Common use of DUE DATE OF PAYMENT Clause in Contracts

DUE DATE OF PAYMENT. Where the Covenantors become liable to make any payment in respect of a Tax Claim, the due date for making that payment is: (1) in a case that involves an actual payment by a Group Company, the later of: (1) five Business Days before the last date on which that Group Company can make the payment in question without incurring a liability to interest or penalties; and (2) five Business Days after the Buyer or relevant Group Company notifies the Covenantors of the liability to make a payment and the amount of that payment; (2) in a case that falls within paragraph 4(i) of this Schedule, the later of: (1) the date on which repayment would have been received; and (2) five Business Days after the Buyer or the relevant Group Company notifies the Covenantors of the liability to make a payment and the amount of that payment; (3) in a case that falls within paragraph 4(ii) of this Schedule, the later of: (1) five Business Days before the relevant Group Company becomes due to pay any Tax which it would not, but for such loss, have had to pay (or would have become so due but for the use of any Accounts Relief); and (2) five Business Days after the Buyer or the relevant Group Company notifies the Covenantors of the liability to make a payment and the amount of that payment; (4) in a case that falls within paragraph 4(iii) of this Schedule, the later of: (1) five Business Days before the relevant Group Company would have been due to pay the Tax but for such setting off; and (2) five Business Days after the Buyer or relevant Group Company notifies the Covenantors of the liability to make a payment and the amount of that payment; or (5) in any other case, five Business Days after the Buyer or relevant Group Company notifies the Covenantors of the liability to make a payment and the amount of that payment.