TAX EFFECT OF INDEMNIFICATION. Notwithstanding any term or provision of this Agreement to the contrary, any indemnity payments owed by a Party shall be reduced by any tax benefits to the indemnified Person and increased by any tax detriments to the indemnified Person resulting from such indemnity payment, to the extent the indemnified Person demonstrates such tax effects.
Appears in 2 contracts
Samples: Turnkey Engineering, Procurement and Construction Agreement (Panda Ethanol, Inc.), Turnkey Engineering, Procurement and Construction Agreement (Panda Ethanol, Inc.)
TAX EFFECT OF INDEMNIFICATION. Notwithstanding any term or provision of this Agreement the Contract Documents to the contrary, any indemnity payments owed by a Party shall be reduced by any tax benefits to the indemnified Indemnified Person and increased by any tax detriments to the indemnified Indemnified Person resulting from such indemnity payment, to the extent the indemnified Person demonstrates such tax effects.
Appears in 1 contract
TAX EFFECT OF INDEMNIFICATION. Notwithstanding any term or provision of this Agreement to the contrary, any indemnity payments owed owned by a Party shall be reduced by any tax benefits to the indemnified Person and increased by any tax detriments to the indemnified Person resulting from such indemnity payment, to the extent the indemnified Person demonstrates such tax effects.
Appears in 1 contract
Samples: Turnkey Engineering, Procurement and Construction Agreement (Panda Global Holdings Inc)
