Audit Adjustment definition

Audit Adjustment means any change to a Tax Item or the Tax liability as previously reported or reflected on a Tax Return that is required or otherwise results from or is attributable to an audit, examination or other review of such Tax Return by a Tax Authority, whether such audit, examination or other review is initiated by a Tax Authority or a member of a Group.

Audit Adjustment has the meaning given in clause 10.10(a).

Audit Adjustment has the meaning assigned that term in Section 8.03(d).

Examples of Audit Adjustment in a sentence

• This clause is applicable only when Premium Audit Adjustment terms are shown in the Declarations Page.

• Safehold shall provide written notice of the results of any such audit and an invoice representing any premium adjustment due as a result of the Audit Adjustment (the “Audit Adjustment Notice”).

• The insured and/or insurance carrier shall notify Safehold in writing (an “Audit Dispute”) within fifteen (15) days following the billing date of an Audit Adjustment Notice if the insured disputes the results of any such audit.

• Safehold shall issue its final determination of the results of an Audit Adjustment and any corresponding Audit Dispute within thirty (30) days following the date of the Audit Dispute and shall provide the insured with a final invoice (the “Final Premium Notice”) for any premium adjustment due as a result of the Audit Adjustment.

• Parent and the members of the Parent Group shall have identical rights, and New Fluor shall have identical obligations, with respect to Audit Adjustment Requests by any member of the Parent Group related to (i) any Tax Period ending on or before, or which includes, the Distribution Date with respect to which a Separate Company Tax Return was filed by or on behalf of the Parent Group or any member thereof, and (ii) any Tax Period covered by a Consolidated or Combined Return.

More Definitions of Audit Adjustment

Audit Adjustment means an amount arising under clause 5.2.

Audit Adjustment has the meaning set forth in Section 2.3(b).

Audit Adjustment shall have the meaning assigned to that term in Section 1.2(A) of this Agreement.

Audit Adjustment the positive or negative difference, if any, between $13,126,000 and Clayco’s consolidated shareholders equity on the audited balance sheet dated as of December 31, 2005; provided, that amounts can be added to the Bank’s loan loss reserves in such audit only for (i) identified losses in any credit that is not an “Especially Reserved Credit” (as defined in the Escrow Agreement), and (ii) additional identified losses in any credit that is already an Especially Reserved Credit, and such additions to the Bank’s loan loss reserves shall not, for purposes of this Agreement or the Contemplated Transactions, (A) reduce Clayco’s consolidated shareholders’ equity, or (B) reduce the amount that Clayco can dividend or distribute to its shareholders before the Closing. The amounts described above in clauses (i) and (ii) shall be deposited into the Reserved Credit Escrow at the Closing.

Audit Adjustment the positive or negative difference, if any, between $13,126,000 and Clayco’s consolidated shareholders equity on the audited balance sheet dated as of December 31, 2006; provided, that amounts can be added to the Bank’s loan loss reserves in such audit only for (i) identified losses in any credit that is not a Designated Asset, and (ii) additional identified losses in any credit that is a Designated Asset, and such additions to the Bank’s loan loss reserves shall not, for purposes of this Agreement or the Contemplated Transactions, (A) reduce Clayco’s consolidated shareholders’ equity, or (B) reduce the amount that Clayco can dividend or distribute to its shareholders before the Closing.

Audit Adjustment is defined in Section 1.6(e).

Audit Adjustment shall have the meaning defined in Section 1.4(d).