Activities in Panama. The Parent and the Borrowers shall not, and shall not permit any of their respective Restricted Subsidiaries to, invest the proceeds of any Loan in any activity within the territory of the Republic of Panama if such activity will (i) generate taxable income under Panamanian Tax laws that will have to be paid by the Parent or any of its Subsidiaries to a Panamanian Governmental Authority; or (ii) cause any payment to a Lender or any Administrative Agent to be subject to Panamanian Tax, including withholding Tax.
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Samples: Superpriority Senior Secured Debtor in Possession Credit Agreement (McDermott International Inc), Credit Agreement (McDermott International Inc), Superpriority Senior Secured Credit Agreement (McDermott International Inc)
Activities in Panama. The Parent and the Borrowers Borrower shall not, and shall not permit any of their respective Restricted its Subsidiaries to, invest the proceeds of any Loan in any activity within the territory of the Republic of Panama if such activity will (i) generate taxable income under Panamanian Tax tax laws that will have to be paid by the Parent Borrower or any of its Subsidiaries to a Panamanian Governmental Authority; or (ii) cause any payment to a Lender or any Administrative Agent to be subject to Panamanian Tax, including withholding Tax.
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Activities in Panama. The Parent and the Borrowers Borrower shall not, and shall not permit any of their respective its Restricted Subsidiaries to, invest the proceeds of any Loan in any activity within the territory of the Republic of Panama if such activity will (i) generate taxable income under Panamanian Tax tax laws that will have to be paid by the Parent Borrower or any of its Subsidiaries to a Panamanian Governmental Authority; or (ii) cause any payment to a Lender or any the Administrative Agent to be subject to Panamanian Taxtax, including withholding Taxtax.
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