Tax Benefit Realized definition

Tax Benefit Realized means with respect to a Party and its Subsidiaries an amount equal to the product of (x) any payment made under this Agreement or either of the Separation and Distribution Agreements that is allowable as a deduction for U.S. Income Tax Purposes, and (y) thirty-eight percent (38%); provided, however, upon any change after the Effective Time in the highest marginal U.S. federal income Tax rate applicable to corporations, the percentage in clause (y) shall be increased or decreased by the amount of the percentage point change in such rate with effect in the same Tax year as the effective date applicable to such change in rate.
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Tax Benefit Realized means with respect to a Party and its Subsidiaries an amount equal to the product of (x) any payment made under this Agreement that is allowable as a deduction for Income Tax purposes in the jurisdiction in which the Party making the payment is subject to Income Tax, and (y) the combined federal, state, provincial or local Income Tax rate applicable to corporations. For purposes of this Section 1.1(97), the rate referenced in clause (y) shall be thirty eight percent (38%) for the United States, shall be the combined federal and Ontario rate for Canada, and shall be the combined federal and local rate in Puerto Rico; provided, however, upon any change after the Effective Time in the highest marginal U.S. Canadian, or Puerto Rican (in each case at the federal level) income Tax rate applicable to corporations, the percentage in clause (y) shall be increased or decreased by the amount of the percentage point change in such rate with effect in the same Tax year as the effective date applicable to such change in rate.
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Examples of Tax Benefit Realized in a sentence

  • All amounts required to be paid by one Party to another pursuant to this Agreement or the Separation and Distribution Agreements shall be net of the Tax Benefit Realized by the Indemnified Party or its Affiliates.

  • Upon a subsequent Final Determination in favor of the Claiming Party or one or more of its Affiliates for the Claimed Deductions, the Claiming Party shall pay to the Employing Party any Tax Benefit Realized by the Claiming Party or its Affiliates in the taxable year that the Claiming Party or one or more of its Affiliates asserts its claim to the Claimed Deductions.

  • If a Dispute arises between PHH and Cendant with respect to the Tax Benefit Schedule, Tax Benefit or the Tax Benefit Realized, such Dispute shall be resolved in accordance with the principles and procedures set forth in Section 6.3.

  • For purposes of this Agreement, the "Tax Benefit Realized" date shall be the earlier of March 15 of the year following the tax year in which the increase in deduction, loss, or tax credits is claimed or the decrease in income, gain or recapture of tax credits occurs or the date such Tax Benefit reduces the actual estimated tax liability of BOKF.

  • The provisions of this Agreement shall be applied with respect to the Corporate Taxpayer Group as it may exist from time to time; and TRA Payments, Net Tax Benefit, Cumulative Net Realized Tax Benefit, Realized Tax Benefit or Detriment and other applicable items hereunder shall be computed with reference to the consolidated (or combined or unitary, where applicable) taxable income, gain, loss, deduction and attributes of the Corporate Taxpayer Group as a whole.

Related to Tax Benefit Realized

  • Tax Benefit means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Tax Benefit Schedule is defined in Section 2.02 of this Agreement.

  • Tax Benefits means the net operating loss carryovers, capital loss carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in loss” within the meaning of Section 382 of the Code and the Treasury Regulations promulgated thereunder, of the Company or any of its Subsidiaries.

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.