Common use of Payment of Short Period Taxes Clause in Contracts

Payment of Short Period Taxes. With respect to each Tax Return covering a Short Tax Period that is required to be filed in a Subject Jurisdiction after the Closing Date for, by or with respect to Company or any Subsidiary, Sellers will cause such Tax Return to be prepared, will cause to be included in such Tax Return all items of income, gain, loss, deduction and credit or other items (collectively "TAX ITEMS") required to be included therein, and will deliver the original of such Tax Return to Purchaser, with copies of work papers that will permit Purchaser to review and substantiate the accuracy of such Tax Return, at least 45 days prior to the due date (including extensions) of such Tax Return. Sellers, severally, will pay to Purchaser not less than 10 days prior to the due date (including extensions) of a Tax Return to be filed in a Subject Jurisdiction for a Short Tax Period the amount of tax shown to be due on such Tax Return (except any tax liability arising from an election made under Section 338 of the Code will be borne solely by Purchaser) less any amount reflected on the Interim Financial Statement as a current tax liability.

Appears in 1 contract

Samples: Stock Purchase Agreement (Inspire Insurance Solutions Inc)

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Payment of Short Period Taxes. With respect to each Tax Return covering a Short Tax Period that is required to be filed in a Subject Jurisdiction after the Closing Date for, by or with respect to Company or any Subsidiary, Sellers will cause such Tax Return to be prepared, will cause to be included in such Tax Return all items of income, gain, loss, deduction and credit or other items (collectively "TAX ITEMS") required to be included therein, and will deliver the original of such Tax Return to Purchaser, with copies of work papers that will permit Purchaser to review and substantiate the accuracy of such Tax Return, at least 45 days prior to the due date (including extensions) of such Tax Return. Sellers, severally, will pay to Purchaser not less than 10 days prior to the due date (including extensions) of a Tax Return to be filed in a Subject Jurisdiction for a Short Tax Period the amount of tax shown to be due on such Tax Return (except any tax liability arising from an election made under Section 338 of the Code will be borne solely by Purchaser) less any amount reflected on the Interim Financial Statement as a current tax liability.Tax

Appears in 1 contract

Samples: 4 Stock Purchase Agreement (Inspire Insurance Solutions Inc)

Payment of Short Period Taxes. With respect to each Tax Return covering a Short Tax Period that is required to be filed in a Subject Jurisdiction after the Closing Effective Date for, by or with respect to Company or any Subsidiarya Company, the Sellers will shall cause such Tax Return to be prepared, will shall cause to be included in such Tax Return all items of income, gain, loss, deduction and credit or other items (collectively "TAX ITEMSTax Items") required to be included therein, and will shall deliver the original of such Tax Return to Purchaser, with copies of work papers that will permit Purchaser to review and substantiate the accuracy of such Tax Return, at least 45 days prior to the due date (including extensions) of such Tax Return. The Sellers, severally, will shall pay to Purchaser (for payment to the applicable taxing authority) not less than 10 2 days prior to the due date (including extensions) of a Tax Return to be filed in a Subject Jurisdiction for a Short Tax Period the amount of tax shown to be due on such Tax Return (except that any tax liability arising from an election made under Section 338 of the Code will shall be borne solely by Purchaser) less any amount reflected on the Interim Financial Statement as a current tax liability).

Appears in 1 contract

Samples: Purchase Agreement (Hallmark Financial Services Inc)

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Payment of Short Period Taxes. With respect to each Tax Return covering a Short Tax Period that is required to be filed in a Subject Jurisdiction after the Closing Effective Date for, by or with respect to Company or any Subsidiarya Company, the Sellers will shall cause such Tax Return to be prepared, will shall cause to be included in such Tax Return all items of income, gain, loss, deduction and credit or other items (collectively "TAX ITEMSTax Items") required to be included therein, and will shall deliver the original of such Tax Return to Purchaser, with copies of work papers that will permit Purchaser to review and substantiate the accuracy of such Tax Return, at least 45 days prior to the due date (including extensions) of such Tax Return. The Sellers, severally, will shall pay to Purchaser not less than 10 days prior to the due date (including extensions) of a Tax Return to be filed in a Subject Jurisdiction for a Short Tax Period the amount of tax shown to be due on such Tax Return (except any tax liability arising from an election made under Section 338 of the Code will shall be borne solely by Purchaser) less any amount reflected on the Interim Financial Statement as a current tax liability).

Appears in 1 contract

Samples: Purchase Agreement (Hallmark Financial Services Inc)

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