Common use of Refunds, Credits and Carrybacks Clause in Contracts

Refunds, Credits and Carrybacks. (a) The Seller Entities shall be entitled to any refunds or credits of or against any Excluded Taxes that are the responsibility of the Seller Entities under Section 10.1(a). Purchaser shall be entitled to any refunds or credits of or against any Taxes relating to Transferred Business, other than refunds or credits of or against Excluded Taxes that are the responsibility of the Seller Entities under Section 10.1(a). (b) Purchaser shall promptly forward to the Seller Entities or reimburse the Seller Entities for any refunds or credits due to the Seller Entities (pursuant to the terms of this Article X) after receipt thereof, and the Seller Entities shall promptly forward to Purchaser or reimburse Purchaser for any refunds or credits due Purchaser (pursuant to the terms of this Article X) after receipt thereof.

Appears in 2 contracts

Samples: Purchase and Assumption Agreement (First Niagara Financial Group Inc), Purchase and Assumption Agreement (First Niagara Financial Group Inc)

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Refunds, Credits and Carrybacks. (a) The Seller Entities shall be entitled to any refunds or credits of or against any Excluded Taxes that are the responsibility of the Seller Entities under Section 10.1(a). Purchaser shall be entitled to any refunds or credits of or against any Taxes relating to Transferred Businessthe Purchased Assets, other than refunds or credits of or against Excluded Taxes that are the responsibility of the Seller Entities under Section 10.1(a). (b) Purchaser shall promptly forward to the Seller Entities or reimburse the Seller Entities for any refunds or credits due to the Seller Entities (pursuant to the terms of this Article X) after receipt thereof, and the Seller Entities shall promptly forward to Purchaser or reimburse Purchaser for any refunds or credits due Purchaser (pursuant to the terms of this Article X) after receipt thereof.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Financial Institutions Inc)

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Refunds, Credits and Carrybacks. (a) The Seller Entities shall be entitled to any refunds or credits of or against any Excluded Taxes that are the responsibility of the Seller Entities under Section 10.1(a10.(a). Purchaser shall be entitled to any refunds or credits of or against any Taxes relating to Transferred Businessthe Purchased Assets, other than refunds or credits of or against Excluded Taxes that are the responsibility of the Seller Entities under Section 10.1(a). (b) Purchaser shall promptly forward to the Seller Entities or reimburse the Seller Entities for any refunds or credits due to the Seller Entities (pursuant to the terms of this Article X) after receipt thereof, and the Seller Entities shall promptly forward to Purchaser or reimburse Purchaser for any refunds or credits due Purchaser (pursuant to the terms of this Article X) after receipt thereof.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Community Bank System Inc)

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