Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority. (b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required. (c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii). (d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee. (e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments. (f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding. (g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof. (h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted. (i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. (k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 3 contracts
Samples: Indenture (Concordia International Corp.), Indenture (Concordia Investment Holdings (Jersey) LTD), Indenture (Concordia International Corp.)
Additional Amounts. (a) All payments made by or on behalf of principal and interest in respect of the Securities by the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, and without withholding or deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, chargesassessments, fees, deductions levies or withholdings (hereinafter referred to as “taxes”) now governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor is organizedJapan, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision sub-division of, or any authority of the foregoing that has the in, or of, Japan having power to tax (each, a “Taxing JurisdictionJapanese Taxes”), unless the such withholding or deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor will Company shall pay to the holder of each Security such additional amounts (all such amounts being referred to herein as “Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), it after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder respective amounts which would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments receivable in respect of such Security in the Notes if such payments could have been made without such imposition, deduction or withholding absence of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to withholding or deduction, provided that, no such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” shall be payable in relation to any payments such withholding or deduction in respect of any payment on any Note means the Securities:
(a) the due date for payment thereof, to or (b) if the full amount on behalf of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder a Securityholder or beneficial owner of a Security who is an individual non-resident of Japan or a non-Japanese corporation and is liable for such Note Japanese Taxes in respect of such Security by reason of its (1) having some connection with Japan other than the mere holding of such Security, or (2) being a person having a special relationship with the Company as described in Article 6, paragraph 4 of the Act on Special Measures Concerning Taxation of Japan (Act No. 26 of 1957) (the “Special Taxation Measures Act”) (a “Specially-Related Person of the Company”); or
(b) to or on behalf of a Securityholder or beneficial owner of a Security (A) who would be exempt from any such withholding or deduction but who fails to comply with any applicable requirement to provide certification, information, documents or other evidence concerning the its nationality, residence residence, identity or identity of the Holder or beneficial owner connection with Japan, including any requirement to provide Interest Recipient Information (as defined below) or to make any declaration submit a Written Application for Tax Exemption (as defined below) to the Company or similar claim a Paying Agent, as appropriate, or satisfy any other reporting requirement relating (B) whose Interest Recipient Information is not duly communicated through the Participant (as defined below) and the relevant International Clearing Organization to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation Paying Agent; or
(c) to or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence on behalf of a Holder Securityholder or beneficial owner of a Note Security who is for Japanese tax purposes treated as an individual resident of Japan or a Japanese corporation (except for (A) a Designated Financial Institution (as defined below) who complies with the requirement to provide Interest Recipient Information or to submit a Written Application for Tax Exemption and (B) an individual resident of Japan or a Japanese corporation who duly notifies (directly or through the Participant or otherwise) a Paying Agent of its status as not dealing at arm’s length (within being subject to Japanese Taxes to be withheld or deducted by the meaning of the Tax Act) with a Payor at the time Company, by reason of such paymentindividual resident of Japan or Japanese corporation receiving interest on the relevant Security through a payment handling agent in Japan appointed by it); or
(vd) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence to or on behalf of a Holder Securityholder or beneficial owner of a Note being, at any time, Security who presents a “specified non-resident shareholder” Security for payment (within the meaning of subsection 18(5where presentation is required) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within more than 30 days after the date Relevant Date (as defined below), except to the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing extent that such Securityholder or beneficial owner of a Security would have been entitled to such Additional Amounts on presenting the same for payment has been made or other evidence of on any date during such payment satisfactory to the Trustee.30-day period; or
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and to or on behalf of a Securityholder who is a fiduciary or partnership or is not the sole beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) payment of the Tax Act and section 803 of the Income Tax Regulations (Canada) principal of, or any successor provision) as interest on, any Security, and Japanese law requires the payment to be included for tax purposes in the income of a result of payments made under beneficiary or settlor with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom such fiduciary or with respect thereto, excluding any a member of such liability which arises as partnership or a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; providedin each case, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder who would not have been eligible entitled to receive payment of such Additional Amounts hereunder by virtue had it been the holder of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.Security; or
(f) In additionany combination of (a) through (e) above. Where a Security is held through a participant of a Clearing Organization or a financial intermediary (each, any amounts a “Participant”), in order to be paid receive payments free of withholding or deduction by the Company for, or on account of, Japanese Taxes, if the relevant beneficial owner of a Payor on the Notes will be paid net Security is (1) an individual non-resident of any deduction Japan or withholding imposed or required pursuant to Sections 1471 through 1474 a non-Japanese corporation that in either case is not a Specially-Related Person of the CodeCompany or (2) a Japanese financial institution (a “Designated Financial Institution”) falling under certain categories prescribed by Article 6, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) paragraph 9 of the CodeSpecial Taxation Measures Act and the cabinet order thereunder (Cabinet Order No. 43 of 1957), or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection as amended (together with the implementation of such Sections of ministerial ordinance and other regulations thereunder, the Code (“FATCA WithholdingAct”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described all in clause (iii) of Section 2.13(c) above, accordance with the Company and Act, such beneficial owner of a Security must, at the Trustee in providing any information or documentation that is required by applicable law or by time of entrusting a Participant with the taxing authority custody of the relevant Taxing Jurisdiction Security, provide certain information prescribed by the Act to enable the Participant to establish that such beneficial owner of a Security is exempted from the requirement for Japanese Taxes to be withheld or deducted (the “Interest Recipient Information”), and that advise the Participant if such beneficial owner of a Security ceases to be so exempted including the case where the relevant beneficial owner of the Security who is reasonably requested an individual non-resident of Japan or a non-Japanese corporation becomes a Specially-Related Person of the Company. Where a Security is not held by a Participant, in writing order to receive payments free of withholding or deduction by the Company for, or on account of, Japanese Taxes, if the Trustee to confirm the identity and/or tax status of such Holder and any affected relevant beneficial owner and to assist of a Security is (i) an individual non-resident of Japan or a non-Japanese corporation that in either case is not a Specially-Related Person of the Company or Trustee (ii) a Designated Financial Institution, all in determining accordance with the applicable withholding tax rate and the amount Act, such beneficial owner of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days a Security must, prior to each date on which any payment under or with respect it receives interest, submit to the Notes Company or a Paying Agent, as appropriate, a written application for tax exemption (hikazei tekiyo shinkokusho) (a “Written Application for Tax Exemption”) in the form obtainable from the Company or any Note Guarantee is due Paying Agent, as appropriate, stating, among other things, the name and payableaddress (and, if a Payor will be obligated to pay Additional Amounts with respect to such paymentapplicable, the Company will deliver to Japanese individual or corporation ID number) of such beneficial owner of a Security, the Trustee an Officer’s Certificate stating that such Additional Amounts will be title of the Securities, the relevant interest payment date, the amount of interest payable and the amounts so payablefact that such beneficial owner of a Security is qualified to submit the Written Application for Tax Exemption, together with documentary evidence regarding its identity and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deductedresidence.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 3 contracts
Samples: Senior Indenture (Mizuho Financial Group Inc), Subordinated Indenture (Mizuho Financial Group Inc), Senior Indenture (Mizuho Financial Group Inc)
Additional Amounts. (a) All payments made by the Company, the Guarantor or on the Company’s or the Guarantor’s behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes Bonds or the Guarantee (including deliveries of Guarantor Shares, Reference Property and payment of cash for any Note Guarantee will fractional share upon exchange) shall be made free and clear of, and without deduction or withholding for, or on account of, for any and all present or and future income, stamp and other withholding taxes, levies, imposts, duties, charges, fees, deductions or withholdings imposts and charges (hereinafter referred to as a “taxeswithholding tax”) now or hereafter imposed, levied, collected, withheld or assessed imposed by or on behalf for the account of the Cayman Islands, Switzerland or any other jurisdiction in which such Payor either the Company or the Guarantor is organized, a resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or taxing authority of such jurisdiction (the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the such withholding or deduction is required by law. If such deduction or withholding is required at any time required, the Company or the Guarantor, as applicable, will, to the fullest extent allowed by applicable law or (subject to compliance by the interpretation or administration thereof by the holder of a Bond with any relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notesadministrative requirements), the Payor will pay such additional amounts (the “Additional Amounts”) under the Bonds, including deliveries of Guarantor Shares, Reference Property and payment of cash for any fractional share upon exchange, in accordance with the terms of the Bonds and this Indenture, as may be necessary so that the net amounts received by each Holder (including Additional Amounts), paid to the holder or the Trustee after such deduction or withholding (including will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction attributable to deduction. However, neither the Company nor the Guarantor will pay Additional Amounts payable hereunder), shall not be less than in the amount the Holder would have received had no such deduction or withholding been required.following instances:
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes if any withholding tax would not be payable or due but for the fact that (1) the Holder (or a fiduciary, settlor, beneficiary of, member or shareholder of, the Holder, if the holder is an estate, trust, partnership or corporation), is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or being physically present in, the Taxing Jurisdiction or otherwise having some present or former connection with the Taxing Jurisdiction other than the holding or ownership of the Bond or the collection of principal amount, Tax Event Repurchase Price, Change of Control Event Repurchase Price, Listing Failure Event Repurchase Price or of any other amount payable under the Bonds, in accordance with the terms of the Bonds and this Indenture, or the enforcement of the Bonds or (2) where presentation is required, the Bond was presented more than 30 days after the date such payment became due or was provided for, whichever is later;
(ii) if any withholding tax would not have been imposed but for the existence of any present failure to comply with certification, information, documentation or former connection between other reporting requirements concerning the nationality, residence, identity or connections with the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue tax authority of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasingBond, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which compliance is required by law, statute or by regulation or administrative practice or applicable treaty as a precondition to relief or exemption from or reduction in such withholding tax;
(iii) if any withholding tax would not be payable but for a Tax Event and the rate Company has made a Tax Event Offer to Repurchase as contemplated by Article 15 of deduction or withholding of all or part of such taxes; this Indenture;
(iv) if any withholding tax under Part XIII is required to be made in respect of payments made to Holders resident in Switzerland (including any Holders who fail to provide required certification, documentation or other information establishing residence outside of Switzerland) pursuant to laws enacted by Switzerland providing for the taxation of payments according to principles similar to those laid down in the draft legislation of the Income Tax Act (Canada) (Swiss Federal Council of December 17, 2014, or otherwise changing the “Tax Act”) that Swiss federal withholding tax system from an issuer-based system to a paying agent-based system to which a person other than the issuer is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such required to withhold tax on any interest payment; or
(v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld above items. In addition to the relevant government authority in accordance with applicable law. The Payors will furnish to foregoing, the TrusteeCompany shall also pay and indemnify the Holder for any present or future stamp, within 30 days after the date the payment of any taxes is due pursuant to applicable lawstamp duty, certified copies of tax receipts evidencing that such payment has been made stamp duty reserve tax, issue, registration, transfer, court or other evidence of such payment satisfactory to the Trustee.
(e) The Payorsdocumentary taxes, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under other excise or with respect to the Notesproperty taxes, (y) any liability charges or similar levies (including penalties, interest, additions to tax Tax and reasonable expensesother liabilities related thereto) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes that are levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Tax Jurisdiction at any time in respect of on the execution, delivery, issuance, or registration or delivery of any of the NotesBonds, any Note the Guarantee, this Indenture or any other document or instrument referred to hereunder therein, or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on the receipt of any payments made pursuant to the Notes with respect to, or as a result enforcement of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentBonds.
(jb) If the Company or the Guarantor becomes aware that the Company or the Guarantor will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Bonds or the Guarantee, the Company shall deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company shall notify the Trustee promptly thereafter) notice stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The notice must also set forth any other information reasonably necessary to enable the Trustee to pay Additional Amounts to Holders of the Bonds on the relevant payment date. The Company shall provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. Neither the Trustee nor the Paying Agent shall at any time be under any duty or responsibility to any Holder of Bonds to determine Additional Amounts, or with respect to the nature, extent, or calculation of the amount of Additional Amounts owed, or with respect to the method employed in such calculation of Additional Amounts.
(c) The Company or the Guarantor, as appropriate, shall timely make all withholdings and deductions required by law and shall remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Company shall furnish to the Trustee (or to a Holder of the Bonds upon request), within a reasonable time after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Company or the Guarantor, as appropriate, or if receipts are not reasonably available, other evidence of payment reasonably satisfactory to the Trustee.
(d) Whenever in this Indenture there is mentioned, in any context, the delivery of Guarantor Shares or other Reference Property (together with payment of cash for any fractional shares), payment of amounts based upon the principal amount of the Bonds or of principal, interest, Tax Event Repurchase Price, Change of Control Event Repurchase Price, Listing Failure Event Repurchase Price or of any other amount payable under, or with respect to, any of the Bonds such mention shall be deemed to include the payment of Additional Amounts, if applicable.
(e) The obligations under this Section 2.13 will 4.11 shall survive any termination, defeasance termination or discharge of this the Indenture and will apply shall apply, mutatis mutandis mutandis, to any jurisdiction in which any successor Person to the Payor and to any jurisdiction in which such successor Company or the Guarantor is organized or is otherwise organized, resident or carrying on doing business for tax purposes or any jurisdiction from or through which payment is made by such successor Person or its respective agents.
(k) Whenever this Indenture refers topaying agent makes any payment on the Bonds and, in each case, any context, the payment of principal, premium, if any, interest department or any other amount payable under political subdivision thereof or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereoftherein.
Appears in 3 contracts
Samples: Indenture (Transocean Inc), Indenture (Transocean Ltd.), Indenture (Transocean Inc)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) Issuer under or with respect to the Notes Notes, or by or on behalf of any Note Guarantee Guarantor under or with respect to any Subsidiary Guarantee, will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, any and all present or future incometax, stamp and duty, levy, impost, assessment or other taxesgovernmental charge (hereinafter, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxesTaxes”) now imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which the Issuer or any such Payor Guarantor (each such Person, a “Payor”) is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor (or its agents) makes any payment on the Notes or any Subsidiary Guarantee, or any department or political subdivision or authority of the foregoing that has the power to tax thereof (each, a “Relevant Taxing Jurisdiction”), unless the deduction or withholding such Person is required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At thereof. If a Payor is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount of interest for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the NotesNotes or any Subsidiary Guarantee, the such Payor will pay such additional amounts of interest (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) However, notwithstanding the foregoing, deducted; provided that no Additional Amounts will be payable with respect to a Holder of payment made to a Note by any Payor with respect to: holder (an “Excluded Holder”):
(i) taxes which is subject to such Taxes by reason of any connection between such holder and the Relevant Taxing Jurisdiction other than the mere holding of Notes or the receipt of payments thereunder;
(ii) which failed to duly and timely comply with a timely request of the Issuer to provide information, documents, certification or other evidence concerning such holder’s nationality, residence, entitlement to treaty benefits, identity or connection with the Relevant Taxing Jurisdiction, if and to the extent that due and timely compliance with such request would have resulted in the reduction or elimination of any Taxes as to which Additional Amounts would have otherwise been payable to such holder of Notes but for this clause (ii);
(iii) which is a fiduciary, a partnership or not the beneficial owner of any payment on a Note, if and to the extent that, as a result of an applicable tax treaty, no Additional Amounts would have been imposed but for payable had the existence of any present or former connection between the relevant Holder beneficiary, partner or beneficial owner owned the Note directly (but only if there is no material cost or between a fiduciary, settlor, expense associated with transferring such Note to such beneficiary, partnerpartner or beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, member or shareholder of the relevant Holder partner or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation);
(iv) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled Taxes required to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation be withheld or deducted are imposed pursuant to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections sections 1471 through 1474 of the CodeUnited States Internal Revenue Code of 1986, as amended (and any amended or successor version that is substantially comparable), and any regulations or other official guidance thereunder or agreements (including any intergovernmental agreements or any laws, rules or practices implementing such intergovernmental agreements) entered into in connection therewith; or or
(viiiv) taxes arising from any combination of the foregoing clauses (i) through (vii)of this proviso.
(db) The Payors applicable Payor will (1a) make such any required withholding or deduction and (2b) remit the full amount deducted or withheld to the relevant government authority Relevant Taxing Jurisdiction in accordance with applicable law. The Payors Issuer will furnish to the Trusteeholders of the Notes, within 30 days after the date the payment of any taxes Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to by the Trusteeapplicable Payor.
(ec) The Payors, jointly and severally, Payors will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner holder (other than all Excluded Holders) for the amount of (xi) any taxes so Taxes not withheld or deducted by the Payors and levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) holder as a result of payments made under or with respect to the NotesNotes or the Subsidiary Guarantees, (yii) any liability (including penalties, interest, additions to tax interest and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (ziii) any taxes levied or Taxes imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through or (viiiii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such paymentsabove.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hd) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a any Payor is aware that it will be obligated to pay Additional Amounts with respect to such payment, the Company Issuer will deliver to the Trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders holders on the payment date net date. Whenever in this Indenture there is mentioned, in any context, the payment of principal (and premium, if any), interest or any taxes required other amount payable under or with respect to any Note, such mention shall be withheld deemed to include mention of the payment of Additional Amounts provided for in this section to the extent that, in such context, Additional Amounts are, were or deductedwould be payable in respect thereof.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(je) The obligations described under this Section 2.13 4.12 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 3 contracts
Samples: Trust Indenture (Columbia Care Inc.), Trust Indenture (Columbia Care Inc.), Trust Indenture
Additional Amounts. (a) All Any payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) Corporation under or with respect to the Notes or any Note Guarantee Debentures will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp and duty, levy, impost, assessment or other governmental charge, excluding, in respect of a Holder or Beneficial Holder, branch profits taxes, leviesfranchise taxes and taxes imposed on net income or capital (collectively, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing JurisdictionTaxes”), unless the deduction Corporation or withholding any other payor is required to withhold or deduct Taxes by applicable law Applicable Law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions Governmental Authority. If the Corporation or withholdings any other payor of taxes any amount under or in respect of the Debentures (including any amount paid in respect or proceeds of disposition of the Debenture to a Debentureholder) is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Debentures in respect of any such payment by the Corporation, the Corporation will make such withholding or deduction and will remit the full amount withheld or deducted to the relevant Governmental Authority as and when required by Applicable Law and the Corporation will pay to the Trustee or, in respect of any amount paid by any payor other than the Corporation of any amount under or in respect of the Notes, Debentures (including any amount paid in respect of proceeds of disposition of the Payor Debentures to a Debentureholder) will pay to each Debentureholder such additional amounts (the “Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the such Holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable with respect to any payment to a Holder (an “Excluded Holder”) in respect of a Note by any Payor with Beneficial Holder who is liable for such Taxes in respect toof such Debentures: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the such Holder or beneficial owner purchasing, holding or disposing of Beneficial Holder being a Person with whom the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of Corporation is not dealing at arm’s length for the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII purposes of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence at the time of a making such payment, (ii) by reason of the existence of any present or former connection between such Holder or beneficial owner Beneficial Holder and the jurisdiction imposing such Tax, other than, in either case, solely by reason of the Holder’s activity in connection with purchasing the Debentures, the mere holding, deemed holding, use or ownership of the Debentures, or receiving payments under or enforcing any rights in respect of such Debentures, (iii) by reason of such Holder or Beneficial Holder being a Note not dealing at arm’s length “specified shareholder” of the Corporation (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection Section 18(5) of the Tax Act) at the time of the Company orpayment or deemed payment, at any time, or by reason of such Holder or Beneficial Holder not dealing at arm’s length (within for the meaning purposes of the Tax Act) Act with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax ActCorporation at the time of payment or deemed payment; (iv) by reason of the Companyfailure of the Holder or Beneficial Holder of a Debenture to comply with certification, information or other reporting requirements if such compliance is required or imposed by a statute, treaty or regulation or administrative practice of the relevant Governmental Authority as a precondition to exemption from or reduction in all or part of such Taxes, deduction or withholding; or (viv) for any estate, inheritance, gift, sales, excise, use, personal property, transfer sales or any similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)Taxes.
(db) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 Within 90 days after the date the payment of any taxes Taxes is due pursuant to applicable lawApplicable Law, certified the Trustee will furnish to the Corporation copies of tax receipts receipts, if any, evidencing that such payment has been made or other evidence of such payment satisfactory to by the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hc) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Debentures is due and payable, if a Payor the Corporation to its knowledge will be obligated to pay Additional Amounts with respect to such payment, the Company Corporation will deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the date payment date net of any taxes required to be withheld or deductedis due.
(id) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or in any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor Debenture there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, principal (and premium, if any), a purchase price pursuant to an offer to purchase, interest or any other amount payable under or with respect to any Note or any Note GuaranteeDebenture, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(e) The Corporation will indemnify and hold harmless each Holder (other than an Excluded Holder) and upon written request reimburse each of the Holders for the amount of: (i) any Taxes so levied or imposed and paid by the Holder as a result of payments made under or with respect to the Debentures (including any amount paid by the Corporation in respect of proceeds of disposition of the Debenture to a Holder), and (ii) any Taxes levied or imposed and paid by the Holder with respect to reimbursement under (i) above, but excluding any Taxes on such Holder’s net income or capital.
(f) If the Corporation pays any indemnity or Additional Amounts under this Section 2.22 to a Holder and the Holder or Beneficial Holder at any time thereafter receives a refund in respect of Taxes or a credit with respect to payment of Taxes, then such Holder or Beneficial Holder shall promptly pay to the Corporation the amount of such refund or credit net of all out-of-pocket expenses reasonably incurred by the Holder or Beneficial Holder to obtain such refund or credit.
Appears in 3 contracts
Samples: Indenture (C21 Investments Inc.), Indenture (C21 Investments Inc.), Indenture
Additional Amounts. (a) All payments made of interest by or on behalf the Corporation in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee Initial Debentures will be made free and clear of, and without withholding or deduction or withholding for, for or on account of, of any and all present taxes or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings similar imposts (hereinafter referred to as “taxes”"Taxes") now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the Government of Canada or of any jurisdiction in which such Payor is organized, resident province or carrying on business for tax purposes territory thereof or from by any authority or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the agency therein having power to tax (each, a “"Taxing Jurisdiction”"), unless the such withholding or deduction or withholding is so required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At authority or agency. If any time a relevant Taxing Jurisdiction requires deductions such withholding or withholdings of taxes from any payment made under or in respect of the Notesdeduction is so required, the Payor Corporation will pay as additional interest such additional amounts (“"Additional Amounts”") as may be necessary so that will result in receipt by the net holders of Initial Debentures of such amounts as would have been received by each Holder (including Additional Amounts), after them had no such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, except that no Additional Amounts will be payable with respect to a Holder payment made to a holder of a Note by any Payor with Initial Debentures for or in respect to: of:
(i) taxes Taxes that would not have been imposed but for for:
(A) the existence holder or Beneficial Holder of any Initial Debentures being a resident, domicile or national of, or engaged in business or maintaining an establishment or other presence in, or otherwise having some present or former connection between with, the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the holder or Beneficial Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment business or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, merely holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding ownership of such taxes had such Notes been presented for payment Initial Debenture; or
(where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (aB) the due date for payment thereof, holder or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Beneficial Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length ('s length, within the meaning of the Tax Act) , with a Payor the Corporation at the time relevant time; or
(C) all or any portion of such payment; (vthe payment being deemed to be a dividend paid to the holder or Beneficial Holder pursuant to proposed subsection 214(16) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” amended or successor provision substantially similar thereto;
(within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (viii) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or similar taxTaxes; or
(viiiii) any tax Taxes, deduction or penalty arising from withholding imposed by reason of the Holder’s failure of the holder or Beneficial Holder of a Initial Debenture to properly comply with the Holder’s obligations certification, information or other reporting requirements if such compliance is required or imposed under Part XVIII by a statute, treaty or regulation or is in accordance with administrative practice of the Tax Act relevant Taxing Jurisdiction as a precondition to exemption from or the similar provisions reduction in all or part of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; such Taxes, deduction or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)withholding.
(db) The Payors If any such withholding or deduction is so required, the Corporation will (1i) make such withholding or deduction and (2ii) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(ec) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for Whenever in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that Indenture there is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, premium, if any, amounts based upon interest or any other amount payable under or with respect to any Note or any Note GuaranteeInitial Debenture, such reference shall mention will be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(d) If the Corporation fails to make any payment required by this Section 2.15, the Trustee shall in no circumstances be required to make any such payment.
Appears in 3 contracts
Samples: Convertible Debenture Indenture (Crailar Technologies Inc), Convertible Debenture Indenture (Crailar Technologies Inc), Convertible Debenture Indenture (Crailar Technologies Inc)
Additional Amounts. (a) All payments made by or on behalf of the Company or Issuer (including any Guarantor (each such person who pays or credits such amounts, a “Payor”successor entity) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, of and without withholding or deduction or withholding for, or on account of, any and all present or future incomeTaxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer or any other applicable withholding agent is required by law to withhold or deduct any amount for, stamp and other taxesor on account of, levies, imposts, duties, charges, fees, deductions any Taxes imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of (1) any jurisdiction (other than the United States) in which such Payor the Issuer is organizedor was incorporated, engaged in business, organized or resident or carrying on business for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction (other than the United States) from or through which payments are any payment is made by or on behalf of such Payor the Issuer (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision thereof or authority therein (each of the foregoing that has the power to tax (each1) and (2), a “Taxing Tax Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of any payments under or with respect to the Notes, including, without limitation, payments of principal, Redemption Price, purchase price, interest or premium, the Payor will Issuer shall pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder (including Additional Amounts), beneficial owner of the Notes after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder respective amounts that would have been received had no and retained in respect of such deduction payments in the absence of such withholding or withholding been required.
(c) Howeverdeduction; provided, notwithstanding the foregoinghowever, that no Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: :
(i1) taxes that any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, partnerpartner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial ownerHolder, if the relevant Holder or beneficial owner is an estate, trust, nominee, trustpartnership, partnership limited liability company or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder being or beneficial owner being having been a citizen or resident or national of, formed pursuant to the laws ofor incorporated, incorporated engaged in a trade or business in, being or having been physically present in or carrying on a business, having a permanent establishment in, the relevant Tax Jurisdiction or having a place of business in such jurisdiction)or having had any other present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely by reason of from the Holder acquisition, ownership or beneficial owner purchasing, holding or disposing disposition of the Notes; (ii) taxes imposed on, the exercise or enforcement of rights under such Note or the Indenture, or deducted or withheld from, the receipt of payments in respect of such Note;
(2) any Taxes, to the Notes if extent such payments could have been made without such imposition, deduction or withholding Taxes were imposed as a result of such taxes had such Notes been presented the presentation of a Note for payment (where presentation is required) within more than 30 days after the relevant date payment is first made available for payment to the Holder (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a had the Note for payment been presented on the last day of such 30-30 day period); for this purpose;
(3) any estate, inheritance, gift, sale, transfer, personal property or similar Taxes;
(4) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the “relevant date” in relation Notes;
(5) any Taxes to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on extent such date Taxes would not have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of but for the failure by of the Holder or beneficial owner of the Notes, following the Issuer’s reasonable written request addressed to the Holder at least 60 days before any such Note withholding or deduction would be imposed, to provide comply with any certification, informationidentification, documents information or other evidence concerning the nationalityreporting requirements, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Tax Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or part of such taxes; (iv) withholding tax under Part XIII beneficial owner of the Income Notes is not resident in the Tax Act Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally eligible to provide such certification or documentation;
(Canada6) any Taxes imposed in connection with a Note presented for payment (the “Tax Act”where presentation is permitted or required for payment) that is imposed as a consequence by or on behalf of a Holder or beneficial owner of a the Notes to the extent such Taxes could have been avoided by presenting the relevant Note not dealing at arm’s length to, or otherwise accepting payment from, another Paying Agent;
(within 7) any Taxes imposed on or with respect to any payment by the meaning Issuer to the Holder of the Tax Act) with Notes if such Holder is a Payor at fiduciary or partnership or any Person other than the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or sole beneficial owner of a Note being, at such payment to the extent that such Taxes would not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;
(8) any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure Taxes that are imposed pursuant to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections current Section 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”) or any amended or successor version that is substantively comparable and not materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices or procedures) implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above); or or
(viii9) taxes arising from any combination of the foregoing clauses (i1) through (vii8) above. In addition to the foregoing, the Issuer will also pay and indemnify the Holder for any present or future stamp, issue, registration, value added, court or documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and additions to tax related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, the Indenture or any other document referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes (limited, solely in the case of Taxes attributable to the receipt of any payments, to any such Taxes imposed in a Tax Jurisdiction that are not excluded under clauses (1) through (3) or (5) through (9) above or any combination thereof).
(db) If the Issuer becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Issuer will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer shall notify the Trustee in writing promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The Officer’s Certificates must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The Issuer will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely absolutely, and without liability to any Person therefor, on an Officer’s Certificate as conclusive proof that such payments are necessary.
(c) The Payors Issuer, if it is the applicable withholding agent, will make all withholdings and deductions (1within the time period) make such withholding or deduction required by law and (2) will remit the full amount deducted or withheld to the relevant government Tax authority in accordance with applicable lawApplicable Law. The Payors Issuer will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer will furnish to the TrusteeTrustee (or to a Holder upon request), within 30 60 days after the date the payment of any taxes Taxes so deducted or withheld is due pursuant to applicable lawmade, certified copies of tax Tax receipts evidencing that payment by the Issuer, or if, notwithstanding the Issuer’s efforts to obtain such payment has been made or receipts, Tax receipts are not obtained, other evidence of such payment satisfactory to by the TrusteeIssuer of any Taxes so deducted or withheld.
(ed) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for Whenever in the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any this Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note or any Note Guaranteeof the Notes, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(e) The preceding obligations will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction (other than the United States) in which any successor Person to the Issuer is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction (other than the United States) from or through which payment is made under or with respect to the Notes by or on behalf of such Person and, in each case, any political subdivision thereof or therein.
Appears in 3 contracts
Samples: Indenture (Royal Caribbean Cruises LTD), Indenture (Royal Caribbean Cruises LTD), Indenture (Royal Caribbean Cruises LTD)
Additional Amounts. (a) All payments made by or on behalf of that the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) Issuer makes under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other taxessimilar liabilities related thereto) of whatever nature (collectively, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxesTaxes”) now imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor the Issuer or any Guarantor is organized, organized or is a resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has makes any payment on the power to tax Notes or any Guarantee or by or within any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless the deduction Issuer or withholding such Guarantor, as the case may be, is required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by of law. If the relevant governmental authority.
(b) At Issuer or a Guarantor is required to withhold or deduct any time amount for or on account of Taxes of a relevant Relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in with respect of to the Notes, the Payor will Issuer or the Guarantor, as the case may be, shall pay such additional amounts in cash (“Additional Amounts”) as may be necessary so to ensure that the net amounts amount received by each Holder (including Additional Amounts), after such withholding or deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall ) will not be less than the amount the Holder would have received if such Taxes had no such deduction not been withheld or withholding been requireddeducted.
(cb) However, notwithstanding Notwithstanding the foregoing, each of the Issuer and the Guarantors shall pay no Additional Amounts will be payable to a Holder or beneficial owner of a Note by any Payor with respect to: Note:
(i) taxes that to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the existence of any Holder’s or beneficial owner’s present or former connection between with the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Relevant Taxing Jurisdiction (includingother than a connection arising by reason of the acquisition, without limitationownership, holding or disposition of Notes or by virtue reason of the receipt of payments thereunder or under any Guarantee or the exercise or enforcement of rights under any Notes or this Indenture or under any Guarantee);
(ii) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner being a citizen or resident ofof Notes, formed pursuant following the Issuer’s written request addressed to the laws ofHolder, incorporated in or carrying on a business, having a permanent establishment or having a place of business in to the extent such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been legally entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purposedo so, the “relevant date” in relation to comply with any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, informationidentification, documents information or other evidence concerning the nationalityreporting requirements, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Relevant Taxing Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all or part of such taxes; of, Taxes imposed by the Relevant Taxing Jurisdiction (iv) withholding tax under Part XIII of including, without limitation, a certification that the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note is not dealing at arm’s length resident in the Relevant Taxing Jurisdiction);
(within the meaning of the Tax Actiii) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) respect to any estate, inheritance, gift, sales, excise, use, personal property, transfer or personal property tax or any similar taxTaxes;
(iv) if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment and the Taxes giving rise to such Additional Amounts would not have been imposed on such payment had such Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Note (but only if there is no material cost or expense associated with transferring such Note to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or sole beneficial owner);
(v) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the presentation by the Holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for whichever occurs later;
(vi) with respect to any withholding or deduction that is imposed on a payment to an individual and that is required to be made pursuant to the European Council Directive on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003 or any law implementing or complying with, or introduced in order to conform to such directive (the “EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the Swiss Confederation dated October 26, 2004 providing for measures equivalent to those laid down in the EU Savings Tax Directive (the “EU-Swiss Savings Tax Agreement”) or any law or other governmental regulation implementing or complying with, or introduced in order to conform to, such agreement; and
(vii) any tax or penalty arising from the Holder’s failure with respect to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)items listed above.
(dc) The Payors will (1) Issuer and the Guarantors shall also make such withholding or deduction of Taxes required by applicable law and (2) remit the full amount of Taxes so deducted or withheld to the relevant government authority Taxing Authority in accordance with all applicable lawlaws. The Payors will furnish Issuer and the Guarantors shall make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Issuer and the Guarantors shall provide to the Trustee, within 30 days a reasonable time after the date the payment of any taxes Taxes so deducted or withheld is due pursuant to applicable law, either a certified copies copy of tax receipts evidencing such payment, or, if such tax receipts are not reasonably available to the Issuer or such Guarantor, such other documentation that such payment has been made or other provides reasonable evidence of such payment satisfactory to by the TrusteeIssuer or such Guarantor.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hd) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuer or any Guarantor shall be obligated to pay Additional Amounts with respect to such paymentpayment (unless such obligation to pay Additional Amounts arises after the 30th day prior to the date on which payment under or with respect to the Notes is due and payable, in which case it will be promptly thereafter), the Company will Issuer or such Guarantor shall deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, payable and will set setting forth such other information as is necessary to enable the Trustee to pay such Additional Amounts to the Holders on the payment date net of any taxes required date. The Issuer shall promptly publish a notice in accordance with Section 13.02 stating that such Additional Amounts will be payable and describing its obligations to be withheld or deducted.
(i) pay such amounts. In addition, the Payor will Issuer or any Guarantor, as the case may be, shall pay (i) any present or future stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, interest and penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuanceissue, registration or delivery of the Notes, Notes or any Note Guarantee, this Indenture Guarantee or any other document or instrument referred to hereunder or thereunder and (ii) any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or jurisdiction as a result of, or in connection with, the enforcement of the Notes, Notes or any Note Guarantee and/or any other such document or instrument.
(je) The obligations under this Section 2.13 will foregoing provisions shall survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor any Surviving Entity (as defined in Section 5.01(b)(i)) is organized or is otherwise resident or carrying on business for tax purposes or any political subdivision or taxing authority or agency thereof or therein or any jurisdiction from or through which payment is made by such successor or its respective agentsSurviving Entity.
(kf) Whenever this Indenture refers or the Notes refer to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note GuaranteeNote, such reference shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13hereunder, to the extent that, that in such context, context Additional Amounts or indemnification payments are, were or would be payable in respect thereofthereof pursuant to this Section 4.12.
(g) The Issuer and the Guarantors, jointly and severally, shall indemnify and hold harmless the Holders, and, upon written request of any Holder, reimburse such Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder in connection with payments made under or with respect to the Notes held by such Holder or any Guarantees; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder after such reimbursement shall not be less than the net amount such Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed, provided, however, that the indemnification obligation provided for in this paragraph (g) shall not extend to Taxes imposed for which the eligible Holder of the Notes would not have been eligible to receive payment of Additional Amounts hereunder or to the extent such Holder received Additional Amounts with respect to such payments.
Appears in 3 contracts
Samples: Indenture (Digicel Group LTD), Indenture (Digicel Group LTD), Indenture (Digicel Group LTD)
Additional Amounts. (a) All payments made by or on behalf of the Company or Issuer (including any Guarantor (each such person who pays or credits such amounts, a “Payor”successor entity) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, of and without withholding or deduction or withholding for, or on account of, any and all present or future incomeTaxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer or any other applicable withholding agent is required by law to withhold or deduct any amount for, stamp and other taxesor on account of, levies, imposts, duties, charges, fees, deductions any Taxes imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of (1) any jurisdiction (other than the United States) in which such Payor the Issuer is organizedor was incorporated, engaged in business, organized or resident or carrying on business for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction (other than the United States) from or through which payments are any payment is made by or on behalf of such Payor the Issuer (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision thereof or authority therein (each of the foregoing that has the power to tax (each1) and (2), a “Taxing Tax Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of any payments under or with respect to the Notes, including, without limitation, payments of principal, Redemption Price, purchase price, interest or premium, the Payor will Issuer shall pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder (including Additional Amounts), beneficial owner of the Notes after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than will equal the amount the Holder respective amounts that would have been received had no and retained in respect of such deduction payments in the absence of such withholding or withholding been required.
