Refunds for Carrybacks Clause Samples
The "Refunds for Carrybacks" clause establishes the process by which a party can claim tax refunds resulting from the carryback of losses or credits to prior tax years. In practice, this clause typically outlines the party entitled to receive such refunds, the method for calculating the refund amount, and the timing for payment or reimbursement. Its core function is to ensure that any tax benefits arising from carrybacks are properly allocated between the parties, thereby preventing disputes and clarifying financial responsibilities related to past tax periods.
Refunds for Carrybacks. Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the Fuels Group chooses to (or is required to under applicable Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax Attribute to a Mixed Business Tax Return, Tech shall cooperate with Fuels and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax Return at Fuels’ cost and expense). Fuels (or such member) shall be entitled to any Refund realized by any member of the Tech Group or Fuels Group as a result of the carryback.
Refunds for Carrybacks. (i) Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the TimkenSteel Group chooses to (or is required to under applicable Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax Attribute to a Mixed Business Tax Return, Timken shall cooperate with TimkenSteel and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax Return at TimkenSteel’s cost and expense). TimkenSteel (or such member) shall be entitled to any Refund realized by any member of the Timken Group or TimkenSteel Group as a result of the carryback.
(ii) Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the Timken Group chooses to (or is required to under applicable Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax Attribute to a Mixed Business Tax Return, TimkenSteel shall cooperate with Timken and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax Return at Timken’s cost and expense). Timken shall be entitled to any Refund realized by any member of the TimkenSteel Group or Timken Group as a result of the carryback.
Refunds for Carrybacks. Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the AppLogiq Group chooses to (or is required to under applicable Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax Attribute to a Mixed Business Tax Return, Logiq shall cooperate with Lova and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax Return at Lova’s cost and expense). Lova (or such member) shall be entitled to any Refund realized by any member of the Logiq Group or AppLogiq Group as a result of the carryback.
Refunds for Carrybacks. Subject to Sections 4.02(c) and 4.02(d), in the event that any member of the Automotive Group chooses to (or is required to under applicable Law), and is permitted to under Sections 4.02(a) and 4.03, carry back a loss, credit, or other Tax Attribute to a Mixed Business Tax Return, Tech shall cooperate with Automotive and such member in seeking from the appropriate Taxing Authority any Refund that reasonably would result from a permitted carryback (including by filing an amended Tax Return at Automotive’ cost and expense). Automotive (or such member) shall be entitled to any Refund realized by any member of the Tech Group or Automotive Group as a result of the carryback.