PAYMENT DATE AND INTEREST Clause Samples
PAYMENT DATE AND INTEREST. 3.1 Payment by the Seller in respect of any liability under this Schedule must be made in cleared and immediately available funds on:
(A) in the case of a Liability for Tax that involves an actual payment of Tax, the later of ten Business Days before the due date for payment of that Tax and ten Business Days after the date on which the relevant Purchasing Entity serves notice on the Seller requesting payment;
(B) in the case of the Loss of a right to repayment of Tax, the later of the date the repayment would have been obtained and ten Business Days following the date on which the relevant Purchasing Entity serves notice on the Seller requesting payment;
(C) in a case that involves the Loss of a Relief (other than a right to repayment of Tax), the later of ten Business Days after the date on which the relevant Purchasing Entity serves notice on the Seller requesting payment and the last date on which the Tax is required to be paid to the relevant Tax Authority; and
(D) in a case that falls within limb (c) of the definition of Liability for Tax, the date on which the Tax saved by the Transferred Company would have been required to be paid to the relevant Tax Authority.
3.2 Any dispute about the amount stated in any notice served on the Seller under paragraph 3.1(B) to paragraph 3.1(D) above shall be determined by the auditors of the Transferred Company for the time being (or, if such auditors are unable or unwilling to act, such independent firm of chartered accountants as is nominated by the Transferred Company), acting as experts and not as arbitrators (the Seller and the relevant Purchasing Entity sharing equally the costs of that determination).
3.3 If any claim in respect of which a payment has been made under paragraph 2 above is subsequently finally determined to be less than the amount by reference to which that payment was calculated, an appropriate amount will be repaid within 10 (ten) Business Days of such determination, and the parties shall cooperate in good faith to arrange for a suitable method of repayment.
PAYMENT DATE AND INTEREST. 3.1 Payment by the Sellers in respect of any liability under this Schedule 7 must be made in cleared and immediately available funds on the following days:
3.1.1 in the case of a Liability for Taxation that involves an actual payment of or in respect of Tax, the later of seven business days before the due date for payment and seven business days after the date on which the Buyer serves notice on the Sellers requesting payment; or
3.1.2 in the case of the loss of a right to repayment of Tax or a liability under paragraph 2.1.6 seven business days following the date on which the Buyer serves notice on the Sellers requesting payment; or
3.1.3 in a case that involves the loss of a Relief (other than a right to repayment of Tax), the last date upon which the Tax is or would have been required to be paid to the relevant Taxation Authority in respect of the earlier of
3.1.3.1 the period in which the Loss of the Relief gives rise to an actual liability to pay tax; or
3.1.3.2 the period in which the Loss of the Relief occurs (assuming for this purpose that the Company had sufficient profits or was otherwise in a position to use the Relief);
3.1.4 in a case that falls within paragraph 3.1.3 of the definition of Liability for Taxation, the date upon which the Tax saved by the Company is or would have been required to be paid to the relevant Taxation Authority.
3.2 Any dispute as to the amount specified in any notice served on the Sellers under paragraph 3.1.2 to paragraph 3.1.4 shall be determined by the auditors of the Company for the time being, acting as experts and not as arbitrators (the costs of that determination being shared equally by the Sellers and the Buyer).
3.3 If any sums required to be paid by the Sellers under this Tax Covenant are not paid on the date specified in paragraph 3.1, then, except to the extent that liability of the Sellers under paragraph 2 compensates the Buyer for the late payment by virtue of it extending to interest and penalties, such sums shall bear interest (which shall accrue from day to day after as well as before any judgment for the same) at the rate of 4% per annum over the base rate from time to time of Barclays Bank PLC or (in the absence thereof) at such similar rate as the Buyer shall select from the day following the Due Date up to and including the day of actual payment of such sums, such interest to be compounded quarterly.
PAYMENT DATE AND INTEREST. All fees, and where applicable, advances and debts, payable to K12 and its Affiliates, shall be paid in accordance with the Florida Local Government Prompt Payment Act (F.S. 218.74). Customer agrees to pay interest to the extent permitted by the Florida Local Government Prompt Payment Act.
PAYMENT DATE AND INTEREST. 3.1 Payment by the Warrantor in respect of any liability under this Schedule must be made in cleared and immediately available funds on the following days:
3.1.1 in the case of a Liability for Taxation that involves an actual payment of or in respect of Tax, the later of seven Business Days before the due date for payment and seven Business Days after the date on which the Buyer serves notice on the Warrantor requesting payment;
3.1.2 in the case of the loss of a right to repayment of Tax or a liability under paragraph 2.1.7 seven Business Days following the date on which the Buyer serves notice on the Warrantor requesting payment;
3.1.3 in a case that involves the loss of a Relief (other than a right to repayment of Tax), the last date on which the Tax is or would have been required to be paid to the relevant Taxation Authority in respect of the earlier of:
3.1.3.1 the period in which the Loss of the Relief gives rise to an actual liability to pay Tax; or
3.1.3.2 the period in which the Loss of the Relief occurs (assuming for this purpose that the Company had sufficient profits or was otherwise in a position to use the Relief); or
3.1.4 in a case that falls within paragraph (f) of the definition of Liability for Taxation, the date on which the Tax saved by the Company is or would have been required to be paid to the relevant Taxation Authority.