(c) Howeverdeduction; provided, notwithstanding the foregoinghowever, that no Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: :
(i) taxes that any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, partnerpartner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial ownerHolder, if the relevant Holder or beneficial owner is an estate, trust, nominee, trustpartnership, partnership limited liability company or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder being or beneficial owner being having been a citizen or resident or national of, formed pursuant to the laws ofor incorporated, incorporated engaged in a trade or business in, being or having been physically present in or carrying on a business, having a permanent establishment in, the relevant Tax Jurisdiction or having a place of business in such jurisdiction)or having had any other present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely by reason of from the Holder acquisition, ownership or beneficial owner purchasing, holding or disposing disposition of the Notes; (ii) taxes imposed on, the exercise or enforcement of rights under such Note or this Indenture, or deducted or withheld from, the receipt of payments in respect of such Note;
(ii) any Taxes, to the Notes if extent such payments could have been made without such imposition, deduction or withholding Taxes were imposed as a result of such taxes had such Notes been presented the presentation of a Note for payment (where presentation is required) within more than 30 days after the relevant date payment is first made available for payment to the Holder (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a had the Note for payment been presented on the last day of such 30-30 day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; ;
(iii) taxes any estate, inheritance, gift, sale, transfer, personal property or similar Taxes;
(iv) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes;
(v) any Taxes to the extent such Taxes would not have been imposed or withheld by reason of but for the failure by of the Holder or beneficial owner of the Notes, following the Issuer’s reasonable written request addressed to the Holder at least 60 days before any such Note withholding or deduction would be imposed, to provide comply with any certification, informationidentification, documents information or other evidence concerning the nationalityreporting requirements, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Tax Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or part of such taxes; (iv) withholding tax under Part XIII beneficial owner of the Income Notes is not resident in the Tax Act Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally eligible to provide such certification or documentation;
(Canadavi) any Taxes imposed in connection with a Note presented for payment (the “Tax Act”where presentation is permitted or required for payment) that is imposed as a consequence by or on behalf of a Holder or beneficial owner of a the Notes to the extent such Taxes could have been avoided by presenting the relevant Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder to, or beneficial owner of a Note beingotherwise accepting payment from, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; another Paying Agent;
(vii) any tax Taxes imposed on or penalty arising from with respect to any payment by the Holder’s failure Issuer to properly comply with the Holder’s obligations imposed under Part XVIII Holder of the Tax Act Notes if such Holder is a fiduciary or partnership or any Person other than the similar provisions sole beneficial owner of legislation such payment to the extent that such Taxes would not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;
(viii) any other jurisdiction Taxes that has entered into an agreement with the United States of America are imposed pursuant to provide for the implementation of reporting in that jurisdiction in compliance with Sections current Section 1471 through 1474 of the CodeCode or any amended or successor version that is substantively comparable and not materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices or procedures) implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above); or or
(viiiix) taxes arising from any combination of the foregoing clauses (i) through (viiviii) above. In addition to the foregoing, the Issuer shall also pay and indemnify the Holder for any present or future stamp, issue, registration, value added, court or documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and additions to tax related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture or any other document referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes (limited, solely in the case of Taxes attributable to the receipt of any payments, to any such Taxes imposed in a Tax Jurisdiction that are not excluded under clauses (i) through (iii) or (v) through (ix) above or any combination thereof).
(db) If the Issuer becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Issuer shall deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer shall notify the Trustee in writing promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The Officer’s Certificates must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The Issuer will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of such Additional Amounts. The Trustee shall be entitled to rely absolutely, and without liability to any Person therefor, on an Officer’s Certificate as conclusive proof that such payments are necessary.
(c) The Payors will Issuer, if it is the applicable withholding agent, shall make all withholdings and deductions (1within the time period) make such withholding or deduction required by law and (2) shall remit the full amount deducted or withheld to the relevant government Tax authority in accordance with applicable lawApplicable Law. The Payors will Issuer shall use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer shall furnish to the TrusteeTrustee (or to a Holder of the Notes upon request), within 30 60 days after the date the payment of any taxes Taxes so deducted or withheld is due pursuant to applicable lawmade, certified copies of tax Tax receipts evidencing that payment by the Issuer, or if, notwithstanding the Issuer’s efforts to obtain such payment has been made or receipts, Tax receipts are not obtained, other evidence of such payment satisfactory to by the TrusteeIssuer of any Taxes so deducted or withheld.
(ed) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for Whenever in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note or any Note Guaranteeof the Notes, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(e) This Section 4.09 shall survive any termination, defeasance or discharge of this Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction (other than the United States) in which any successor Person to the Issuer is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction (other than the United States) from or through which payment is made under or with respect to the Notes by or on behalf of such Person and, in each case, any political subdivision thereof or therein.
Appears in 3 contracts
Samples: Indenture (Royal Caribbean Cruises LTD), Indenture (Royal Caribbean Cruises LTD), Indenture (Royal Caribbean Cruises LTD)
Additional Amounts. (a) All payments made by the Company, the Guarantors or on behalf a successor of the Company or any Guarantor either of them (each such person who pays or credits such amounts, a “Payor”) under on the Senior Notes in respect of interest or with respect to the Notes or any Note Guarantee will principal shall be made free and clear without withholding or deduction for, or on account of, and without any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of of:
(1) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are payment on the Senior Notes or the applicable Guarantee is made by in respect of interest or on behalf of such Payor principal, or any political subdivision or governmental authority of thereof or therein having the foregoing that has power to tax; or
(2) any other jurisdiction in which a Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (eacheach of clauses (1) and (2), a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required from any payment payments made under or with respect to the Senior Notes in respect of the Notesinterest or principal, the Payor will shall pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder beneficial owner of the Senior Notes or the Guarantee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), after equal the amounts which would have been received in respect of such deduction or withholding (including payments in the absence of such withholding or deduction attributable to deduction; provided, however, that no such Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(i1) taxes any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member member, shareholder or shareholder other holder of equity interests of, or possessor of power over the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership partnership, limited liability company, corporation or corporationother entity) and any the Relevant Taxing Jurisdiction (including, without limitation, by virtue of including the Holder or beneficial owner being a citizen or resident or national of, formed pursuant to the laws of, incorporated in or carrying on a business, having business or maintaining a permanent establishment in, or having a place of business in such jurisdiction)being physically present in, the Relevant Taxing Jurisdiction) other than solely by reason the mere ownership or holding of such note or enforcement of rights thereunder or under the Holder Guarantee or beneficial owner purchasing, holding or disposing the receipt of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect thereof;
(2) any Taxes that would not have been so imposed if the beneficial owner had made a declaration of non-residence or any other claim or filing for exemption to which it is entitled (provided that (x) such declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Notes if Relevant Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold such payments could have Taxes and (y) at least 30 days prior to the first payment date with respect to which such declaration of non-residence or other claim or filing for exemption is required under the applicable law of the Relevant Taxing Jurisdiction, the relevant beneficial owner at that time has been notified by the Payor or any other person through whom payment may be made without such imposition, deduction that a declaration of non-residence or withholding of such taxes had such Notes been other claim or filing for exemption is required to be made);
(3) any note presented for payment (where presentation is required) within more than 30 days after the relevant date payment is first made available for payment to the beneficial owner (except to the extent that the Holder thereof beneficial owner would have been entitled to such Additional Amounts on presenting a Note for payment on had the last day of note been presented during such 30-30 day period); for this purpose;
(4) any Taxes that are payable otherwise than by withholding from a payment of the principal of, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereofpremium, if any, or interest, on the Senior Notes or under the Guarantee;
(b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi5) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; , assessment or other governmental charge;
(vii6) any tax withholding or penalty arising from deduction imposed on a payment to an individual that is required to be made pursuant to European Council Directive 2003/48/ EC on the Holder’s failure to properly comply with taxation of savings or any other directive implementing the Holder’s obligations imposed under Part XVIII conclusions of the Tax Act ECOFIN Council meeting of 26-27 November, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive;
(7) any Taxes which could have been avoided by the similar provisions presentation (where presentation is required) of legislation the relevant note to another Paying Agent in a member state of the European Union; or
(8) any other jurisdiction that has entered into withholding or deduction required pursuant to an agreement with the United States of America to provide for the implementation of reporting described in that jurisdiction in compliance with Sections 1471 through 1474 Section 1471(b) of the Code; , or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or otherwise imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or agreements thereunder, any official interpretations thereof, or (without prejudice to any agreement entered into pursuant to Section 1471(b) of the Codeforegoing) any law implementing an intergovernmental approach thereto. Such Additional Amounts shall also not be payable where, had the beneficial owner of the note been the Holder of the note, it would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (8) inclusive above. The Payor shall (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor shall use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any fiscal Taxes so deducted or regulatory legislation, rules or practices adopted pursuant withheld from each Relevant Taxing Jurisdiction imposing such Taxes and shall provide such certified copies to any intergovernmental agreement entered into each Holder. The Payor shall attach to each certified copy a certificate stating (x) that the amount of withholding Taxes evidenced by the certified copy was paid in connection with the implementation of such Sections payments in respect of the Code principal amount of Senior Notes then outstanding and (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(gy) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) such withholding Taxes paid per $1,000 principal amount of the Senior Notes. Copies of such documentation shall be available for inspection during ordinary business hours at the office of the Trustee by the Holders of the Senior Notes upon request and shall be made available at the offices of the Paying Agent. At least 30 calendar days prior to each date on which any payment under or with respect to the Senior Notes or any Note the Guarantee is due and payablepayable (unless such obligation to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter), if a the Payor will shall be obligated to pay Additional Amounts with respect to such payment, the Company will Payor shall deliver to the Trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will shall be payable and payable, the amounts so payable, payable and will shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net date. Each such Officer’s Certificate shall be relied upon until receipt of a further Officers’ Certificate addressing such matters. If the Payor conducts business in any jurisdiction (an “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction and, as a result, is required by the law of such Additional Taxing Jurisdiction to deduct or withhold any amount on account of taxes imposed by such Additional Taxing Jurisdiction from payments under the Senior Notes or the Guarantee, as the case may be, which would not have been required to be so deducted or withheld or deducted.
(i) In additionbut for such conduct of business in such Additional Taxing Jurisdiction, the Payor will pay any stamp, issue, registration, court, documentation, excise Additional Amounts provision described above shall be considered to apply to such Holders or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, beneficial owners as if references in such provision to “Taxes” included taxes imposed by way of deduction or withholding by any such Additional Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture (or any other document political subdivision thereof or instrument referred to hereunder or thereunder and any such taxestaxing authority therein). Wherever in the Indenture, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Senior Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tothere are mentioned, in any context, :
(1) the payment of principal,
(2) purchase prices in connection with a purchase of Senior Notes,
(3) interest, premium, if any, interest or or
(4) any other amount payable under on or with respect to any Note the Senior Notes or any Note the Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in under this Section 2.13, section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. The Payor shall pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar levies which arise in any jurisdiction from the execution, delivery or registration of any Senior Notes or any other document or instrument referred to therein (other than a transfer of the Senior Notes), or the receipt of any payments with respect to the Senior Notes or the Guarantee, excluding any such taxes, charges’ or similar levies imposed by any jurisdiction other than the jurisdiction in which a Paying Agent is located, other than those resulting from, or required to be paid in connection with, the enforcement of the Senior Notes, the Guarantee or any other such document or instrument following the occurrence of any Event of Default with respect to the Senior Notes. The foregoing obligations shall survive any termination, defeasance or discharge of the Indenture and shall apply mutatis mutandis to any jurisdiction in which any successor to a Payor is organized or any political subdivision or taxing authority or agency thereof or therein.
Appears in 3 contracts
Samples: Second Supplemental Indenture (Ingersoll-Rand PLC), First Supplemental Indenture (Ingersoll-Rand PLC), Third Supplemental Indenture (Ingersoll-Rand PLC)
Additional Amounts. (a) All payments made by or on behalf in respect of the Company or Notes (including any Guarantor (each such person who pays or credits such amounts, payments made pursuant to a “Payor”Note Guarantee) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, of and without any withholding or deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”)Taxes, unless the withholding or deduction or withholding of such Taxes is required by applicable law or by the interpretation or administration thereof thereof. If the applicable withholding agent is so required by the relevant governmental authority.
(b) At any time a relevant law of any Taxing Jurisdiction requires deductions to withhold or withholdings deduct any Taxes from or in respect of taxes from any payment made under or sum payable in respect of the Notes, the Payor Issuer or the applicable Guarantor, as the case may be, will (1) pay such additional amounts (“Additional Amounts”) as may be necessary so in order that the net amounts received receivable by each Holder Holders (including Additional Amounts), or beneficial owners) of any Notes after such deduction or withholding (including withholding or deduction attributable to (including any withholding or deduction in respect of such payment of Additional Amounts payable hereunder), shall not be less than Amounts) equals the amount the Holder respective amounts which would have received had been receivable by such Holders (or beneficial owners) in the absence of such withholding or deduction, (2) make such withholding or deduction, and (3) pay the full amount withheld or deducted to the relevant tax or other authority in accordance with applicable law, except that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder in respect of a Note by any Payor with respect to: Note:
(i) taxes to the extent that would not have been such Taxes are imposed but for or levied by reason of such Holder (or the existence of any present or former beneficial owner) having some connection between with the relevant Holder Taxing Jurisdiction other than the mere holding (or beneficial owner (ownership) of such Note or between a fiduciary, settlor, beneficiary, partner, member or shareholder receiving payments in respect of the relevant Holder Note (including any payments made pursuant to a Note Guarantee) or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction enforcing its rights thereunder (including, without limitationbut not limited to: citizenship, by virtue nationality, residence, domicile, or existence of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having permanent establishment, a permanent establishment or having dependent agent, a place of business or a place of management present or deemed present in such jurisdictionthe Taxing Jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; ;
(ii) taxes to the extent that any Tax is imposed on, other than by deduction or deducted or withheld from, withholding from payments in respect of the Notes if such (including any payments could made pursuant to a Note Guarantee);
(iii) in respect of any Taxes that would not have been made so deducted or withheld but for the failure by the Holder (or beneficial owner) to comply with any certification, identification or other reporting requirement concerning such Holder’s (or beneficial owner’s) nationality, residence, identity or connection with the Taxing Jurisdiction if (1) compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all or part of the Taxes, (2) the Holder (or beneficial owner) is able to comply with these requirements without undue hardship and (3) the Issuer has given the Holders (or beneficial owners) at least 30 calendar days prior notice that they will be required to comply with such imposition, deduction or withholding of such taxes had such Notes been presented for payment requirement;
(iv) in the event that the Holder fails to surrender (where presentation surrender is required) its Note for payment within 30 days after the relevant date (except to the extent Issuer has made available a payment of principal or interest; provided that the Issuer shall pay Additional Amounts to which a Holder thereof (or beneficial owner) would have been entitled to such Additional Amounts on presenting a had the Note for payment been surrendered on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; ;
(v) any withholding tax under Part XIII of to the Tax Act extent that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any such Taxes are estate, inheritance, gift, salespersonal property, excise, usetransfer, personal propertyuse or sales or any similar Taxes;
(vi) where such Taxes are imposed on or in respect of any Note pursuant to sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986, transfer as amended (the “Code”), any successor law or similar tax; regulation implementing or complying with, or introduced in order to conform to, such sections (to the extent each successor law or regulation is not materially more onerous than such sections as enacted on such date) or any intergovernmental agreement or any agreement entered into pursuant to section 1471(b)(1) of the Code;
(vii) any tax to the extent that such Taxes are imposed or penalty arising from the Holder’s failure to properly comply withheld in connection with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation presentation of any other jurisdiction that has entered into an agreement with note for payment by or on behalf of a holder or beneficial owner of such notes who would have been able to avoid such Taxes by presenting the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Coderelevant note to, or accepting payment from, another Paying Agent; or or
(viii) taxes arising from any combination of the foregoing clauses items (i) through (vii)) above;
(b) No Additional Amounts will be paid to a Holder that is a fiduciary or a partnership or not the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or such beneficial owner would not have been entitled to receive the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder.
(c) All references in this Indenture to principal, premium, if any, and interest on the Notes shall include any Additional Amounts payable by the Issuer or the Guarantors, as the case may be, in respect of such principal, premium, if any, and interest.
(d) The Payors will (1) make such withholding or deduction and (2) remit Issuer shall promptly provide the full amount deducted or withheld to Trustee with a copy of the official acknowledgment of the relevant government authority in accordance with applicable law. The Payors will furnish to the TrusteeTaxing Jurisdiction (or, within 30 days after the date if such acknowledgment is not available, other reasonable documentation) evidencing the payment of any taxes is due pursuant to applicable law, certified copies Taxes withheld or deducted from a payment in respect of tax receipts evidencing that such payment has been made the Notes by or other evidence on behalf of the Issuer or a Guarantor. Copies of such payment satisfactory documentation will be made available to the TrusteeHolders (or beneficial owners) of the Notes or the Paying Agent, as applicable, upon written request therefor.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) Issuer shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise documentary or other similar taxes, charges taxes and duties, including any interest, penalties interest and any similar liabilities with respect theretopenalties, imposed by any a Taxing Jurisdiction at any time in respect of the executioncreation, issuanceissue, delivery, registration and offering of the Notes or delivery the execution of the Notes, any the Note GuaranteeGuarantees, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such related document or instrument.
(j) . The obligations under this Section 2.13 will survive Issuer shall also pay and indemnify the Trustee, the Holders and beneficial owners, and the Paying Agent from and against all court taxes or other taxes and duties, including interest and penalties, paid by any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to them in any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or connection with any jurisdiction from or through which payment is made action permitted to be taken by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any contextthe Trustee, the payment of principalHolders and beneficial owners, premium, if any, interest or any other amount payable the Paying Agent to enforce the Issuer’s obligations under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofNotes.
Appears in 3 contracts
Samples: Indenture (Auna S.A.), Indenture (Auna S.A.), Indenture (Auna S.A.A.)
Additional Amounts. All amounts payable (awhether in respect of principal, interest or otherwise) All payments in respect of the Notes will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Company Cayman Islands or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Bermuda or any political subdivision thereof or any authority of the foregoing that has the or agency therein or thereof having power to tax (each, a “Taxing Jurisdiction”)tax, unless the withholding or deduction of such taxes, duties, levies, assessments or withholding governmental charges is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor Company will pay pay, or cause to be paid, such additional amounts (“Additional Amounts”) as may be necessary so in order that the net amounts received receivable by each a Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), (including any withholding or deduction on such payment of additional amounts) shall not be less than equal the amount the Holder respective amounts that would have received been receivable by such Holder had no such withholding or deduction or withholding been required.
required (c) However"ADDITIONAL AMOUNTS"), notwithstanding the foregoing, except that no such Additional Amounts will shall be payable in relation to any payment in respect of any of the Notes (a) to, or to a Holder third party on behalf of, a Person who would be able to avoid such withholding or deduction by complying with such Person's statutory requirements or by making a declaration of a non-residence or similar claim for exemption but, in either case, fails to do so, or is liable for such taxes, duties, levies, assessments or governmental charges in respect of such Note by any Payor reason of his having some connection with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws ofbeing incorporated or engaged in a trade or business in, incorporated in or carrying on a business, having a permanent establishment or having a residence or principal place of business in such jurisdiction)or other presence in) the Cayman Islands or Bermuda, as the case may be, other than solely by reason (i) the mere holding of the Holder such Note or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed onthe receipt of principal, interest, or deducted or withheld from, payments other amount in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been Note; (b) presented for payment (where presentation is required) within more than 30 days after the relevant date (Relevant Date, except to the extent that the relevant Holder thereof would have been entitled to such Additional Amounts on presenting a Note the same for payment on or before the last day expiry of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture30 days; (iiic) taxes imposed or withheld by reason on account of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, useestate, personal property, sales or transfer or similar tax; (vii) any tax taxes, duties, levies, assessments or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Codegovernmental charges; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make on account of any taxes, duties, levies, assessments or governmental charges that are payable otherwise than by withholding from payments in respect of such withholding Note. If the Company becomes subject generally at any time to any taxing jurisdiction other than or deduction and (2) remit the full amount deducted or withheld in addition to the relevant government authority Cayman Islands and Bermuda, references in accordance with applicable law. The Payors will furnish this section to the Trustee, within 30 days after the date the payment of any taxes is due pursuant Cayman Islands and Bermuda shall be read and construed as references to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory jurisdiction(s) and/or to the Trustee.
(e) The PayorsCayman Islands and Bermuda. Any reference in the Indenture to principal, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner premium or interest in respect of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penaltiesredemption amount and any other amounts in the nature of principal, interestshall be deemed also to refer to any Additional Amounts that may be payable under the Indenture, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result the express mention of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (iif applicable) through (viii) of Section 2.13(c) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. Except as otherwise provided in or pursuant to the Indenture, if the Payor had been required to withhold from such payments or to Notes require the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount payment of Additional Amounts payable in respect thereof.
(h) At Amounts, at least 30 calendar days prior to each date on which any payment payments under or with respect to the Notes or any Note Guarantee is are due and payable, if a Payor will be obligated payable (unless such obligation to pay Additional Amounts with respect arises shortly before or after the 30th day prior to such paymentdate, in which case it shall be promptly thereafter) the Company, or its designee shall furnish to the Trustee, the Company will deliver to Registrar and the Trustee Paying Agent an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable, and will set forth such any other information necessary to enable the Trustee or such Paying Agent to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor date. The Company will pay any present or future stamp, issuecourt or documentary taxes, registration, court, documentation, or any other excise or other similar property taxes, charges and duties, including or similar levies which arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuance, delivery or registration or delivery of the Notes, any Note Guarantee, this Indenture Notes or any other document or instrument referred to hereunder therein (other than a transfer of the Notes), or thereunder and the receipt of any payments with respect to the Notes, excluding any such taxes, charges or duties similar levies imposed by any jurisdiction outside the Cayman Islands or Bermuda in which a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result ofPaying Agent is located, other than those resulting from, or required to be paid in connection with, the enforcement of the Notes, any Note Guarantee and/or the Indenture or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive instrument following the occurrence of any termination, defeasance or discharge Event of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or Default with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofNotes.
Appears in 3 contracts
Samples: First Supplemental Indenture (Xl Capital LTD), Third Supplemental Indenture (Xl Capital LTD), Third Supplemental Indenture (Xl Capital LTD)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) of the Guarantors under or with respect to the Notes (whether or not in the form of Definitive Registered Notes) or any Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, and without any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of (i) any jurisdiction in which such Payor the Company or any Guarantor (including any successor entity), is organizedthen incorporated, engaged in business, organized or resident or carrying on business for tax purposes or any political subdivision or governmental authority thereof or therein or (ii) any jurisdiction from or through which payments are payment is made by or on behalf of such Payor the Company or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision or governmental authority thereof or therein (each of the foregoing that has the power to tax (eachi) and (ii), a “Taxing Tax Jurisdiction”), unless will at any time be required to be made from any payments under or with respect to the deduction Notes or withholding is required by applicable law any Note Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or by premium, the interpretation Company or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions Guarantor or withholdings of taxes from any payment made under or in respect of the Notesother payor, the Payor as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder or beneficial owner of Notes (including Additional Amounts), ) after such withholding, deduction or withholding (including imposition will equal the respective amounts that would have been received and retained in respect of such payments in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) Howeverhowever, notwithstanding the foregoing, that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, partnerpartner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial ownerHolder, if the relevant Holder or beneficial owner is an estate, trust, nominee, trustpartnership, partnership limited liability company or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws or national of, incorporated in or carrying on a business, having a permanent establishment the relevant Tax Jurisdiction in which such Taxes are imposed or having a place of business in such jurisdiction), any other present or former connection with the relevant Tax Jurisdiction other than solely by reason the acquisition or holding of such Notes, the Holder exercise or beneficial owner purchasing, holding enforcement of rights under such Note or disposing the Indenture or under a Note Guarantee or the receipt of the Notespayments in respect of such Note or a Note Guarantee; (ii) taxes any Taxes, to the extent such Taxes were imposed onas a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period); (iii) any estate, inheritance, gift, sale, transfer, personal property or similar Taxes; (iv) any Taxes withheld, deducted or imposed on a payment to an individual and that are required to be made pursuant to European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings income, or deducted any law implementing or withheld fromcomplying with or introduced in order to conform to, payments in respect such directive; (v) any Taxes imposed as result of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been any Note presented for payment (where presentation is required) within 30 days after by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the relevant date Note to another Paying Agent in a member state of the European Union; (except vi) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Note Guarantee; (vii) any Taxes to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes Taxes are imposed or withheld by reason of the failure by of the Holder or beneficial owner of such Note Notes, following the Company’s reasonable written request addressed to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner at least 60 days before any such withholding or deduction would be payable to make the Holder or beneficial owner, to comply with any declaration certification, identification, information or similar claim or satisfy any other reporting requirement relating to such mattersrequirements, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Tax Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or part of beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally entitled to provide such taxescertification or documentation; (ivviii) withholding tax under Part XIII any Taxes imposed or withheld by reason of the Income Tax Act (Canada) (failure of the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure Notes to properly comply with the Holder’s obligations imposed under Part XVIII requirements of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code; or (viii) taxes arising from any combination ”), as of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations Offering Memorandum (Canada) or any amended or successor provision) as a result of payments made under version that is substantively comparable and not materially more onerous to comply with), the U.S. Treasury Regulations issued thereunder or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom official interpretation thereof or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) 1471 of the Code; or (ix) any combination of clauses (1) through (8) above.
(b) In addition to the foregoing, the Company and the Guarantors will also pay and indemnify the Holder for any present or future stamp, issue, registration, value added, transfer, court or documentary Taxes, or any fiscal other excise or regulatory legislationproperty taxes, rules charges or practices adopted pursuant to similar levies (including penalties, interest and any intergovernmental agreement entered into in connection with other liabilities related thereto) which are levied by any jurisdiction on the implementation execution, delivery, issuance, or registration of such Sections any of the Code Notes, the Indenture, any Note Guarantee or any other document referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes or any Note Guarantee.
(“FATCA Withholding”). Neither any Guarantor nor c) If the Company or any Guarantor, as the case may be, becomes aware that it will be required obligated to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled with respect to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentGuarantee, the Company or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company or the relevant Guarantor shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable, and will . The Officer’s Certificates must also set forth such any other information reasonably necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders on the relevant payment date net date. The Company or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary, and may conclusively presume that no payments are necessary unless and until it receives any taxes required to be withheld or deductedsuch Officer’s Certificate.
(id) In addition, The Company or the Payor relevant Guarantor will pay any stamp, issue, registration, court, documentation, excise make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit the full amount deducted or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant withheld to the Notes relevant Tax authority in accordance with applicable law. The Company or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Company or the relevant Guarantor will furnish to the Trustee (or to a Holder upon request), within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Company or a Guarantor, as a result ofthe case may be, or in connection withif, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the enforcement of the Notes, any Note Guarantee and/or any other Trustee) by such document or instrumententity.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(ke) Whenever this in the Indenture refers toor the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note of the Notes or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(f) The obligations described under Sections 4.01(c), (d), (e) and (f) of the Indenture will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Company or any Guarantor is incorporated, engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes (or any Note Guarantee) and any department or political subdivision or taxing authority or agency thereof or therein having the power to tax.
Appears in 3 contracts
Samples: Indenture (Viking Holdings LTD), Indenture (Viking Holdings LTD), Indenture (Viking Holdings LTD)
Additional Amounts. (ai) All payments by the Republic in respect of the Notes will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Company or any Guarantor (each such person who pays or credits such amountsRepublic, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or taxing authority of the foregoing that has or agency therein or thereof having the power to tax (eachfor purposes of this paragraph, a “Taxing JurisdictionRelevant Tax”), unless the withholding or deduction or withholding of any such Relevant Tax is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor Republic will pay such additional amounts amounts, including but not limited to, the payment of the 4% withholding tax imposed on payments of interest to bondholders that are not residents of the Republic (“Additional Amounts”) ), as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), the bondholders after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than will equal the amount the Holder respective amounts of principal and interest that would have received had no been receivable in respect of the Notes in the absence of such deduction withholding or withholding been required.
(c) Howeverdeduction; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable to in respect of any Relevant Tax:
(A) imposed by reason of a Holder bondholder or beneficial owner of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any having some present or former connection between with the relevant Holder Republic other than merely being a bondholder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder Note or beneficial owner, if receiving payments of any nature on the relevant Holder Note or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue enforcing its rights in respect of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Note;
(B) imposed by reason of the Holder failure of a bondholder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed ona Note, or deducted any other person through which the bondholder or withheld frombeneficial owner holds a Note, payments in respect of to comply with any certification, identification or other reporting requirement concerning the Notes if such payments could have been made without such impositionnationality, deduction residence, identity or withholding connection with the Republic of such taxes bondholder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction, provided that (x) the Republic or the Republic’s agent has provided the trustee with at least 60 days’ prior written notice of an opportunity to satisfy such a requirement, and (y) in no event shall such holder or beneficial owner or other person’s obligation to satisfy such a requirement require such holder or beneficial owner or other person to provide any materially more onerous information, documents or other evidence than would be required to be provided had such Notes holder or beneficial owner or other person been required to file Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and/or W-8IMY; or
(C) is imposed by reason of a bondholder or beneficial owner of a Note, or any other person through which the bondholder or beneficial owner holds a Note, having presented the Note for payment (where such presentation is required) within more than 30 days after the relevant date (date, except to the extent that the Holder thereof bondholder or beneficial owner or such other person would have been entitled to such Additional Amounts on presenting a the Note for payment on the last day of any date during such 30-day period. As used in this paragraph (h); for this purpose, the “relevant date” in relation respect to any payments Notes, means the date on any Note means (a) the which payment in respect hereof first becomes due date for payment thereofor, or (b) if the full amount of the monies money payable on such date have has not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of under the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld Indenture to the relevant government authority in accordance with applicable lawholders that such monies have been so received and are available for payment. Any reference to “principal” and/or “interest” under the Indenture also refers to any additional amounts which may be payable under the Indenture. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor Republic will pay any present or future stamp, issue, registration, court, documentation, court or documentary taxes or any excise or other similar property taxes, charges and duties, including or similar levies which arise in the Republic or any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time political subdivision thereof or taxing authority thereof or therein in respect of the creation, issue, execution, issuance, initial delivery or registration or delivery of the Notes, any Note Guarantee, this Indenture Notes or any other document or instrument referred to hereunder therein. The Republic will also indemnify the bondholders from and against any stamp, court or thereunder and documentary taxes or any such excise or property taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result ofsimilar levies resulting from, or required to be paid by any of them in any jurisdiction in connection with, the enforcement of the Notes, any Note Guarantee and/or obligations of the Republic under the Notes or any other such document or instrumentinstrument referred to therein following the occurrence of any Event of Default.
(jii) The obligations under this Section 2.13 From the date hereof through the period ending 30 days after the Closing Date, the Republic will survive any terminationensure that no other dollar-denominated debt securities of the Republic, defeasance other than debt securities with a maturity of one year or discharge of this Indenture and will apply mutatis mutandis to any successor Person to less, are placed or sold in the Payor and to any jurisdiction in which such successor is organized international capital markets, directly or is otherwise resident or carrying indirectly on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tobehalf, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent thatmanner which might, in such contextthe reasonable opinion of the Underwriters, Additional Amounts arehave a detrimental effect on the successful offering and distribution of the Notes, were or would be payable unless the Underwriters otherwise agree in respect thereofwriting.
Appears in 2 contracts
Samples: Underwriting Agreement (Republic of Chile), Underwriting Agreement (Republic of Chile)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with in respect to of the Notes or any the Guarantor in respect of a Note Guarantee will be made free and clear of, and without withholding or deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now other governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor the Company or the Guarantor is organized, organized or is a resident or carrying on business for tax purposes purposes, or from or any other jurisdiction through which any payments under the Notes are made by or on behalf of such Payor the Company, or any political subdivision or authority of the foregoing that has the thereof, having power to tax (each, a “Taxing Relevant Jurisdiction”), unless the deduction Company or withholding the Guarantor is required by applicable law to deduct or by withhold such taxes, duties, assessments or governmental charges. In that event, the interpretation Company or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions Guarantor will make the required deduction or withholdings of taxes from any withholding, make payment made under or in respect of the Notes, amount so withheld to the Payor will appropriate governmental authority and pay such additional amounts (“Additional Amounts”) as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), Holders of Notes after such deduction or withholding (including withholding or deduction attributable equal the amounts that would have been received in respect of the Notes in the absence of such withholding or deduction (“Additional Amounts”). All references to “Company” (or, as applicable, “Guarantor”) in this Article 3 include any entity that replaces and becomes a substitute for the Company (or, as applicable, the Guarantor), in each case as a result of a substitution or replacement that occurs pursuant to the terms of this Indenture. No such Additional Amounts payable hereunder)shall be payable:
(i) to, shall not be less than the amount or to a third party on behalf of, a Holder where the Holder would have received had no such deduction or withholding been required.
(c) Howeverbeneficial owner is liable for any present or future taxes, notwithstanding the foregoingduties, no Additional Amounts will be payable to a Holder assessments or governmental charges in respect of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for reason of the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, a trust, partnership a partnership, a limited liability company or a corporation) or beneficial owner and any Taxing Jurisdiction (the Relevant Jurisdiction, including, without limitation, by virtue of the Holder or beneficial owner (or the Holder’s or the beneficial owner’s fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident ofthereof or being or having been engaged or deemed to be engaged in a trade or business or present therein or having, formed pursuant to the laws ofor having had, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction)therein, other than solely by reason the mere holding of the Holder Note or beneficial owner purchasing, holding or disposing the enforcement of rights and the Notes; receipt of payments with respect to the Note;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes surrendered (if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation surrender is required) within more than 30 days after the relevant date (Relevant Date except to the extent that the Holder thereof of such Note would have been entitled to such Additional Amounts Amounts, on presenting a surrender of such Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; 30 days;
(iii) taxes in respect of any tax, duty, assessment or other governmental charge imposed on a Note presented for payment by or withheld by reason on behalf of the failure by a Holder where the Holder or beneficial owner of such would have been able to avoid that withholding or deduction by presenting the relevant Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity another paying agent in a member state of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; European Union;
(iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation in respect of any tax, duty, assessment or other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted governmental charge imposed or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of this Indenture (or any amended or successor version), current or future regulations U.S. Treasury Regulations issued thereunder or any official interpretations interpretation thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code Code;
(“FATCA Withholding”). Neither v) where such Additional Amount is imposed on a payment to, or for the benefit of, a Luxembourg resident individual pursuant to the Luxembourg law of 23 December 2005;
(vi) to, or to a third party on behalf of, a Holder where the Holder or beneficial owner is liable for any Guarantor nor present or future taxes, duties, assessments or other governmental charges by reason of the Holder’s or beneficial owner’s failure to comply with any certification, identification or other reporting requirement concerning nationality, residence, identity or connection with the Relevant Jurisdiction, if (1) compliance is required by the Relevant Jurisdiction, as a precondition to, exemption from, or reduction in the rate of, the tax, duty, assessment or other governmental charge and (2) the Company has given at least 30 days’ notice that Holders or beneficial owners will be required to pay Additional Amounts on account provide this certification, identification or other requirement;
(vii) in respect of any FATCA Withholding.estate, inheritance, gift, sales, transfer, capital gains, excise or personal property or similar tax, duty, assessment or governmental charge;
(gviii) Each Holder entitled to in respect of any Additional Amounts shall cooperatetax, to the extent described in clause (iii) of Section 2.13(c) aboveduty, with the Company and the Trustee in providing any information assessment or documentation other governmental charge that is required payable otherwise than by applicable law deduction or withholding from payments of principal of or interest on the Note or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing direct payment by the Company or the Trustee to confirm the identity and/or tax status Guarantor in respect of such Holder and any affected beneficial owner and to assist claims made against the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable Guarantor; or
(ix) in respect thereofof any combination of the above.
(hb) At least 30 calendar days prior No Additional Amounts shall be paid with respect to each date on which any payment under on a Note to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of the Relevant Jurisdiction to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither the Company nor the Guarantor shall be required to make any payment with respect to any tax, duty, assessment or governmental charge imposed by any government or political subdivision or taxing authority thereof or therein.
(c) In the event that Additional Amounts actually paid with respect to the Notes described above are based on rates of deduction or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, withholding of taxes in excess of the Company will deliver appropriate rate applicable to the Trustee an Officer’s Certificate stating that Holder of such Additional Amounts will Notes, and, as a result thereof the Holder is entitled to make a claim for a refund or credit of the excess from the authority imposing the withholding tax, then the Holder shall, by accepting the Notes, be payable deemed to have assigned and the amounts so payabletransferred all right, title, and will set forth interest to any such other information necessary claim for a refund or credit of such excess to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deductedCompany.
(id) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time Any reference in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under in respect of the Notes by the Company or the Note Guarantee by the Guarantor will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to any Note or any Note Guarantee, such reference shall be deemed that amount under the obligations referred to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13Section, to unless the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofcontext requires otherwise.
Appears in 2 contracts
Samples: Indenture (Cosan S.A.), Indenture (Cosan S.A.)
