Common use of Tax Procedure Clause in Contracts

Tax Procedure. Except as to real property tax assessment appeal proceedings now or hereafter filed by the Transferor Company to reduce real property tax assessments, the Transferor Company shall not withdraw, settle or otherwise compromise any protest or reduction proceeding affecting real estate taxes assessed against the Property for any fiscal period in which the Closing Date is to occur or any subsequent fiscal period without the prior written consent of BRI Partnership. Real estate tax refunds and credits received after the Closing Date which are attributable to (i) the fiscal tax year during which the Closing occurs shall be apportioned between Transferor Members and the BRI Partnership, based upon the relative time periods before and after the Closing, or (ii) any fiscal year prior to the fiscal year in which the Closing occurs shall be paid to the Transferor Members, in either case after deducting the expenses of collection thereof, which obligation shall survive the Closing.