Common use of Refunds and Deficiencies Clause in Contracts

Refunds and Deficiencies. If, on the basis of the computation made by Parent in accordance with Section V hereof, including any redeterminations, any Subsidiary is entitled to refund of federal and/or state or local income or franchise tax, Parent shall pay such Subsidiary the amount of the tax refund. In calculating the amount of the refund, Parent will exclude any tax attributes of the Subsidiary which have been utilized by the Group and for which the Subsidiary has been previously compensated. If, on the basis of the computation made by Parent in accordance with Section V hereof, including any redeterminations, Parent is entitled to additional federal and/or state or local income or franchise tax payments, Parent shall give the Subsidiary at least ten (10) days notice of any amounts payable to the Parent. Any refund or deficiency payments by or to the Parent will be made in accordance with the settlement provisions of Section IV (D).

Refunds and Deficiencies. If, on the basis of the computation made by Parent in accordance with Section V hereof, including any redeterminations, any Subsidiary is entitled to refund of federal and/or state or local income or franchise tax, Parent shall pay such Subsidiary the amount of the tax refund. In calculating the amount of the refund, Parent will exclude any tax attributes of the Subsidiary which have been utilized by the Group and for which the Subsidiary has been previously compensated. If, on the basis of the computation made by Parent in accordance with Section V hereof, including any redeterminations, Parent is entitled to additional federal and/or state or local income or franchise tax payments, Parent shall give the Subsidiary at least ten (10) days notice of any amounts payable to the Parent. Any refund or deficiency payments by or to the Parent will be made in accordance with the settlement Settlement provisions of Section IV (D).