Common use of Intercompany Settlements Clause in Contracts

Intercompany Settlements. (a) The intercompany accounts established for each Present Subsidiary shall be adjusted as of the "accounting close" following the end of each month so as to reflect each Present Subsidiary's obligations and entitlements under Sections 3, 4 and 5. If a Present Subsidiary has a liability to Enron for a month, the intercompany accounts shall be settled in cash by the earlier of (i) 15 days after each calendar quarter-end or (ii) immediately prior to a Present Subsidiary ceasing to be a member of the Consolidated Group. If Enron has a liability to a Present Subsidiary for a month, Enron shall settle its obligation in cash immediately upon determination of such liability. (b) On or before the ninetieth (90th) day after the date of the filing of a Consolidated Return for a tax period, each Present Subsidiary's intercompany payable account vis-a-vis Enron shall be increased for the tax period (or any relevant portion thereof) so as to reflect any additional Tax Difference attributable to such Present Subsidiary that has not previously been recorded in the intercompany accounts. (c) On or before the ninetieth (90th) day after the date of the filing of a Consolidated Return for a tax period, each Present Subsidiary's intercompany receivable account vis-a-vis Enron shall be increased for the tax period (or any relevant portion thereof) so as to reflect any additional Tax Difference attributable to such Present Subsidiary (as a Credit Member) that has not previously been recorded in the intercompany accounts.

Intercompany Settlements. (a) The intercompany accounts established for each Present Subsidiary shall be adjusted as of the "accounting close" following the end of each month so as to reflect each Present Subsidiary's obligations and entitlements under Sections Section 3, 4 and 5. If a Present Subsidiary has a liability to Enron for a month, the intercompany accounts shall be settled in cash by the earlier of (i) 15 days after each calendar quarter-end or (ii) immediately prior to a Present Subsidiary ceasing to be a member of the Consolidated Group. If Enron has a liability to a Present Subsidiary for a month, Enron shall settle its obligation in cash immediately upon determination of such liability. (b) On or before the ninetieth (90th) day after the date of the filing of a Consolidated Consolidate Return for a tax period, each Present Subsidiary's intercompany payable account vis-a-vis Enron shall be increased for the tax period (or any relevant portion thereof) so as to reflect any additional Tax Difference attributable to such Present Subsidiary that has not previously been recorded in the intercompany accounts. (c) On or before the ninetieth (90th) day after the date of the filing of a Consolidated Return for a tax period, each Present Subsidiary's intercompany receivable account vis-a-vis Enron shall be increased for the tax period (or any relevant portion thereof) so as to reflect any additional Tax Difference attributable to such Present Subsidiary (as a Credit Member) that has not previously been recorded in the intercompany accounts.