Valid Certificate. If no later than five (5) Business Days prior to the Withholding Drop Date a Valid Certificate issued by the ITA is delivered to Payor, then, with respect to the affected Company Shareholders, the deduction and withholding of any Israeli Taxes shall be made only in accordance with the provisions of such Valid Certificate and the balance of the payment that is not withheld shall be paid to such Company Shareholders concurrently therewith subject to any non-Israeli withholding which is applicable to the payment (if any). If any Company Shareholder (i) does not provide Payor with or is not the subject of a Valid Certificate issued by the ITA, by no later than five (5) Business Days before the Withholding Drop Date, or (ii) submits a written request with Payor to release its portion of the consideration prior to the Withholding Drop Date and fails to submit a Valid Certificate at or before such time, then the amount to be withheld from such Company Shareholder’s portion of the consideration shall be calculated according to the applicable withholding rate as reasonably determined by Parent in accordance with applicable Law (increased by interest plus linkage differences, as defined in Section 159A of the Ordinance, for the period between the fifteenth (15th) day of the calendar month following the month during which the Effective Time occurs and the time the relevant payment is made) as reasonably determined by Parent and the Paying Agent.
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Valid Certificate. If no later than five (5) Business Days prior to the Withholding Drop Date a Valid Certificate issued by the ITA is delivered to Payor, then, with respect to the affected Company Shareholders, the deduction and withholding of any Israeli Taxes shall be made only in accordance with the provisions of such Valid Certificate and the balance of of the payment that is not withheld shall be paid to such Company Shareholders concurrently therewith subject to any non-Israeli withholding which is applicable to the payment (if any). If any Company Shareholder (i) does not provide Payor with or is not the subject of a Valid Certificate issued by the ITA, by no later than five (5) Business Days before the Withholding Drop Date, or (ii) submits a written request with Payor to release its portion of the consideration prior to the the Withholding Drop Date and fails to submit a Valid Certificate at or before such time, then the amount to be withheld from such Company Shareholder’s portion of the consideration shall be calculated according to the applicable withholding rate as reasonably determined determined by Parent in accordance with applicable Law (increased by interest plus linkage differences, as defined in Section 159A of the Ordinance, for the period between the fifteenth (15th) day of the calendar month following the month during which the Effective Time occurs and the time the relevant payment is made) as reasonably determined by Parent and the Paying Agent.
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