CIT INSTALLMENTS Clause Samples
CIT INSTALLMENTS. 3.1 For the fiscal year opening April 1, 2004 on the one hand, and for the first CIT installment of the fiscal year opening April 1st, 2005, AGZ Holding shall be substituted to the other Consolidated Subsidiaries for the payment of IT installments and shall continue to pay, for the period in question, said amounts on behalf of the said companies.
3.2 As from the fiscal year opening April 1, 2004, and except for the first CIT installment of such fiscal year, each Consolidated Company shall pay the Parent Company four installments calculated by applying the rate provided by Section 360 to Appendix III to the GTC, to the base defined at article 3.3 below.
3.3 The first installment of each fiscal year of application of the Group Regime payable to the Parent Company shall be based on the taxable profit that was used for the determination of the Contribution paid by the Consolidated Company for the fiscal year preceding the latest fiscal year ended. The three other installments for each fiscal year are based on the taxable profit that was used for the determination of the Contribution paid by the Consolidated Company for the latest fiscal year ended.
3.4 The Consolidated Company shall pay to the Parent company the amount of the CIT installments at the latest ten days prior to the legal deadline for paying the installments, as defined by Section 360 of Appendix III to the GTC.
3.5 As the case may be, the CIT installments surplus shall be reimbursed by the Parent Company to a Consolidated Company within thirty days following the deadline for the CIT balance payment.
CIT INSTALLMENTS. The provisions of Article 223 N.2 of the GTC, pursuant to which he Parent Company bears the payment of CIT installments for the leaving Consolidated Company for the 12-month period starting at the beginning of the fiscal year during which it leaves the Group, create a claim on the leaving Consolidated Company at the benefit of the Parent Company, on each of the installments due date. The corresponding claim shall be reimbursed by the Consolidated Company on the date of the Exit, at the latest, for the installments already paid, and for the others, ten days prior to their legal due date. The Consolidated Company shall grant the Parent Company, in guarantee for the payment of such amounts, any security that the latter could reasonably request.