Overprovision definition

Overprovision means the amount by which any provision for tax (other than deferred tax) in the Completion Statements is overstated, except where that overstatement arises due to:

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Overprovision has the meaning given in paragraph 7.1 of Schedule 4 (Tax);

Overprovision means the amount by which any provision in the Accounts or Management Accounts or either of the Working Capital Statements relating to Tax is overstated, applying the accounting policies, principles and practices adopted in relation to the preparation of the Accounts or Management Accounts or Working Capital Statements;

Examples of Overprovision in a sentence

• Subject to the provisions of Clause 11.7 which apply in relation to the conduct of PIS/COFINS claim, the Purchaser and the Target Group Companies will not be required to recover a Corresponding Saving or to determine that a matter is an Overprovision or take action against any Governmnental Entity to recover a Corresponding Saving or determine that a matter is an Overprovision unless the Purchaser agrees.

• Over-provision and Reliefs..............................................................75 8.

• The Warrantors may request the relevant Company’s auditors (at the cost of the Warrantors) to certify the amount of such Overprovision, Saving or right to Repayment.

• The Buyer shall (at the Seller's request and expense) procure that the Auditors certify the amount of the Over-provision or the value of the Saving.

• Sellers shall be entitled to review such statement, and Purchaser shall, and shall procure that the Target Companies will, provide to Sellers upon Sellers' request such information and documentation reasonably requested by Sellers in order to verify the amount of the relevant Overprovision.

More Definitions of Overprovision

Overprovision means the amount by which any provision for tax (other than deferred tax) in the Locked-Box Accounts is overstated, except where that overstatement arises due to: (a) a change in law; or (b) a change in the accounting bases on which the Company or any Subsidiary values its assets; or (c) a voluntary act or omission of the Purchaser, that, in each case, occurs after Completion;

Overprovision has the meaning set forth in Paragraph 4 of Schedule 20.

Overprovision means (ignoring the effect of any Purchaser’s Relief or change in law after the Completion Date) the amount by which (i) the amount provided in the Completion Accounts in respect of Tax that has reduced the Consideration; exceeds (ii) the amount of Tax actually paid by any Group Company together with Tax for which the relevant Group Company is liable (in each case ignoring the effect of any Relief other than a Purchaser’s Relief);

Overprovision means (applying the accounting policies, principles and practices adopted in relation to the preparation of the Completion Accounts) the amount by which any provision for Tax (other than deferred tax) in the Completion Accounts is overstated but disregarding any overstatement to the extent that it arises as a result of:

Overprovision as defined in Section 10.3(g)(i).

Overprovision means, applying the method of preparation of the Relevant Accounts set out in Part 3 of Schedule 7 (and ignoring the effect of any change in law after Completion or action taken by the Purchaser or a Sale Group Company after Completion) the amount by which any provision for Tax (other than a provision for deferred Tax) in the Relevant Accounts is overstated or in the case of a right to repayment of Tax, the amount by which such right to repayment of Tax to a Sale Group Company in the Relevant Accounts proves to be understated.

Overprovision means (i) the amount by which any provision for Taxation in the Accounts proves to be an overprovision, and (ii) the amount by which any repayment of Taxation which is treated as an asset in the Accounts proves to be understated, in either case except to the extent that such overprovision results from the utilisation of a Relevant Relief or a Post-Accounting Date Relief.