NARCO HWI Taxes

NARCO HWI Taxes. The sum of (x) any federal or state income taxes accrued or incurred and payable by or on behalf of the NARCO Asbestos Trust in connection with any HWI Sale Proceeds received by the NARCO Asbestos Trust with respect to, derived from, relating to or arising out of the HWI Interest, calculated as (a) the excess (if any) of such HWI Sale Proceeds over the NARCO Asbestos Trust's tax basis in the HWI Interest, or portion thereof, treated as exchanged for such HWI Sale Proceeds, multiplied by (b) the... net combined federal and state tax rate applicable to trusts for the year of the receipt of the HWI Sale Proceeds and (y) any other Taxes (to the extent not included in clause (x), above) of or payable by the NARCO Asbestos Trust with respect to, derived from, relating to or arising from HWI Sale Proceeds or HWI Dividends, including with respect to the receipt, ownership or transfer of any non-cash portion of any HWI Sale Proceeds or HWI Dividends, in each case, prepared and calculated consistent with the NARCO Asbestos Trust's historic practice, if applicable View More