Common use of Treatment of Payments for Tax Purposes Clause in Contracts

Treatment of Payments for Tax Purposes. For all tax purposes, the Parties agree to treat (i) any payment required by this Agreement (other than payments with respect to interest accruing after the Effective Time) as either a contribution by Xxxxx Xxxx to GCP or a distribution by GCP to Grace or Xxxxx Xxxx, as the case may be, occurring immediately prior to the effective time of the Internal Spin or the Effective Time or as a payment of an assumed or retained Liability, as the case may be, in each case, as determined by Grace, in its sole discretion, and (ii) any payment of interest as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in either case except as otherwise required by applicable Law.