Additional Amounts. (a) All payments made by or on behalf of the Company or any the Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with in respect to of the Notes or any Note Guarantee will the Guarantee, as the case may be, including, without limitation, Additional Interest, if any, shall be made free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now or hereafter other governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any Brazil or the Cayman Islands or a successor jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision authority therein or authority of the foregoing that has the thereof having power to tax (each, a “Taxing Jurisdiction”)tax, unless the such withholding or deduction or withholding is required by applicable law law. In that event, the Company or by the interpretation or administration thereof by the relevant governmental authority.
Guarantor (b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect as guarantor of the Notes), as applicable, shall make such deduction or withholding, make payment of the Payor will amount so withheld to the appropriate governmental authority and pay to each Holder such additional amounts (“Additional Amounts”) as may be necessary so to ensure that the net amounts received receivable by each Holder the Holders (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)shall equal the respective amounts of principal of, shall not be less than the amount the Holder or premium, if any, or interest which would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments receivable in respect of the Notes if such payments could have been made without such imposition, deduction or withholding in the absence of such taxes had withholding or deduction.
(a) Notwithstanding the foregoing, neither the Company nor the Guarantor will have to pay Additional Amounts:
(i) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of such Note by reason of such Holder or the beneficial owner having some connection with Brazil or the Cayman Islands other than the mere holding of the Note and the receipt of payments with respect to the Note;
(ii) in respect of Notes been presented for payment surrendered (where presentation if surrender is required) within more than 30 days after the relevant date (Relevant Date except to the extent that the Holder thereof of such Note would have been entitled to such Additional Amounts on presenting a surrender of such Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; 30 days;
(iii) taxes where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or withheld any law implementing or complying with, or introduced in order to conform to, such directive;
(iv) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other governmental charges by reason of the failure by the of such Holder or the beneficial owner of such Note to provide comply with any certification, information, documents identification or other evidence reporting requirement concerning the nationality, residence residence, identity or identity connection with Brazil, the Cayman Islands or a successor jurisdiction or applicable political subdivision or authority thereof or therein having power to tax, of the such Holder or the beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such mattersowner, within 30 days after a specific written request therefor from a Payor, which if compliance is required by lawsuch jurisdiction, regulation or administrative practice any political subdivision or applicable treaty authority thereof or therein having power to tax, as a precondition to exemption from from, or reduction in the rate of deduction of, the tax, assessment or withholding of all other governmental charge and the Company or part of the Guarantor, as applicable, has given the Holders at least 30 days’ notice that Holders will be required to provide such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder certification, identification or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; other requirement;
(v) any withholding tax under Part XIII in respect of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or similar tax; , assessment or governmental charge;
(viivi) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation in respect of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trusteetax, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made assessment or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid governmental charge which is payable other than by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 from payments of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Codeprincipal of, or any fiscal premium, if any, or regulatory legislationinterest (including Additional Interest, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with if any) on the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law Note or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing direct payment by the Company or the Trustee to confirm the identity and/or tax status Guarantor in respect of such Holder and any affected beneficial owner and to assist claims made against the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.Guarantor;
(hvii) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect combination of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentabove.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: First Supplemental Indenture (Embraer S.A.), Indenture (Embraer S.A.)
Additional Amounts. (a) All payments made by the Company on the Notes (whether or not in the form of Definitive Notes) will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, "Taxes") imposed or levied by or on behalf of the United States, The Kingdom of Sweden or any jurisdiction in which the Company or any Guarantor Successor Company (as defined in the Indenture) is organized or is otherwise resident for tax purposes or any political subdivision thereof or any authority having power to tax therein or any jurisdiction from or through which payment is made (each such person who pays a "Relevant Taxing Jurisdiction"), unless the withholding or credits such amounts, a “Payor”) under or with respect to the Notes or deduction of Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organized, resident or carrying Relevant Taxing Jurisdiction shall at any time be required on business for tax purposes or from or through which any payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power Company with respect to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, including payments of principal, Redemption Price, Liquidated Damages, interest or premium, the Payor Company will pay such additional amounts (“the "Additional Amounts”") as may be necessary so in order that the net amounts received in respect of such payments by each Holder (including Additional Amounts)the Holders of the Notes or the Trustee, as the case may be, after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)deduction, shall not be less than equal the amount the Holder respective amounts which would have been received had no in respect of such deduction payments in the absence of such withholding or withholding been required.
(c) However, notwithstanding the foregoing, deduction; except that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(i1) taxes any Taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of having some connection with the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Relevant Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner including being a citizen or resident or national of, formed pursuant to the laws of, incorporated in or carrying on a business, having business or maintaining a permanent establishment in, or having a place of business in such jurisdiction)being physically present in, the Relevant Taxing Jurisdiction) other than solely by reason the mere holding of such Note or enforcement of rights thereunder or the Holder or beneficial owner purchasing, holding or disposing receipt of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment thereof;
(where presentation is required2) within 30 days after the relevant date (except to the extent any Taxes that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes are imposed or withheld by reason of the failure by of the Holder or beneficial owner of such the Note to comply with a request of the Company addressed to the Holder to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other information or reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payorrequirement, which is required or imposed by lawa statute, regulation treaty, regulation, protocol, or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(iv3) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) winding up of the Company; , any Note presented for payment (viwhere presentation is required) in the Relevant Taxing Jurisdiction (unless by reason of the Company's actions presentment could not have been made elsewhere and except to the extent that the Holder would have been entitled to Additional Amounts had the Notes not been so presented);
(4) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; Note presented for payment (viiwhere presentation is required) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within more than 30 days after the date relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period);
(5) any Note where withholding taxes or any other deductions are imposed on a payment of any taxes is due to an individual and are required to be made pursuant to applicable lawany European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, certified copies of tax receipts evidencing that 2000 or any law implementing or complying with, or introduced in order to conform to, such payment has been made or other evidence of such payment satisfactory to the Trustee.directive; or
(e6) The Payorsany Note presented for payment by or on behalf of a holder of the Notes who would have been able to avoid such withholding taxes or any other deductions by presenting the relevant Note to another Paying Agent in a member state of the European Union. Such Additional Amounts will also not be payable where, jointly and severally, will indemnify and hold harmless each Holder and had the beneficial owner of Notes and upon written request reimburse each such the Note been the Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the NotesNote, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder it would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i1) through to (viii4) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In additioninclusive, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation will be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 2 contracts
Samples: Indenture (Preem Holdings Ab Publ), Global Note (Preem Holdings Ab Publ)
Additional Amounts. (a) All payments made under or with respect to the Notes by the Company or under or with respect to any Guarantee by any Guarantor will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, additions to tax, interest and other similar liabilities related thereto) (collectively, “Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any withholding or deduction is required for or on account of any Taxes imposed or levied by or on behalf of (i) any jurisdiction in which the Company or any Guarantor is incorporated or organized, resident or doing business for tax purposes or (ii) any jurisdiction from or through which payment is made by or on behalf of the Company or any Guarantor (including the jurisdiction of any paying agent) or, in each such person who pays or credits such amountscase, any political subdivision thereof (each, a “PayorRelevant Taxing Jurisdiction”), the Company or the relevant Guarantor, subject to the exceptions listed below, will pay such additional amounts (the “Additional Amounts”) as may be necessary to ensure that the net amount received by each beneficial owner of the applicable series of Notes after such withholding or deduction by any applicable withholding agent (including any withholding or deduction attributable to Additional Amounts payable hereunder) will not be less than the amount the beneficial owner would have received if such Taxes had not been withheld or deducted. Neither the Company nor any Guarantor will, however, pay Additional Amounts to a holder or beneficial owner of Notes:
(a) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the Holder’s or beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction or but for any such connection on the part of a partner, beneficiary, settlor or shareholder of such a holder or beneficial owner, if such holder or beneficial owner is a partnership, trust, estate, or corporation, (other than, in each case, any connection resulting from the acquisition, ownership, holding or disposition of Notes, the receipt of payments under or in respect of such Notes or any Guarantee and/or the exercise or enforcement of rights under or in respect of any Notes or any Guarantee);
(b) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner of Notes, following a written request, to comply with any certification, identification, information or other reporting requirements, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction), but, in each case, only to the extent the Holder or beneficial owner is legally eligible to provide such certification, identification or information or comply with any such reporting requirement;
(c) with respect to any estate, inheritance, gift, sales, transfer, personal property or any similar Taxes;
(d) with respect to any Taxes which are payable otherwise than by deduction or withholding in respect of payments under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction Guarantee;
(e) if such Holder is a fiduciary or withholding for, partnership or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf person other than the beneficial owner of such Payor or any political subdivision or authority of payment and the foregoing that has the power Taxes giving rise to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or such Additional Amounts would not have been imposed in respect of such payment had the Notes, Holder been the Payor will pay beneficial owner of such additional amounts Note (“Additional Amounts”but only if there is no material cost or expense associated with transferring such Note to such beneficial owner and no restriction on such transfer that is outside the control of such beneficial owner);
(f) as may be necessary so that to the net amounts received by each Holder (including Additional Amounts), after extent the Taxes giving rise to such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence presentation by the Holder of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciaryNote, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within , for payment on a date more than 30 days after the relevant date later of (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (ai) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which payment became due and payable or (ii) the full amount of such monies having been so received, provided that notice to that effect date on which payment is duly given provided for;
(g) with respect to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed any withholding or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as in respect of a consequence of payment to a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act and that is imposed as a consequence required to be made pursuant to the European Council Directive 2003/48/EC on the taxation of a Holder savings income or beneficial owner of a Note beingany law or other governmental regulation implementing or complying with, at any time, a or introduced in order to conform to such directive (the “specified non-resident shareholder” EU Savings Tax Directive”);
(within the meaning of subsection 18(5h) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of (a) through (g) above. The Company or the foregoing clauses relevant Guarantor, if they are the applicable withholding agents, will (i) through (vii).
(d) The Payors will (1) make such any withholding or deduction required by applicable law to be made by them, and (2ii) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors Company or the relevant Guarantor will furnish make reasonable efforts to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, obtain certified copies of tax receipts evidencing that the payment of any Taxes deducted or withheld from each Relevant Taxing Jurisdiction imposing such payment has been made Taxes and provide the same to the trustee (or other evidence to a Holder upon request). If certified copies of such payment satisfactory to the Trustee.
(e) The Payorstax receipts are not obtainable, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the relevant Guarantor shall provide the Trustee (or a Holder upon request) other evidence of payment reasonably satisfactory to confirm the identity and/or tax status of Trustee (or such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) Holder). At least 30 calendar days prior to each date on which any payment under or with respect to the Notes a Note or any Note Guarantee is due and payable, if a Payor the Company or any Guarantor will be obligated to pay Additional Amounts with respect to such paymentpayment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Company or the relevant Guarantor will deliver to the Trustee an Officer’s Officers’ Certificate stating that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the Trustee trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required date. The Company will promptly publish a notice stating that such Additional Amounts will be payable and describing the obligation to be withheld or deducted.
(i) In addition, pay such amounts. The Company and the Payor Guarantors will pay and indemnify the Holder for any present or future stamp, issue, registration, courtcourt or documentary Taxes, documentation, or any other excise or other similar taxesproperty Taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed which are levied by any Relevant Taxing Jurisdiction at any time in respect of on the execution, issuance, delivery, registration or delivery enforcement of any of the Notes, this Indenture, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder therein or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant under or with respect to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) Guarantee. The obligations under this Section 2.13 described above will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor Company or any Guarantor and to any jurisdiction in which such successor is organized incorporated or is otherwise organized, resident or carrying on doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) agents and, in each case, any political subdivision thereof or therein. Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include includes the payment of Additional Amounts or indemnification payments as described in this Section 2.13hereunder, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofif applicable.
Appears in 2 contracts
Samples: Indenture (Playa Hotels & Resorts N.V.), Indenture (Playa Hotels & Resorts B.V.)
Additional Amounts. (a) All payments made by or on behalf Unless otherwise specified in any Officer's Certificate of the Company or setting forth the terms of Securities of a series in accordance with Section 301, if any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, for any and all present or future income, stamp and other taxes, leviesassessments or other governmental charges of The Netherlands, impostsThe Hellenic Republic or, dutiesif applicable, chargesany other jurisdiction, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or including any political subdivision or taxing authority of thereof or therein) in which either the foregoing that has Company or the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding Guarantor is incorporated shall at any time be required by applicable law such jurisdictions (or by the interpretation any such political subdivision or administration taxing authority thereof by the relevant governmental authority.
(bor therein) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of any amounts to be paid by the NotesCompany or the Guarantor relating to principal of or interest on a Security of any series or the Guarantees thereon, the Payor Company or the Guarantor, as the case may be, will pay as additional interest to the Holder of such Security such additional amounts (“Additional Amounts”) amounts, as may be necessary so in order that the net amounts received by each paid to such Holder (including Additional Amounts)pursuant to the terms of the Security or the Guarantees, after such deduction or withholding withholding, shall be not less than such additional amounts as such Holder would otherwise be entitled to receive; provided, however, that such additional amounts shall be payable only to Holders (including withholding or deduction attributable to Additional Amounts payable hereundera) that are not resident in The Netherlands for purposes of its tax, (b) that are not resident in The Hellenic Republic for purposes of its tax and do not have a Greek Tax Registration Number (AFM), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
and (c) Howeverif applicable, notwithstanding that are not resident for tax purposes and are not registered with the foregoingtax authorities in any other applicable jurisdiction (or any such political subdivision or taxing authority thereof or therein) in which the Company or the Guarantor or any successor thereto may be incorporated; and provided, no Additional Amounts will further, that neither the Company nor the Guarantor shall be payable required to a Holder make any payment of a Note by additional amounts for or on account of:
(1) any Payor with respect to: (i) taxes that tax, assessment or other governmental charge which would not have been imposed but for the existence of any present or former connection between the relevant such Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of the relevant Holder or beneficial ownera power over, such Holder, if the relevant such Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and the applicable jurisdiction, or any Taxing Jurisdiction (political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, by virtue of the such Holder (or beneficial owner such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident of, formed pursuant to the laws of, incorporated thereof or treated as a resident thereof or there having been present or engaged in trade or carrying on a business, business therein or having or having had a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; therein,
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi2) any estate, inheritance, gift, sales, excisetransfer, usestamp, personal property, transfer property or similar tax; , assessment or other governmental charge,
(vii3) any tax tax, assessment or penalty arising other governmental charge which is payable other than by withholding from payments of (or in respect of) principal of, premium, if any or any interest on, the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).Securities,
(d4) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trusteeany tax, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made assessment or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes governmental charge required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at Paying Agent from any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any interest on, any Security, if such payment can be made without such withholding by any other amount Paying Agent,
(5) any tax, assessment or other governmental charge which would not have been imposed or withheld if such Holder had made a timely and accurate declaration of non-residence or other similar claim for exemption or present any applicable form or certificate, upon the making or presentation of which that Holder would either have been able to avoid such tax, assessment or charge or to obtain a refund of such tax, assessment or charge, including certification or documentation to the effect that such Holder or beneficial owner is not a resident and lacks other connections with the applicable jurisdiction, as the case may be, or had made any other declaration or satisfied any other information requirements required to avoid such tax assessment or other governmental charge,
(6) any tax, assessment or other governmental charge which would not have been imposed but for the presentation of a Security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later,
(7) any payment under or with respect to a Security to any Note Holder that is a fiduciary or partnership or any Note Guarantee, person other than the sole beneficial owner of such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13Security, to the extent thatthat a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment or Security would not have been entitled to the additional amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Security,
(8) any withholding tax required to be deducted by the Company or the Guarantor from any amounts to be paid by Company or the Guarantor under the Securities or the Guarantees, as the case may be, pursuant to the European Union Directive on the taxation of savings implementing the conclusions of the European Council of Economic and Finance Ministers ("ECOFIN") meeting on June 3, 2003, or any law implementing or complying with, or introduced in order to conform to, such contextDirective, Additional Amounts areor
(9) any combination of the items (1), were (2), (3), (4), (5), (6), (7) and (8) above. If applicable to the relevant series of Securities, the foregoing provisions shall apply mutatis mutandis to any withholding or would deduction for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Company or the Guarantor is organized, or any political subdivision or taxing authority thereof or therein; provided, further, however, that such payment of additional amounts may be subject to such further exceptions as may be established in the terms of such Securities or Guarantees. If the terms of the Securities of a series provide for the payment of additional amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer's Certificate, the Company will furnish the Trustee and the Company's principal Paying Agent or Paying Agents, if other than the Trustee, with an Officer's Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Officer's Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders, specify by country any additional amounts payable and the Issuer or the Guarantor, as the case may be, will pay to the Trustee or such Paying Agent or Paying Agents the additional amounts required by this Section. Each of the Company and the Guarantor covenant to indemnify each of the Trustee and any Paying Agent for, and to hold each of them harmless against, any loss, liability or expense reasonably and properly on their part arising out of or in respect thereofconnection with actions taken or omitted by any of them in reliance on any Officer's Certificate furnished pursuant to this Section, except to the extent that any such loss, liability or expense is due to its own negligence or bad faith.
Appears in 2 contracts
Samples: Indenture (Coca-Cola Hellenic Bottling Co Sa), Indenture (Coca-Cola Hellenic Bottling Co Sa)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (except IR Company) or a successor to such Guarantor (except IR Company) (each such person who pays or credits such amounts, a “Payor”) under or with on the Senior Notes in respect to the Notes or any Note Guarantee will of interest, premium (if any) and principal shall be made free and clear without withholding or deduction for, or on account of, and without any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of of:
(1) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are payment on the Senior Notes or the applicable Guarantee is made by in respect of interest, premium or on behalf of such Payor principal, or any political subdivision or governmental authority of thereof or therein having the foregoing that has power to tax; or
(2) any other jurisdiction in which a Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (eacheach of clauses (1) and (2), a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required from any payment payments made under or with respect to the Senior Notes in respect of the Notesinterest, premium or principal, the Payor will shall pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder beneficial owner of the Senior Notes or the Guarantee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), after equal the amounts which would have been received in respect of such deduction or withholding (including payments in the absence of such withholding or deduction attributable to deduction; provided, however, that no such Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(i1) taxes any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member member, shareholder or shareholder other holder of equity interests of, or possessor of power over the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership partnership, limited liability company, corporation or corporationother entity) and any the Relevant Taxing Jurisdiction (including, without limitation, by virtue of including the Holder or beneficial owner being a citizen or resident or national of, formed pursuant to the laws of, incorporated in or carrying on a business, having business or maintaining a permanent establishment in, or having a place of business in such jurisdiction)being physically present in, the Relevant Taxing Jurisdiction) other than solely by reason the mere ownership or holding of such note or enforcement of rights thereunder or under the Holder Guarantee or beneficial owner purchasing, holding or disposing the receipt of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect thereof;
(2) any Taxes that would not have been so imposed if the beneficial owner had made a declaration of non-residence or any other claim or filing for exemption to which it is entitled (provided that (x) such declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Notes if Relevant Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold such payments could have Taxes and (y) at least 30 days prior to the first payment date with respect to which such declaration of non-residence or other claim or filing for exemption is required under the applicable law of the Relevant Taxing Jurisdiction, the relevant beneficial owner at that time has been notified by the Payor or any other person through whom payment may be made without such imposition, deduction that a declaration of non-residence or withholding of such taxes had such Notes been other claim or filing for exemption is required to be made);
(3) any note presented for payment (where presentation is permitted or required) within more than 30 days after the relevant date payment is first made available for payment to the beneficial owner (except to the extent that the Holder thereof beneficial owner would have been entitled to such Additional Amounts on presenting a Note for payment on had the last day of note been presented during such 30-30 day period); for this purpose;
(4) any Taxes that are payable otherwise than by withholding or deduction from a payment of the principal of, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereofpremium, if any, or interest, on the Senior Notes or under the Guarantee;
(b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi5) any estate, inheritance, gift, salesvalue, use, sale, excise, usetransfer, personal property, transfer property or similar tax; , assessment or other governmental charge;
(vii6) any tax or penalty arising from Taxes which could have been avoided by the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII presentation (where presentation is required) of the Tax Act relevant note to another Paying Agent;
(7) any withholding or the similar provisions of legislation of any other jurisdiction that has entered into deduction required pursuant to an agreement with the United States of America to provide for the implementation of reporting described in that jurisdiction in compliance with Sections 1471 through 1474 Section 1471(b) of the Code; , or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or otherwise imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or agreements thereunder, any official interpretations thereof, or any agreement entered into treaty, law, regulation or other official guidance in any other jurisdiction implementing an intergovernmental approach thereto;
(8) any withholding or deduction imposed pursuant to Section 1471(bthe Luxembourg law of 23 December 2005 as amended, introducing a withholding tax on certain interest payments made or ascribed by Luxembourg paying agents to Luxembourg resident individuals; or
(9) any Taxes imposed or levied by reason of any combination of clauses (1) through (8) above. Such Additional Amounts shall also not be payable where, had the beneficial owner of the Codenote been the Holder of the note, it would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (9) inclusive above. The Payor shall (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor shall use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any fiscal Taxes so deducted or regulatory legislation, rules or practices adopted pursuant withheld from each Relevant Taxing Jurisdiction imposing such Taxes and shall provide such certified copies to any intergovernmental agreement entered into each Holder. The Payor shall attach to each certified copy a certificate stating (x) that the amount of withholding Taxes evidenced by the certified copy was paid in connection with the implementation of such Sections payments in respect of the Code principal amount of Senior Notes then outstanding and (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(gy) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) such withholding Taxes paid per $1,000 principal amount of the Senior Notes. Copies of such documentation shall be available for inspection during ordinary business hours at the office of the Trustee by the Holders of the Senior Notes upon request and shall be made available at the offices of the Paying Agent. At least 30 calendar days prior to each date on which any payment under or with respect to the Senior Notes or any Note the Guarantee is due and payablepayable (unless such obligation to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter), if a the Payor will shall be obligated to pay Additional Amounts with respect to such payment, the Company will Payor shall deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will shall be payable and payable, the amounts so payable, payable and will shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net date. Each such Officer’s Certificate shall be relied upon until receipt of a further Officer’s Certificate addressing such matters. If the Payor conducts business in any jurisdiction (an “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction and, as a result, is required by the law of such Additional Taxing Jurisdiction to deduct or withhold any amount on account of taxes imposed by such Additional Taxing Jurisdiction from payments under the Senior Notes or the Guarantee, as the case may be, which would not have been required to be so deducted or withheld or deducted.
(i) In additionbut for such conduct of business in such Additional Taxing Jurisdiction, the Payor will pay any stamp, issue, registration, court, documentation, excise Additional Amounts provision described above shall be considered to apply to such Holders or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, beneficial owners as if references in such provision to “Taxes” included taxes imposed by way of deduction or withholding by any such Additional Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture (or any other document political subdivision thereof or instrument referred to hereunder or thereunder and any such taxesgovernmental authority therein). Wherever in the Indenture, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Senior Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tothere are mentioned, in any context, :
(1) the payment of principal, premium, principal or premium (if any),
(2) purchase prices in connection with a purchase of Senior Notes,
(3) interest, interest or or
(4) any other amount payable under on or with respect to any Note the Senior Notes or any Note the Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in under this Section 2.13, section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. The Payor shall pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar levies which arise in any jurisdiction from the execution, delivery or registration of any Senior Notes or any other document or instrument referred to therein (other than a transfer of the Senior Notes), or the receipt of any payments with respect to the Senior Notes or the Guarantee, excluding (i) any such taxes, charges’ or similar levies imposed by Luxembourg in case the Senior Notes or the Guarantee (and/or any documents in connection therewith) are (a) enclosed to a compulsorily registrable deed within a mandatory deadline (acte obligatoirement enregistrable dans un délai de rigueur) or (b) deposited with the official records of a notary (déposé au rang des minutes d’un notaire) and (ii) any such taxes, charges or similar levies imposed by any jurisdiction other than a Relevant Taxing Jurisdiction, other than those resulting from, or required to be paid in connection with, the enforcement of the Senior Notes, the Guarantee or any other such document or instrument following the occurrence of any Event of Default with respect to the Senior Notes. The foregoing obligations shall survive any termination, defeasance or discharge of the Indenture and shall apply mutatis mutandis to any jurisdiction in which any successor to a Payor is organized or otherwise considered a resident for tax purposes or any political subdivision or governmental authority or agency thereof or therein.
Appears in 2 contracts
Samples: First Supplemental Indenture (Ingersoll-Rand PLC), Third Supplemental Indenture (Ingersoll-Rand PLC)
Additional Amounts. All amounts payable (awhether in respect of principal, interest or otherwise) All payments in respect of the Securities will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Cayman Islands or any political subdivision thereof or any authority of the foregoing that has the or agency therein or thereof having power to tax (each, a “Taxing Jurisdiction”)tax, unless the withholding or deduction of such taxes, duties, levies, assessments or withholding governmental charges is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor Company will pay pay, or cause to be paid, such additional amounts (“Additional Amounts”) Amounts as may be necessary so in order that the net amounts received receivable by each a Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder respective amounts that would have received been receivable by such Holder had no such withholding or deduction or withholding been required.
(c) However, notwithstanding the foregoing, except that no such Additional Amounts will shall be payable in relation to any payment in respect of any of the Securities (a) to, or to a Holder third party on behalf of, a person who is liable for such taxes, duties, levies, assessments or governmental charges in respect of a Note such Security by any Payor reason of his having some connection with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws ofbeing incorporated or engaged in a trade or business in, incorporated in or carrying on a business, having a permanent establishment or having a residence or principal place of business in such jurisdiction), or other presence in) the Cayman Islands other than solely by reason (i) the mere holding of the Holder such Security or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed onthe receipt of principal, Contingent Cash Interest, Liquidated Damages or deducted or withheld from, payments other amount in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been Security; (b) presented for payment (where presentation is required) within more than 30 days after the relevant date (Relevant Date, except to the extent that the relevant Holder thereof would have been entitled to such Additional Amounts on presenting a Note the same for payment on or before the last day expiry of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture30 days; (iiic) taxes imposed or withheld by reason on account of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, useestate, personal property, sales or transfer or similar tax; (vii) any tax taxes, duties, levies, assessments or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Codegovernmental charges; or (viiid) taxes arising on account of any taxes, duties, levies, assessments or governmental charges that are payable otherwise than by withholding from payments in respect of such Security. If the Company becomes subject generally at any combination time to any taxing jurisdiction other than or in addition to the Cayman Islands, references in this section to the Cayman Islands shall be read and construed as references to such other jurisdiction(s) and/or to the Cayman Islands. Notwithstanding anything herein to the contrary, in the event that any deduction or withholding on account of tax be required to be made, or be made, in connection with any European Union directive on the taxation of savings implementing the conclusions of the foregoing clauses ECOFIN Council meeting of November 26-27, 2000, or any law implementing or complying with, or introduced in order to conform to, such directive, no additional amounts shall be payable or paid by the Company to any holder in respect of the Securities. Any reference in this Indenture to principal, premium or interest in respect of the Securities, any redemption amount and any other amounts in the nature of principal, shall be deemed also to refer to any Additional Amounts that may be payable under this Indenture, and the express mention of the payment of Additional Amounts (iif applicable) through (vii).
(d) The Payors will (1) make in any provision hereof shall not be construed as excluding Additional Amounts in those provision hereof where such withholding express mention is not made. Except as otherwise provided in or deduction and (2) remit pursuant to this Indenture, if the full amount deducted or withheld Securities require the payment of Additional Amounts, at least 10 days prior to the relevant government authority first Relevant Date with respect to such Securities, and at least 10 days prior to each Relevant Date if there has been any change with respect to the matters set forth in accordance with applicable law. The Payors will the below-mentioned Officers' Certificate, the Company or its designee shall furnish to the Trustee, within 30 days after the date Registrar and the Paying Agent an Officer's Certificate instructing the Trustee and such Paying Agents whether such payment of any taxes is due pursuant to applicable law, certified copies principal of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor interest on the Notes will Securities shall be paid net of any deduction made to Holders who are Non-U.S. Persons without withholding for or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise assessment or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred governmental charge described above due to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification by the Company. If any such payment of Additional Amounts shall be required, then such certificate shall specify by country the amount, if any, required to be withheld on such payments as described in this Section 2.13to such Holders, and the Company agrees to pay to the extent thatTrustee, in such context, the Registrar or the Paying Agent the Additional Amounts are, were or would be payable in respect thereofrequired.
Appears in 2 contracts
Samples: Indenture (Xl Capital LTD), Indenture (Xl Capital LTD)
Additional Amounts. (a) All payments made by the Company on the Notes ------------------ (whether or not in the form of Definitive Notes) will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, "Taxes") imposed or levied by or on behalf of Germany or any jurisdiction in which the Company or any Guarantor Successor Company is organized or is otherwise resident for tax purposes or any political subdivision thereof or any authority having power to tax therein or any jurisdiction from or through which payment is made (each a "Relevant Taxing Jurisdiction"), unless the withholding or deduction of such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organizedRelevant Taxing Jurisdiction, resident or carrying shall at any time be required on business for tax purposes or from or through which any payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power Company with respect to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, including payments of Accreted Value, principal, redemption price, interest or premium, the Payor Company will pay such additional amounts (“the "Additional Amounts”") as may be necessary so in order that the net amounts received in respect of such payments by each Holder (including Additional Amounts)the Holders of the Notes or the Trustee, as the case may be, after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)deduction, shall not be less than equal the amount the Holder respective amounts which would have been received had in respect of such payments in the absence of such withholding or deduction; except that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(ia) taxes that would not have been imposed but for the existence any payments on a Note held by or on behalf of any present or former connection between the relevant a Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder who is liable for such Taxes in respect of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Note by reason of the Holder or beneficial owner purchasing, holding having some connection with the Relevant Taxing Jurisdiction (including being a citizen or disposing of the Notes; (ii) taxes imposed onresident or national of, or deducted carrying on a business or withheld frommaintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than by the mere holding of such Note or enforcement of rights thereunder or the receipt of payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or ;
(b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided any Taxes that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes are imposed or withheld as a result of a change in law after the Issue Date where such withholding or imposition is by reason of the failure by of the Holder or beneficial owner of such the Note to comply with any request by the Company to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other information or reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payorrequirement, which is required or imposed by lawa statute, treaty, regulation or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(ivc) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) winding up of the Company, any Note presented for payment (where presentation is required) in the Relevant Taxing Jurisdiction; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).or
(d) The Payors will any Note presented for payment (1where presentation is required) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within more than 30 days after the date the relevant payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such first made available for payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The PayorsHolder. Such Additional Amounts will also not be payable where, jointly and severally, will indemnify and hold harmless each Holder and had the beneficial owner of Notes and upon written request reimburse each such the Note been the Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the NotesNote, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder he would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (ia) through to (viiid) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such paymentsinclusive above.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: Indenture (Cybernet Internet Services International Inc), Indenture (Cybernet Internet Services International Inc)
Additional Amounts. (a) All payments made by or on behalf of principal and interest in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, and without deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now or hereafter other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor the United States or any political subdivision or taxing authority of or in the foregoing that has the power to tax (each, a “Taxing Jurisdiction”)United States, unless the such withholding or deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authoritylaw.
(b) At any time The Company shall pay to a relevant Taxing Jurisdiction requires deductions or withholdings Holder of taxes from any payment made under or in respect of the Notes, the Payor will pay such Notes who is not a United States person additional amounts (“Additional Amounts”) as may be necessary so that every net payment of the net amounts received by each Holder (including Additional Amounts)principal of and premium, if any, and interest on the Notes to such Holder, after such deduction or withholding (including withholding for or deduction attributable to Additional Amounts payable hereunder)on account of any present or future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein, shall not be less than the amount provided in the Holder would have received had no Note to be then due and payable (such deduction or withholding been required.
(c) Howeveramounts, notwithstanding the foregoing“Additional Amounts”); provided, no however, that the Company shall not be required to make any payment of Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: for or on account of:
(i) taxes any tax, assessment or other governmental charge that would not have been imposed but for (A) the existence of any present or former connection (other than a connection arising solely from the ownership of those Notes or the receipt of payments in respect of those Notes) between that Holder (or the relevant Holder or beneficial owner (for whose benefit such Holder holds such Notes), or between a fiduciary, settlor, beneficiary, partnerbeneficiary of, member or shareholder of, or possessor of the relevant a power over, that Holder or beneficial owner, if the relevant that Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) , and any Taxing Jurisdiction (includingthe United States, without limitation, by virtue of the including that Holder or beneficial owner owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor being or having been a citizen or resident of, formed pursuant to or treated as a resident of the laws of, incorporated United States or being or having been engaged in trade or carrying on a business, business or present in the United States or having had a permanent establishment in the United States or having (B) the presentation of a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented debt security for payment (where presentation is required) within on a date more than 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day later of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which that payment becomes due and payable and the full amount of such monies having been so received, provided that notice to that effect date on which payment is duly given to Holders of the Notes in accordance with this Indenture; provided for;
(iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (viii) any estate, inheritance, gift, sales, transfer, excise, use, personal property, transfer wealth, capital gains, interest equalization or similar tax; , assessment or other governmental charge;
(viiiii) any tax, assessment or other governmental charge imposed on foreign personal holding company income or by reason of a Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, the Holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, being or having been a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or penalty arising a personal holding company with respect to the United States or a corporation that accumulates earnings to avoid U.S. federal income tax;
(iv) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or premium, if any, or interest on the Notes of that Holder’s ;
(v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or premium, if any, or interest on the Notes of that Holder if such payment can be made without withholding by any other paying agent;
(vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure of a Holder (or the beneficial owner for whose benefit such Holder holds the Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of power over, the holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, or any intermediary through which a beneficial owner holds Notes to properly comply with certification, information, documentation or other reporting requirements concerning the Holder’s obligations imposed under Part XVIII of the Tax Act nationality, residence, identity or the similar provisions of legislation of any other jurisdiction that has entered into an agreement connections with the United States of America of the beneficial owner or any Holder of the Notes (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, Forms W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty);
(vii) any tax, assessment or other governmental charge imposed as a result of a Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, the implementation Holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, being or having been (A) a 10% shareholder (as defined in Section 871(h)(3)(B) of reporting the Internal Revenue Code, and the regulations that may be promulgated thereunder) of the Company or (B) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Internal Revenue Code or (C) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code;
(viii) any withholding or deduction that jurisdiction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC relating to the taxation of savings, or any law implementing or complying with, or introduced in compliance with order to conform to, such Directive (or any successor version that is substantively comparable);
(ix) any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;
(x) any taxes payable under Sections 1471 through 1474 of the Code; Internal Revenue Code (or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding amended or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence successor version of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the CodeSections), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Codeother guidance thereunder, or any fiscal or regulatory legislation, rules or practices adopted pursuant to agreement (including any intergovernmental agreement agreement) entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.therewith; or
(gxi) Each Holder entitled to any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x) above; nor shall any Additional Amounts shall cooperatebe paid to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected a beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes Holder, a beneficiary or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts settlor with respect to such paymentthe fiduciary or a member of that partnership, the Company will deliver limited liability company or a beneficial owner thereof would not have been entitled to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of those Additional Amounts had that beneficiary, settlor, member or indemnification payments as described in this Section 2.13, to beneficial owner received directly its beneficial or distributive share of the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofpayment.
Appears in 2 contracts
Samples: Ninth Supplemental Indenture (Thermo Fisher Scientific Inc.), Eighth Supplemental Indenture (Thermo Fisher Scientific Inc.)
Additional Amounts. (a) All payments made (including any premium paid upon redemption of the Notes) by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with successor in respect to of the Notes or any the Guarantor or a successor in respect of the Note Guarantee Guaranty will be made free and clear of, and without withholding or deduction or withholding for, or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, chargesassessments, fees, deductions or withholdings (hereinafter referred to as “taxes”) now other governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of Chile, the Cayman Islands, or any authority therein or thereof or any other jurisdiction in which such Payor is the Company or the Guarantor (in each case, their successor) are organized, resident or carrying on doing business for tax purposes or from or through which payments are made by or on behalf in respect of such Payor the Notes, or any political subdivision or taxing authority thereof or therein (any of the foregoing that has the power to tax (each, aforementioned being a “Taxing Jurisdiction”), unless the Company or the Guarantor (or their respective successor) are compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Company or the Guarantor (or their respective successor) will make such deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any withholding, make payment made under or in respect of the Notes, amount so withheld to the Payor will appropriate governmental authority and pay such additional amounts (“Additional Amounts”) Amounts as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), registered Holders of Notes after such deduction or withholding (including withholding or deduction attributable shall equal the respective amounts of principal and interest (or other amounts stated to Additional Amounts be payable hereunder), shall not be less than under the amount the Holder Notes) which would have been received had no in respect of the Notes in the absence of such withholding or deduction or withholding been required.
