Common use of Report on 280G Tax Liabilities Clause in Contracts

Report on 280G Tax Liabilities. The Firm making such determination regarding Parachute Taxes shall provide to the Company and/or the Bank and to Executive a written report of its determinations hereunder as soon as practicable after making such determinations. No later than fifteen (15) days following Executive’s receipt of the report from the Firm, Executive will notify the Company and/or the Bank in writing of any disagreement with said report, and, in such case, the Company and/or the Bank shall direct the Firm to promptly discuss its determinations with an accountant or counsel designated by Executive in his written notice of disagreement and seek to reach an agreement regarding same no later than forty-five (45) days after Executive’s initial receipt of the report from the Firm, with each of the parties to bear the cost of its or his own accountants or counsel. The parties shall each provide the Firm access to and copies of any books, records and documents in their possession reasonably requested by the Firm, and otherwise cooperate with the Firm in connection with the preparation and issuance of the determinations and calculations contemplated by this Section 9.