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Intercompany Income Tax Allocation Agreement

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Title:

Intercompany Income Tax Allocation Agreement

Entities:

FirstEnergy Corp.; Firstenergy Corp

Date:

2003

Size:

Preview shows 3KB of 34KB total

Price:

$36

ID:

#154875

► Miscellany ► Allocation ► Tax ► Income ► Intercompany Income Tax Allocation Agreements
► Utilities ► Electric Utilities

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                   FIRSTENERGY CORP. AND SUBSIDIARY COMPANIES





                  INTERCOMPANY INCOME TAX ALLOCATION AGREEMENT





     WHEREAS, FirstEnergy Corp., a corporation organized under the laws of the

State of Ohio ("FirstEnergy") and a registered holding company under the Public

Utility Holding Company Act of 1935 ("Act"), together with its subsidiary

companies, direct and indirect, listed as parties hereto, comprise the members

of the FirstEnergy consolidated group which will join annually in the filing of

a consolidated Federal income tax return, and it is now the intention of

FirstEnergy and its subsidiaries, direct and indirect, (hereinafter collectively

referred to as the "FirstEnergy Group"), to enter into an agreement for the

allocation of current federal income taxes pursuant to Rule 45(c) under the Act;

and



     WHEREAS, certain members of the FirstEnergy Group will join annually in the

filing of certain consolidated state income tax returns (to the extent permitted

or required under applicable state income tax laws), and it is now the intention

of the FirstEnergy Group to enter into an agreement for the allocation of

current state income taxes; and



     WHEREAS, by order dated _______________, 2003, the Securities and Exchange

Commission has authorized FirstEnergy and its subsidiaries to enter into this

agreement as of January 1, 2002 and to allocate consolidated income taxes in the

manner herein provided; and



     NOW, THEREFORE, each member ("Member") of the FirstEnergy Group does hereby

covenant and agree with one another that the current consolidated income tax

liabilities of the FirstEnergy Group shall be allocated as follows:





                                   ARTICLE I.



                         DEFINITIONS AND INTERPRETATION

                         ------------------------------



     Section 1.1   Definitions. For all purposes of this Agreement, except as

otherwise expressly provided, the following terms shall have the following

respective meanings:



          "Acquisition Indebtedness" means indebtedness incurred by FirstEnergy

     to finance the acquisition (including related costs) by FirstEnergy of all

     of the issued and outstanding stock of GPU, Inc. and any renewals or

     extensions thereof. Acquisition Indebtedness also includes indebtedness

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