Common use of Consideration Adjustment Clause in Contracts

Consideration Adjustment. The Parties agree to treat all payments made pursuant to this Article VIII or pursuant to Article VIII of the Prior Contribution Agreement as adjustments to the consideration set forth in Section 2.2 of this Agreement or the Prior Contribution Agreement, as reasonably agreed to between the Parties, for U.S. federal income Tax purposes, except as otherwise required by Law following a final determination by the U.S. Internal Revenue Service or a Governmental Authority with competent jurisdiction.

Appears in 2 contracts

Sources: Contribution, Conveyance and Assumption Agreement (Phillips 66 Partners Lp), Contribution, Conveyance and Assumption Agreement

Consideration Adjustment. The Parties agree to treat all payments made pursuant to this Article VIII or pursuant to Article VIII of the Prior Contribution Agreement as adjustments to the consideration set forth in Section 2.2 of this Agreement or the Prior Contribution Agreement, as reasonably agreed to between the Parties, for U.S. federal income Tax purposes, except as otherwise required by Law following a final determination by the U.S. Internal Revenue Service or a Governmental Authority with competent jurisdiction.

Appears in 2 contracts

Sources: Contribution, Conveyance and Assumption Agreement (Phillips 66 Partners Lp), Contribution, Conveyance and Assumption Agreement