(c) However, notwithstanding “Additional Amounts”). Notwithstanding the foregoing, no such Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: payable:
(i) taxes that would not have been imposed but to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of such Note by reason of the existence of any present or former connection between the relevant such Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial ownersuch Holder, if the relevant such Holder or beneficial owner is an estate, nominee, a trust, partnership a partnership, or a corporation) and any the relevant Taxing Jurisdiction (Jurisdiction, including, without limitation, by virtue of the such Holder (or beneficial owner such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident ofthereof or being or having been engaged in a trade or business or present therein or having, formed pursuant to the laws ofor having had, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction)therein, other than solely by reason the mere holding of the Holder Note or beneficial owner purchasing, holding or disposing enforcement of rights under the Notes; Indenture and the receipt of payments with respect to the Note;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction surrendered or withholding of such taxes had such Notes been presented for payment (where presentation if surrender or presentment is required) within more than 30 days after the relevant date (Relevant Date except to the extent that payments under such Note would have been subject to withholdings and the Holder thereof of such Note would have been entitled to such Additional Amounts Amounts, on presenting a surrender of such Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; 30 days;
(iii) taxes imposed to, or withheld to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other governmental charges by reason of the such Holder’s failure by the Holder or beneficial owner of such Note to provide comply with any certification, informationidentification, documents documentation or other evidence reporting requirement concerning the nationality, residence residence, identity or identity connection with the relevant Taxing Jurisdiction of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such mattersHolder, within 30 days after a specific written request therefor from a Payor, which if (1) compliance is required by law, regulation law or administrative practice or an applicable income treaty as a precondition to to, exemption from from, or reduction in the rate of deduction of, the tax, assessment or withholding of all other governmental charge and (2) the Company has given the Holders at least 30 days’ notice that Holders will be required to provide such certification, identification, documentation or part of such taxes; other requirement;
(iv) withholding tax under Part XIII in respect of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excisetransfer, usecapital gains, excise or personal property, transfer property or similar tax, assessment or governmental charge, other than as provided in Section 4.06(g) of the Indenture;
(v) in respect of any tax, assessment or other governmental charge which is payable other than by deduction or withholding from payments of principal of (including premium) or interest on the Note;
(vi) in respect of any tax imposed on overall net income or any branch profits tax; or
(vii) in respect of any tax combination of the above. Notwithstanding anything to the contrary in this section, none of the Company, the Guarantor, their respective successors, the Paying Agent or penalty arising from the Holder’s failure other person shall be required to properly comply pay any Additional Amounts with the Holder’s obligations respect to any payment in respect of any taxes imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (the “Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii”).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable lawas amended, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under law or with respect regulation implementing or complying with, or introduced in order to the Notesconform to, (y) such sections or any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied intergovernmental agreement or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(bsection 1471(b)(1) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any No Additional Amounts shall cooperatebe paid with respect to any payment on a Note to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is payment would be required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested to be included in writing by the Company income, for tax purposes, of a beneficiary or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. Payments on the Notes are subject in all cases to any tax, fiscal or any Note Guarantee is due and payableother law or regulation or administrative or judicial interpretation. Except as specifically provided above, if a Payor will the Company shall not be obligated required to pay Additional Amounts with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. Each of the Company and the Guarantor (or their successors) will pay any Taxes required to be deducted or withheld pursuant to applicable law and furnish to the Holders, within 60 days after the date such payment is due, either certified copies of tax receipts evidencing such payment, the Company will deliver or, if such receipts are not obtainable, other evidence of such payments reasonably satisfactory to the Trustee an Officer’s Certificate stating Holders. In the event that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities actually paid with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result ofthereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, or in connection withthen such Holder shall, the enforcement of the by accepting such Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any terminationbe deemed to have assigned and transferred all right, defeasance or discharge of this Indenture title, and will apply mutatis mutandis interest to any successor Person such claim for a refund or credit of such excess to the Payor and Company. Any reference in the Indenture or the Notes to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under in respect of the Notes by the Company or the Note Guaranty by the Guarantor (or their successors) will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this Paragraph 6. The Company, or the Guarantor, as applicable, will pay when due any Note present or future stamp, transfer, court or documentary taxes or any Note Guaranteeother excise or property taxes, such reference shall be deemed charges or similar levies and any penalties, additions to include tax or interest due with respect thereto imposed by Chile (or any political subdivision or governmental authority thereof or therein having power to tax) or the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Cayman Islands with respect to the extent thatinitial execution, in such context, Additional Amounts are, were delivery or would be payable in respect thereofregistration of the Notes or any other document or instrument relating thereto. The foregoing obligation will survive termination or discharge of the Indenture.
Appears in 2 contracts
Samples: Indenture (Latam Airlines Group S.A.), Indenture (Latam Airlines Group S.A.)
Additional Amounts. (a) All payments under or in respect of the Notes or any Note Guaranty shall be made by free and clear of, and without withholding or deduction for or on behalf account of, any present or future taxes, duties, levies, imposts, assessments or governmental charges (including penalties, interest and additions related thereto) (collectively, "Taxes") of whatever nature imposed, levied, collected, withheld or assessed of any Tax Jurisdiction unless such withholding or deduction is required by law. In the Company event of any such withholding or deduction imposed or levied by a Tax Jurisdiction is required to be made from any Guarantor (each such person who pays or credits such amounts, a “Payor”) payments under or with respect to the Notes or any Note Guarantee will be made free and clear ofGuaranty, and without deduction the Company or withholding forthe relevant Guarantor, or on account ofas applicable, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred shall pay to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority Holders of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor will pay Notes such additional amounts (“"Additional Amounts”") as may be necessary so that will result in the net amounts received by each payment to such Holder (including Additional Amounts), after ) of the amount that would otherwise have been receivable by such deduction or withholding (including Holder in the absence of such withholding or deduction attributable to deduction, except that no such Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(ia) taxes any Taxes that would not have been imposed so withheld or deducted but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner of the Notes having a present or former connection to the relevant Tax Jurisdiction (including having a permanent establishment in such Tax Jurisdiction, being a citizen or resident of, formed pursuant to the laws or national of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in the relevant Tax Jurisdiction in which such jurisdiction), Taxes are imposed) other than solely by reason the mere receipt of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if or any Note Guaranty, the mere holding or ownership of such payments could Note or beneficial interest in the Note or the exercise of any rights under the Notes, any Note Guaranty, this Indenture or the Registration Rights Agreement;
(b) where presentation is required for payment on a Note, any Taxes that would not have been made without such imposition, deduction so withheld or withholding of such taxes deducted if the Note had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (Relevant Date, except to the extent that the Holder thereof would have been entitled to such Additional Amounts had the Note been presented on presenting any day during such 30 day period and there were no additional withholdings or deductions as a Note for payment on the last day result of such 30-day period); for this purpose, the “relevant date” in relation to late presentment;
(c) any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date Taxes that would not have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed withheld or withheld by reason of deducted but for the failure by the Holder or the beneficial owner of the Note or any payment in respect of such Note Note, after written request made to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the that Holder or beneficial owner at least 30 days before any such withholding or deduction would be payable, by the Company or the relevant Guarantor, as applicable, to make comply with any declaration certification, identification, information, documentation or other similar claim or satisfy any other reporting requirement relating to such mattersconcerning its nationality, within 30 days after a specific written request therefor from a Payorresidence, identity or connection with the relevant Tax Jurisdiction, which is required or imposed by lawa statute, regulation or administrative practice or applicable treaty of the relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vid) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or similar tax; Taxes imposed with respect to any Note;
(viie) any tax Taxes payable other than by withholding or penalty arising from deduction;
(f) any withholding or deduction imposed on a payment to an individual that is required to be made pursuant to the Holder’s failure to properly comply with European Union Directive on the Holder’s obligations imposed under Part XVIII taxation of savings income (the "Directive") implementing the conclusions of the Tax Act European Counsel of Economic and Finance Ministers (ECOFIN) meeting on June 3, 2003, or any law implementing or complying with, or introduced in order to conform to, such Directive;
(g) any Taxes imposed in connection with a Note presented for payment by or on behalf of a Holder or beneficial owner thereof who would have been able to avoid such tax by presenting the relevant Note to another paying agent;
(h) any payment on a Note or a Note Guaranty to a Holder that is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 beneficial owner of the Codepayment would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder of the Note or Note Guaranty; or or
(viiii) taxes arising from any combination of (a) through (h) above. Notwithstanding the foregoing foregoing, the limitations on the Company's or relevant Guarantor's obligation to pay Additional Amounts set forth in clauses (c) and (h) above shall not apply if (i) the provision of information, documentation or other evidence described in such clauses (c) and (h) would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a Holder or beneficial owner of a Note (taking into account any relevant differences between U.S. and Mexican law rules, regulations or administrative practice) than comparable information or other reporting requirements imposed under U.S. tax law, regulation and administrative practice (such as IRS Forms W-8BEN and W-9) or (ii) Rule 3.23.8 issued by the Ministry of Finance and Public Credit on April 28, 2006 or a substantially similar successor of such rule is in effect, unless the provision of the information, documentation or other evidence described in clauses (c) and (h) is expressly required by statute, regulation, rule, ruling or administrative practice in order to apply Rule 3.23.8 (or a substantially similar successor of such rule), the Company cannot obtain such information, documentation or other evidence on its own through reasonable diligence and the Company otherwise would meet the requirements for application of Rule 3.23.8 (viior such successor of such rule).
. In addition, such clauses (c) and (d) The Payors shall not be construed to require that a non-Mexican pension or retirement fund or a non-Mexican financial institution or another Holder register with the Ministry of Finance and Public Credit for the purpose of establishing eligibility for an exemption from or reduction of Mexican withholding tax or to require that a Holder or beneficial owner certify or provide information concerning whether it is or is not a tax-exempt pension or retirement fund. If the Directive imposes taxes upon Notes presented for payment, the Company or relevant Guarantor will (1) make such withholding use commercially reasonable efforts to maintain a Paying Agent with a specified office in a Member State of the European Union that will not be obligated to withhold or deduction and (2) remit the full amount deducted or withheld deduct tax pursuant to the Directive or any law implementing or complying with, or introduced in order to conform to, the Directive. References to principal, interest or any other amount payable on or in respect of any Note shall be deemed also to refer to any Additional Amounts which may be payable as set forth in this Indenture or in the Notes to the extent that Additional Amounts are, were or would be payable in respect thereof. At least 10 Business Days prior to the first Interest Payment Date (and at least 10 Business Days prior to each succeeding Interest Payment Date if there has been any change with respect to the matters set forth in the below mentioned Officers' Certificate), the Company or the relevant government authority in accordance with applicable law. The Payors Guarantor, as applicable, will furnish to the Trustee, within 30 days after Trustee and the date Paying Agent an Officers' Certificate instructing the payment Trustee and the Paying Agent whether payments of any taxes is due pursuant to applicable law, certified copies principal of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor interest on the Notes will due on such Interest Payment Date shall be paid net of any without deduction or withholding imposed for or required pursuant on account of any Taxes by the Tax Jurisdictions. If any such deduction or withholding shall be required, at least 20 days prior to Sections 1471 through 1474 of such Interest Payment Date (unless the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required obligation to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, arises after the 20th day prior to the extent described payment date, in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by which case the Company or the relevant Guarantor shall notify the Trustee and the Paying Agent in writing promptly thereafter), the Company, or the relevant Guarantor, as applicable, will furnish the Trustee and the Paying Agent with an Officers' Certificate that specifies the amount, if any, required to confirm be withheld on such payment to Holders of the identity and/or tax status of such Holder and any affected beneficial owner and to assist Notes. If the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Guarantor is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Officers' Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the relevant payment date net date. For these purposes, any Officers' Certificate required by this Indenture to be provided to the Trustee and the Paying Agent shall be deemed to be duly provided if telecopied to the Trustee and such Paying Agent. Each of the Company and the Guarantors, jointly and severally, agree to indemnify the Trustee and the Paying Agent for, and to hold each harmless against, any loss, liability or expense reasonably incurred without bad faith on its part arising out of or in connection with actions taken or omitted by it in reliance on any Officer's Certificate furnished pursuant to this Section 4.22 or any failure to furnish such a certificate. The Company or the relevant Guarantor, as applicable, will make all withholdings and deductions required by law and will remit the full amount deducted or withheld to the relevant tax authority in accordance with applicable law. The Company or the relevant Guarantor, as applicable, will obtain official receipts from each tax authority evidencing the payment of any taxes required Taxes so deducted or withheld, or, if such receipts are not obtainable, such other documentation reasonably acceptable to the Trustee. The Company, or the relevant Guarantor, as applicable, shall furnish to the Trustee the official receipts (or a certified copy of the official receipts or other such documentation, as applicable) evidencing payment of Taxes. The Company or the relevant Guarantor, as applicable, will attach to each certified copy or other such documentation, as applicable, a certificate stating (x) that the amount of such Tax evidenced by the certified copy was paid in connection with payments under or with respect to the Notes then outstanding upon which such Taxes were due and (y) the amount of such withholding tax paid per $1,000 of principal amount of the Notes. Copies of such receipts or other such documentation, as applicable, shall be withheld made available to Holders of the Notes upon request. The Company and the relevant Guarantor, as applicable, shall promptly pay when due, and indemnify the Holder for, any present or deducted.
(i) In addition, the Payor will pay any future stamp, issue, registration, court, documentation, excise or other similar court and/or documentary taxes, and/or any other excise taxes, similar charges and duties, including any interest, penalties and any or similar liabilities with respect thereto, levies imposed by any Taxing Jurisdiction at any time in respect of the Tax Jurisdictions on the execution, issuancedelivery, registration or delivery enforcement of any of the Notes, this Indenture, any Note Guarantee, this Indenture Guaranty or any other document or instrument referred to hereunder herein or thereunder therein. The Company and the relevant Guarantor, as applicable, will indemnify and hold harmless each Holder of Notes and, upon written request of any Holder of Notes, reimburse each such taxesHolder, charges for the amount of:
(1) any Taxes (other than Taxes excluded under clauses (a) through (h)) levied or duties imposed and paid by such Holder as a Taxing Jurisdiction result of payments made on or with respect to the Notes; provided that reasonable supporting documentation is provided; and
(2) any Taxes (other than Taxes excluded under clauses (a) through (h)) levied or imposed with respect to any reimbursement under the foregoing clause (1), so that the net amount received by such Holder after such reimbursement will not be less than the net amount the Holder would have received if Taxes (other than Taxes excluded under clauses (a) through (h)) on such reimbursement had not been imposed. Any payments made pursuant to the Notes or preceding sentence will be treated as a result of, or in connection with, the enforcement Additional Amounts for all relevant purposes. The obligations of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under Company and the Guarantor pursuant to this Section 2.13 will 4.22 shall survive any termination, defeasance termination or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers toIndenture, in any context, the payment of principal, premium, if any, interest the Notes and/or resignation or any other amount payable under removal of the Trustee or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofPaying Agent.
Appears in 2 contracts
Samples: Indenture (Vitro Sa De Cv), Indenture (Vitro Sa De Cv)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) of the Guarantors under or with respect to the Notes (whether or not in the form of Definitive Registered Notes) or any Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, and without any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of (i) any jurisdiction in which such Payor the Company or any Guarantor (including any successor entity), is organizedthen incorporated, engaged in business, organized or resident or carrying on business for tax purposes or any political subdivision or governmental authority thereof or therein or (ii) any jurisdiction from or through which payments are payment is made by or on behalf of such Payor the Company or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision or governmental authority thereof or therein (each of the foregoing that has the power to tax (eachi) and (ii), a “Taxing Tax Jurisdiction”), unless will at any time be required to be made from any payments under or with respect to the deduction Notes or withholding is required by applicable law any Note Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or by premium, the interpretation Company or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions Guarantor or withholdings of taxes from any payment made under or in respect of the Notesother payor, the Payor as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder or beneficial owner of Notes (including Additional Amounts), ) after such withholding, deduction or withholding (including imposition will equal the respective amounts that would have been received and retained in respect of such payments in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) Howeverhowever, notwithstanding the foregoing, that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, partnerpartner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial ownerHolder, if the relevant Holder or beneficial owner is an estate, trust, nominee, trustpartnership, partnership limited liability company or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws or national of, incorporated in or carrying on a business, having a permanent establishment the relevant Tax Jurisdiction in which such Taxes are imposed or having a place of business in such jurisdiction), any other present or former connection with the relevant Tax Jurisdiction other than solely by reason the acquisition or holding of such Notes, the Holder exercise or beneficial owner purchasing, holding enforcement of rights under such Note or disposing the Indenture or under a Note Guarantee or the receipt of the Notespayments in respect of such Note or a Note Guarantee; (ii) taxes any Taxes, to the extent such Taxes were imposed on, or deducted or withheld from, payments in respect as a result of the Notes if such payments could presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been made without such imposition, deduction or withholding entitled to Additional Amounts had the Note been presented on the last day of such taxes had such Notes been 30 day period); (iii) any estate, inheritance, gift, sale, transfer, personal property or similar Taxes; (iv) any Taxes imposed as result of any Note presented for payment (where presentation is required) within 30 days after by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the relevant date Note to another Paying Agent in a member state of the European Union; (except v) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Note Guarantee; (vi) any Taxes to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes Taxes are imposed or withheld by reason of the failure by of the Holder or beneficial owner of such Note Notes, following the Company’s reasonable written request addressed to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner at least 60 days before any such withholding or deduction would be payable to make the Holder or beneficial owner, to comply with any declaration certification, identification, information or similar claim or satisfy any other reporting requirement relating to such mattersrequirements, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Tax Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or part of beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally entitled to provide such taxescertification or documentation; (ivvii) withholding tax under Part XIII any Taxes imposed or withheld by reason of the Income Tax Act (Canada) (failure of the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure Notes to properly comply with the Holder’s obligations imposed under Part XVIII requirements of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of the Offering Memorandum (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), the U.S. Treasury Regulations issued thereunder or any official interpretation thereof or any agreement entered into pursuant to Section 1471 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)) above.
(db) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld In addition to the relevant government authority in accordance with applicable law. The Payors foregoing, the Company and the Guarantors will furnish to also pay and indemnify the TrusteeHolder for any present or future stamp, within 30 days after the date the payment of any taxes is due pursuant to applicable lawissue, certified copies of tax receipts evidencing that such payment has been made registration, value added, transfer, court or other evidence of such payment satisfactory to the Trustee.
(e) The Payorsdocumentary Taxes, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under other excise or with respect to the Notesproperty taxes, (y) any liability charges or similar levies (including penalties, interestinterest and any other liabilities related thereto) which are levied by any Tax Jurisdiction on the execution, additions delivery, issuance, or registration of any of the Notes, the Indenture, any Note Guarantee or any other document referred to tax and reasonable expenses) arising therefrom therein, or the receipt of any payments with respect thereto, excluding or enforcement of, any such liability which arises as a result of the Holder’s Notes or beneficial owner’s failure any Note Guarantee.
(c) If the Company or any Guarantor, as the case may be, becomes aware that it will be obligated to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentGuarantee, the Company or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company or the relevant Guarantor shall notify the Trustee in writing promptly thereafter) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable, and will . The Officer’s Certificates must also set forth such any other information reasonably necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders on the relevant payment date net date. The Company or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary, and may conclusively presume that no payments are necessary unless and until it receives any taxes required to be withheld or deductedsuch Officer’s Certificate.
(id) In addition, The Company or the Payor relevant Guarantor will pay any stamp, issue, registration, court, documentation, excise make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit the full amount deducted or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant withheld to the Notes relevant Tax authority in accordance with applicable law. The Company or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Company or the relevant Guarantor will furnish to the Trustee (or to a Holder upon request), within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Company or a Guarantor, as a result ofthe case may be, or in connection withif, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the enforcement of the Notes, any Note Guarantee and/or any other Trustee) by such document or instrumententity.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(ke) Whenever this in the Indenture refers toor the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note of the Notes or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(f) The obligations described under Sections 4.01(c), (d), (e) and (f) of the Indenture will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Company or any Guarantor is incorporated, engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes (or any Note Guarantee) and any department or political subdivision or taxing authority or agency thereof or therein having the power to tax.
Appears in 2 contracts
Samples: Indenture (Viking Holdings LTD), Indenture (Viking Holdings LTD)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amountsunder, a “Payor”) under or with respect to to, the Notes or any Note Guarantee will be made free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future incometax, stamp duty, levy, impost, assessment or other governmental charge of a similar nature, including penalties, interest and other taxesliabilities related thereto (collectively, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now ), imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor the Company is organizedengaged in business, resident or carrying on business for tax purposes or from or through which payments are made by or generally subject to tax on behalf of such Payor a net income basis, or any political subdivision or taxing authority of or in any of the foregoing that has the power to tax (each, a “Taxing Tax Jurisdiction”), unless the deduction or withholding Company is required to withhold or deduct taxes by applicable law or by the official interpretation or administration thereof by the relevant governmental authoritythereof.
(b) At If the Company is required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for, or withholdings of on account of, such taxes from any payment made under or in with respect of to the Notes, the Payor Company will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the such Holder would have received if such taxes had no such deduction not been required to be withheld or withholding been requireddeducted.
(c) However, notwithstanding the foregoing, no The Company’s obligation to pay Additional Amounts will be payable to a Holder of a Note by not apply to:
(1) any Payor with respect to: taxes:
(i) to the extent that such taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder Notes and the Tax Jurisdiction imposing such taxes, other than solely resulting from the mere acquisition, holding, or beneficial owner, if ownership of the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporationNotes;
(ii) and any Taxing Jurisdiction (including, without limitation, by virtue to the extent such taxes would not have been so imposed but for the failure of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Notes to comply with any reasonable request made by the Company in writing to such Holder or beneficial owner purchasingat least 30 days before any withholding or deduction of such taxes would be so required, holding to make a timely and valid declaration or disposing similar claim for exemption from such taxes or to comply with applicable certification, identification, information or other reporting requirements concerning such Holder’s or beneficial owner’s identity, nationality, residence, place of establishment or connection with the Notes; (ii) Tax Jurisdiction imposing such taxes or to make any other declaration or similar claim or otherwise satisfy any information reporting requirements, in each case, which is imposed onby statute, treaty, regulation or administrative practice of such Tax Jurisdiction as a precondition to an applicable exemption from, or deducted or withheld from, payments reduction in respect the rate of the Notes if such payments could have been made without such imposition, deduction or withholding of of, such taxes, but in each case, only to the extent such Holder or beneficial owner is legally entitled to make such declaration or claim or to comply with such requirements;
(iii) to the extent such taxes had such Notes been presented were imposed as a result of presentation of a Note for payment (where presentation is required) within by or on behalf of a Holder of Notes that would have been able to avoid such withholding or deduction by presenting such Note to another paying agent; or
(iv) to the extent such taxes were imposed as a result of presentation of a Note for payment (where presentation is required) more than 30 days after the relevant date (payment is first made available for payment to the Holder of such Note, except to the extent that the such Holder thereof would have been entitled to such Additional Amounts on presenting a had the Note been presented for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means ;
(a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi2) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or similar tax; , assessment or other similar governmental charge;
(vii3) with respect to any tax withholding or penalty arising from the Holder’s failure to properly comply deduction that is imposed in connection with the Holder’s obligations imposed under Part XVIII Sections 1471-1474 of the Tax Act or US Internal Revenue Code and the similar provisions of legislation of U.S. Treasury regulations, thereunder (“FATCA”), any intergovernmental agreement between the United States and any other jurisdiction that has entered into an agreement implementing, or relating to, FATCA or any law, regulation or guidance enacted or issued in any jurisdiction with respect thereto;
(4) any taxes payable otherwise than by deduction or withholding from payments under, or with respect to, the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the CodeNotes; or or
(viii5) taxes arising from any combination of the items listed in the preceding exceptions (1)-(4). The foregoing clauses (i) through (vii)provisions will survive any termination or discharge of the Indenture and any defeasance of the Notes under Article 4 of the Indenture and Article 9 of this Supplemental Indenture.
(d) The Payors will (1) make such withholding or deduction and (2) remit Whenever either in the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Supplemental Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, principal (and premium, if any), redemption price, interest or any other amount payable under or with respect to any Note or any Note GuaranteeNote, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable by the Company in respect thereof.
Appears in 2 contracts
Samples: Second Supplemental Indenture (OM Asset Management PLC), First Supplemental Indenture (OM Asset Management PLC)
Additional Amounts. (a) All payments made by the Company on the Notes (whether or not in the form of Definitive Notes) will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of (1) Luxembourg, the Company United States, Ireland or any Guarantor political subdivision or governmental authority of any thereof or therein having power to tax, (2) any jurisdiction from or through which payment on the Notes is made, or any political subdivision or governmental authority thereof or therein having the power to tax or (3) any other jurisdiction in which the Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each such person who pays or credits such amountsof clause (1), (2) and (3), a “PayorRelevant Taxing Jurisdiction”) under ), unless the withholding or with respect to the Notes or deduction of Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At Jurisdiction shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required from any payment payments made under or in with respect of to the Notes, including payments of principal, Redemption Price, interest or premium, the Payor will pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder the Holders of Notes or the Trustee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), after equal the amounts which would have been received in respect of such deduction or withholding (including payments on the Notes in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had however, that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable with respect to:
(1) any payments to a Holder or beneficial owner who is liable for such Taxes in respect of a such Note by any Payor with respect to: (i) taxes that would not have been imposed but for reason of the existence of Holder’s or beneficial owner’s having any present or former connection between with the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Relevant Taxing Jurisdiction (includingincluding being a citizen or resident or national of, without limitationor carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than by virtue the mere holding of such Note or enforcement of rights thereunder or the receipt of payments in respect thereof;
(2) any Taxes that are imposed or withheld where such withholding or imposition is by reason of the failure of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except Note to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to comply with any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received reasonable and timely request by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note Payor to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any certification, information or other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required or imposed by lawa statute, regulation treaty, regulation, protocol, or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(iv3) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning winding up of the Tax ActPayor, any Note presented for payment (where presentation is required) with a Payor at in the time Relevant Taxing Jurisdiction (unless by reason of such payment; the Payor’s actions, presentment could not have been made elsewhere and except to the extent that the Holder would have been entitled to Additional Amounts had the Notes been presented elsewhere);
(v4) any Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented during such 30 day period);
(5) any Taxes that are payable otherwise than by withholding tax under Part XIII from a payment of the Tax Act that is imposed as a consequence of a Holder principal of, premium, if any, or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” interest on the Notes;
(within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi6) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; (vii) any tax , assessment or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).governmental charge;
(d7) The Payors will (1) make such withholding or deduction a Tax imposed on a payment to an individual and (2) remit the full amount deducted or withheld required to be made pursuant to the relevant government authority Directive or any law implementing or complying with, or introduced in accordance with applicable law. The Payors will furnish order to the Trusteeconform to, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.Directive; or
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner 8) a Tax imposed in connection with a Note presented for payment by or on behalf of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such a Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant who would have been able to subsection 215(4) avoid such Tax by presenting the Note to another paying agent in a member state of the Tax Act and section 803 European Union. Such Additional Amounts will also not be payable where, had the beneficial owner of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to Note been the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result Holder of the Holder’s or beneficial owner’s failure to pay amounts on a timely basisNote, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder it would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i1) through to (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)8) inclusive above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation will be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 2 contracts
Samples: Euro Indenture (JSG Acquisitions I), Dollar Indenture (JSG Acquisitions I)
Additional Amounts. (a) “All payments made by the Company under or with respect to the Debentures (including, without limitation, any Additional Interest paid by the Company under the Registration Rights Agreement) will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of the Company Government of Canada or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident province or carrying on business for tax purposes territory thereof or from by any authority or through which payments are made by agency therein or on behalf of such Payor or any political subdivision or authority of the foregoing that has the thereof having power to tax (each, a “Taxing JurisdictionCanadian Taxes”), unless the deduction or withholding Company is required to withhold or deduct Canadian Taxes by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At authority or agency. If the Company is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Canadian Taxes from any payment made under or in with respect of the Notesto any Debentures, the Payor Company will pay as additional interest such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), of Debentures after such deduction or withholding (including withholding or deduction attributable to (and after deducting any Canadian Taxes on such Additional Amounts payable hereunder), shall Amounts) will not be less than the amount the such Holder would have received if such Canadian Taxes had no not been withheld or deducted and similar payments (the term “Additional Amounts” shall also include any such deduction or similar payments) will also be made by the Company to Holders of Debentures that are not subject to withholding been required.
(c) Howeverbut are required to pay tax directly on amounts otherwise subject to withholding; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.:
Appears in 2 contracts
Samples: Second Supplemental Indenture (Placer Dome Inc), First Supplemental Indenture (Placer Dome Inc)
Additional Amounts. (a) All payments made by or on behalf As it applies to the Notes, Section 10.19 of the Company Original Indenture shall be amended by:
(i) deleting the word “Brazil” throughout such Section 10.19 and replacing it with the expression “Taxing Jurisdiction” (as defined in Section 1.02 of this Fifth Supplemental Indenture);
(ii) adding the phrase, “, levies” after the phrase, “deduction or withholding for any Guarantor present or future taxes” in the first sentence of such Section 10.19;
(each such person who pays or credits such amountsiii) deleting the phrase, a “Payor”) under or who, with respect to any such tax, assessment or other governmental charge, is not resident in Brazil” in the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf first sentence of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.Section 10.19;
(biv) At any time a relevant Taxing Jurisdiction requires deductions or withholdings deleting the proviso to the first sentence of taxes from any payment made under or in respect of such Section 10.19 that includes clauses (1)-(7) thereof and ends with the Notesphrase, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that who would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not had it been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner owner, as the case may be, of such Note to provide certificationSecurity” and replacing such proviso with the following: “; provided, informationhowever, documents or other evidence concerning that the nationality, residence or identity of the Holder or beneficial owner or Company shall not be required to make any declaration payment of Additional Amounts that is imposed due to any of the following:
(1) such Holder or similar claim the Trustee has a connection with the Taxing Jurisdiction other than merely holding the Notes or satisfy receiving principal or interest payments on the Notes (such as citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within the Taxing Jurisdiction);
(2) any tax imposed on, or measured by, net income;
(3) such Holder or the Trustee fails to comply with any certification, identification or other reporting requirement relating to requirements concerning its nationality, residence, identity or connection with the Taxing Jurisdiction, if (x) such matters, within 30 days after a specific written request therefor from a Payor, which compliance is required by applicable law, regulation or regulation, administrative practice or applicable treaty as a precondition to exemption from all or reduction in a part of the rate of tax, levy, deduction or withholding of other governmental charge, (y) such Holder or the Trustee is able to comply with such requirements without undue hardship and (z) at least 30 calendar days prior to the first payment date with respect to which such requirements under the applicable law, regulation, administrative practice or treaty will apply, the Company has notified all Holders that they will be required to comply with such requirements;
(4) such Holder or part of the Trustee fails to present (where presentation is required) its Note within 30 calendar days after the Company has made available to such taxes; (iv) withholding tax Holder or the Trustee a payment under Part XIII of the Income Tax Act (Canada) (Notes and this Indenture, provided that the “Tax Act”) that is imposed as a consequence of Company will pay Additional Amounts which a Holder or beneficial owner of a the Trustee would have been entitled to had the Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of owned by such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at the Trustee been presented on any time, a “specified non-resident shareholder” day (including the last day) within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length such 30 calendar day period;
(within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi5) any estate, inheritance, gift, salesvalue added, exciseuse or sales taxes or any similar taxes, useassessments or other governmental charges; or
(6) such taxes, personal propertylevies, transfer deductions or similar tax; (vii) other governmental charges are imposed on a payment on the Notes to an individual and are required to be made pursuant to any tax or penalty arising from European Union Council Directive implementing the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII conclusions of the Tax Act ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America law implementing or complying with, or introduced in order to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).conform to, such directive;
(d7) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by where such Holder or beneficial owner (includingthe Trustee could have avoided such taxes, levies, deductions or other governmental charges by requesting that a payment on the Notes be made by, or presenting the relevant notes for greater certaintypayment to, taxes imposed and paid pursuant to subsection 215(4) another paying agent of the Tax Act and section 803 Company located in a member state of the Income Tax Regulations European Union; or
(Canada) 8) where the Holder or any successor provision) as a result of payments made under the Trustee would have been able to avoid the tax, levy, deduction or with respect other governmental charge by taking reasonable measures available to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause the Trustee .”
(xv) or (y) above; provided, however, that adding the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which following new paragraph at the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) end of Section 2.13(c) if the Payor had been required to withhold from such payments 10.19: “The Company shall promptly pay when due any present or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In additionfuture stamp, court or documentary taxes or any amounts to be paid other excise or property taxes, charges or similar levies that are imposed by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which arise from any payment under or with respect to the Notes or under any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld document or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise instrument referred herein or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of therein or from the execution, issuancedelivery, enforcement or registration or delivery of the Notes, any each Note Guarantee, this Indenture or any other document or instrument referred to hereunder herein or thereunder therein. The Company shall indemnify and make whole the Holders of the Notes for any such present or future stamp, court or documentary taxes or any other excise or property taxes, charges or duties imposed similar levies payable by a Taxing Jurisdiction on any payments made pursuant to the Notes or Issuer as a result of, or provided in connection with, the enforcement this paragraph paid by such Holder of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) . The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premiumCompany shall, if any, interest European Council Directive 2003/48/EC or any other amount payable under Directive implementing the conclusions of the ECOFIN council meeting of November 26-27, 2000 is brought into force, ensure that it maintains a paying agent hereunder in a member state of the European Union that will not be obliged to withhold or with respect deduct tax pursuant to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofDirective.”
Appears in 2 contracts
Samples: Supplemental Indenture (Brazilian Petroleum Corp), Supplemental Indenture (Brazilian Petroleum Corp)
Additional Amounts. (a) All Any payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) Corporation under or with respect to the Notes or any Note Guarantee Debentures will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp and duty, levy, impost, assessment or other governmental charge, excluding, in respect of a Holder or Beneficial Holder, branch profits taxes, leviesfranchise taxes and taxes imposed on net income or capital (collectively, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”"Taxes"), unless the deduction Corporation or withholding any other payor is required to withhold or deduct Taxes by applicable law Applicable Law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions Governmental Authority. If the Corporation or withholdings any other payor of taxes any amount under or in respect of the Debentures (including any amount paid in respect or proceeds of disposition of the Debenture to a Debentureholder) is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Debentures in respect of any such payment by the Corporation, the Corporation will make such withholding or deduction and will remit the full amount withheld or deducted to the relevant Governmental Authority as and when required by Applicable Law and the Corporation will pay to the Trustee or, in respect of any amount paid by any payor other than the Corporation of any amount under or in respect of the Notes, Debentures (including any amount paid in respect of proceeds of disposition of the Payor Debentures to a Debentureholder) will pay to each Debentureholder such additional amounts (“the "Additional Amounts”") as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the such Holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable with respect to any payment to a Holder (an "Excluded Holder") in respect of a Note by any Payor with Beneficial Holder who is liable for such Taxes in respect toof such Debentures: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the such Holder or beneficial owner purchasing, holding or disposing of Beneficial Holder being a Person with whom the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of Corporation is not dealing at arm's length for the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII purposes of the Income Tax Act (Canada) (the “"Tax Act”") that is imposed as a consequence at the time of a making such payment, (ii) by reason of the existence of any present or former connection between such Holder or beneficial owner Beneficial Holder and the jurisdiction imposing such Tax, other than, in either case, solely by reason of the Holder's activity in connection with purchasing the Debentures, the mere holding, deemed holding, use or ownership of the Debentures, or receiving payments under or enforcing any rights in respect of such Debentures, (iii) by reason of such Holder or Beneficial Holder being a Note not dealing at arm’s length "specified shareholder" of the Corporation (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection Section 18(5) of the Tax Act) at the time of the Company orpayment or deemed payment, at any time, or by reason of such Holder or Beneficial Holder not dealing at arm’s 's length (within for the meaning purposes of the Tax Act) Act with a “"specified shareholder” (within the meaning of subsection 18(5) " of the Tax ActCorporation at the time of payment or deemed payment; (iv) by reason of the Companyfailure of the Holder or Beneficial Holder of a Debenture to comply with certification, information or other reporting requirements if such compliance is required or imposed by a statute, treaty or regulation or administrative practice of the relevant Governmental Authority as a precondition to exemption from or reduction in all or part of such Taxes, deduction or withholding; or (viv) for any estate, inheritance, gift, sales, excise, use, personal property, transfer sales or any similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)Taxes.
(db) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 Within 90 days after the date the payment of any taxes Taxes is due pursuant to applicable lawApplicable Law, certified the Trustee will furnish to the Corporation copies of tax receipts receipts, if any, evidencing that such payment has been made or other evidence of such payment satisfactory to by the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hc) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Debentures is due and payable, if a Payor the Corporation to its knowledge will be obligated to pay Additional Amounts with respect to such payment, the Company Corporation will deliver to the Trustee an Officer’s 's Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the date payment date net of any taxes required to be withheld or deductedis due.
(id) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or in any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor Debenture there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, principal (and premium, if any), a purchase price pursuant to an offer to purchase, interest or any other amount payable under or with respect to any Note or any Note GuaranteeDebenture, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(e) The Corporation will indemnify and hold harmless each Holder (other than an Excluded Holder) and upon written request reimburse each of the Holders for the amount of: (i) any Taxes so levied or imposed and paid by the Holder as a result of payments made under or with respect to the Debentures (including any amount paid by the Corporation in respect of proceeds of disposition of the Debenture to a Holder), and (ii) any Taxes levied or imposed and paid by the Holder with respect to reimbursement under (i) above, but excluding any Taxes on such Holder's net income or capital.
