Common use of Sales and Use Taxes Clause in Contracts

Sales and Use Taxes. Buyer and PCC or the Asset Sale Companies hereby intend that the transaction be an occasional sale within the meaning of Virginia Code Section 58.1-602 and regulations thereunder, and therefore exempt from Virginia sales and use Tax pursuant to Virginia Code Section 58.1-609. PCC will be responsible for sales and use Taxes payable as a result of the failure of this transaction to qualify as an occasional sale or as an exempt transaction under any other Virginia law; provided, however, that any use Tax payable as a result of this transaction that would be payable regardless of whether the transaction qualifies as an occasional sale or not shall be paid by Buyer.

Sales and Use Taxes. Buyer and PCC or the Asset Sale Companies hereby intend that the transaction be an occasional sale within the meaning of Virginia Code Section 58.1-602 and regulations thereunder, and therefore exempt from Virginia sales and use Tax pursuant to Virginia Code Section 58.1-609. PCC will be responsible for sales and use Taxes payable as a result of the failure of this transaction to qualify as an occasional sale or as an exempt transaction under any other Virginia law; provided, however, that any use Tax payable as a result of this transaction that would be payable regardless of whether the transaction qualifies as an occasional sale or not -45- shall be paid by Buyer.