3.2 If the Liability for Taxation is a liability to corporation tax payable by instalments in accordance with the Corporation Tax (Instalment Payments) Regulations 1998 (SI 1998/3175):
3.2.1 the notice served by the Buyer on the Warrantor under paragraph 3.1 shall specify the amount of the liability that is due for payment on each instalment date for the accounting period in which the Liability to Taxation arises; and
3.2.2 the due dates for payment of the Tax in paragraph 3.1.1 to paragraph 3.1.4 shall be the due dates for payment of each of the instalments.
3.3 Any dispute as to the amount specified in any notice served on the Warrantor under paragraph 3.1.2 to paragraph 3.1.4 shall be determined by the auditors of the Company for the time being, acting as experts and not as arbitrators (the costs of that determination being shared equally by the Warrantor and the Buyer).
3.4 If any sums required to be paid by the Warrantor under this Tax Covenant are not paid on the date specified in paragraph 3.1, then, except to the extent that the Warrantor’s liability under paragraph 2 compensates the Buyer for the late paym...
PAYMENT DATE AND INTEREST. Payment by the Management Shareholders in respect of any liability under this Management Tax Covenant must be made in cleared and immediately available funds on:
PAYMENT DATE AND INTEREST. All invoices payable to K12 and its Affiliates are due within thirty (30) days from the invoice date. Advances will be due thirty (30) days from the date the advance is made by K12. School agrees to pay interest on overdue Advances at a rate of prime plus two percent (2%), not to exceed fifteen percent (15%) per annum. All other amounts past due and owing by the School to K12 will accrue interest at one and one-quarter percent (1¼ %) per month but not to exceed fifteen percent (15%) per annum on each overdue amount.
PAYMENT DATE AND INTEREST. 5.1 Where the Covenantors are liable to make any payment under Clause 2, the due date for the making of that payment (the "Due Date") shall be the later of the date falling seven days after the Purchaser has served a notice on the Covenantors demanding that payment and;
5.1.1 in a case that involves an actual payment of Taxation by the Company, the date on which the Taxation in question would have had to have been paid to the relevant Taxation Authority in order to prevent a liability to interest or a fine, surcharge or penalty from arising in respect of the Liability for Taxation in question; or
5.1.2 in any case that involves a Liability for Taxation falling within Clause 1.4.1 the last date upon which the Taxation referred to in that clause is or would have been required to be paid by the Company to the relevant Taxation Authority; or
5.1.3 in any case that involves a Liability for Taxation falling within Clause 1.
4.2 the date upon which the repayment was due from the relevant Taxation Authority; or
PAYMENT DATE AND INTEREST. 8.1 Where the Seller is liable to make any payment under paragraph 2, the due date for the making of that payment shall be the later of the date falling seven Business Days after the Purchaser has served a notice on the Seller demanding that payment and:
8.1.1 insofar as the claim arises pursuant to paragraph 2.1.1
(a) and 2.1.1(b), the date falling three Business Days before the last Business Day on which a payment of Tax may be made by the Company without incurring any liability to interest, a fine, surcharge and/or penalty arising in respect thereof; 8.
1.2 insofar as the claim arises pursuant to paragraph 2.1.1
PAYMENT DATE AND INTEREST. 2.1 Payment of the Principal Sum is to be made to the Payee on or before 31 July 2008 (“Payment Date”). No interest shall accrue on the Principal Sum if payment is made on or before the Payment Date.
2.2 Interest on this Note shall accrue beginning on 1st August 2008 at the rate of fixed of five percent (5%) per annum on the amount of the unpaid Principal Sum outstanding from time to time calculated on daily rests.
PAYMENT DATE AND INTEREST. All invoices payable to K12 and its Affiliates are due within thirty (30) days from the invoice date except to the extent otherwise required by the New Mexico Procurement Code. All other amounts past due and owing by the School to K12 will accrue interest at one and one-quarter percent (1¼ %) per month but not to exceed fifteen percent (15%) per annum on each overdue amount. In any mediation or arbitration between K12 and the Council for fees provided for in this Agreement, the prevailing party shall be compensated by the losing party for attorneys’ fees to recover costs.