(f) If the Corporation pays any indemnity or Additional Amounts under this Section 2.22 to a Holder and the Holder or Beneficial Holder at any time thereafter receives a refund in respect of Taxes or a credit with respect to payment of Taxes, then such Holder or Beneficial Holder shall promptly pay to the Corporation the amount of such refund or credit net of all out-of-pocket expenses reasonably incurred by the Holder or Beneficial Holder to obtain such refund or credit.
Appears in 2 contracts
Samples: Indenture (C21 Investments Inc.), Indenture (C21 Investments Inc.)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will the Securities Guarantees shall be made free and clear of, and without withholding of or deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings governmental charges of whatever nature (hereinafter referred to as “taxesTaxes”) now imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of Canada or, if any Issuer, a Surviving Person or any Guarantor is not a corporation, any jurisdiction in which a member or partner of such Payor Issuer, Surviving Person, or any Guarantor, as applicable (or, if such member or partner is organizednot a corporation, to the extent payments made under the Notes or the Guarantees would be subject to withholding tax in such jurisdiction, the jurisdiction in which an indirect member or partner of such Person) is organized or resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor purposes, or any province, territory or political subdivision thereof, or any authority of the foregoing that has therein or thereof having the power to tax (each, a “Taxing Jurisdiction”), unless the withholding or deduction or withholding of such Taxes is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notessuch law. In that event, the Payor Issuers or the applicable Guarantor, as the case may be, will pay such additional amounts (“Additional Amounts”) Amounts as may be necessary so in order that the net amounts received by each Holder (including Additional Amounts), the Holders of the Notes after such deduction withholding or withholding (deduction, including any withholding or deduction attributable with respect to such Additional Amounts payable hereunder)Amounts, shall not be less than equal the amount the Holder amounts which would have received had no been receivable in respect of the Notes in the absence of such deduction withholding or withholding been required.
(c) However, notwithstanding deduction. Notwithstanding the foregoing, no such Additional Amounts will shall be payable to a Holder of a Note by the Issuers or any Payor Guarantor , as the case may be, with respect to: :
(i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant payments to a Holder or beneficial owner (who is liable for such Taxes imposed or between levied by a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction in respect of such Note (including, without limitation, 1) by virtue reason of the Holder or beneficial owner being a citizen Person with whom the applicable obligor or resident of, formed pursuant to any of its members does not deal at arm’s length for the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII purposes of the Income Tax Act (Canada) (the “Canadian Tax Act”) that is imposed as a consequence at the time of a making such payment or (2) by reason of the existence of any present or former connection between such Holder or beneficial owner (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of power over, such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership, limited liability company or corporation) and the Taxing Jurisdiction, including, without limitation, the Holder or beneficial owner being or having been a citizen, national, or resident, engaged in a trade or business or physically present in the Taxing Jurisdiction or having or having had a permanent establishment in the Taxing Jurisdiction (excluding, in each case, any connection arising from the mere holding or receiving payments or enforcing any rights in respect of a Note being, at any time, a “specified non-resident shareholder” such note);
(within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (viii) any estate, inheritance, gift, sales, excisetransfer, use, excise or personal property, transfer property tax or any similar taxTax; |
(viiiii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations Tax imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on of a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner of a Note to comply with certification, identification, declaration or similar reporting requirements concerning, without limitation, the nationality, residence, identity or connection with the relevant Taxing Jurisdiction of the Holder or beneficial owner of such Note, if such compliance is required by statute, treaty, regulation or administrative pronouncement as a precondition to relief or exemption from such Tax and if the Issuers or any Guarantor has provided the beneficial owner or its nominee with a written request to provide such declaration or claim at least thirty (30) days’ before such withholding or deduction would be payable;
(iv) any Tax which is payable otherwise than by deduction or withholding from payment of, or interest on, such Note or any Guarantee;
(v) any withholding or deduction that is imposed or levied on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive;
(vi) any Tax that is imposed on or with respect to a payment made to a Holder or beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Note to another paying agent;
(vii) any Taxes imposed as a result of the presentation of a Note for payment more than thirty (30) days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such thirty (30) day period);
(viii) any Taxes imposed by the United States of America, any state thereof, the District of Columbia, any political subdivision thereof or any authority therein or thereof having the power to tax; or
(ix) any combination of items (i) – (viii) above; nor will such Additional Amounts be paid with respect to any reimbursement under clause (x) payment on any Note to a Holder or (y) above; providedbeneficial owner who is a fiduciary or partnership or other than the sole beneficial owner of such note to the extent that a beneficiary or settler with respect to such fiduciary, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder a member of such partnership or a beneficial owner thereof would not have been eligible entitled to receive a payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payablehad such beneficiary, and will set forth settler, member or beneficial owner received directly its beneficial or distributive share of such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deductedpayment.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: Supplemental Indenture (Urs Corp /New/), Supplemental Indenture (Urs Corp /New/)
Additional Amounts. (a) All Unless otherwise required by the Netherlands law or Indonesian law, neither the Issuer nor any of the Guarantors will deduct or withhold from payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note and the Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, of any and all present or future incometaxes, stamp and other taxesduties, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction political subdivisions or taxing authorities in which such Payor is organized, resident the Netherlands or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has Indonesia having the power to tax (each, a “Taxing JurisdictionAuthority,” and such taxes, “Taxes”), unless . In the deduction event that either the Issuer or withholding any of the Guarantors is required by applicable law to withhold or by the interpretation or administration thereof by the relevant governmental authority.
(b) At deduct on account of any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes Taxes from any payment made under or in with respect to such Notes or the Guarantee, as the case may be, the Issuer or any of the NotesGuarantors, as the Payor case may be, will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder (holder of Notes, including Additional Amounts)those additional amounts, after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than will equal the amount the Holder that such holder of Notes would have received if such Taxes had no such deduction not been required to be withheld or withholding been requireddeducted. The amounts that the Issuer or any of the Guarantors are required to pay to preserve the net amount receivable by the holders of Notes are referred to as “Additional Amounts.
(c) However, notwithstanding the foregoing, no ” Additional Amounts will not be payable with respect to a Holder payment made to a holder of a Note by Notes to the extent:
(a) that any Payor with respect to: (i) taxes that such Taxes would not have been imposed but for the existence of any present or former connection between the relevant Holder holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of such Note and the relevant Holder Taxing Authority imposing such Taxes, other than merely holding such notes or beneficial ownerthe exercise or enforcement of rights under such Notes, if their Guarantee or the relevant Holder or beneficial owner is an estateIndenture, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of such holder or the Holder or beneficial owner of such Notes being or having been a citizen national, domiciliary or resident of, formed pursuant to the laws of, incorporated of or treated as a resident thereof or being or having been present or engaged in a trade or carrying on a business, business therein or having or having had a permanent establishment or having a place of business in therein;
(b) that any such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could Taxes would not have been made without such imposition, deduction or withholding imposed but for the presentation of such taxes had such Notes been presented for payment (or the Guarantees, where presentation is required) within , for payment on a date more than 30 days after the relevant date (on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent that the Holder beneficiary or holder of Notes thereof would have been entitled to such Additional Amounts on presenting a Note had the Notes been presented for payment on the last day of any date during such 30-day period); for this purpose;
(c) of any estate, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereofinheritance, gift sale, transfer, personal property or (b) if the full amount of the monies payable on such date have not been received by the Trustee on other similar tax assessment or prior other governmental charge imposed with respect to such due dateNote;
(d) that any tax, the date on which the full amount of such monies having been so received, provided assessment or other governmental charge that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by of such holder or the Holder or beneficial owner of such Note Notes to comply with a request by the Issuer addressed to such holder of Notes to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the Holder such holder of Notes or such beneficial owner owner, or to make any declaration or other similar claim claim, or satisfy any other information or reporting requirement relating to such mattersrequirement, within 30 days after a specific written request therefor from a Payorwhich, which in either case, is required or imposed by lawa statute, treaty, regulation or administrative practice or applicable treaty of the taxing jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; tax, assessment or other governmental charge;
(ive) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).above; or
(df) The Payors with respect to any payment of the principal of, premium, if any, or interest on such Notes or the Guarantee to such holder of Notes (including a fiduciary or partnership) to the extent that the beneficial owner of such Notes would not have been entitled to such Additional Amounts had it been the holder of the Notes. Each of the Issuer and the Guarantors, as applicable, will also:
(1) make such withholding withhold or deduction and deduct the Taxes as required;
(2) remit the full amount of Taxes deducted or withheld to the relevant government authority Taxing Authority in accordance with all applicable law. The Payors will furnish laws;
(3) use its reasonable efforts to obtain from each relevant Taxing Authority imposing such Taxes certified copies of tax receipts evidencing the payment of any Taxes deducted or withheld; and
(4) upon request, make available to the Trusteeholders of Notes, within 30 60 days after the date the payment of any taxes Taxes deducted or withheld is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made by the Issuer or any relevant Guarantor or, if, notwithstanding the efforts of the Issuer or Guarantor to obtain such receipts, the same are not obtainable, other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor Issuer and the Guarantors, as applicable, will pay any stamp, issue, registration, court, documentation, excise documentary or other similar taxes, charges taxes and duties, including any interest, penalties and any similar liabilities Additional Amounts with respect thereto, imposed by payable in the Netherlands or the United States or any Taxing Jurisdiction at any time political subdivision or taxing authority of or in the foregoing in respect of the executioncreation, issuanceissue, registration offering, enforcement, redemption or delivery retirement of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result ofGuarantee. Any reference herein to principal, premium or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 interest will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis be deemed also to refer to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would which may be payable in respect thereofpayable.
Appears in 2 contracts
Samples: Indenture (P T Indosat TBK), Indenture (PT Indosat TBK)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incomeTaxes, stamp and other taxes, levies, imposts, duties, charges, fees, deductions unless the Company is required to withhold or withholdings (hereinafter referred deduct Taxes by law or by the interpretation or administration thereof. If the Company is so required to as “taxes”) now withhold or hereafter imposed, levied, collected, withheld deduct any amount for or assessed on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor the Company is organized, resident or carrying on business for tax purposes or from or through which payments are made by or the Company makes any payment on behalf of such Payor the Notes or any department or political subdivision or authority of the foregoing that has the power to tax thereof (each, a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in with respect of to the Notes, the Payor Company, subject to the exceptions stated below, will pay such additional amounts (“Additional Amounts”) as may be necessary so such that the net amounts amount received in respect of such payment by each Holder (including Additional Amounts), or beneficial owner after such withholding or deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall hereunder but excluding Taxes on net income) will not be less than the amount the Holder or beneficial owner, as the case may be, would have received if such Taxes had no such deduction not been required to be so withheld or withholding been requireddeducted.
(cb) HoweverThe Company will not, notwithstanding the foregoinghowever, no pay Additional Amounts will be payable to a Holder of a Note by any Payor or beneficial owner with respect to: :
(i) taxes Canadian withholding Taxes imposed on a payment to a Holder or beneficial owner with which the Company does not deal at arm’s length for the purposes of the Income Tax Act (Canada) (the “Tax Act”) at the time of making such payment (other than where the non-arm’s length relationship arises as a result of the exercise or enforcement of rights under any Notes);
(ii) a debt or other obligation to pay an amount to a person with whom the Company is not dealing at arm’s length within the meaning of the Tax Act (other than where the non-arm’s length relationship arises as a result of the exercise or enforcement of rights under any Notes);
(iii) any Canadian withholding Taxes imposed on a payment or deemed payment to a Holder or beneficial owner by reason of such Holder or beneficial owner being a “specified shareholder” of the Company (within the meaning of subsection 18(5) of the Tax Act) at the time of payment or deemed payment, or by reason of such Holder or beneficial owner not dealing at arm’s length for the purposes of the Tax Act with a “specified shareholder” of the Company at the time of payment or deemed payment (other than where the Holder or beneficial owner is a “specified shareholder,” or does not deal at arm’s length with a “specified shareholder,” as a result of the exercise or enforcement of rights under any Notes);
(iv) Taxes giving rise to such Additional Amounts that would not have been imposed but for the existence of any present or former connection between such Holder (or the relevant Holder or beneficial owner (of, or between person ultimately entitled to obtain an interest in, such Notes, including a fiduciary, settlorsettler, beneficiary, member, partner, member shareholder or shareholder other equity interest owner of, or possessor of the relevant power over, such Holder or beneficial owner, if the relevant such Holder or beneficial owner is an estate, nominee, trust, partnership partnership, limited liability company, corporation or corporationother entity) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, the Relevant Taxing Jurisdiction but not including any connection resulting solely from the acquisition, ownership, or disposition of Notes, the receipt of payments thereunder and/or the exercise or enforcement of rights under any Notes);
(v) Taxes giving rise to such Additional Amounts that would not have been imposed but for the failure of such Holder or beneficial owner, to the extent such Holder or beneficial owner is legally eligible to do so, to timely satisfy any certification, identification, information, documentation or other reporting requirements concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction or arm’s length relationship with the Company or otherwise establish the right to the benefit of an exemption from, or reduction in the rate of, withholding or deduction, if such compliance is required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, by virtue of a certification that the Holder or beneficial owner being is not resident in the Relevant Taxing Jurisdiction);
(vi) any estate, inheritance, gift, sales, transfer, personal property, excise or any similar Taxes or assessment;
(vii) any Taxes that were imposed with respect to any payment on a citizen Note to any Holder who is a fiduciary or resident of, formed pursuant partnership or person other than the sole beneficial owner of such payment and to the laws of, incorporated in or carrying extent the Taxes giving rise to such Additional Amounts would not have been imposed on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of payment had the Holder been the beneficiary, partner or sole beneficial owner purchasingowner, holding or disposing as the case may be, of the Notes; such Note;
(iiviii) taxes Taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes Taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date on which such payments or such Notes became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the such Holder thereof or beneficial owner would have been entitled to such Additional Amounts on presenting a Note for payment had such Notes been presented on the last day of such 30-day period); for this purpose, the “relevant date” in relation to ;
(ix) any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, Tax which is required payable otherwise than by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, ;
(yx) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom Taxes that are imposed or with respect thereto, excluding any such liability which arises withheld as a result of the Holder’s presentation of any Note for payment by or beneficial owner’s failure to pay amounts on behalf of a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder who would not have been eligible able to receive payment avoid such withholding or deduction by presenting the relevant Note to another paying agent;
(xi) any Taxes imposed under FATCA; or
(xii) any combination of Additional Amounts hereunder by virtue of clauses the foregoing items (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such paymentsxi).
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hc) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor the Company will be obligated to pay Additional Amounts with respect to such paymentpayment (unless such obligation to pay Additional Amounts arises after the 30th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Company will deliver to the U.S. Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the U.S. Trustee to pay such Additional Amounts to Holders and/or beneficial owners on the payment date net of any taxes required to be withheld or deducteddate.
(d) The Company will indemnify and hold harmless the Holders and beneficial owners of the Notes for the amount of any Taxes under Regulation 803 of the Tax Act, or any similar or successor provision (other than Taxes described in clauses (i) through (xii) above (but including, notwithstanding clause (ix), any Taxes payable pursuant to Regulation 803 of the Tax Act) or Taxes arising by reason of a transfer of the Notes to a person resident in Canada with whom the transferor does not deal at arm’s length for the purposes of the Tax Act except where such non-arm’s length relationship arises as a result of the exercise or enforcement of rights under any Notes) levied or imposed on and paid by such a Holder or beneficial owner as a result of payments made under or with respect to the Notes.
(e) In addition, the Payor Company will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration registration, delivery or delivery enforcement of the Notes, any Note Guarantee, this Indenture Notes (other than on or in connection with a transfer of the Notes other than the initial sale by an Underwriter) or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentinstrument (limited, solely in the case of taxes, charges or duties attributable to any payments with respect thereto, to any such taxes, charges or duties imposed in a Relevant Taxing Jurisdiction that are not excluded under Sections 2.05(b)(v), (vi), (vii), (viii), (x) and (xi)).
(jf) The obligations described under this Section 2.13 2.05 will survive any termination, defeasance or discharge of this the Indenture and will apply mutatis mutandis to any successor Person person to the Payor Company and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) . Whenever this Indenture the Indenture, with respect to the Notes, refers to, in any context, the payment of principal, premium, if any, installments of principal and interest or any other amount payable under or with respect to any Note or any Note GuaranteeNote, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13hereunder, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofif applicable.
Appears in 2 contracts
Samples: First Supplemental Indenture (GFL Environmental Inc.), First Supplemental Indenture (GFL Environmental Holdings Inc.)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) Issuers under or with respect to the Notes or any Note of the Guarantors on its Guarantee will be made free and clear without withholding or deduction for, or on account of, and without any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor the Issuers or any Guarantor (including any successor entity), is organizedthen incorporated, engaged in business or resident or carrying on business for tax purposes or from any political subdivision thereof or therein or any jurisdiction by or through which payments are payment is made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Tax Jurisdiction”), unless will at any time be required to be made from or Taxes imposed directly on any Holder or beneficial owner of the deduction or withholding is required by applicable law or Notes on any payments made by the interpretation Issuers under or administration thereof by with respect to the Notes or any of the Guarantors with respect to any Guarantee, including payments of principal, redemption price, purchase price, interest or premium, the Issuers or the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the NotesGuarantor, the Payor as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than will equal the amount the Holder respective amounts which would have been received had no in respect of such payments in the absence of such withholding, deduction or withholding been required.
(c) Howeverimposition; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(i1) taxes that any Tax imposed by the United States or by any political subdivision or taxing authority thereof or therein;
(2) any Taxes which would not have been imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial ownerNotes, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner such as being a citizen or resident of, formed pursuant to the laws or national of, incorporated in or carrying on a business, having a permanent establishment or having a place of business and the relevant Taxing Jurisdiction in which such jurisdiction), Taxes are imposed (other than solely by reason the mere holding of such note or enforcement of rights thereunder or the receipt of payments in respect thereof) or any other connection arising as a result of the holding of the Notes;
(3) any Taxes that are imposed or withheld as a result of the failure of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if to comply with any written request, made to that Holder or beneficial owner in writing at least 30 days before any such payments could have been withholding or deduction would be payable, by the Issuers or any of the Guarantors or any other Person through whom payment may be made without such impositionto provide timely or accurate information concerning the nationality, deduction residence or withholding identity of such taxes had Holder or beneficial owner or to make any valid or timely declaration or similar claim or satisfy any certification information or other reporting requirement, which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to exemption from all or part of such Notes been Taxes;
(4) any Note presented for payment (where a Note is in the form of a definitive Note and presentation is required) within more than 30 days after the relevant date payment is first made available for payment to the Holder (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment had the note been presented on the last day of such 30-30 day period); for this purpose, the “relevant date” in relation to any payments on any Note means ;
(a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi5) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; tax or assessment;
(vii6) any tax Taxes withheld, deducted or penalty arising from imposed on a payment to an individual and which are required to be made pursuant to European Council Directive 2003/48/EC or any other directive implementing the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII conclusions of the Tax Act ECOFIN Council meeting of 26 and 27 November 2000 on the taxation of savings income or the similar provisions of legislation of any other jurisdiction that has entered into an agreement law implementing or complying with the United States of America or introduced in order to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Codeconform to, such Directive; or or
(viii7) taxes arising from any combination of the foregoing clauses items (i1) through (vii)6) above.
(db) The Payors Issuers and the Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies or Taxes which are levied by any jurisdiction in which the Issuers or any Guarantor (1including any successor entity) make such withholding is then incorporated, engaged in business or deduction and (2) remit resident for tax purposes or any political subdivision thereof or therein on the full amount deducted execution, delivery, registration or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment enforcement of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) Notes, this Indenture, any Guarantee, or any successor provision) as a result other document or instrument referred to therein, or the receipt of any payments made under or with respect to the NotesNotes or the Guarantees.
(c) If either Issuer or any Guarantor, (y) any liability (including penaltiesas the case may be, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure becomes aware that it will be obligated to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentGuarantee, the Company relevant Issuer or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date which is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the relevant Issuer or the relevant Guarantor shall notify the Trustee promptly thereafter) an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable, and will . The Officers’ Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date net date. The relevant Issuer or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes required to be withheld or deductedAdditional Amounts.
(id) In addition, The relevant Issuer or the Payor relevant Guarantor will pay any stamp, issue, registration, court, documentation, excise make all withholdings and deductions required by law and will remit the full amount deducted or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant withheld to the Notes relevant Tax authority in accordance with applicable law. The relevant Issuer or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The relevant Issuer or the relevant Guarantor will furnish to the Holders, within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the relevant Issuer or a Guarantor, as a result ofthe case may be, or in connection withif, the enforcement notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of the Notes, any Note Guarantee and/or any other payments by such document or instrumententity.
(je) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of Whenever in this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note or any Note Guaranteeof the Notes, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: Indenture (MagnaChip Semiconductor LTD (United Kingdom)), Indenture (MagnaChip Semiconductor LTD (United Kingdom))
Additional Amounts. (a) All payments made by the Company on the Notes will ------------------ be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, "Taxes") imposed or levied by or on behalf of Germany or any jurisdiction in which the Company or any Guarantor Successor Company is organized or is otherwise resident for tax purposes or any political subdivision thereof or any authority having power to tax therein or any jurisdiction from or through which payment is made (each a "Relevant Taxing Jurisdiction"), unless the withholding or deduction of such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organizedRelevant Taxing Jurisdiction, resident or carrying shall at any time be required on business for tax purposes or from or through which any payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power Company with respect to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, including payments of Accreted Value, principal, redemption price, interest or premium, the Payor Company will pay such additional amounts (“the "Additional Amounts”") as may be necessary so in order that the net amounts received in respect of such payments by each Holder (including Additional Amounts)the Holders of the Notes or the Trustee, as the case may be, after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)deduction, shall not be less than equal the amount the Holder respective amounts which would have been received had in respect of such payments in the absence of such withholding or deduction; except that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(ia) taxes that would not have been imposed but for the existence any payments on a Note held by or on behalf of any present or former connection between the relevant a Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder who is liable for such Taxes in respect of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Note by reason of the Holder or beneficial owner purchasing, holding having some connection with the Relevant Taxing Jurisdiction (including being a citizen or disposing of the Notes; (ii) taxes imposed onresident or national of, or deducted carrying on a business or withheld frommaintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than by the mere holding of such Note or enforcement of rights thereunder or the receipt of payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or ;
(b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided any Taxes that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes are imposed or withheld as a result of a change in law after the Issue Date where such withholding or imposition is by reason of the failure by of the Holder or beneficial owner of such the Note to comply with any request by the Company to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other information or reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payorrequirement, which is required or imposed by lawa statute, treaty, regulation or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(ivc) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) winding up of the Company, any Note presented for payment (where presentation is required) in the Relevant Taxing Jurisdiction; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).or
(d) The Payors will any Note presented for payment (1where presentation is required) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within more than 30 days after the date the relevant payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such first made available for payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The PayorsHolder. Such Additional Amounts will also not be payable where, jointly and severally, will indemnify and hold harmless each Holder and had the beneficial owner of Notes and upon written request reimburse each such the Note been the Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the NotesNote, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder he would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (ia) through to (viiid) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such paymentsinclusive above.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: Indenture (Cybernet Internet Services International Inc), Indenture (Cybernet Internet Services International Inc)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with in respect to of the Notes or any Note Guarantee will the related Guarantees shall be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions Taxes imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any Taxing Authority of Brazil or Luxembourg or other jurisdiction in which the Company or such Payor Guarantor is organized, resident organized or carrying on engaged in business for tax purposes or from or through which payments are made by or on behalf of such Payor or (any political subdivision or authority of the foregoing that has the power to tax (each, aforementioned being a “Taxing Jurisdiction”), unless the deduction Taxes are required to be withheld or withholding is required deducted by applicable law or by the interpretation or administration thereof thereof. If Taxes are required to be withheld or deducted by the relevant governmental authority.
(b) At a Taxing Authority within any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes Jurisdiction, from any payment made under by the Company or in respect of any Guarantor, as the Notescase may be, then the Payor will Company or such Guarantor, as the case may be, shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder of Notes (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, that no Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: :
(i) taxes any Tax imposed by the United States or by any political subdivision or Taxing Authority thereof or therein;
(ii) any Taxes that would not have been imposed so imposed, deducted or withheld but for the existence of any present or former connection between the relevant Holder or beneficial owner of a Note (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the relevant Holder or beneficial ownerowner of such Note, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any the relevant Taxing Jurisdiction (includingother than the mere receipt of such payment or the ownership or holding or enforcement of such Note);
(iii) any estate, without limitationinheritance, gift, sales, value-added, excise, transfer or personal property Tax or similar Tax;
(iv) any Taxes payable otherwise than by virtue of deduction or withholding from payments under or with respect to the Notes or the Guarantees;
(v) any Taxes that would not have been so imposed, deducted or withheld if the Holder or beneficial owner being of a citizen Note or resident ofbeneficial owner of any payment on the Guarantee of such Note had (A) made a declaration of non-residence, formed pursuant or any other claim or filing for exemption, to which it is entitled or (B) complied with any certification, identification, information, documentation or other reporting requirement concerning the laws ofnationality, incorporated in residence, identity or carrying on a business, having a permanent establishment or having a place connection with the relevant Taxing Jurisdiction of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding of such Note or disposing any payment on such Note (provided that (x) such declaration of non-residence or other claim or filing for exemption or such compliance is required by the applicable law of the Notes; (ii) taxes imposed onTaxing Jurisdiction as a precondition to exemption from, or deducted or withheld from, payments reduction in respect the rate of the Notes if such payments could have been made without such imposition, deduction or withholding of, such Taxes and (y) at least 30 days prior to the first payment date with respect to which such declaration of non-residence or other claim or filing for exemption or such taxes compliance is required under the applicable law of the Taxing Jurisdiction, Holders at that time have been notified by such Guarantor or any other Person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption or such compliance is required to be made);
(vi) any Taxes that would not have been so imposed, deducted or withheld if the beneficiary of the payment had such Notes been presented the Note for payment (where presentation is required) within 30 days after the relevant date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a had the Note for payment been presented on the last day of such 30-day period); for this purpose, the “relevant date” in relation ;
(vii) any payment under or with respect to a Note to any payments on Holder that is a fiduciary or partnership or any Note means (a) Person other than the due date for sole beneficial owner of such payment thereofor Note, to the extent that a beneficiary or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior settlor with respect to such due datefiduciary, the date on which the full amount a member of such monies having partnership or the beneficial owner of such payment or Note would not have been so receivedentitled to the Additional Amounts had such beneficiary, provided that notice to that effect is duly given to Holders settlor, member or beneficial owner been the actual Holder of such Note;
(viii) any Luxembourg registration duties (droit d’enregistrement) payable in the case of a voluntary registration of the Notes (and/or any document in accordance with this Indenture; (iiirelation therewith) taxes imposed or withheld by reason of the failure by the Holder any holder or beneficial owner of such Note Notes with the Administration de l’Enregistrement des Domaines et de la TVA in Luxembourg, when such registration is not required to provide certificationmaintain, information, documents preserve or other evidence concerning enforce the nationality, residence or identity rights of the Holder that holder or beneficial owner or to make under the Notes (and/or any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction document in the rate of deduction or withholding of all or part of such taxesrelation therewith); or
(ivix) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses items (i) through (viii) above. Notwithstanding any other provisions contained herein, each of Section 2.13(c) if the Payor had been Issuers, any Guarantor or any other person making payments on behalf of the Issuers shall be entitled to deduct and withhold as required, and shall not be required to withhold from such payments or to the extent such Holder received pay, any Additional Amounts with respect to any such payments.
(f) In addition, any amounts to be paid by a Payor withholding or deduction imposed on the Notes will be paid net or in respect of any deduction or withholding imposed or required Note pursuant to Sections 1471 through 1474 of the CodeCode (commonly referred to as “FATCA”), any current treaty, law, regulation or future regulations or other official interpretations thereofguidance enacted by any jurisdiction implementing FATCA, any agreement entered into pursuant to Section 1471(b) between either of the CodeIssuers, any Guarantor or any other person and the United States or any jurisdiction implementing FATCA, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account law of any FATCA Withholdingjurisdiction implementing an intergovernmental approach to FATCA.
(gb) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described Whenever in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, premium, if any, interest or of any other amount payable under or with respect to any Note or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: Indenture (JBS Holding Luxembourg S.A R.L.), Indenture (JBS Holding Luxembourg S.A R.L.)
Additional Amounts. (a) All payments made by the Company on the Notes (whether or not in the form of Definitive Notes) will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of (1) Luxembourg, the Company United States, Ireland or any Guarantor political subdivision or governmental authority of any thereof or therein having power to tax, (2) any jurisdiction from or through which payment on the Notes is made, or any political subdivision or governmental authority thereof or therein having the power to tax or (3) any other jurisdiction in which the Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each such person who pays or credits such amountsof clause (1), (2) and (3), a “PayorRelevant Taxing Jurisdiction”) under ), unless the withholding or with respect to the Notes or deduction of Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At Jurisdiction shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required from any payment payments made under or in with respect of to the Notes, including payments of principal, Redemption Price, interest or premium, if any, the Payor will pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder the Holders of Notes or the Trustee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), after equal the amounts which would have been received in respect of such deduction or withholding (including payments on the Notes in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had however, that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable with respect to:
(1) any payments to a Holder or beneficial owner who is liable for such Taxes in respect of a such Note by any Payor with respect to: (i) taxes that would not have been imposed but for reason of the existence of Holder’s or beneficial owner’s having any present or former connection between with the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Relevant Taxing Jurisdiction (includingincluding being a citizen or resident or national of, without limitationor carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than by virtue the mere holding of such Note or enforcement of rights thereunder or the receipt of payments in respect thereof;
(2) any Taxes that are imposed or withheld where such withholding or imposition is by reason of the failure of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except Note to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to comply with any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received reasonable and timely request by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note Payor to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any certification, information or other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required or imposed by lawa statute, regulation treaty, regulation, protocol, or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(iv3) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning winding up of the Tax ActPayor, any Note presented for payment (where presentation is required) with a Payor at in the time Relevant Taxing Jurisdiction (unless by reason of such payment; the Payor’s actions, presentment could not have been made elsewhere and except to the extent that the Holder would have been entitled to Additional Amounts had the Notes been presented elsewhere);
(v4) any Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented during such 30 day period);
(5) any Taxes that are payable otherwise than by withholding tax under Part XIII from a payment of the Tax Act that is imposed as a consequence of a Holder principal of, premium, if any, or beneficial owner of a Note beinginterest, at any timeif any, a “specified non-resident shareholder” on the Notes;
(within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi6) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; (vii) any tax , assessment or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).governmental charge;
(d7) The Payors will (1) make such withholding or deduction a Tax imposed on a payment to an individual and (2) remit the full amount deducted or withheld required to be made pursuant to the relevant government authority Directive or any law implementing or complying with, or introduced in accordance with applicable law. The Payors will furnish order to the Trusteeconform to, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.Directive; or
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner 8) a Tax imposed in connection with a Note presented for payment by or on behalf of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such a Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant who would have been able to subsection 215(4) avoid such Tax by presenting the Note to another paying agent in a member state of the Tax Act and section 803 European Union. Such Additional Amounts will also not be payable where, had the beneficial owner of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to Note been the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result Holder of the Holder’s or beneficial owner’s failure to pay amounts on a timely basisNote, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder it would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i1) through to (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)8) inclusive above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation will be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 2 contracts
Samples: Dollar Indenture (JSG Acquisitions I), Euro Indenture (JSG Acquisitions I)
Additional Amounts. (a) All If specified pursuant to Section 3.01, all payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Securities of any Note Guarantee series will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, impost, assessment or other government charge (including penalties, interest and other taxes, levies, imposts, duties, charges, fees, deductions liabilities related thereto) imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of the U.S. Government or by any jurisdiction in which such Payor is organized, resident authority or carrying on business for tax purposes agency therein or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the thereof having power to tax (each, a “Taxing Jurisdiction”"U.S. Taxes"), unless the deduction or withholding Company is required to withhold or deduct U.S. Taxes by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At government authority or agency. If the Company is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes U.S. Taxes from any payment made under or in with respect of to the NotesSecurities, the Payor Company will pay as additional interest such additional amounts (“"Additional Amounts”") as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable (including with respect to Additional Amounts payable hereunder), shall Amounts) will not be less than the amount the Holder would have received if such U.S. Taxes had no such deduction not been withheld or deducted (a similar payment will also be made to each Holder, other than excluded holders (as defined herein), that is exempt from withholding been required.
but required to pay tax under the Internal Revenue Code of 1986, as amended (cthe "Code") Howeverdirectly on amounts otherwise subject to withholding): provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable with respect to a payment made to a Holder (an "Excluded Holder") if the Holder or the beneficial owner of a Note by any Payor with respect to: some or all of the payment to the Holder (i) taxes that would does not have been imposed but deal at arm's length with the Company (for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder purposes of the relevant Holder or beneficial owner, if Code) at the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue time of the Holder or beneficial owner being a citizen or resident ofmaking of such payment, formed pursuant (ii) is subject to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely U.S. Taxes by reason of the Holder or beneficial owner purchasingits failure to comply with any certification, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certificationidentification, information, documents documentation or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which if compliance is required by law, regulation or regulation, administrative practice or an applicable treaty as a precondition to exemption from from, or a reduction in the rate of deduction or withholding of, such U.S. Taxes, (iii) is subject to such U.S. Taxes by reason of all its being a resident, domicile or part national of, or engaged in business or maintaining a permanent establishment or other physical presence in or otherwise having some connection with the U.S. otherwise than by the mere holding of such taxes; Securities or the receipt of payments thereunder, or (iv) withholding is subject to such U.S. Taxes because it is not entitled to the benefit of an otherwise applicable tax under Part XIII treaty by reason of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the its legal nature. The Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority as and when required in accordance with applicable law. The Payors Company will pay all taxes, interest and other liabilities which arise by virtue of any failure of the Company to withhold, deduct and remit to the relevant authority on a timely basis the full amounts required in accordance with applicable law. The Company will furnish to the TrusteeHolders subject to withholding or deduction, within 30 60 days after the date the payment of any taxes U.S. Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other satisfactory evidence of such payment satisfactory to by the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for Company. - 77 - Promptly following the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, Company becoming aware that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymenta payment hereunder, the Company will deliver to the Trustee and to any Paying Agent an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable. References in this Indenture to interest, and will set forth such principal or other information necessary payments made or to enable be made by the Trustee Company with respect to pay such the Securities shall be deemed also to refer to the payment of Additional Amounts to Holders on the payment date net of any taxes required to provided for in Section 3.01 that may be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time payable in respect thereof. The provisions of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will 11.05 shall survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agentsIndenture.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: Indenture (Uranium Energy Corp), Indenture (Uranium Energy Corp)
Additional Amounts. (a) All payments made by or on behalf the Issuer in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Guarantor under a Note Guarantee will Guarantee, as the case may be, shall be made free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future incometaxes, stamp and other taxesduties, assessments, levies, imposts, duties, charges, fees, deductions withholdings or withholdings (hereinafter referred to as “taxes”) now or hereafter other governmental charge of whatever nature, including penalties, interest and other liabilities related thereto, imposed, levied, collected, withheld or assessed by or on behalf of any taxing jurisdiction in which such Payor the Issuer or any Guarantor (including any successor) is organized, then incorporated or resident or carrying on business for tax purposes or purposes, any taxing jurisdiction from or through which payments are any payment in respect of the Notes or under a Note Guarantee is made by or on behalf of such Payor or any political subdivision thereof or authority of the foregoing that has the power to tax therein (each, a hereafter “Taxing JurisdictionTaxes”), unless the such withholding or deduction or withholding is required by applicable law law. If any such withholding or deduction is required by law, the interpretation Issuer or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of Guarantor, as the Notescase may be, the Payor will shall pay such additional amounts (“Additional Amounts”) as may be necessary so that will result in receipt by the net Holders of Notes of such amounts as would have been received by each Holder them had no such withholding or deduction (including Additional Amounts), after such any deduction or withholding (including withholding or deduction attributable to in respect of payments of Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding Amounts) been required.
(c) However, notwithstanding the foregoing, except that no Additional Amounts will shall be payable with respect to a payment made to a Holder of Notes for or in respect of:
(1) Taxes imposed as a Note by result of any Payor with respect to: of the following circumstances:
(ia) taxes that would not have been imposed but for the existence of any present or former connection between the relevant such Holder or beneficial owner Beneficial Holder of Notes and the jurisdiction imposing such tax (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, including without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or Beneficial Holder carrying on a business, having a permanent establishment business or having a place of business in such jurisdiction), other than solely by reason of merely holding or ownership of, or receiving payments under such Note or Note Guarantee or exercising or enforcing any rights thereunder;
(b) the Holder or beneficial owner purchasingBeneficial Holder of a Note not dealing at arm’s length, holding or disposing within the meaning of the Notes; Income Tax Act (ii) taxes imposed onCanada), with the Issuer or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after a relevant Guarantor at the relevant date time; or
(except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (ac) the due date for payment thereof, or (bbeing deemed to be a dividend under subsection 214(16) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (by virtue of the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner Beneficial Holder of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with being a “specified shareholder” (within the meaning of subsection 18(5) of the Income Tax ActAct (Canada)) of the Company; Issuer at the relevant time.
