Conditional Prepayment Sample Clauses

Conditional Prepayment. 3.3.2.1 On the completion date, the company will pay Dalhom in cash a sum equal to the difference between NIS 5 million and the amount of the value of the inventory without VAT, as a conditional prepayment for the transfer of the concession to the company (hereinafter: ‘the conditional prepayment for the concession’). 3.3.2.2 Insofar as the concession will be valid after three years have passed from the completion date, a sum of NIS 2 million out of the conditional prepayment for the concession will be converted into a payment for Dalhom’s concession. On this date, a sum of NIS 2 million out of the balance of Automax’s loan, plus interest that will accrue on it, will become a permanent capital note. 3.3.2.3 Insofar as the concession will be valid after six years have passed from the completion date, a sum that is equal to an additional three million shekels, less the amount of the value of the inventory, out of the conditional prepayment for the concession, will be converted into a payment for the concession to Dalhom. On this date, an amount of Automax’s loans that is equal to the aforesaid amount, plus the interest that has accrued on it, will become a permanent capital note. 3.3.2.4 Subject to the aforesaid, if the concession will be granted to the company for a period shorter than six years (cumulatively) from the completion date, the balance of the conditional prepayment for the concession will become a loan of the company to Dalhom, will bear annual interest at a rate of 5.9% from the completion date until the repayment date, and Dalhom will repay it to the company within six years of the completion date. 3.3.2.5 It should be emphasized that insofar as the conditions stated in sections 3.3.2.2 and 3.3.2.3 above will be fulfilled, the conditional prepayment for the concession will become a payment to Dalhom, which will not be liable to repay this prepayment to the company. Insofar as these payments will be liable for VAT, ▇▇▇▇▇▇ will issue a tax invoice according to law to the company for the amount of these payments plus VAT according to law, and the amount of the VAT will be paid to Dalhom by the company in cash.