CNX » Topics » 12. Application to Gasco Subgroup

This excerpt taken from the CNX 8-K filed Aug 12, 2005.

12. Application to Gasco Subgroup

 

If, for any taxable year, there exists a Gasco Subgroup, such Gasco Subgroup shall be treated as a single corporation insofar as its rights and obligations vis á vis Parent are concerned. Accordingly, for a year in which a Gasco Subgroup exists, (i) all references herein to Gasco shall apply to the Gasco Subgroup, (ii) the computation of Gasco’s Stand-Alone Tax Liability under Section 5 shall be made as though all members of the Gasco Subgroup filed a consolidated Federal Income Tax or State Income Tax return (as applicable) which included only such members and for which Gasco was the common parent corporation, (iii) Gasco shall act as agent for all members of the Gasco Subgroup in dealing with Parent under this Agreement, and (iv) other appropriate adjustments shall be made to carry out the purposes of this Section 12.

 

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