(vi2) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or similar tax; ;
(vii3) any tax Taxes, deduction or penalty arising withholding imposed by reason of the failure of the Holder or Beneficial Holder of a Note to comply with reasonable certification, information or other reporting requirements after receiving a written advance request from the Holder’s failure Issuer or a relevant Guarantor to properly comply with the Holder’s obligations so comply, if such compliance is required or imposed under Part XVIII by a statute, treaty or regulation or administrative practice of the Tax Act taxing jurisdiction as a precondition to exemption from or reduction in all or part of such Taxes, deduction or withholding, in each case except where such Holder or Beneficial Holder is not legally able to so comply; or
(4) any Taxes, to the similar provisions extent the Holder or Beneficial Holder of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for Note would receive a credit therefor against Taxes imposed by the implementation of reporting in that taxing jurisdiction in compliance with Sections 1471 through 1474 of the Code; which such Holder or (viii) taxes arising from any combination of the foregoing clauses Beneficial Holder is then incorporated or is resident for tax purposes. The Issuer or relevant Guarantor shall (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2ii) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will Issuer or relevant Guarantor shall make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any taxes so deducted or withheld from the relevant taxing authority. The Issuer shall furnish to the TrusteeHolders of Notes, within 30 45 days after the date the payment of any taxes so deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing that such payment has been made or or, if such receipts are not obtainable, other evidence of such payment satisfactory to payments. In addition, the Trustee.
(e) The Payors, jointly Issuer and severally, will the Guarantors shall indemnify and hold harmless each Holder and beneficial owner of Notes and and, upon written request of any Holder (subject to the exclusions set forth in clauses (1) through (4) of the first paragraph of this Section 5.22) and provided that reasonable supporting documentation is provided, reimburse each such Holder and beneficial owner for the amount of (xi) any taxes so such Taxes levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability Notes (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basispayments under this clause (i)), and (zii) any taxes Taxes so levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under the foregoing clause (x) or (y) above; providedi), however, so that the indemnification or net amount received by such Holder after such reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which be less than the applicable net amount such Holder would have received if Taxes on such reimbursement had not have been eligible to receive levied or imposed. Any payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)this paragraph shall be an Additional Amount. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor the Issuer or relevant Guarantor will be obligated to pay Additional Amounts with respect to such payment, the Company will Issuer or relevant Guarantor shall deliver to the Trustee Trustees an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable, payable and will shall set forth such other information necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time date. Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principalamounts based upon the principal of, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. In addition, the Issuer or relevant Guarantor shall pay any stamp, issue, registration, excise, property, documentary, value added or other similar taxes and other duties (including interest and penalties) (“Other Taxes”) with respect to (i) enforcement of or payments in respect of a Note Guarantee, (ii) the creation, issue, offering, delivery, registration, execution or enforcement of the Notes or any payment made thereunder, or (iii) any documentation with respect thereto, and the Issuer and each Guarantor shall in each case indemnify the Holders for any Other Taxes paid by such Holders. The obligations set forth in this Section 5.22 shall survive any termination or satisfaction and discharge of the Notes.
Appears in 2 contracts
Samples: Trust Indenture (Wall2wall Media Inc.), Trust Indenture (Wall2wall Media Inc.)
Additional Amounts. (a) All payments made by or on behalf of the Company Issuer or any Guarantor or any successor in interest to any of the foregoing (each such person who pays or credits such amountseach, a “Payor”) under on or with respect to the Notes or any Note Guarantee will be made free and clear without withholding or deduction for, or on account of, and without any present or future tax, duty, levy, impost, assessment or other similar governmental charge (collectively, “Taxes”) unless such withholding or deduction is required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of of:
(a) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are payment on the Notes or any Guarantee is made by or on behalf of such Payor Payor, or any political subdivision or governmental authority of thereof or therein having the foregoing power to tax; or
(b) any other jurisdiction in which a Payor that has actually makes a payment on the Notes or its Guarantee is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (eacheach of clauses (a) and (b), a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At will at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required from any payment payments made under with respect to the Notes or in respect any Guarantee, including payments of the Notesprincipal, redemption price, interest or premium, if any, the Payor will pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder the Holders or the Trustee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder amounts that would have been received had in respect of such payments on the Notes or the Guarantees in the absence of such withholding or deduction; provided, however, that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: for or on account of:
(i) taxes any Taxes that would not have been so imposed or levied but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the relevant Holder or beneficial ownerHolder, if the relevant such Holder or beneficial owner is an estate, nominee, trust, partnership partnership, limited liability company or corporation) and any the Relevant Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner including being a citizen or resident or national of, formed pursuant to the laws of, incorporated in or carrying on a business, having business or maintaining a permanent establishment in, or having being physically present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any connection arising solely from the acquisition, ownership or holding of such Notes or the receipt of any payment in respect thereof;
(ii) any Taxes that would not have been so imposed or levied if the Holder had complied with a place of business reasonable request in such jurisdiction), other than solely by reason writing of the Payor (such request being made at a time that would enable such holder acting reasonably to comply with that request) to make a declaration of nonresidence or any other claim or filing or satisfy any certification, identification, information or reporting requirement for exemption from, or reduction in the rate of, withholding to which it is entitled (provided that such declaration of nonresidence or other claim, filing or requirement is required by the applicable law, treaty, regulation or official administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold all or a part of any such Taxes);
(iii) any Taxes that are payable otherwise than by deduction or withholding from a payment on the Notes or any Guarantee;
(iv) any estate, inheritance, gift, sales, excise, transfer, personal property or similar Taxes;
(v) any Taxes that are required to be deducted or withheld on a payment pursuant to the Directive or any law implementing, or introduced in order to conform to, the Directive;
(vi) any Taxes imposed in connection with a Note presented for payment by or on behalf of a Holder or beneficial owner purchasingwho would have been able to avoid such Tax by presenting the relevant Note to, holding or disposing otherwise accepting payment from, another paying agent in a member state of the Notes; European Union;
(iivii) taxes any Taxes imposed onpursuant to the Directive, or deducted any law implementing or withheld fromcomplying with, payments or introduced in respect order to conform to, the Directive;
(viii) any Taxes payable under Sections 1471 through 1474 of the Notes Code, as of the date of the Offering Memorandum (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements (including any intergovernmental agreements) entered into pursuant thereto, and any intergovernmental agreements implementing the foregoing (including any legislation or other official guidance relating to such intergovernmental agreements) (“FATCA”); or
(ix) any combination of the above. Such Additional Amounts will also not be payable (x) if such payments the payment could have been made without such imposition, deduction or withholding if the beneficiary of such taxes the payment had such Notes been presented the Note for payment (where presentation is required) within 30 days after the relevant date (except payment was first made available for payment to the extent that holder or (y) where, had the Holder thereof beneficial owner of the Note been the holder of the Note, such beneficial owner would not have been entitled to such payment of Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner any of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through to (vii).
(dix) inclusive above. The Payors Payor will (1) make such any required withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government taxing authority in accordance with applicable law. The Payors Payor will furnish use all reasonable efforts to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, obtain certified copies of tax receipts evidencing that the payment of any Taxes so deducted or withheld from each relevant taxing authority imposing such payment has been made Taxes and will provide such certified copies to the Trustee. If, notwithstanding the efforts of such Payor to obtain such receipts, the same are not obtainable, such Payor will provide the Trustee with other reasonable evidence. Such receipts or other evidence of such payment satisfactory will be made available by the Issuer or applicable Payor to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and Holders upon written request reimburse each such Holder and beneficial owner for the amount of (x) request. If any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts under or with respect to any payment made on the Notes or any Guarantee, then, at least 30 days prior to the date of such payment, the Company Payor will deliver to the Trustee and the Paying Agent an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount so payable, payable and will set forth such other information necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date net of any taxes required (unless such obligation to be withheld or deducted.
(i) In additionpay Additional Amounts arises less than 45 days prior to the relevant payment date, in which case the Payor will pay any stampshall deliver such Officer’s Certificate and such other information as promptly as practicable after the date that is 30 days prior to the payment date, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect but no less than five Business Days prior thereto, imposed by any Taxing Jurisdiction at any time and otherwise in respect accordance with the requirements of the executionEuroclear or Clearstream, issuanceas applicable). Wherever in this Indenture, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result any Guarantee there is mention of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, :
(1) the payment of principal, premium, if any, interest ;
(2) redemption prices or purchase prices in connection with a redemption or purchase of Notes;
(3) interest; or
(4) any other amount payable under on or with respect to any Note of the Notes or any Note Guarantee, ; such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in under this Section 2.13, 2.15 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. The Payor will pay any present or future stamp, court or documentary Taxes, or any other excise, property or similar Taxes that arise in any Relevant Taxing Jurisdiction from the execution, delivery, issuance, initial resale, registration or enforcement of any Notes, this Indenture or any other document or instrument in relation thereto (other than a transfer of the Notes other than the initial resale thereof). The foregoing obligations will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor to a Payor is organized or otherwise considered to be a resident for Tax purposes or any political subdivision or taxing authority or agency thereof or therein.
Appears in 2 contracts
Samples: Supplemental Indenture (Axalta Coating Systems Ltd.), Indenture (Axalta Coating Systems Ltd.)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) of the Guarantors under or with respect to the Notes (whether or not in the form of Definitive Registered Notes) or any Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, and without any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of (i) any jurisdiction in which such Payor the Company or any Guarantor (including any successor entity), is organizedthen incorporated, engaged in business, organized or resident or carrying on business for tax purposes or any political subdivision or governmental authority thereof or therein or (ii) any jurisdiction from or through which payments are payment is made by or on behalf of such Payor the Company or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision or governmental authority thereof or therein (each of the foregoing that has the power to tax (eachi) and (ii), a “Taxing Tax Jurisdiction”), unless will at any time be required to be made from any payments under or with respect to the deduction Notes or withholding is required by applicable law any Note Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or by premium, the interpretation Company or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions Guarantor or withholdings of taxes from any payment made under or in respect of the Notesother payor, the Payor as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder or beneficial owner of Notes (including Additional Amounts), ) after such withholding, deduction or withholding (including imposition will equal the respective amounts that would have been received and retained in respect of such payments in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) Howeverhowever, notwithstanding the foregoing, that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, partnerpartner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial ownerHolder, if the relevant Holder or beneficial owner is an estate, trust, nominee, trustpartnership, partnership limited liability company or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws or national of, incorporated in or carrying on a business, having a permanent establishment the relevant Tax Jurisdiction in which such Taxes are imposed or having a place of business in such jurisdiction), any other present or former connection with the relevant Tax Jurisdiction other than solely by reason the acquisition or holding of such Notes, the Holder exercise or beneficial owner purchasing, holding enforcement of rights under such Note or disposing the Indenture or under a Note Guarantee or the receipt of the Notespayments in respect of such Note or a Note Guarantee; (ii) taxes any Taxes, to the extent such Taxes were imposed on, or deducted or withheld from, payments in respect as a result of the Notes if such payments could presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been made without such imposition, deduction or withholding entitled to Additional Amounts had the Note been presented on the last day of such taxes had such Notes been 30 day period); (iii) any estate, inheritance, gift, sale, transfer, personal property or similar Taxes; (iv) any Taxes imposed as result of any Note presented for payment (where presentation is required) within 30 days after by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the relevant date Note to another Paying Agent in a member state of the European Union; (except v) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Note Guarantee; (vi) any Taxes to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes Taxes are imposed or withheld by reason of the failure by of the Holder or beneficial owner of such Note Notes, following the Company’s reasonable written request addressed to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner at least 60 days before any such withholding or deduction would be payable to make the Holder or beneficial owner, to comply with any declaration certification, identification, information or similar claim or satisfy any other reporting requirement relating to such mattersrequirements, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Tax Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or part of beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally entitled to provide such taxescertification or documentation; (ivvii) withholding tax under Part XIII any Taxes imposed or withheld by reason of the Income Tax Act (Canada) (failure of the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure Notes to properly comply with the Holder’s obligations imposed under Part XVIII requirements of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of the Offering Memorandum (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), the U.S. Treasury Regulations issued thereunder or any official interpretation thereof or any agreement entered into pursuant to Section 1471 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)) above.
(db) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld In addition to the relevant government authority in accordance with applicable law. The Payors foregoing, the Company and the Guarantors will furnish to also pay and indemnify the TrusteeHolder for any present or future stamp, within 30 days after the date the payment of any taxes is due pursuant to applicable lawissue, certified copies of tax receipts evidencing that such payment has been made registration, value added, transfer, court or other evidence of such payment satisfactory to the Trustee.
(e) The Payorsdocumentary Taxes, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under other excise or with respect to the Notesproperty taxes, (y) any liability charges or similar levies (including penalties, interestinterest and any other liabilities related thereto) which are levied by any Tax Jurisdiction on the execution, additions delivery, issuance, or registration of any of the Notes, the Indenture, any Note Guarantee or any other document referred to tax and reasonable expenses) arising therefrom therein, or the receipt of any payments with respect thereto, excluding or enforcement of, any such liability which arises as a result of the Holder’s Notes or beneficial owner’s failure any Note Guarantee.
(c) If the Company or any Guarantor, as the case may be, becomes aware that it will be obligated to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentGuarantee, the Company or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company or the relevant Guarantor shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable, and will . The Officer’s Certificates must also set forth such any other information reasonably necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders on the relevant payment date net date. The Company or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary, and may conclusively presume that no payments are necessary unless and until it receives any taxes required to be withheld or deductedsuch Officer’s Certificate.
(id) In addition, The Company or the Payor relevant Guarantor will pay any stamp, issue, registration, court, documentation, excise make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit the full amount deducted or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant withheld to the Notes relevant Tax authority in accordance with applicable law. The Company or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Company or the relevant Guarantor will furnish to the Trustee (or to a Holder upon request), within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Company or a Guarantor, as a result ofthe case may be, or in connection withif, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the enforcement of the Notes, any Note Guarantee and/or any other Trustee) by such document or instrumententity.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(ke) Whenever this in the Indenture refers toor the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note of the Notes or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(f) The obligations described under Sections 4.01(c), (d), (e) and (f) of the Indenture will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Company or any Guarantor is incorporated, engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes (or any Note Guarantee) and any department or political subdivision or taxing authority or agency thereof or therein having the power to tax.
Appears in 2 contracts
Samples: Indenture (Viking Holdings LTD), Indenture (Viking Holdings LTD)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) of the Guarantors under or with respect to the Notes (whether or not in the form of Definitive Registered Notes) or any Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, and without any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of (i) any jurisdiction in which such Payor the Company or any Guarantor (including any successor entity), is organizedthen incorporated, engaged in business, organized or resident or carrying on business for tax purposes or any political subdivision or governmental authority thereof or therein or (ii) any jurisdiction from or through which payments are payment is made by or on behalf of such Payor the Company or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision or governmental authority thereof or therein (each of the foregoing that has the power to tax (eachi) and (ii), a “Taxing Tax Jurisdiction”), unless will at any time be required to be made from any payments under or with respect to the deduction Notes or withholding is required by applicable law any Note Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or by premium, the interpretation Company or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions Guarantor or withholdings of taxes from any payment made under or in respect of the Notesother payor, the Payor as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder or beneficial owner of Notes (including Additional Amounts), ) after such withholding, deduction or withholding (including imposition will equal the respective amounts that would have been received and retained in respect of such payments in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) Howeverhowever, notwithstanding the foregoing, that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the relevant Holder or the beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, partnerpartner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial ownerHolder, if the relevant Holder or beneficial owner is an estate, trust, nominee, trustpartnership, partnership limited liability company or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws or national of, incorporated in or carrying on a business, having a permanent establishment the relevant Tax Jurisdiction in which such Taxes are imposed or having a place of business in such jurisdiction), any other present or former connection with the relevant Tax Jurisdiction other than solely by reason the acquisition or holding of such Notes, the Holder exercise or beneficial owner purchasing, holding enforcement of rights under such Note or disposing the Indenture or under a Note Guarantee or the receipt of the Notespayments in respect of such Note or a Note Guarantee; (ii) taxes any Taxes, to the extent such Taxes were imposed onas a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period); (iii) any estate, inheritance, gift, sale, transfer, personal property or similar Taxes; (iv) any Taxes withheld, deducted or imposed on a payment to an individual and that are required to be made pursuant to European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings income, or deducted any law implementing or withheld fromcomplying with or introduced in order to conform to, payments in respect such directive; (v) any Taxes imposed as result of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been any Note presented for payment (where presentation is required) within 30 days after by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the relevant date Note to another Paying Agent in a member state of the European Union; (except vi) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Note Guarantee; (vii) any Taxes to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes Taxes are imposed or withheld by reason of the failure by of the Holder or beneficial owner of such Note Notes, following the Company’s reasonable written request addressed to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner at least 60 days before any such withholding or deduction would be payable to make the Holder or beneficial owner, to comply with any declaration certification, identification, information or similar claim or satisfy any other reporting requirement relating to such mattersrequirements, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Tax Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or part of beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally entitled to provide such taxescertification or documentation; (ivviii) withholding tax under Part XIII any Taxes imposed or withheld by reason of the Income Tax Act (Canada) (failure of the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure Notes to properly comply with the Holder’s obligations imposed under Part XVIII requirements of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code; or (viii) taxes arising from any combination ”), as of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations Offering Memorandum (Canada) or any amended or successor provision) as a result of payments made under version that is substantively comparable and not materially more onerous to comply with), the U.S. Treasury Regulations issued thereunder or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom official interpretation thereof or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) 1471 of the Code; or (ix) any combination of clauses (1) through (8) above.
(b) In addition to the foregoing, the Company and the Guarantors will also pay and indemnify the Holder for any present or future stamp, issue, registration, value added, transfer, court or documentary Taxes, or any fiscal other excise or regulatory legislationproperty taxes, rules charges or practices adopted pursuant to similar levies (including penalties, interest and any intergovernmental agreement entered into in connection with other liabilities related thereto) which are levied by any Tax Jurisdiction on the implementation execution, delivery, issuance, or registration of such Sections any of the Code Notes, the Indenture, any Note Guarantee or any other document referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes or any Note Guarantee.
(“FATCA Withholding”). Neither any Guarantor nor c) If the Company or any Guarantor, as the case may be, becomes aware that it will be required obligated to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled with respect to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentGuarantee, the Company or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company or the relevant Guarantor shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable, and will . The Officer’s Certificates must also set forth such any other information reasonably necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders on the relevant payment date net date. The Company or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary, and may conclusively presume that no payments are necessary unless and until it receives any taxes required to be withheld or deductedsuch Officer’s Certificate.
(id) In addition, The Company or the Payor relevant Guarantor will pay any stamp, issue, registration, court, documentation, excise make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit the full amount deducted or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant withheld to the Notes relevant Tax authority in accordance with applicable law. The Company or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Company or the relevant Guarantor will furnish to the Trustee (or to a Holder upon request), within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Company or a Guarantor, as a result ofthe case may be, or in connection withif, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the enforcement of the Notes, any Note Guarantee and/or any other Trustee) by such document or instrumententity.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(ke) Whenever this in the Indenture refers toor the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note of the Notes or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(f) The obligations described under Sections 4.01(c), (d), (e) and (f) of the Indenture will survive any termination, defeasance or discharge of the Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Company or any Guarantor is incorporated, engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes (or any Note Guarantee) and any department or political subdivision or taxing authority or agency thereof or therein having the power to tax.
Appears in 2 contracts
Samples: Indenture (Viking Holdings LTD), Indenture (Viking Holdings LTD)
Additional Amounts. (a) All Any payments made by or on behalf of the Company Issuer or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Debentures (including, without limitation, any Note Guarantee Common Share Payment) (in this section 2.16, such payment, a “Debenture Payment”) will be made free and clear of, of and without withholding or deduction for or withholding foron account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of the Government of Canada or of any province or territory of Canada or by any authority or agency thereof or therein having power to tax, including, without limitation any such charges or taxes imposed under Part XIII of the Income Tax Act (Canada) (or any successor legislation of similar effect) (“Taxes”), unless the Issuer or Guarantor is required to withhold or deduct any amount, for or on account of, Taxes by Applicable Law. If the Issuer or Guarantor is so required to withhold or deduct any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by amount for or on behalf account of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes Taxes from any payment Debenture Payment made under or in with respect of to the NotesDebentures, the Payor Trustee will make such withholding or deduction and will remit the full amount withheld or deducted to the relevant Governmental Authority as and when required by Applicable Law and the Issuer or Guarantor, as applicable, will pay to the Trustee for payment to the relevant Holder such additional amounts (the “Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), ) after such deduction or withholding (including the withholding or deduction attributable to Additional Amounts payable hereunder), shall of any Indemnified Taxes will not be less than the amount the such Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes Indemnified Taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 2 contracts
Samples: Subscription Agreement (Fairfax Financial Holdings LTD/ Can), Indenture (Fairfax Financial Holdings LTD/ Can)
Additional Amounts. (a) All payments made by or on behalf of the Company or Issuer (including any Guarantor (each such person who pays or credits such amounts, a “Payor”successor entity) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, of and without withholding or deduction or withholding for, or on account of, any and all present or future incomeTaxes unless the withholding or deduction of such Taxes is then required by law. If the Issuer or any other applicable withholding agent is required by law to withhold or deduct any amount for, stamp and other taxesor on account of, levies, imposts, duties, charges, fees, deductions any Taxes imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of (1) any jurisdiction (other than the United States) in which such Payor the Issuer is organizedor was incorporated, engaged in business, organized or resident or carrying on business for tax purposes or any political subdivision thereof or therein or (2) any jurisdiction (other than the United States) from or through which payments are any payment is made by or on behalf of such Payor the Issuer (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision thereof or authority therein (each of the foregoing that has the power to tax (each1) and (2), a “Taxing Tax Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of any payments under or with respect to the Notes, including, without limitation, payments of principal, redemption price, purchase price, interest or premium, the Payor will Issuer shall pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder (including Additional Amounts), beneficial owner of the Notes after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than will equal the amount the Holder respective amounts that would have been received had no and retained in respect of such deduction payments in the absence of such withholding or withholding been required.
(c) Howeverdeduction; provided, notwithstanding the foregoinghowever, that no Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: :
(i) taxes that any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present holder or former connection between the relevant Holder or beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, partnerpartner of, member or shareholder of, or possessor of a power over, the relevant Holder or beneficial ownerholder, if the relevant Holder or beneficial owner holder is an estate, trust, nominee, trustpartnership, partnership limited liability company or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder being or beneficial owner being having been a citizen or resident or national of, formed pursuant to the laws ofor incorporated, incorporated engaged in a trade or business in, being or having been physically present in or carrying on a business, having a permanent establishment in, the relevant Tax Jurisdiction or having a place of business in such jurisdiction)or having had any other present or former connection with the relevant Tax Jurisdiction, other than any connection arising solely by reason of from the Holder acquisition, ownership or beneficial owner purchasing, holding or disposing disposition of the Notes; (ii) taxes imposed on, the exercise or enforcement of rights under such Note or this Indenture, or deducted or withheld from, the receipt of payments in respect of such Note;
(ii) any Taxes, to the Notes if extent such payments could have been made without such imposition, deduction or withholding Taxes were imposed as a result of such taxes had such Notes been presented the presentation of a Note for payment (where presentation is required) within more than 30 days after the relevant date payment is first made available for payment to the holder (except to the extent that the Holder thereof holder would have been entitled to such Additional Amounts on presenting a had the Note for payment been presented on the last day of such 30-30 day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; ;
(iii) taxes any estate, inheritance, gift, sale, transfer, personal property or similar Taxes;
(iv) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes;
(v) any Taxes to the extent such Taxes would not have been imposed or withheld by reason but for the failure of the failure by the Holder holder or beneficial owner of the Notes, following the Issuer’s reasonable written request addressed to the holder at least 60 days before any such Note withholding or deduction would be imposed, to provide comply with any certification, informationidentification, documents information or other evidence concerning the nationalityreporting requirements, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is whether required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Tax Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the holder or part of beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the holder or beneficial owner is legally eligible to provide such taxes; certification or documentation;
(ivvi) withholding tax under Part XIII of the Income Tax Act any Taxes imposed in connection with a Note presented for payment (Canadawhere presentation is permitted or required for payment) (the “Tax Act”) that is imposed as a consequence by or on behalf of a Holder holder or beneficial owner of a the Notes to the extent such Taxes could have been avoided by presenting the relevant Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder to, or beneficial owner of a Note beingotherwise accepting payment from, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; another Paying Agent;
(vii) any tax Taxes imposed on or penalty arising from with respect to any payment by the Holder’s failure Issuer to properly comply with the Holder’s obligations imposed under Part XVIII holder of the Tax Act Notes if such holder is a fiduciary or partnership or any person other than the similar provisions sole beneficial owner of legislation such payment to the extent that such Taxes would not have been imposed on such payments had such holder been the sole beneficial owner of such Note;
(viii) any other jurisdiction Taxes that has entered into an agreement with the United States of America are imposed pursuant to provide for the implementation of reporting in that jurisdiction in compliance with Sections current Section 1471 through 1474 of the CodeCode or any amended or successor version that is substantively comparable and not materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices or procedures) implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above); or or
(viiiix) taxes arising from any combination of the foregoing clauses (i) through (viiviii) above. In addition to the foregoing, the Issuer shall also pay and indemnify the holder for any present or future stamp, issue, registration, value added, court or documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and additions to tax related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture or any other document referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes (limited, solely in the case of Taxes attributable to the receipt of any payments, to any such Taxes imposed in a Tax Jurisdiction that are not excluded under clauses (i) through (iii) or (v) through (ix) above or any combination thereof).
(db) If the Issuer becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Issuer shall deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer shall notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The Officer’s Certificates must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to Holders on the relevant payment date. The Issuer will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of such Additional Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s Certificate as conclusive proof that such payments are necessary.
(c) The Payors will Issuer, if it is the applicable withholding agent, shall make all withholdings and deductions (1within the time period) make such withholding or deduction required by law and (2) shall remit the full amount deducted or withheld to the relevant government Tax authority in accordance with applicable law. The Payors will Issuer shall use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer shall furnish to the TrusteeTrustee (or to a Holder of the Notes upon request), within 30 60 days after the date the payment of any taxes Taxes so deducted or withheld is due pursuant to applicable lawmade, certified copies of tax Tax receipts evidencing that payment by the Issuer, or if, notwithstanding such payment has been made or entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments by such payment satisfactory to the Trusteeentity.
(ed) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for Whenever in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note or any Note Guaranteeof the Notes, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(e) This Section 4.09 shall survive any termination, defeasance or discharge of this Indenture, any transfer by a holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction from or through which payment is made under or with respect to the Notes by or on behalf of such Person and, in each case, any political subdivision thereof or therein.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with in respect to of the Notes or any Note Guarantee will the related Guarantees shall be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions Taxes imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any Taxing Authority of Brazil or Luxembourg or other jurisdiction in which the Company or such Payor Guarantor is organized, resident organized or carrying on engaged in business for tax purposes or from or through which payments are made by or on behalf of such Payor or (any political subdivision or authority of the foregoing that has the power to tax (each, aforementioned being a “Taxing Jurisdiction”), unless the deduction Taxes are required to be withheld or withholding is required deducted by applicable law or by the interpretation or administration thereof thereof. If Taxes are required to be withheld or deducted by the relevant governmental authority.
(b) At a Taxing Authority within any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes Jurisdiction, from any payment made under by the Company or in respect of any Guarantor, as the Notescase may be, then the Payor will Company or such Guarantor, as the case may be, shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder of Notes (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, that no Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: :
(i) taxes any Tax imposed by the United States or by any political subdivision or Taxing Authority thereof or therein;
(ii) any Taxes that would not have been imposed so imposed, deducted or withheld but for the existence of any present or former connection between the relevant Holder or beneficial owner of a Note (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the relevant Holder or beneficial ownerowner of such Note, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership partnership, limited liability company or corporation) and any the relevant Taxing Jurisdiction (includingincluding being a citizen or resident or national of, without limitationor carrying on a business or maintaining a permanent establishment in, or being physically present in, the relevant Taxing Jurisdiction), other than the mere receipt of such payment or the ownership or holding or enforcement of such Note;
(iii) any estate, inheritance, gift, sales, value-added, excise, transfer or personal property Tax or similar Tax;
(iv) any Taxes payable otherwise than by virtue of deduction or withholding from payments under or with respect to the Notes or the Guarantees;
(v) any Taxes that would not have been so imposed, deducted or withheld if the Holder or beneficial owner being of a citizen Note or resident ofbeneficial owner of any payment on the Guarantee of such Note had (A) made a declaration of non-residence, formed pursuant or any other claim or filing for exemption, to which it is entitled or (B) complied with any certification, identification, information, documentation or other reporting requirement concerning the laws ofnationality, incorporated in residence, identity or carrying on a business, having a permanent establishment or having a place connection with the relevant Taxing Jurisdiction of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasingof such Note or any payment on such Note (provided that (x) such declaration of non-residence or other claim or filing for exemption or such compliance is required by the applicable law, holding treaty, regulation, or disposing official administrative practice of the Notes; (ii) taxes imposed onTaxing Jurisdiction as a precondition to exemption from, or deducted or withheld from, payments reduction in respect the rate of the Notes if such payments could have been made without such imposition, deduction or withholding of, such Taxes and (y) at least 30 days prior to the first payment date with respect to which such declaration of non-residence or other claim or filing for exemption or such taxes compliance is required under the applicable law of the Taxing Jurisdiction, Holders at that time have been notified by such Guarantor or any other Person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption or such compliance is required to be made);
(vi) any Taxes that would not have been so imposed, deducted or withheld if the beneficiary of the payment had such Notes been presented the Note for payment (where presentation is required) within 30 days after the relevant date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a had the Note for payment been presented on the last day of such 30-day period); for this purpose, the “relevant date” in relation ;
(vii) any payment under or with respect to a Note to any payments on Holder that is a fiduciary or partnership or any Note means (a) Person other than the due date for sole beneficial owner of such payment thereofor Note, to the extent that a beneficiary or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior settlor with respect to such due datefiduciary, the date on which the full amount a member of such monies having partnership or the beneficial owner of such payment or Note would not have been so receivedentitled to the Additional Amounts had such beneficiary, provided that notice to that effect is duly given to Holders settlor, member or beneficial owner been the actual Holder of such Note;
(viii) any Luxembourg registration duties (droit d’enregistrement) payable in the case of a voluntary registration of the Notes (and/or any document in accordance with this Indenture; (iiirelation therewith) taxes imposed or withheld by reason of the failure by the Holder any holder or beneficial owner of such Note Notes with the Administration de l’Enregistrement des Domaines et de la TVA in Luxembourg, when such registration is not required to provide certificationmaintain, information, documents preserve or other evidence concerning enforce the nationality, residence or identity rights of the Holder that holder or beneficial owner or to make under the Notes (and/or any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction document in the rate of deduction or withholding of all or part of such taxesrelation therewith); or
(ivix) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (iitems (i) through (vii).
(d(viii) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable lawabove. The Payors will furnish to the TrusteeNotwithstanding any other provisions contained herein, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 Issuers, any Guarantor or any other person making payments on behalf of the Income Tax Regulations (Canada) or any successor provision) Issuers shall be entitled to deduct and withhold as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basisrequired, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been be required to withhold from such payments or to the extent such Holder received pay, any Additional Amounts with respect to any such payments.
(f) In addition, any amounts to be paid by a Payor withholding or deduction imposed on the Notes will be paid net or in respect of any deduction or withholding imposed or required Note pursuant to Sections 1471 through 1474 of the CodeCode (commonly referred to as “FATCA”), any current treaty, law, regulation or future regulations or other official interpretations thereofguidance enacted by any jurisdiction implementing FATCA, any agreement entered into pursuant to Section 1471(b) between either of the CodeIssuers, any Guarantor or any other person and the United States or any jurisdiction implementing FATCA, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account law of any FATCA Withholdingjurisdiction implementing an intergovernmental approach to FATCA.
(gb) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described Whenever in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, premium, if any, interest or of any other amount payable under or with respect to any Note or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with in respect to of the Notes or any Note the Guarantor in respect of the Guarantee will be made free and clear of, and without withholding or deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, chargesassessments, fees, deductions or withholdings (hereinafter referred to as “taxes”) now other governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor the Company or the Guarantor is organized, organized or is a resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the having power to tax (each, a “Taxing Relevant Jurisdiction”), unless the Company or the Guarantor are compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Company or the Guarantor will make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts receivable by Holders of Notes after such withholding is required by applicable law or by deduction shall equal the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings respective amounts of taxes from any payment made under or principal, interest, and premium, if any, which would have been receivable in respect of the Notes, Notes in the Payor will pay absence of such additional amounts withholding or deduction (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after . No such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.payable:
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of such note by reason of the existence of any present or former connection between the relevant such Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial ownersuch Holder, if the relevant such Holder or beneficial owner is an estate, nominee, a trust, partnership a partnership, a limited liability company or a corporation) and any Taxing Jurisdiction (the Relevant Jurisdiction, including, without limitation, by virtue of the such Holder (or beneficial owner such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident ofthereof or being or having been engaged in a trade or business or present therein or having, formed pursuant to the laws ofor having had, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction)therein, other than solely by reason the mere holding of the Holder Note or beneficial owner purchasing, holding or disposing enforcement of rights and the Notes; receipt of payments with respect to the Note;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes surrendered (if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation surrender is required) within more than 30 days after the relevant date (Relevant Date except to the extent that the Holder thereof of such Note would have been entitled to such Additional Amounts Amounts, on presenting a surrender of such Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; 30 days;
(iii) taxes where such Additional Amount is imposed on a payment to an individual and is required to be made pursuant to any law implementing or withheld complying with, or introduced in order to conform to, European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000;
(iv) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or other governmental charges by reason of the such Holder's failure by the Holder or beneficial owner of such Note to provide comply with any certification, information, documents identification or other evidence reporting requirement concerning the nationality, residence residence, identity or identity of connection with the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such mattersRelevant Jurisdiction, within 30 days after a specific written request therefor from a Payor, which if (1) compliance is required by lawthe Relevant Jurisdiction, regulation or administrative practice any political subdivision or applicable treaty authority thereof or therein having power to tax, as a precondition to to, exemption from from, or reduction in the rate of deduction of, the tax, assessment or withholding of all other governmental charge and (2) the Company has given the Holders at least 30 days' notice that Holders will be required to provide such certification, identification or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; other requirement;
(v) any withholding tax under Part XIII in respect of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excisetransfer, usecapital gains, excise or personal property, transfer property or similar tax, assessment or governmental charge;
(vi) in respect of any tax, assessment or other governmental charge which is payable other than by deduction or withholding from payments of principal of or interest on the Note or by direct payment by the Company or the Guarantor in respect of claims made against the Company or the Guarantor; or
(vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII in respect of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses above.
(ib) through No Additional Amounts shall be paid with respect to any payment on a Note to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the extent that payment would be required by the laws of the Relevant Jurisdiction to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither the Company nor the Guarantor shall be required to make a payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein.
(vii)c) In the event that Additional Amounts actually paid with respect to the Notes are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and, as a result thereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such excess to the Company.
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority Any reference in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under in respect of the Notes by the Company or the Note Guarantee by the Guarantor will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to any Note or any Note Guarantee, such reference shall be deemed that amount under the obligations referred to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were Section. The foregoing obligation will survive termination or would be payable in respect thereofdischarge of this Indenture.
Appears in 1 contract
Samples: Indenture (Cosan Ltd.)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, any and all present or future incometax, stamp and duty, levy, impost, assessment or other taxes, levies, imposts, duties, charges, fees, deductions governmental charge imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or United States taxing authority of the foregoing that has the power to tax (each, a hereinafter “Taxing JurisdictionUnited States Taxes”), unless the deduction or withholding any Guarantor is required to withhold or deduct United States Taxes by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At thereof. If any time a relevant Taxing Jurisdiction requires deductions Guarantor is so required to withhold or withholdings deduct any amount of taxes interest for or on account of United States Taxes from any payment made under or in with respect of the Notesto any Guarantee, the Payor such Guarantor will pay such additional amounts of interest (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder holder would have received if such United States Taxes had no such deduction not been withheld or withholding been required.
(c) However, notwithstanding the foregoing, deducted; provided that no Additional Amounts will be payable with respect to a Holder of payment made to a Note by any Payor with respect to: holder (an “Excluded Holder”):
(i) taxes which is subject to such United States Taxes by reason of any connection between such holder and the United States or any states political subdivision thereof or authority thereof other than the mere holding of Notes or the receipt of payments thereunder;
(ii) which failed to duly and timely comply with a timely request of the Issuer to provide information, documents, certification or other evidence concerning such holder’s nationality, residence, entitlement to treaty benefits, identity or connection with the United States or any political subdivision or authority thereof, if and to the extent that due and timely compliance with such request would have resulted in the reduction or elimination of any United States Taxes as to which Additional Amounts would have otherwise been payable to such holder of Notes but for this clause (ii);
(iii) which is a fiduciary, a partnership or not the beneficial owner of any payment on a Note, if and to the extent that, as a result of an applicable tax treaty, no Additional Amounts would have been imposed but for payable had the existence of any present or former connection between the relevant Holder beneficiary, partner or beneficial owner owned the Note directly (but only if there is no material cost or between a fiduciary, settlor, expense associated with transferring such Note to such beneficiary, partnerpartner or beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, member or shareholder of the relevant Holder partner or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation);
(iv) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America Taxes required to provide for the implementation of reporting in that jurisdiction in compliance with Sections be withheld or deducted are imposed pursuant to sections 1471 through 1474 of the CodeUnited States Internal Revenue Code of 1986, as amended (and any amended or successor version that is substantially comparable), and any regulations or other official guidance thereunder or agreements (including any intergovernmental agreements or any laws, rules or practices implementing such intergovernmental agreements) entered into in connection therewith; or or
(viiiv) taxes arising from any combination of the foregoing clauses (i) through (vii)of this proviso.
