Common use of Time of Indemnification Payment Clause in Contracts

Time of Indemnification Payment. To the extent an indemnification obligation arises, the Indemnitee shall, upon at least ten (10) days’ prior notice, make payment pursuant to such indemnification obligation no later than five (5) days prior to the date the Indemnitee makes a payment of Taxes, interest, or penalties with respect to such Tax Liability, including a proposed adjustment of Taxes or an assessment of Tax deficiency asserted or made by any Taxing Authority that is premised in whole or part on such Tax Liability, or a payment made in settlement of an asserted Tax deficiency.