Common use of Recognition of income and expenses Clause in Contracts

Recognition of income and expenses. The Vendor and Purchaser agree that: (a) the Vendor will recognise the income and expenditures attributable to the Sale Interest for income tax purposes for all periods up to and including the Completion Date; and (b) the Purchaser will recognise the income and expenditures attributable to the Sale Interest after the Completion Date for income tax purposes. The Vendor and the Purchaser agree to file all income tax returns on this basis. The Vendor will indemnify the Purchaser for any liability for income tax arising on or prior to the Completion Date and for any other Tax attributable to the Sale Interest arising prior to or on the Effective Date and the Purchaser will indemnify the Vendor for any liability for income tax attributable to the Sale Interest arising after the Completion Date and for any other Tax attributable to the Sale Interest arising from the Effective Date.

Recognition of income and expenses. The Vendor and Purchaser agree that: (a) the Vendor will recognise the income and expenditures attributable to the Sale Interest for income tax purposes for all periods up to and including the Completion Date; and (b) the Purchaser will recognise the income and expenditures attributable to the Sale Interest after the Completion Date for income tax purposes. The Vendor and the Purchaser agree to file all income tax returns on this basis. The Vendor will indemnify the Purchaser for any liability for income tax arising on or prior to the Completion Date and for any other Tax attributable to the Sale Interest arising prior to or on the Effective Date and the Asset Transfer Agreement Purchaser will indemnify the Vendor for any liability for income tax attributable to the Sale Interest arising after the Completion Date and for any other Tax attributable to the Sale Interest arising from the Effective Date.

Recognition of income and expenses. The Vendor and Purchaser agree that: (a) the Vendor will recognise the income and expenditures attributable to the Sale Interest for income tax purposes for all periods up to and including the Completion Date; andand Asset Transfer Agreement (b) the Purchaser will recognise the income and expenditures attributable to the Sale Interest after the Completion Date for income tax purposes. The Vendor and the Purchaser agree to file all income tax returns on this basis. The Vendor will indemnify the Purchaser for any liability for income tax arising on or prior to the Completion Date and for any other Tax attributable to the Sale Interest arising prior to or on the Effective Date and the Purchaser will indemnify the Vendor for any liability for income tax attributable to the Sale Interest arising after the Completion Date and for any other Tax attributable to the Sale Interest arising from the Effective Date.