(db) The Payors Issuer or such Guarantor, as the case may be, will also (1i) make such withholding or deduction and and, (2ii) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors Issuer or such Guarantor, as the case may be, will furnish to the Trusteeholders of the Notes, within 30 days after the date the payment of any taxes United States Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of by such payment satisfactory to Guarantor, as the Trustee.
(e) The Payors, jointly and severally, case may be. Such Guarantor will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner holder (other than all Excluded Holders) for the amount of (xA) any taxes so United States Taxes not withheld or deducted by such Guarantor and levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) holder as a result of payments made under or with respect to the NotesGuarantees, (yB) any liability (including penalties, interest, additions to tax interest and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (zC) any taxes levied or United States Taxes imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through or (viiiii) of this Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments3.11(b).
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hc) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor any Guarantor is aware that it will be obligated to pay Additional Amounts with respect to such payment, the Company Issuer will deliver to the Trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders holders on the payment date net date. Whenever in this Indenture there is mentioned, in any context, the payment of principal (and premium, if any), interest or any taxes required other amount payable under or with respect to any note, such mention shall be withheld deemed to include mention of the payment of Additional Amounts provided for in this section to the extent that, in such context, Additional Amounts are, were or deductedwould be payable in respect thereof.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(jd) The obligations described under this Section 2.13 3.11 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by the Company on the Securities (whether or not in the form of Definitive Securities) shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, "Taxes") imposed or levied by or on behalf of the Company United Kingdom or any Guarantor political subdivision thereof or any authority having power to tax therein (each a "U.K. Tax Authority"), unless the withholding or deduction of such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present Taxes of any U.K. Tax Authority shall at any time be required on any payments made by the Company with respect to the Securities, including payments of principal, redemption price, interest, liquidated damages or future incomepremium, stamp and other taxesthe Company shall pay such additional amounts (the "Additional Amounts") as may be necessary in order that the net amounts received in respect of such payments by the Holders of the Securities or the Trustee, leviesas the case may be, impostsafter such withholding or deduction, dutiesequal the respective amounts which would have been received in respect of such payments in the absence of such withholding or deduction; provided, chargeshowever, feesthat no such Additional Amounts shall be payable with respect to:
(i) in the case of Securities listed on a Recognized Stock Exchange at the time such Additional Amounts would be payable, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed any payments on a Security held by or on behalf of any jurisdiction in which a Holder or a beneficial owner who is liable for such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or Taxes in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Security by reason of the Holder or beneficial owner purchasinghaving some connection with the United Kingdom (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the United Kingdom) other than by the mere holding of such Security or disposing enforcement of rights thereunder or the Notes; receipt of payments in respect thereof;
(ii) taxes imposed on, or deducted or withheld from, payments in respect the case of Securities listed on a Recognized Stock Exchange at the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to time such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purposewould be payable, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided Taxes that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes are imposed or withheld as a result of a change in law after the Issue Date where such withholding or imposition is Exh. T3C-B-2 by reason of the failure by of the Holder or beneficial owner of such Note the Security to comply with any request by the Company to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other information or reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payorrequirement, which is required or imposed by lawa statute, treaty, regulation or administrative practice or applicable treaty of the taxing jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxesTaxes;
(iii) except in the case of the winding up of the Company, any Security presented for payment (where presentation is required) in the United Kingdom (unless by reason of the Company's actions presentment could not have been made elsewhere); or
(iv) withholding tax under Part XIII any Security presented for payment (where Securities are in the form of the Income Tax Act (CanadaDefinitive Securities and presentation is required) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within more than 30 days after the date relevant payment is first made available for payment to the payment of any taxes is due pursuant Holder (except to applicable law, certified copies of tax receipts evidencing the extent that such payment has the Holder would have been made or other evidence entitled to Additional Amounts had the Security been presented on the last day of such payment satisfactory to 30 day period). Such Additional Amounts shall also not be payable where, had the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such the Security been the Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the NotesSecurity, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder he would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i) through to (viiiiv) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)inclusive above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver shall provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation shall be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 1 contract
Samples: Indenture (Texon International PLC)
Additional Amounts. (a) All payments made by or on behalf of principal and interest in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, and without deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now or hereafter other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor the United States or any political subdivision or taxing authority of or in the foregoing that has the power to tax (each, a “Taxing Jurisdiction”)United States, unless the such withholding or deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authoritylaw.
(b) At any time The Company shall pay to a relevant Taxing Jurisdiction requires deductions or withholdings Holder of taxes from any payment made under or in respect of the Notes, the Payor will pay such Notes who is not a United States person additional amounts (“Additional Amounts”) as may be necessary so that every net payment of the net amounts received by each Holder (including Additional Amounts)principal of and premium, if any, and interest on the Notes to such Holder, after such deduction or withholding (including withholding for or deduction attributable to Additional Amounts payable hereunder)on account of any present or future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein, shall not be less than the amount provided in the Holder would have received had no Note to be then due and payable (such deduction or withholding been required.
(c) Howeveramounts, notwithstanding the foregoing“Additional Amounts”); provided, no however, that the Company shall not be required to make any payment of Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: for or on account of:
(i) taxes any tax, assessment or other governmental charge that would not have been imposed but for (A) the existence of any present or former connection (other than a connection arising solely from the ownership of those Notes or the receipt of payments in respect of those Notes) between that Holder (or the relevant Holder or beneficial owner (for whose benefit such Holder holds such Notes), or between a fiduciary, settlor, beneficiary, partnerbeneficiary of, member or shareholder of, or possessor of the relevant a power over, that Holder or beneficial owner, if the relevant that Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) , and any Taxing Jurisdiction (includingthe United States, without limitation, by virtue of the including that Holder or beneficial owner owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor being or having been a citizen or resident of, formed pursuant to or treated as a resident of the laws of, incorporated United States or being or having been engaged in trade or carrying on a business, business or present in the United States or having had a permanent establishment in the United States or having (B) the presentation of a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented debt security for payment (where presentation is required) within on a date more than 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day later of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which that payment becomes due and payable and the full amount of such monies having been so received, provided that notice to that effect date on which payment is duly given to Holders of the Notes in accordance with this Indenture; provided for;
(iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (viii) any estate, inheritance, gift, sales, transfer, excise, use, personal property, transfer wealth, capital gains, interest equalization or similar tax; , assessment or other governmental charge;
(viiiii) any tax, assessment or other governmental charge imposed on foreign personal holding company income or by reason of a Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, the Holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, being or having been a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or penalty arising a personal holding company with respect to the United States or a corporation that accumulates earnings to avoid U.S. federal income tax;
(iv) any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or premium, if any, or interest on the Notes of that Holder’s ;
(v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or premium, if any, or interest on the Notes of that Holder if such payment can be made without withholding by any other paying agent;
(vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure of a Holder (or the beneficial owner for whose benefit such Holder holds the Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of power over, the holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, or any intermediary through which a beneficial owner holds Notes to properly comply with certification, information, documentation or other reporting requirements concerning the Holder’s obligations imposed under Part XVIII of the Tax Act nationality, residence, identity or the similar provisions of legislation of any other jurisdiction that has entered into an agreement connections with the United States of America of the beneficial owner or any Holder of the Notes (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, Forms W-8BEN-E, Forms W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty);
(vii) any tax, assessment or other governmental charge imposed as a result of a Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, the implementation Holder or beneficial owner, if that Holder or beneficial owner is an estate, trust, partnership or corporation, being or having been (A) a 10% shareholder (as defined in Section 871(h)(3)(B) of reporting the Internal Revenue Code, and the regulations that may be promulgated thereunder) of the Company or (B) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Internal Revenue Code or (C) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code;
(viii) any withholding or deduction that jurisdiction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC relating to the taxation of savings, or any law implementing or complying with, or introduced in compliance with order to conform to, such Directive (or any amended or successor version);
(ix) any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;
(x) any taxes payable under Sections 1471 through 1474 of the Code; Internal Revenue Code (or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding amended or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence successor version of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the CodeSections), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Codeother guidance thereunder, or any fiscal or regulatory legislation, rules or practices adopted pursuant to agreement (including any intergovernmental agreement agreement) entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.therewith; or
(gxi) Each Holder entitled to any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x) above; nor shall any Additional Amounts shall cooperatebe paid to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected a beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes Holder, a beneficiary or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts settlor with respect to such paymentthe fiduciary or a member of that partnership, the Company will deliver limited liability company or a beneficial owner thereof would not have been entitled to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of those Additional Amounts had that beneficiary, settlor, member or indemnification payments as described in this Section 2.13, to beneficial owner received directly its beneficial or distributive share of the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofpayment.
Appears in 1 contract
Samples: Tenth Supplemental Indenture (Thermo Fisher Scientific Inc.)
Additional Amounts. Except as otherwise provided by Section 3.01 with respect to any series of Securities:
(a) All payments made by or on behalf of principal and interest in respect of the Company or Securities of any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to series and/or the Notes or any Note Guarantee Guarantees will be made free and clear of, and without withholding or deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings governmental charges of whatever nature (hereinafter referred to as “taxesTaxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of Canada, Hong Kong, the PRC or any other jurisdiction in which such Payor the Guarantor or the Issuer (or any successor to the Guarantor or the Issuer) is organizedtax resident, resident in each case including any political subdivision, territory or carrying on business for possession thereof, any authority therein having power to tax purposes or any area subject to its jurisdiction, or any jurisdiction from or through which payments are any payment is made by or on behalf of such Payor the Issuer or any political subdivision or authority of the foregoing that has the power to tax Guarantor (each, a “Relevant Taxing Jurisdiction”), ) unless the such Taxes are required by law to be withheld or deducted. If any deduction or withholding is required by for any present or future Taxes of the applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At Relevant Taxing Jurisdiction shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notesbe so required, the Payor will Guarantor or the Issuer, as the case may be, shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received will result (after deduction of such Taxes and any additional Taxes payable in respect of such Additional Amounts) in receipt by each Holder (including Additional Amounts)of any Security of such amounts as would have been received by such Holder with respect to such Security or the Guarantee, after as applicable, had no such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However; provided, notwithstanding the foregoinghowever, that no Additional Amounts will shall be payable in respect of any Security:
(i) to a Holder (or to a third party on behalf of a Note by any Payor with Holder) who is liable to such Taxes in respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Security by reason of his having some connection with the Holder or beneficial owner purchasing, Relevant Taxing Jurisdiction other than the mere holding or disposing of the Notes; Security;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment which is surrendered (where presentation is requiredrequired to be surrendered) within more than 30 days after the relevant date (Relevant Date, except to the extent that the Holder thereof of it would have been entitled to such Additional Amounts on presenting a Note surrender of such Security for payment on the last day of such 30-day period); for this purposeperiod of 30 days, where “Relevant Date” means whichever is the “relevant date” in relation to any payments on any Note means later of (aA) the date on which such payment first becomes due date for payment thereof, or and (bB) if the full amount of the monies payable on such date have has not been received by the Trustee on or prior to such due date, the date on which which, the full amount of such monies having been so received, provided that notice to that effect is duly shall have been given to the Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.Securities;
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf As it applies to the Notes, Section 10.19 of the Company Original Indenture shall be amended by:
(i) deleting the word “Brazil” throughout such Section 10.19 and replacing it with the expression “Taxing Jurisdiction” (as defined in Section 1.02 of this Amended and Restated Fifth Supplemental Indenture);
(ii) adding the phrase, ", levies" after the phrase, "deduction or withholding for any Guarantor present or future taxes" in the first sentence of such Section 10.19;
(each such person who pays or credits such amountsiii) deleting the phrase, a “Payor”) under or "who, with respect to any such tax, assessment or other governmental charge, is not resident in Brazil" in the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf first sentence of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.Section 10.19;
(biv) At any time a relevant Taxing Jurisdiction requires deductions or withholdings deleting the proviso to the first sentence of taxes from any payment made under or in respect of such Section 10.19 that includes clauses (1)-(7) thereof and ends with the Notesphrase, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that "who would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not had it been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner owner, as the case may be, of such Note to provide certificationSecurity" and replacing such proviso with the following: "; provided, informationhowever, documents or other evidence concerning that the nationality, residence or identity of the Holder or beneficial owner or Company shall not be required to make any declaration payment of Additional Amounts that is imposed due to any of the following:
(1) such Holder or similar claim the Trustee has a connection with the Taxing Jurisdiction other than merely holding the Notes or satisfy receiving principal or interest payments on the Notes (such as citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within the Taxing Jurisdiction);
(2) any tax imposed on, or measured by, net income;
(3) such Holder or the Trustee fails to comply with any certification, identification or other reporting requirement relating to requirements concerning its nationality, residence, identity or connection with the Taxing Jurisdiction, if (x) such matters, within 30 days after a specific written request therefor from a Payor, which compliance is required by applicable law, regulation or regulation, administrative practice or applicable treaty as a precondition to exemption from all or reduction in a part of the rate of tax, levy, deduction or withholding of other governmental charge, (y) such Holder or the Trustee is able to comply with such requirements without undue hardship and (z) at least 30 calendar days prior to the first payment date with respect to which such requirements under the applicable law, regulation, administrative practice or treaty will apply, the Company has notified all Holders that they will be required to comply with such requirements;
(4) such Holder or part of the Trustee fails to present (where presentation is required) its Note within 30 calendar days after the Company has made available to such taxes; (iv) withholding tax Holder or the Trustee a payment under Part XIII of the Income Tax Act (Canada) (Notes and this Indenture, provided that the “Tax Act”) that is imposed as a consequence of Company will pay Additional Amounts which a Holder or beneficial owner of a the Trustee would have been entitled to had the Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of owned by such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at the Trustee been presented on any time, a “specified non-resident shareholder” day (including the last day) within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length such 30 calendar day period;
(within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi5) any estate, inheritance, gift, salesvalue added, exciseuse or sales taxes or any similar taxes, useassessments or other governmental charges; or
(6) such taxes, personal propertylevies, transfer deductions or similar tax; (vii) other governmental charges are imposed on a payment on the Notes to an individual and are required to be made pursuant to any tax or penalty arising from European Union Council Directive implementing the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII conclusions of the Tax Act ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America law implementing or complying with, or introduced in order to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).conform to, such directive;
(d7) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by where such Holder or beneficial owner (includingthe Trustee could have avoided such taxes, levies, deductions or other governmental charges by requesting that a payment on the Notes be made by, or presenting the relevant notes for greater certaintypayment to, taxes imposed and paid pursuant to subsection 215(4) another paying agent of the Tax Act and section 803 Company located in a member state of the Income Tax Regulations European Union; or
(Canada) 8) where the Holder or any successor provision) as a result of payments made under the Trustee would have been able to avoid the tax, levy, deduction or with respect other governmental charge by taking reasonable measures available to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause the Trustee ."
(xv) or (y) above; provided, however, that adding the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which following new paragraph at the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) end of Section 2.13(c) if the Payor had been required to withhold from such payments 10.19: “The Company shall promptly pay when due any present or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In additionfuture stamp, court or documentary taxes or any amounts to be paid other excise or property taxes, charges or similar levies that are imposed by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which arise from any payment under or with respect to the Notes or under any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld document or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise instrument referred herein or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of therein or from the execution, issuancedelivery, enforcement or registration or delivery of the Notes, any each Note Guarantee, this Indenture or any other document or instrument referred to hereunder herein or thereunder therein. The Company shall indemnify and make whole the Holders of the Notes for any such present or future stamp, court or documentary taxes or any other excise or property taxes, charges or duties imposed similar levies payable by a Taxing Jurisdiction on any payments made pursuant to the Notes or Issuer as a result of, or provided in connection with, the enforcement this paragraph paid by such Holder of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) . The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premiumCompany shall, if any, interest European Council Directive 2003/48/EC or any other amount payable under Directive implementing the conclusions of the ECOFIN council meeting of November 26-27, 2000 is brought into force, ensure that it maintains a paying agent hereunder in a member state of the European Union that will not be obliged to withhold or with respect deduct tax pursuant to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofDirective.”
Appears in 1 contract
Samples: Supplemental Indenture (Petrobras - Petroleo Brasileiro Sa)
Additional Amounts. (a1) All payments in respect of the Notes and the Note Guarantees will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature, including penalties, interest and any other liabilities related thereto ("Taxes") imposed or levied by or on behalf of the Company (1) Sweden, Finland or Norway, (2) any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such a Payor (as defined below) is organized, organized or otherwise considered to be resident or carrying on business for tax purposes or purposes, (3) any jurisdiction from or through which payments are payment on the Notes or the Note Guarantees is made by or on behalf of such Payor or (4) any political subdivision or governmental authority of the foregoing that has or in (1) through (3) above having the power to tax (each, each of (1) through (4) a “"Relevant Taxing Jurisdiction”"), unless the deduction Company or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
Guarantor (beach, a "Payor") At any time a relevant Taxing Jurisdiction requires deductions is compelled by law to deduct or withholdings of taxes from any payment made under or in respect of the Noteswithhold such Taxes. In such event, the Payor will pay such additional amounts (“"Additional Amounts”") as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), the Holders after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than will equal the amount the Holder respective amounts of principal and interest that would have received had no been receivable in respect of the Notes in the absence of such deduction withholding or withholding been requireddeduction.
(c2) However, notwithstanding the foregoing, no such Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction any Note or withholding of such taxes had such Notes been Note Guarantee:
(a) presented for payment (where presentation is required) within of principal more than 30 days after the relevant date Relevant Date (as defined below), except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a such Note for payment on the last day of such 30-the applicable 30 day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or ;
(b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect any Tax is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure to comply or a delay in complying or the provision of inaccurate information by the Holder or beneficial owner of such Note or, if different, the beneficiary of such amounts when a request is addressed or otherwise provided to such Holder or beneficiary to provide certification, information, documents or other evidence concerning the nationality, residence residence, identity or identity connection with a Relevant Taxing Jurisdiction of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, beneficiary which is required or imposed by lawa statute, treaty, regulation or administrative practice of such Relevant Taxing Jurisdiction (or applicable treaty to which it is a party) or any relevant jurisdiction (or any political subdivision or authority thereof) as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Tax;
(ivc) withholding tax under Part XIII of any person liable for Taxes in respect of such Note by reason of the Income Tax Act (Canada) (Holder of the “Tax Act”) that is imposed as Note or, if different, the beneficial owner having some connection with a consequence Relevant Taxing Jurisdiction other than the mere purchase, holding or disposition of a any Note, or the receipt of principal or interest in respect thereof, including, without limitation, such Holder or beneficial owner being or having been a citizen or resident thereof or being or having been present or engaged in a trade or business therein or having had a permanent establishment or fixed base therein whether by himself or through an agent;
(d) on account of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer wealth or other similar taxTax;
(e) presented for payment or in respect of which payment is required to be made in a Relevant Taxing Jurisdiction; and
(viif) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of (a), (b), (c), (d) or (e); nor will Additional Amounts be paid with respect to any payment of the foregoing clauses (i) through (vii)principal of, or any interest on, any Note or any Note Guarantee to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that a beneficiary or settlor or beneficial owner would not have been entitled to any Additional Amounts had such beneficiary or settlor or beneficial owner been the Holder.
(d3) The Payors Payor will also (1a) make such withholding or deduction compelled by applicable law and (2b) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors Payor will furnish copies to the Trustee, Trustee of such receipts evidencing the payment of any Taxes so deducted or withheld in such form as are provided in the normal course by the taxing authority imposing such Taxes and as are as reasonably available to the Payor within 30 60 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence receipt of such payment satisfactory evidence. The Trustee will make such evidence available to the TrusteeHolders upon request.
(e4) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for Whenever in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by Indenture there is a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers reference to, in any context, the payment of principal, principal (and premium, if any), interest redemption price, interest, Special Interest, or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include a reference to the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf of the Company an Issuer or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, impost, assessment or other governmental charge (including penalties, interest and other taxessimilar liabilities related thereto) (collectively, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxesTaxes”) now imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on doing business for tax purposes or from or through which payments are made by or on behalf of such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision or authority of the foregoing that has the power to tax thereof (each, a “Relevant Taxing Jurisdiction”), unless the deduction or withholding such Payor is required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At thereof. If a Payor is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the NotesNotes or any Note Guarantee, such Payor, subject to the Payor exceptions stated below, will pay such additional amounts (“Additional Amounts”) as may be necessary so such that the net amounts amount received in respect of such payment by each Holder (including Additional Amounts), and beneficial owner after such withholding or deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall ) will not be less than the amount the Holder or beneficial owner would have received if such Taxes had no such deduction not been required to be so withheld or withholding been requireddeducted.
(cb) HoweverA Payor will not, notwithstanding the foregoinghowever, no pay Additional Amounts will be payable to a Holder or beneficial owner of a Note by any Payor with respect to: Notes:
(i) taxes for or on account of any Canadian withholding Taxes that are imposed by reason of the Holder or beneficial owner of Notes not dealing at arm’s length (for the purpose of the Income Tax Act (Canada)) with the Payor at the time of making such payment,
(ii) to the extent that the Additional Amounts are in respect of the application of the thin capitalization rules in subsections 18(4) to (6) of the Income Tax Act (Canada), along with proposed amendments to subsections 18(6) and (6.1) of the Income Tax Act (Canada), other than by reason of an interest or right in property that secures payment of a debt or other obligation which interest or right was provided directly or indirectly by Parent or a non-resident of Canada that is a Subsidiary of the Payor or that is otherwise related to the Payor for purposes of the Income Tax Act (Canada);
(iii) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the existence of any present or former connection between a Holder (or the relevant Holder or beneficial owner (of, or between person ultimately entitled to obtain an interest in, such Notes, including a fiduciary, settlorsettler, beneficiary, member, partner, member shareholder or shareholder other equity interest owner of, or possessor of the relevant Holder power over, such holder or beneficial owner, if the relevant Holder such holder or beneficial owner is an estate, nominee, trust, partnership partnership, limited liability company, corporation or corporationother entity) and any the Relevant Taxing Jurisdiction (includingincluding being a citizen or resident or national of, without limitationor carrying on a business or maintaining a permanent establishment in, by virtue the Relevant Taxing Jurisdiction) other than any connection resulting solely from the acquisition, ownership, or disposition of Notes, the receipt of payments thereunder and/or the exercise or enforcement of rights under any Notes or any Note Guarantee;
(iv) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner being a citizen or resident ofof Notes, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in extent such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasingis legally eligible to do so, holding or disposing of the Notes; (ii) taxes imposed onto satisfy any certification, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certificationidentification, information, documents documentation or other evidence reporting requirements concerning the nationality, residence residence, identity or identity of connection with the Relevant Taxing Jurisdiction or arm’s length-relationship with the Payor and the Holder or beneficial owner or otherwise establishing the right to make any declaration the benefit of an exemption from, or similar claim reduction in the rate of, withholding or satisfy any other reporting requirement relating to deduction, if (a) such matters, within 30 days after a specific written request therefor from a Payor, which compliance is required by lawstatute, treaty, regulation or administrative practice or applicable treaty of a Relevant Taxing Jurisdiction as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all or part of of, such taxes; Taxes imposed by the Relevant Taxing Jurisdiction (iv) withholding tax under Part XIII of including, without limitation, a certification that the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note is not dealing at arm’s length resident in the Relevant Taxing Jurisdiction) and (within b) the meaning of Payor has provided the Tax Act) Trustee with a Payor at the time 30 days’ prior written notice of such payment; requirement;
(v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) respect to any estate, inheritance, gift, salessales or any similar Taxes;
(vi) if such Holder is a fiduciary or partnership or person other than the sole beneficial owner of such payment and the Taxes giving rise to such Additional Amounts would not have been imposed on such payment had the Holder been the beneficiary, excisepartner or sole beneficial owner, useas the case may be, personal property, transfer or similar tax; of such Note;
(vii) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the presentation by the Holder of any tax or penalty arising from Note, where presentation is required, for payment on a date more than 30 days after the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act date on which payment became due and payable or the similar provisions of legislation of date on which payment thereof is duly provided for, whichever occurs later;
(viii) with respect to (a) any other jurisdiction that has entered into an agreement with Tax imposed or levied by, or on behalf of, the United States of America to provide for or any State thereof or the implementation District of reporting in that jurisdiction in compliance with Sections 1471 through 1474 Columbia (or any political subdivision of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (xforegoing) or (yb) above; provided, however, any Taxes that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding are imposed or required withheld pursuant to Sections 1471 through 1474 of the Code, as of the date of this Indenture (or any current amended or future successor version of such sections), any regulations or promulgated thereunder, any official interpretations thereof, and any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United Sates with respect to the foregoing or any agreements entered into pursuant to Section 1471(b1471(b)(1) of the Code;
(ix) with respect to any Taxes imposed on a payment to an individual and required to be made pursuant to the European Union Directive on the taxation of savings income which was adopted by the ECOFIN Council (the Council of the EU Finance and Economic Ministers), or any fiscal law implementing or regulatory legislationcomplying with, rules or practices adopted introduced to conform to, such directive, or pursuant to any intergovernmental agreement related measures entered into in connection with the implementation of such Sections on a reciprocal basis between member states of the Code European Union and certain non-European countries and dependent or associated territories;
(“FATCA Withholding”x) with respect to any Tax which is payable otherwise than by withholding from payments on or in respect of the Notes or any Note Guarantee; or
(xi) any combination of items (i) through (x) of this Section 4.19(b). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hc) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentpayment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Company Payor will deliver to the Trustee an Officer’s Officers’ Certificate stating that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required date. The Payor will promptly publish a notice in accordance with the provisions set forth in Section 13.01 hereof stating that such Additional Amounts will be payable and describing the obligation to be withheld or deductedpay such amounts.
(id) Each Holder entitled to any Additional Amounts shall cooperate with the Issuers and the Trustee in providing any information or documentation reasonably requested by the Issuers or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner (to the extent necessary to establish such Holder’s entitlement to Additional Amounts) and to assist the Issuers or the Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(e) In addition, the Payor will pay pay, and indemnify the Holders and beneficial owners of the Notes for, any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture Guarantee or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, any payments made pursuant to the Notes or any Note Guarantee and/or the enforcement of the Notes, Notes or any Note Guarantee and/or any other such document or instrument; provided, however, that the indemnification or reimbursement obligations provided for in this paragraph shall not extend to Taxes for which the Holder or beneficial owner of the Notes would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (xi) above or to the extent such Holder or beneficial owner received Additional Amounts with respect to such payments.
(jf) The obligations under described in this Section 2.13 4.19 will survive any termination, defeasance or discharge of this the Indenture and will apply mutatis mutandis to any successor Person to the any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) . Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note GuaranteeNote, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13hereunder, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofif applicable.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under on or with respect to the Notes or any Note Guarantee will shall be made free and clear of, and without withholding or deduction or withholding for, or on account of, for any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed Taxes imposed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Canadian Taxing Jurisdiction”)Authority, unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
Canadian Taxing Authority. If the Company (bor any other payor) At is required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions or withholdings amount on account of taxes Taxes from any payment made under or in with respect to any Notes that are outstanding on the date of the Notesrequired payment, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.it shall:
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and deduction;
(2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors ;
(3) pay such additional amounts ("Additional Amounts") as may be necessary so that the net amount received by each holder after this withholding or deduction (including any deduction or withholding for Additional Amounts) will not be less than the amount the holder would have received if such Taxes had not been withheld or deducted;
(4) furnish to the TrusteeHolders, within 30 days after the date the payment of any taxes Taxes is due pursuant to applicable lawdue, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to by the Trustee.Company;
(e5) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner (other than an Excluded Holder, as defined in paragraph (b) below) for the amount of (xa) any taxes so levied or imposed and Taxes paid by each such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under on or with respect to the Notes, (yb) any liability (including penalties, interest, additions to tax interest and reasonable expenses) arising therefrom from or with respect thereto, excluding any to such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, payments and (zc) any taxes levied or Taxes imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause the foregoing clauses (xa) or (y) aboveb), but excluding any such Taxes that are in the nature of Taxes on net income, taxes on capital, franchise taxes, net worth taxes and similar taxes; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.and
(f6) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At at least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be the Company becomes obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Officers' Certificate stating that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net date. For greater certainty, the obligation to indemnify under clause (5) above shall extend to Taxes (other than Taxes that are excluded under clause (5) above) paid by a Holder in respect of any taxes required which the Company is not obliged to be withheld withhold as a result of the Holder's status as an authorized foreign bank or deducteda registered non-resident insurer (each as defined in the Income Tax Act (Canada)) (or other entity exempt from withholding on a basis comparable to authorized foreign banks and registered non-resident insurers) where such Holder must itself pay Taxes imposed by a Canadian Taxing Authority in lieu of withholding taxes.
(ib) In additionNotwithstanding the provisions of paragraph (a) above, no Additional Amounts shall be payable to a Holder in respect of beneficial ownership of a Note (an "Excluded Holder"):
(1) with which the Payor will Company does not deal at arm's-length, within the meaning of the Income Tax Act (Canada), at the time of making such payment;
(2) which is subject to such Taxes by reason of its being connected with Canada or any province or territory thereof otherwise than by the mere acquisition, holding or disposition of Notes or the receipt of payments thereunder or enforcement of rights thereunder; or
(3) if such Holder waives its right to receive Additional Amounts. Any reference, in any context in this Indenture, to the payment of principal, premium, if any, redemption price, Change of Control Amount, offer price and interest or any other amount payable under or with respect to any Note, shall be deemed to include the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable. The Company shall pay any present or future stamp, issue, registration, court, documentation, excise documentary or other similar taxes, charges and duties, including or levies that arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuancedelivery or registration of, registration or delivery enforcement of the Notes, any Note Guaranteerights under, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) related document. The obligations described under this Section 2.13 4.20 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor Person to the Payor and to any jurisdiction in which such successor Company, is organized or is otherwise resident any political subdivision or carrying on business for tax purposes taxing authority or any jurisdiction from agency thereof or through which payment is made by such successor or its respective agentstherein.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Samples: Indenture (Quebecor Media Inc)
Additional Amounts. (a) All payments to be made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will Selling Shareholder hereunder shall be made paid free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future income, stamp and other taxes, leviesduties or governmental shares whatsoever in such Selling Shareholder’s jurisdiction of incorporation or formation (including all interest, imposts, duties, charges, fees, deductions penalties or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”similar liabilities with respect thereto), unless the deduction such Selling Shareholder is compelled by law to deduct or withholding is required by applicable law withhold such taxes, duties or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notescharges. In that event, the Payor will such Selling Shareholder shall pay such additional amounts (“Additional Amounts”) as may be necessary so in order to ensure that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder amounts that would have been received had if no withholding or deduction has been made; provided, however, that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will additional amounts shall be payable to a Holder on account of a Note by any Payor with respect to: (i) taxes any taxes, duties or charges that are imposed on an Underwriter as a result of any present or former connection between such Underwriter and the applicable jurisdiction imposing such taxes, duties or charges (other than any connection resulting solely from the transactions contemplated by this Agreement) or (ii) any taxes, duties or charges that would not have been imposed but for the existence failure of an Underwriter to comply, upon reasonable request by such Selling Shareholder, with any present certification, identification or former other reporting requirements concerning such Underwriter’s nationality, residence, identity or connection between with the relevant Holder applicable jurisdiction imposing such taxes, duties or beneficial owner charges if such compliance is required by law or the administration thereof as a precondition to an exemption from, or reduction in, such taxes, duties or charges, but only, in the case of this clause (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdictionii), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied such certification, identification or other reporting requirements would not be materially more onerous, in form, procedure or substance, than comparable information or other reporting requirements imposed under U.S. tax law, regulation and paid by administrative practice (such Holder or beneficial owner (includingas IRS Forms W-8BEN, for greater certainty, taxes imposed W-8BEN-E and paid pursuant to subsection 215(4W-9) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penaltiessuch Selling Shareholder has notified such Underwriter in writing of such certification, interest, additions to tax and reasonable expenses) arising therefrom identification or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which other reporting requirements at least 15 days before the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such paymentsdate.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by the Company on the Notes (whether or not in the form of Definitive Notes) will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, "Taxes") imposed or levied by or on behalf of the Xxxxxx Xxxxxx, The Kingdom of Sweden or any jurisdiction in which the Company or any Guarantor Successor Company (as defined in the Indenture) is organized or is otherwise resident for tax purposes or any political subdivision thereof or any authority having power to tax therein or any jurisdiction from or through which payment is made (each such person who pays a "Relevant Taxing Jurisdiction"), unless the withholding or credits such amounts, a “Payor”) under or with respect to the Notes or deduction of Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organized, resident or carrying Relevant Taxing Jurisdiction shall at any time be required on business for tax purposes or from or through which any payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power Company with respect to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, including payments of principal, Redemption Price, Liquidated Damages, interest or premium, the Payor Company will pay such additional amounts (“the "Additional Amounts”") as may be necessary so in order that the net amounts received in respect of such payments by each Holder (including Additional Amounts)the Holders of the Notes or the Trustee, as the case may be, after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)deduction, shall not be less than equal the amount the Holder respective amounts which would have been received had no in respect of such deduction payments in the absence of such withholding or withholding been required.
(c) However, notwithstanding the foregoing, deduction; except that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(i1) taxes any Taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of having some connection with the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Relevant Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner including being a citizen or resident or national of, formed pursuant to the laws of, incorporated in or carrying on a business, having business or maintaining a permanent establishment in, or having a place of business in such jurisdiction)being physically present in, the Relevant Taxing Jurisdiction) other than solely by reason the mere holding of such Note or enforcement of rights thereunder or the Holder or beneficial owner purchasing, holding or disposing receipt of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment thereof;
(where presentation is required2) within 30 days after the relevant date (except to the extent any Taxes that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes are imposed or withheld by reason of the failure by of the Holder or beneficial owner of such the Note to comply with a request of the Company addressed to the Holder to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other information or reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payorrequirement, which is required or imposed by lawa statute, regulation treaty, regulation, protocol, or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(iv3) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) winding up of the Company; , any Note presented for payment (viwhere presentation is required) in the Relevant Taxing Jurisdiction (unless by reason of the Company's actions presentment could not have been made elsewhere and except to the extent that the Holder would have been entitled to Additional Amounts had the Notes not been so presented);
(4) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; Note presented for payment (viiwhere presentation is required) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within more than 30 days after the date relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period);
(5) any Note where withholding taxes or any other deductions are imposed on a payment of any taxes is due to an individual and are required to be made pursuant to applicable lawany European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, certified copies of tax receipts evidencing that 2000 or any law implementing or complying with, or introduced in order to conform to, such payment has been made or other evidence of such payment satisfactory to the Trustee.directive; or
(e6) The Payorsany Note presented for payment by or on behalf of a holder of the Notes who would have been able to avoid such withholding taxes or any other deductions by presenting the relevant Note to another Paying Agent in a member state of the European Union. Such Additional Amounts will also not be payable where, jointly and severally, will indemnify and hold harmless each Holder and had the beneficial owner of Notes and upon written request reimburse each such the Note been the Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the NotesNote, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder it would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i1) through to (viii4) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In additioninclusive, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation will be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 1 contract
Samples: Indenture (Preem Holdings Ab Publ)
Additional Amounts. All amounts payable (awhether in respect of principal, interest or otherwise) All payments in respect of the Notes will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Company Cayman Islands or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Bermuda or any political subdivision thereof or any authority of the foregoing that has the or agency therein or thereof having power to tax (each, a “Taxing Jurisdiction”)tax, unless the withholding or deduction of such taxes, duties, levies, assessments or withholding governmental charges is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor Company will pay pay, or cause to be paid, such additional amounts (“Additional Amounts”) as may be necessary so in order that the net amounts received receivable by each a Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), (including any withholding or deduction on such payment of additional amounts) shall not be less than equal the amount the Holder respective amounts that would have received been receivable by such Holder had no such withholding or deduction or withholding been required.required ("Additional Amounts"), except that no such Additional Amounts shall be payable in relation to any payment in respect of any of the Notes:
(ca) Howeverto, notwithstanding the foregoing, no Additional Amounts will be payable or to a Holder third party on behalf of, a Person who would be able to avoid such withholding or deduction by complying with such Person's statutory requirements or by making a declaration of a non-residence or similar claim for exemption but, in either case, fails to do so, or is liable for such taxes, duties, levies, assessments or governmental charges in respect of such Note by any Payor reason of his having some connection with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws ofbeing incorporated or engaged in a trade or business in, incorporated in or carrying on a business, having a permanent establishment or having a residence or principal place of business in such jurisdiction)or other presence in) the Cayman Islands or Bermuda, as the case may be, other than solely by reason (i) the mere holding of the Holder such Note or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed onthe receipt of principal, interest, or deducted or withheld from, payments other amount in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been Note;
(b) presented for payment (where presentation is required) within more than 30 days after the relevant date (Relevant Date, except to the extent that the relevant Holder thereof would have been entitled to such Additional Amounts on presenting a Note the same for payment on or before the last day expiry of such 30-day period); for this purpose, the “relevant date” in relation to period of 30 days;
(c) on account of any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, useestate, personal property, sales or transfer or similar taxtaxes, duties, levies, assessments or similar governmental charges; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).or
(d) The Payors will (1) make on account of any taxes, duties, levies, assessments or governmental charges that are payable otherwise than by withholding from payments in respect of such withholding Note. If the Company becomes subject generally at any time to any taxing jurisdiction other than or deduction and (2) remit the full amount deducted or withheld in addition to the relevant government authority Cayman Islands and Bermuda, references in accordance with applicable law. The Payors will furnish this section to the Trustee, within 30 days after the date the payment of any taxes is due pursuant Cayman Islands and Bermuda shall be read and construed as references to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory jurisdiction(s) and/or to the Trustee.
