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Title: |
Tax Allocation Agreement |
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Date: |
2004 |
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Preview shows 9KB of 67KB total |
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$49 |
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ID: |
#1883911 |
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TAX ALLOCATION AGREEMENT
by and among
GREEN ACQUISITION CORP,
CONRAIL INC.,
CONSOLIDATED RAIL CORPORATION,
PENNSYLVANIA LINES LLC,
and
NEW YORK CENTRAL LINES LLC
Dated as of [ ] [ ], 2004
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I DEFINITIONS................................................................................. 2
ARTICLE II ALLOCATION OF INCOME TAXES AND OTHER TAXES.................................................. 8
Section 2.01. Allocation of U.S. Federal Income Taxes............................................... 8
Section 2.02. Allocation of State and Local Income Taxes............................................ 8
Section 2.03. Allocation of Taxes Other Than Income Taxes........................................... 9
ARTICLE III TAXES ATTRIBUTABLE TO THE CSX DISTRIBUTIONS AND THE NS DISTRIBUTIONS; ADDITIONAL RULINGS.... 10
Section 3.01. Restrictions on Post-Distribution Actions............................................. 10
Section 3.02. Allocation of Distribution Related Liability.......................................... 10
Section 3.03. Special Representations............................................................... 12
ARTICLE IV FILING OF INCOME TAX RETURNS; PAYMENT OF INCOME TAXES....................................... 13
Section 4.01. Tax Returns for Pre-Distribution Periods.............................................. 13
Section 4.02. Tax Returns for Post-Distribution Periods............................................. 13
Section 4.03. Preparation of Returns................................................................ 14
ARTICLE V TAX CONTESTS................................................................................ 15
Section 5.01. Notification, Participation and Consultation.......................................... 15
Section 5.02. Pre-Distribution Periods.............................................................. 15
Section 5.03. Post-Distribution Periods............................................................. 16
ARTICLE VI COOPERATION AND RECORD RETENTION............................................................ 16
Section 6.01. Cooperation........................................................................... 16
Section 6.02. Record Retention...................................................................... 16
ARTICLE VII MISCELLANEOUS MATTERS....................................................................... 17
Section 7.01. Amendment and Waiver.................................................................. 17
Section 7.02. Entire Agreement...................................................................... 17
Section 7.03. Notices............................................................................... 17
Section 7.04. Dispute Resolution.................................................................... 18
Section 7.05. Remedies.............................................................................. 18
Section 7.06. Successors and Assigns................................................................ 18
Section 7.07. Severability; No Presumption Against Drafter.......................................... 18
Section 7.08. Counterparts.......................................................................... 18
Section 7.09. Descriptive Headings.................................................................. 19
Section 7.10. No Third-Party Beneficiaries.......................................................... 19
Section 7.11. Form of Payments and Late Payments.................................................... 19
Section 7.12. Confidentiality....................................................................... 19
Section 7.13. Governing Law......................................................................... 19
{/TABLE}
{PAGE}
TAX ALLOCATION AGREEMENT
This Tax Allocation Agreement, dated as of [ ] [ ], 2004 (this
"AGREEMENT"), is entered into by and among Green Acquisition Corp., a
Pennsylvania corporation ("GREEN"), Conrail Inc., a Pennsylvania corporation
("CRR"), Consolidated Rail Corporation, a Pennsylvania corporation ("CRC"),
Pennsylvania Lines LLC, a Delaware limited liability company ("PRR") and New
York Central Lines LLC, a Delaware limited liability company ("NYC"); and,
solely for purposes of Articles III of this Agreement, CSX Corporation, a
Virginia corporation ("CSX") and Norfolk Southern Corporation, a Virginia
corporation ("NS").
RECITALS
A. WHEREAS, Green is the common parent of an affiliated group of
corporations (the "AFFILIATED GROUP"), as defined in Code (as defined herein)
Section 1504(a), filing a U.S. federal consolidated Income Tax Return (as such
terms are defined herein);
B. WHEREAS, CRR is a wholly-owned Subsidiary of Green and CRC is a
wholly-owned Subsidiary of CRR;
C. WHEREAS, PRR and NYC are limited liability companies that are
wholly-owned by CRC and are treated (i) as divisions of CRC for U.S. federal
Income Tax purposes and by some states and local governments for state and local
Tax purposes and (ii) as corporations by other states and local governments for
state and local Tax purposes;
D. WHEREAS, CSX and certain of its Subsidiaries, NS and certain of its
Subsidiaries, and Green and certain of its Subsidiaries have entered into the
Distribution Agreement, dated as of [ ] [ ], 2004 (the "DISTRIBUTION
AGREEMENT");
E. WHEREAS, capitalized terms used but not defined herein have the
meanings ascribed to them in the Distribution Agreement;
F. WHEREAS, upon the terms and subject to the conditions set forth in the
Distribution Agreement, effective on the Distribution Date, (i) CRC shall
Transfer the NYC Membership Interest to NYC Newco (the "NYC SEPARATION") and the
PRR Membership Interest to PRR Newco (the "PRR SEPARATION," together with the
NYC Separation, the "SEPARATIONS"), in exchange for 99.9% of the outstanding
common stock of each of NYC Newco (the "NYC SHARES") and PRR Newco (the "PRR
SHARES," together with the NYC Shares the "NEWCO SHARES"), respectively, and new
debentures issued by each of NYC Newco and PRR Newco, respectively, (ii) CRC
shall then Transfer the Newco Shares to CRR, (iii) CRR shall then Transfer the
Newco Shares to Green (the Transfers in steps (ii) and (iii), to the extent they
relate to the NYC Shares, the "NYC INTERNAL DISTRIBUTIONS," and, to the extent
they relate to the PRR Shares, the "PRR INTERNAL DISTRIBUTIONS," collectively
the "INTERNAL DISTRIBUTIONS"), (iv) Green shall then Transfer the Newco Shares
to CRR Parent (the Transfer of the NYC shares to CRR Parent, the "NYC
DISTRIBUTION," and the transfer of the PRR Shares to CRR Parent, the "PRR
DISTRIBUTION," collectively, the "DISTRIBUTIONS") and (v) CRR Parent shall then
Transfer the NYC Shares to CSX and the PRR Shares to NS. CSX then may engage in
various transactions with respect to the NYC Shares and NYC Newco and NS then
may engage in various transactions with respect to the PRR Shares and PRR Newco
respectively;
{PAGE}
G. WHEREAS, the Internal Distributions and the Distributions are intended
to qualify as Tax free under Code Sections 368 and 355;
H. WHEREAS, it is the intent and desire of the parties hereto that a
method be established for allocating certain Taxes among the Parties, for the
treatment of refunds of certain Taxes, and for the conduct of Tax Contests (as
defined herein) that could result in a redetermination of certain Taxes.
I. NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein, the parties hereto agree as follows:
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