Common use of Date for Payment Clause in Contracts

Date for Payment. 5.1 Subject to paragraphs 5.2 and 5.3, the due date for payment by the Sellers of any sum due under this Schedule shall be: 5.1.1 in the case of any Tax Liability which involves an actual payment of Tax, the later of (i) 3 Business Days before the amount of the Tax Liability is due and payable and (ii) 10 Business Days after a demand in writing is served on the Sellers by the Buyer; and 5.1.2 in the case of any Tax Liability which does not involve an actual payment of Tax, on the date which is 10 Business Days after a demand in writing is served on the Sellers by the Buyer, such demand to be accompanied by a copy of a certificate from the auditors of the relevant Group Company (obtained or procured to be obtained by and at the expense of the Buyer) to the effect that the Sellers have a liability of a stated amount in respect of such Tax Liability. 5.2 If the date on which the Tax can be recovered by the relevant Tax Authority is deferred following application to such Tax Authority, the date for payment by the Sellers shall be 3 Business Days before the later of (i) (a) such later date when the amount of Tax is finally and conclusively determined, or a decision of a court or tribunal is given or any binding agreement or determination is made from which either no appeal lies or in respect of which no appeal is made within the prescribed time limit and (b) if earlier, the date on which such Tax is lawfully recoverable by the relevant Tax Authority, and (ii) 10 Business Days after a demand in writing is served on the Sellers by the Buyer. 5.3 If a payment or payments to the relevant Tax Authority prior to the date otherwise specified by this paragraph would avoid or minimise interest or penalties, the Sellers may at their option pay the whole or part of the amount due to the Buyer on an earlier date or dates, and, in such event, the Buyer shall procure that the Tax in question (or the appropriate part of it) is promptly paid to the relevant Tax Authority.

Date for Payment. 5.1 Subject to paragraphs 5.2 and 5.3, the due date for payment by the Sellers of any sum due under this Schedule shall be: 5.1.1 in the case of any Tax Liability which involves an actual payment of Tax, the later of (i) 3 Business Days before the amount of the Tax Liability is due and payable and (ii) 10 Business Days after a demand in writing is served on the Sellers by the Buyer; and 5.1.2 in the case of any Tax Liability which does not involve an actual payment of Tax, on the date which is 10 Business Days after a demand in writing is served on the Sellers by the Buyer, such demand to be accompanied by a copy of a certificate from the auditors of the relevant Group Company (obtained or procured to be obtained by and at the expense of the Buyer) to the effect that the Sellers have a liability of a stated amount in respect of such Tax Liability. 5.2 If the date on which the Tax can be recovered by the relevant Tax Authority is deferred following application to such Tax Authority, the date for payment by the Sellers shall be 3 Business Days before the later of (i) (a) such later date when the amount of Tax is finally and conclusively determined, or a decision of a court or tribunal is given or any binding agreement or determination is made from which either no appeal lies or in respect of which no appeal is made within the prescribed time limit and (b) if earlier, the date on which such Tax is lawfully recoverable by the relevant Tax Authority, and (ii) 10 Business Days after a demand in writing is served on the Sellers by the Buyer.. 104 5.3 If a payment or payments to the relevant Tax Authority prior to the date otherwise specified by this paragraph would avoid or minimise interest or penalties, the Sellers may at their option pay the whole or part of the amount due to the Buyer on an earlier date or dates, and, in such event, the Buyer shall procure that the Tax in question (or the appropriate part of it) is promptly paid to the relevant Tax Authority.