holdings required by such adjustment shall be paid within ten seven (107) days after the date of a Final Determination with respect to such redetermination or as soon as such adjustment can practicably can be calculated, if later, together with interest for the period at the rate provided for in the relevant statute.