Refunds, Credits or Offsets. (a) Any refunds, credits or offsets with respect to Taxes allocated to, and actually paid by, Vornado (or actually paid, at whatever time, by any entity that was a Subsidiary of Vornado during any period up to and including the Distribution Date) pursuant to this Agreement shall be for the account of Vornado. Any refunds, credits or offsets with respect to Taxes not allocated to Vornado pursuant to the preceding sentence shall be for the account of Newco. For the avoidance of doubt, consistent with Section 2.1(d), any refunds, credits, or offsets with respect to Real Estate Taxes shall belong to the Party entitled thereto under applicable Law and shall not otherwise be allocated pursuant to this Section 3.4.
Appears in 4 contracts
Samples: Tax Matters Agreement (JBG SMITH Properties), Contribution and Assignment Agreement (JBG SMITH Properties), Contribution and Assignment Agreement (Vornado Realty Lp)