(e) The PayorsCayman Islands and Bermuda. Any reference in the Indenture to principal, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner premium or interest in respect of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penaltiesredemption amount and any other amounts in the nature of principal, interestshall be deemed also to refer to any Additional Amounts that may be payable under the Indenture, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result the express mention of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (iif applicable) through (viii) of Section 2.13(c) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. Except as otherwise provided in or pursuant to the Indenture, if the Payor had been required to withhold from such payments or to Notes require the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount payment of Additional Amounts payable in respect thereof.
(h) At Amounts, at least 30 calendar days prior to each date on which any payment payments under or with respect to the Notes or any Note Guarantee is are due and payable, if a Payor will be obligated payable (unless such obligation to pay Additional Amounts with respect arises shortly before or after the 30th day prior to such paymentdate, in which case it shall be promptly thereafter) the Company, or its designee shall furnish to the Trustee, the Company will deliver to Registrar and the Trustee Paying Agent an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable, and will set forth such any other information necessary to enable the Trustee or such Paying Agent to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor date. The Company will pay any present or future stamp, issuecourt or documentary taxes, registration, court, documentation, or any other excise or other similar property taxes, charges and duties, including or similar levies which arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuance, delivery or registration or delivery of the Notes, any Note Guarantee, this Indenture Notes or any other document or instrument referred to hereunder therein (other than a transfer of the Notes), or thereunder and the receipt of any payments with respect to the Notes, excluding any such taxes, charges or duties similar levies imposed by any jurisdiction outside the Cayman Islands or Bermuda in which a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result ofPaying Agent is located, other than those resulting from, or required to be paid in connection with, the enforcement of the Notes, any Note Guarantee and/or the Indenture or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive instrument following the occurrence of any termination, defeasance or discharge Event of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or Default with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofNotes.
Appears in 1 contract
Additional Amounts. All amounts payable (awhether in respect of principal, interest or otherwise) All payments made by or on behalf in respect of the Company Securities or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometaxes, stamp and other taxesduties, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor is organized, resident the United Kingdom or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor the Cayman Islands or any political subdivision thereof or any authority of the foregoing that has the or agency therein or thereof having power to tax (each, a “Taxing Jurisdiction”)tax, unless the withholding or deduction of such taxes, duties, levies, assessments or withholding governmental charges is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor will pay Company or the Guarantor will, jointly or severally, pay, or cause to be paid, such additional amounts (“Additional Amounts”) Amounts as may be necessary so in order that the net amounts received receivable by each a Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder respective amounts that would have received been receivable by such Holder had no such withholding or deduction or withholding been required.
(c) However, notwithstanding the foregoing, except that no such Additional Amounts will shall be payable in relation to any payment in respect of any of the Securities or the Guarantee (a) to, or to a Holder of third party on behalf of, a Note by any Payor with respect to: (i) taxes that Person who would not have been imposed be able to avoid such withholding or deduction but for a failure to satisfy any applicable statutory certification, information or documentation requirements concerning the existence nationality, residence or identity of any present such Person or former to make a declaration of non-residence or similar claim for exemption which, in either case, is required as a precondition to exemption, or is liable for such taxes, duties, levies, assessments or governmental charges in respect of such Security by reason of his having some connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction with (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws ofbeing incorporated or engaged in a trade or business in, incorporated in or carrying on a business, having a permanent establishment or having a residence or principal place of business in such jurisdiction), or other presence in) the United Kingdom or the Cayman Islands other than solely by reason (i) the mere holding of the Holder such Security or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed onthe receipt of principal, interest, or deducted or withheld from, payments other amount in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been Security; (b) presented for payment (where presentation is required) within more than 30 days after the relevant date (Relevant Date, except to the extent that the relevant Holder thereof would have been entitled to such Additional Amounts on presenting a Note the same for payment on or before the last day expiry of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture30 days; (iiic) taxes imposed or withheld by reason on account of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, useestate, personal property, sales or transfer or similar taxtaxes, duties, levies, assessments or similar governmental charges; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will presented for payment in the United Kingdom; (1e) make presented for payment by or on behalf of a Holder who would have been able to avoid such withholding or deduction and by presenting the relevant Security or Securities to another Paying Agent in a Member State of the European Union; or (2f) remit on account of any taxes, duties, levies, assessments or governmental charges that are payable otherwise than by withholding from payments in respect of such Security or the full amount deducted Guarantee. If the Guarantor becomes subject generally at any time to any taxing jurisdiction other than or withheld in addition to the relevant government authority Cayman Islands, references in accordance this section to the Cayman Islands shall be read and construed as references to such other jurisdiction(s) and/or to the Cayman Islands. If the Company becomes subject generally at any time to any taxing jurisdiction other than or in addition to the United Kingdom, references in this section to the United Kingdom shall be read and construed as references to such other jurisdiction(s) and/or to the United Kingdom. Notwithstanding anything herein to the contrary, in the event that any deduction or withholding for or on account of tax is required to be made, or is made, in connection with applicable lawany European Union directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000, or any law implementing or complying with, or introduced in order to conform to, such directive, no additional amounts shall be payable or paid by the Company or the Guarantor to any holder in respect of the Securities. The Payors will Any reference in this Indenture to principal, premium or interest in respect of the Securities or the Guarantee, any redemption amount and any other amounts in the nature of principal, shall be deemed also to refer to any Additional Amounts that may be payable under this Indenture, and the express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. Except as otherwise provided in or pursuant to this Indenture, if the Securities require the payment of Additional Amounts, at least 10 days prior to the first Relevant Date with respect to such Securities, and at least 10 days prior to each Relevant Date if there has been any change with respect to the matters set forth in the below-mentioned Officers' Certificate, the Company, the Guarantor or their designee shall furnish to the Trustee, within 30 days after the date Registrar and the Paying Agent an Officers' Certificate instructing the Trustee and such Paying Agents whether such payment of principal of or interest on the Securities shall be made to Holders without withholding for or on account of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made assessment or other evidence of such payment satisfactory governmental charge described above due to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of Guarantor. If any such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount payment of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to shall be required, then such certificate shall specify by country the Notes or any Note Guarantee is due and payableamount, if a Payor will be obligated to pay Additional Amounts with respect to such paymentany, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In additionon such payments to such Holders, and the Company and the Guarantor agree to pay to the Trustee, the Payor will pay any stamp, issue, registration, court, documentation, excise Registrar or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of Paying Agent the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.required. ARTICLE ELEVEN
Appears in 1 contract
Samples: Indenture (Xl Capital LTD)
Additional Amounts. (ai) All payments by the Republic in respect of the Notes will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Company or any Guarantor (each such person who pays or credits such amountsRepublic, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or taxing authority of the foregoing that has or agency therein or thereof having the power to tax (eachfor purposes of this paragraph, a “Taxing JurisdictionRelevant Tax”), unless the withholding or deduction or withholding of any such Relevant Tax is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor Republic will pay such additional amounts amounts, including but not limited to, the payment of the 4% withholding tax imposed on payments of interest to bondholders that are not residents of the Republic (“Additional Amounts”) ), as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), the bondholders after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than will equal the amount the Holder respective amounts of principal and interest that would have received had no been receivable in respect of the Notes in the absence of such deduction withholding or withholding been required.
(c) Howeverdeduction; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable to in respect of any Relevant Tax:
(A) imposed by reason of a Holder bondholder or beneficial owner of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any having some present or former connection between with the relevant Holder Republic other than merely being a bondholder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder Note or beneficial owner, if receiving payments of any nature on the relevant Holder Note or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue enforcing its rights in respect of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Note;
(B) imposed by reason of the Holder failure of a bondholder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed ona Note, or deducted any other person through which the bondholder or withheld frombeneficial owner holds a Note, payments in respect of to comply with any certification, identification or other reporting requirement concerning the Notes if such payments could have been made without such impositionnationality, deduction residence, identity or withholding connection with the Republic of such taxes bondholder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction, provided that (x) the Republic or the Republic’s agent has provided the trustee with at least 60 days’ prior written notice of an opportunity to satisfy such a requirement, and (y) in no event shall such holder or beneficial owner or other person’s obligation to satisfy such a requirement require such holder or beneficial owner or other person to provide any materially more onerous information, documents or other evidence than would be required to be provided had such Notes holder or beneficial owner or other person been required to file Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and/or W-8IMY; or
(C) is imposed by reason of a bondholder or beneficial owner of a Note, or any other person through which the bondholder or beneficial owner holds a Note, having presented the Note for payment (where such presentation is required) within more than 30 days after the relevant date (date, except to the extent that the Holder thereof bondholder or beneficial owner or such other person would have been entitled to such Additional Amounts on presenting a the Note for payment on the last day of any date during such 30-day period. As used in this paragraph (h); for this purpose, the “relevant date” in relation respect to any payments Notes, means the date on any Note means (a) the which payment in respect hereof first becomes due date for payment thereofor, or (b) if the full amount of the monies money payable on such date have has not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of under the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld Indenture to the relevant government authority in accordance with applicable lawholders that such monies have been so received and are available for payment. Any reference to “principal” and/or “interest” under the Indenture also refers to any additional amounts which may be payable under the Indenture. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor Republic will pay any present or future stamp, issue, registration, court, documentation, court or documentary taxes or any excise or other similar property taxes, charges and duties, including or similar levies which arise in the Republic or any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time political subdivision thereof or taxing authority thereof or therein in respect of the creation, issue, execution, issuance, initial delivery or registration or delivery of the Notes, any Note Guarantee, this Indenture Notes or any other document or instrument referred to hereunder therein. The Republic will also indemnify the bondholders from and against any stamp, court or thereunder and documentary taxes or any such excise or property taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result ofsimilar levies resulting from, or required to be paid by any of them in any jurisdiction in connection with, the enforcement of the Notes, any Note Guarantee and/or obligations of the Republic under the Notes or any other such document or instrumentinstrument referred to therein following the occurrence of any Event of Default.
(jii) The obligations under this Section 2.13 From the date hereof through the period ending 30 days after the Closing Date, the Republic will survive any terminationensure that no other dollar-denominated debt securities of the Republic, defeasance other than debt securities with a maturity of one year or discharge of this Indenture and will apply mutatis mutandis to any successor Person to less, are placed or sold in the Payor and to any jurisdiction in which such successor is organized international capital markets, directly or is otherwise resident or carrying indirectly on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tobehalf, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent thatmanner which might, in such contextthe reasonable opinion of the Structuring Agent, Additional Amounts arehave a detrimental effect on the successful offering and distribution of the Notes, were or would be payable unless the Underwriters and the Structuring Agent otherwise agree in respect thereofwriting.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf As it applies to the Notes, Section 10.19 of the Company Original Indenture shall be amended by:
(i) deleting the word “Brazil” throughout such Section 10.19 and replacing it with the expression “Taxing Jurisdiction” (as defined in Section 1.02 of this Amended and Restated Fourth Supplemental Indenture);
(ii) adding the phrase, “, levies” after the phrase, “deduction or withholding for any Guarantor present or future taxes” in the first sentence of such Section 10.19;
(each such person who pays or credits such amountsiii) deleting the phrase, a “Payor”) under or who, with respect to any such tax, assessment or other governmental charge, is not resident in Brazil” in the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf first sentence of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.Section 10.19;
(biv) At any time a relevant Taxing Jurisdiction requires deductions or withholdings deleting the proviso to the first sentence of taxes from any payment made under or in respect of such Section 10.19 that includes clauses (1)-(7) thereof and ends with the Notesphrase, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that who would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not had it been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner owner, as the case may be, of such Note to provide certificationSecurity” and replacing such proviso with the following: “; provided, informationhowever, documents or other evidence concerning that the nationality, residence or identity of the Holder or beneficial owner or Company shall not be required to make any declaration payment of Additional Amounts that is imposed due to any of the following:
(1) such Holder or similar claim the Trustee has a connection with the Taxing Jurisdiction other than merely holding the Notes or satisfy receiving principal or interest payments on the Notes (such as citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within the Taxing Jurisdiction);
(2) any tax imposed on, or measured by, net income;
(3) such Holder or the Trustee fails to comply with any certification, identification or other reporting requirement relating to requirements concerning its nationality, residence, identity or connection with the Taxing Jurisdiction, if (x) such matters, within 30 days after a specific written request therefor from a Payor, which compliance is required by applicable law, regulation or regulation, administrative practice or applicable treaty as a precondition to exemption from all or reduction in a part of the rate of tax, levy, deduction or withholding of other governmental charge, (y) such Holder or the Trustee is able to comply with such requirements without undue hardship and (z) at least 30 calendar days prior to the first payment date with respect to which such requirements under the applicable law, regulation, administrative practice or treaty will apply, the Company has notified all Holders that they will be required to comply with such requirements;
(4) such Holder or part of the Trustee fails to present (where presentation is required) its Note within 30 calendar days after the Company has made available to such taxes; (iv) withholding tax Holder or the Trustee a payment under Part XIII of the Income Tax Act (Canada) (Notes and this Indenture, provided that the “Tax Act”) that is imposed as a consequence of Company will pay Additional Amounts which a Holder or beneficial owner of a the Trustee would have been entitled to had the Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of owned by such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at the Trustee been presented on any time, a “specified non-resident shareholder” day (including the last day) within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length such 30 calendar day period;
(within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi5) any estate, inheritance, gift, salesvalue added, exciseuse or sales taxes or any similar taxes, useassessments or other governmental charges; or
(6) such taxes, personal propertylevies, transfer deductions or similar tax; (vii) other governmental charges are imposed on a payment on the Notes to an individual and are required to be made pursuant to any tax or penalty arising from European Union Council Directive implementing the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII conclusions of the Tax Act ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such directive;
(7) where such Holder or the similar provisions of legislation of any Trustee could have avoided such taxes, levies, deductions or other jurisdiction governmental charges by requesting that has entered into an agreement with a payment on the United States of America to provide Notes be made by, or presenting the relevant notes for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 payment to, another paying agent of the Code; or (viii) taxes arising from any combination Company located in a member state of the foregoing clauses (i) through (vii).European Union; or
(d) The Payors will (1) make such withholding 8) where the Holder or the Trustee would have been able to avoid the tax, levy, deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of governmental charge by taking reasonable measures available to such payment satisfactory to Holder or the Trustee.”
(ev) adding the following new paragraph at the end of Section 10.19: “The PayorsCompany shall promptly pay when due any present or future stamp, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any court or documentary taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under other excise or with respect to the Notesproperty taxes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom charges or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or similar levies that are imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which arise from any payment under or with respect to the Notes or under any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld document or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise instrument referred herein or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of therein or from the execution, issuancedelivery, enforcement or registration or delivery of the Notes, any each Note Guarantee, this Indenture or any other document or instrument referred to hereunder herein or thereunder therein. The Company shall indemnify and make whole the Holders of the Notes for any such present or future stamp, court or documentary taxes or any other excise or property taxes, charges or duties imposed similar levies payable by a Taxing Jurisdiction on any payments made pursuant to the Notes or Issuer as a result of, or provided in connection with, the enforcement this paragraph paid by such Holder of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) . The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premiumCompany shall, if any, interest European Council Directive 2003/48/EC or any other amount payable under Directive implementing the conclusions of the ECOFIN council meeting of November 26-27, 2000 is brought into force, ensure that it maintains a paying agent hereunder in a member state of the European Union that will not be obliged to withhold or with respect deduct tax pursuant to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofDirective.”
Appears in 1 contract
Samples: Fourth Supplemental Indenture (Petrobras - Petroleo Brasileiro Sa)
Additional Amounts. (a) All payments made by or on behalf of Except as provided in Section ------------------ 5.05(b) hereof and subject to the Company having provided the Trust with the necessary funds, if the Trust is required to withhold or deduct or if the Trust is otherwise required to pay any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, amount for or on account ofof Taxes imposed by a Taxing Authority, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf in respect of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect Section 5.02 of the Notesthis Trust Agreement, the Payor Trust will pay pay, together with the payment under Section 5.02, such additional amounts (“"Additional Amounts”") as may be necessary so that the net amounts amount received by each Holder Certificateholder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall or other payment of Taxes will not be less than the amount the Holder Certificateholder would have received if such Taxes had no such deduction not been withheld or withholding been requireddeducted or paid.
(cb) However, notwithstanding the foregoing, no No Additional Amounts will be payable with respect to a Holder payment made to a Certificateholder in any of a Note by any Payor with respect to: the following circumstances:
(i) taxes that With respect to any Tax which would not have been imposed imposed, payable or due
(A) but for the existence of any present or former connection between the relevant Holder Certificateholder (or the beneficial owner (of, or between person having a fiduciaryright to acquire an interest in, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporationsuch Certificate) and any a Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction)Authority, other than solely by reason the mere holding of the Holder or beneficial owner purchasing, holding or disposing of the Notes; Certificates;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (bB) if the full amount Certificates are held in definitive registered form and the presentation of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide definitive Certificate for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, payment had occurred within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made was due and payable or was provided for, whichever is later; or (C) but for the failure of a Non-U.S. Certificateholder to comply with certification, information or other evidence reporting requirements concerning the nationality, residence, identity or business activity within the United States of such payment satisfactory to Certificateholder (or, if applicable, the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each of, or other person having a right to acquire an interest in, the Certificate) if such Holder and beneficial owner for the amount of (x) any taxes so levied compliance is a condition to such Taxes not being imposed, payable or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or due with respect to the Notespayment; or
(ii) If, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of had the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner of, or other person having a right to acquire an interest in, such Certificate been the Certificateholder, such person would not have been entitled to the payment of Additional Amounts.
(c) Except as provided in the Section 13.01(b) hereof, in no event will Additional Amounts be payable with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation tax that is required payable otherwise than by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereoffrom payments under Section 5.02 hereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf the Company in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, and without withholding or deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now other governmental charges of whatsoever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of within any jurisdiction in which such Payor the Company or a Surviving Person is organized, organized or resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the thereof or therein having power to tax (each, each as applicable a “Taxing Relevant Jurisdiction”), unless the deduction Company is compelled by law to deduct or withhold such taxes, duties, assessments or governmental charges. In such event, the Company or a Surviving Person, as the case may be, shall make such appropriate withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any deduction, make payment made under or in respect of the Notes, amount so withheld to the Payor will appropriate government authority and pay such additional amounts (“Additional Amounts”) as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), the Holders after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)shall equal the respective amounts of principal and premium, shall not be less than the amount the Holder if any, and interest which would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments receivable in respect of the Notes in the absence of such withholding or deduction. No such Additional Amounts shall be payable:
(i) to a Holder who is subject to such taxes, duties, assessments or governmental charges by reason of its having some present or former connection with Relevant Jurisdiction (or any political subdivision or taxing authority thereof or therein) otherwise than merely by the holding or owning of such Notes or the receipt of principal, premium or interest in respect thereof; or
(ii) if such payments could payment would not have been made without subject to such impositiontaxes, deduction duties, assessments or withholding of such taxes governmental charges had such Notes a Note been presented for payment (where presentation is required) within 30 days after of the relevant date Relevant Date.
(except b) If the Company becomes obliged to pay Additional Amounts in accordance with this Section 6.12, then it will have the right to redeem the Notes, subject to the extent that right of the Holder thereof would have been entitled Holders to retain the Notes without entitlement to such Additional Amounts on presenting a Note for payment on the last day of such 30-day periodin accordance with Section 3.2(b); for this purpose. As used herein, the “relevant date” in relation to any payments Relevant Date means the date on any Note means (a) the due date for which such payment thereoffirst becomes due, or (b) except that, if the full amount of the monies moneys payable on such date have has not been duly received by the Principal Agent or the Trustee on or prior to such due date, it means the date on which which, the full amount of such monies moneys having been so received, provided that notice to that effect is shall have been duly given to the Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)Section 15.2.
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(kc) Whenever this Indenture refers tothere is mentioned herein, in any context, the payment of principal, premium, if any, the principal of or interest on or any other amount payable under premium on, or with in respect to any Note or any Note Guaranteeof, a Note, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.13, 6.12 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofthereof pursuant to the provisions of this Section 6.12, and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.
Appears in 1 contract
Additional Amounts.
(a) All payments of principal of, Premium, if any, and interest on the Notes made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect Issuer pursuant to the Notes or any Note Guarantee will shall be made free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions Taxes imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding Issuer is required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by thereof. If the relevant governmental authority.
(b) At Issuer is required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the Notes, the Payor will pay Issuer shall pay, or cause to be paid, subject to certain exceptions and limitations set forth below, such additional amounts (the “Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder holder (in respect of the beneficial owner thereof) (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder such holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable with respect to a Holder payment made to a holder or beneficial owner or to a third party on behalf of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation“Excluded Holder”) and with respect to:
(i) any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes Tax imposed on, or deducted or withheld from, payments in respect of the Notes to a beneficial owner (A) by reason of it being a Person with whom the Issuer does not deal at arm’s length for the purposes of the income tax laws of the Taxing Jurisdiction at the time of making such payment or (B) by reason of the existence of any present or former connection (including, without limitation, carrying on business or having a permanent establishment or fixed base) between such beneficial owner (or between a fiduciary, settlor, beneficiary, member, shareholder or other equity owner of, or possessor of power over, such beneficial owner, if such beneficial owner is an estate, trust, partnership, limited liability company, corporation or other entity) and the Taxing Jurisdiction (including, without limitation, any Tax imposed on such beneficial owner’s net income) other than the mere holding, or receiving payments under, or enforcing any rights in respect of, the Notes;
(ii) any estate, inheritance, gift, sales, transfer, stamp, excise or personal property Tax or any similar Tax;
(iii) any Tax imposed on, or deducted or withheld from, payments in respect of the Notes to a holder or beneficial owner as a result of the failure of such holder or beneficial owner (A) to duly and timely comply with any certification, identification, information, documentation, or similar reporting requirements concerning the nationality, residence, entitlement to treaty benefits, identity or connection with the relevant Taxing Jurisdiction of such holder or beneficial owner or (B) to duly and timely make a declaration, claim or filing for exemption from or reduction in the rate of such Tax, if such compliance or the making of such declaration, claim or filing is required by statute, treaty, regulation or administrative pronouncement or practice, as a precondition to exemption from or reduction in the rate of such Tax;
(iv) any Tax imposed on, or deducted or withheld from, payments in respect of the Notes to a holder which is a fiduciary or partnership (including any entity or arrangement treated as a partnership by the relevant Taxing Jurisdiction) or to any person other than the sole beneficial owner of such payments to the extent that any beneficiary or settler with respect to such fiduciary, any partner or member of such partnership or such beneficial owner would not have been entitled to such Additional Amounts with respect to such payments had such beneficiary, settler, partner, member or beneficial owner received directly its beneficial or distributive share of such payments;
(v) any Tax imposed on, or deducted or withheld from, payments in respect of the Notes to a holder or beneficial owner if such payments could have been made without such imposition, deduction or withholding of such taxes Tax had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date on which such payments or such Notes became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder thereof such holder or beneficial owner would have been entitled to such Additional Amounts on presenting a Note for payment had such Notes been presented on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; ;
(vi) any estateTax required to be withheld by any Paying Agent from any payment of principal, inheritance, gift, sales, excise, use, personal property, transfer Premium or similar tax; interest on the Notes if such payment can be made without such withholding by at least one other Paying Agent;
(vii) any tax Taxes which are payable otherwise than by withholding from payment of principal, Premium or penalty arising from interest on the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the CodeNotes; or or
(viii) taxes arising from any combination of the foregoing clauses items (i) through (vii).
(db) The Payors will If the Issuer is required to withhold or deduct Taxes by law or the interpretation thereof, the Issuer shall (1i) make such withholding or deduction and (2ii) remit the full amount deducted or withheld to the relevant government authority Taxing Jurisdiction in accordance with applicable law. .
(c) The Payors will Issuer shall furnish to the TrusteeTrustee or holders, within 30 days after the date the payment of any taxes Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or by the Issuer or, if certified copies of tax receipts are not reasonably available to the Issuer, such other evidence of documentation evidencing such payment by the Issuer that is reasonably satisfactory to the Trustee.
(e) . The Payors, jointly and severally, will Issuer shall indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner (other than an Excluded Holder) for the amount of (xA) any taxes Taxes (other than Taxes to the extent described in clauses (i) to (viii) above or in respect of a payment described in clauses (i) to (viii) above) so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, and (yB) any liability (including penalties, interest, additions to tax and reasonable expenses) cost or expense arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, including interest and penalties (z(A) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.and
Appears in 1 contract
Samples: Trust Indenture
Additional Amounts. (a) All With respect to any payments made by or on behalf of the Company or any Guarantor (each Company, all such person who pays or credits such amountspayments under, a “Payor”) under or with respect to to, the Notes or any Note Guarantee will be made free and clear of, and without withholding or deduction for or withholding on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge, including penalties, interest and other liabilities related thereto (“Taxes”), imposed or levied by or on behalf of Bermuda or any other jurisdiction in which the Company is engaged in business, resident for tax purposes or generally subject to tax on a net income basis or through which any such payment is made or any political subdivision or taxing authority of or in any of the foregoing (“Taxing Jurisdiction”), unless we are required to withhold or deduct taxes by law or by the official interpretation or administration thereof. If the Company is so required to withhold or deduct any amount for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in with respect of to the Notes, the Payor Company will pay such additional amounts (“Additional Amounts”) ), as may be necessary so that the net amounts amount received by each Holder holder and beneficial owner of the Notes (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder such holder or beneficial owner would have received if such Taxes had no such deduction not been required to be withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, no that Additional Amounts will not be payable with respect to a Holder payment made to a holder or beneficial owner of a Note by any Payor with respect to: Note:
(i) taxes to the extent that such Taxes would not have been so imposed but for the existence of any present or former connection between the relevant Holder such holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of the relevant Holder a power over, such holder or beneficial owner, if the relevant Holder such holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any the relevant Taxing Jurisdiction (includingother than the mere receipt of such payment, without limitationacquisition, by virtue ownership or disposition (including conversion) of such Note, or enforcement of, or exercise of rights under, such Note or this Indenture);
(ii) except as otherwise provided in this Indenture, with respect to any estate, inheritance, gift, sales, excise, transfer or personal property taxes or other similar taxes imposed with respect to such Note;
(iii) to the Holder extent that such Taxes would not have been so imposed if the holder or beneficial owner being of the Note had made a citizen declaration of non-residence or resident ofany other claim or filing for exemption to which it is entitled if (x) the making of such declaration or other claim or filing for exemption is required by the applicable law of the relevant taxing jurisdiction as a precondition to exemption from, formed pursuant or reduction in, such Taxes and (y) at least 60 days prior to the laws of, incorporated in first payment date with respect to which such declaration of non-residence or carrying on a business, having a permanent establishment other claim or having a place of business in such jurisdiction), other than solely by reason filing for exemption is required under the applicable law of the Holder relevant taxing jurisdiction, the relevant holder at that time has been notified in writing by us that a declaration of non-residence or beneficial owner purchasing, holding other claim or disposing of filing for exemption is required to be made);
(iv) to the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if extent that such payments could Taxes would not have been made without such imposition, deduction or withholding of such taxes so imposed if the Note had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder thereof holder would have been entitled to such Additional Amounts on presenting a Note for payment had the note been presented on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; or
(v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses items (i) through (vii).
(div) above. The Payors will (1) Company shall also make such any applicable withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority Taxing Jurisdiction in accordance with applicable law. The Payors will Company shall furnish to the Trustee, within 30 days after the date the payment of any taxes Taxes deducted or withheld is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory Taxes or, if such tax receipts are not reasonably available to the Trustee.
(e) The PayorsCompany, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or other documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver acceptable to the Trustee an Officer’s Certificate stating that evidencing such Additional Amounts will payment by the Company. Copies of such receipts or other documentation shall be payable and made available to the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will holders upon request. The Company shall pay any present or future stamp, issue, registration, documentation, court, documentation, excise or property taxes or other similar taxes, charges and duties, levies (including any interest, penalties and any similar liabilities Additional Amounts with respect thereto, ) imposed by any Taxing Jurisdiction at any time in respect of or in connection with the execution, issuanceissue, delivery, redemption, retirement, enforcement or registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred in relation thereto and the Company shall agree to hereunder or thereunder indemnify the holders and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to beneficial owners of the Notes for any taxes paid by such holders or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) beneficial owners. The obligations under this Section 2.13 will foregoing provisions shall survive any termination, defeasance termination or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction obligations under the Notes. Whenever either in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tothere is mentioned, in any context, the payment of principal, principal (and premium, if any), redemption price, interest or any other amount payable under or with respect to any Note or any Note GuaranteeNote, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable by us in respect thereof.
Appears in 1 contract
Samples: Indenture (MF Global Ltd.)
Additional Amounts. (a) All payments made (including any premium paid upon redemption of the Notes) by or on behalf of the Company Issuer or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with successor in respect to of the Notes or by or on behalf of any Guarantor or a successor in respect of the Note Guarantee Guarantees will be made free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, chargesassessments, fees, deductions or withholdings other governmental charges of whatever nature (hereinafter referred to as “taxesTaxes”) now imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of Brazil, the United States or any authority therein or thereof or any other jurisdiction in which such Payor is organizedthe Issuer or the Guarantors (or, resident in each case, their successor) are organized or carrying on doing business for tax purposes or from or through which payments are made by in respect of the Notes or on behalf of such Payor the Note Guarantees, or any political subdivision or taxing authority thereof or therein (any of the foregoing that has the power to tax (each, aforementioned being a “Taxing Jurisdiction”), unless the Issuer or the Guarantors (or their respective successor) or any paying agent is compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. If the Issuer, a Guarantor or a paying agent is compelled by law to make such deduction or withholding, the Issuer or the Guarantors (or their respective successor) will make such deduction or withholding, make payment of the amount so withheld to the appropriate Governmental Authority and pay such additional amounts as may be necessary to ensure that the net amounts received by registered Holders of Notes after such withholding is required by applicable law or by deduction shall equal the interpretation respective amounts of principal and interest (or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made other amounts stated to be payable under or in respect of the Notes, ) which would have been received in respect of the Payor will pay Notes in the absence of such additional amounts withholding or deduction (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding . Notwithstanding the foregoing, no such Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: payable:
(i) taxes that would not have been imposed but to, or to a third party on behalf of, a Holder who is liable for such Taxes in respect of such Note by reason of the existence of any present or former connection between the relevant such Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial ownersuch Holder, if the relevant such Holder or beneficial owner is an estate, nominee, a trust, partnership a partnership, or a corporation) and any the relevant Taxing Jurisdiction (Jurisdiction, including, without limitation, by virtue of the such Holder (or beneficial owner such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident ofthereof or being or having been engaged in a trade or business or present therein or having, formed pursuant to the laws ofor having had, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction)therein, other than solely by reason the mere holding of the Holder Note or beneficial owner purchasing, holding or disposing enforcement of rights under the Notes; Indenture and the receipt of payments with respect to the Note;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could Taxes that would not have been made without such imposition, deduction so withheld or withholding of such taxes deducted if the Note had such Notes been surrendered or presented for payment (where presentation if surrender or presentment is required) within not more than 30 days after the relevant date (Relevant Date except to the extent that payments under such Note would have been subject to withholdings and the Holder thereof of such Note would have been entitled to such Additional Amounts Amounts, on presenting a surrender of such Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture30 days; (iii) taxes imposed to, or withheld to a third party on behalf of, a Holder who is liable for such Taxes by reason of such Holder’s failure to comply (to the failure by the Holder or beneficial owner of such Note extent it is legally eligible to provide do so) with any certification, informationidentification, documents documentation or other evidence reporting requirement concerning the nationality, residence residence, identity or identity connection with the relevant Taxing Jurisdiction of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such mattersHolder, within 30 days after a specific written request therefor from a Payor, which if (1) compliance is required by law, regulation law or administrative practice or an applicable income treaty as a precondition to to, exemption from from, or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of of, the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note beingTax, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to Issuer has given the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within Holders at least 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing days’ notice that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company Holders will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperateprovide such certification, to the extent described in clause (iii) of Section 2.13(c) aboveidentification, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.requirement;
Appears in 1 contract
Samples: Indenture (Azul Sa)
Additional Amounts. (a) All payments made of principal, premium, if any, or interest by or on behalf the Issuer in respect of the Company Notes or any Guarantor the Subsidiary Guarantors, in the case of payments pursuant to the Note Guarantees in respect of the Notes (each such person who pays or credits such amountswhichever applicable, a the “Applicable Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, and without deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, leviespenalties, impostsfines, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now other governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor the Issuer or, if applicable, the Subsidiary Guarantor, is organized, then resident or carrying on business for tax purposes or from any jurisdiction by or through which payments are payment is made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Tax Jurisdiction”), or any political subdivision thereof or any authority therein having power to tax (“Applicable Taxes”), unless the such deduction or withholding is required by applicable law law, or the official interpretation thereof or by the interpretation or administration thereof by the relevant governmental authority.
(b) At thereof. In any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notessuch event, the Applicable Payor will shall pay such additional amounts (“Additional Amounts”) in respect of Applicable Taxes as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), Holders of such Notes after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder respective amounts that would have received had no been receivable in respect of such Notes in the absence of such deduction or withholding been required.withholding, except that no such Additional Amounts shall be payable:
(ci) However, notwithstanding the foregoing, no Additional Amounts will be payable to or on behalf of a Holder or beneficial owner of a Note that is liable for Applicable Taxes in respect of such Note by any Payor reason of having a present or former connection with the relevant Tax Jurisdiction imposing or levying the Applicable Taxes other than the mere holding or owning of such Note or the enforcement of rights with respect to: to such Note or the receipt of income or any payments in respect thereof;
(iii) taxes to or on behalf of a Holder or beneficial owner of a Note in respect of Applicable Taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue failure of the Holder or beneficial owner being of a citizen Note to comply with any certification, identification, information, documentation or resident other reporting requirement (within 30 calendar days following a written request from the Applicable Payor to the Holder for compliance) if such compliance is required by applicable law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or reduction in the rate of deduction or withholding of, formed pursuant Applicable Taxes;
(iii) to the laws of, incorporated in or carrying on behalf of a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments a Note in respect of any estate, inheritance, gift, sales, transfer, personal assets or similar tax, assessment or other governmental charge;
(iv) to or on behalf of a Holder or beneficial owner of a Note in respect of Applicable Taxes payable otherwise than by withholding from payment of principal of, premium, if any, or interest on the Notes if such payments could Notes;
(v) to or on behalf of a Holder or beneficial owner of a Note in respect of Applicable Taxes that would not have been made without imposed but for the fact that the Holder presented such imposition, deduction or withholding of such taxes had such Notes been presented Note for payment (where presentation is required) within more than 30 days after the relevant date later of (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (ax) the date on which such payment became due date for payment thereof, or and (by) if the full amount of the monies payable on such date have has not been received by the Trustee on or prior to such due date, the date on which which, the full amount of such monies having been so received, provided that notice to that effect is duly will be deemed to have been given to the Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder Trustee;
(vi) to or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence on behalf of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning in respect of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act tax, duty, assessment or government charge that is imposed as on or with respect to a consequence Note presented for payment by or on behalf of a Holder or beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Note to another Paying Agent in a Member State of the European Union;
(vii) to or on behalf of a Holder or beneficial owner of a Note being, at in respect of any time, a “specified non-resident shareholder” (within Applicable Taxes that are imposed pursuant to European Union Council Directive 2003/48/EC or any other Directive on the meaning taxation of subsection 18(5) savings income implementing the conclusions of the Tax Act) ECOFIN council meeting of the Company 26 and 27 November 2000, or any law implementing or complying with, or introduced in order to conform to, any such Directive; or, at any time, not dealing at arm’s length
(within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (viviii) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; combination of items (i) to (vii) above, nor shall Additional Amounts be paid with respect to any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII payment of the Tax Act principal of, or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America premium or interest on, any Notes to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (includingof a Note who is a fiduciary, for greater certaintyor partnership, taxes imposed and paid pursuant or limited liability company or other than the sole beneficial owner of such payment to subsection 215(4) the extent such payment would be required by the laws of the relevant Tax Act and section 803 Jurisdiction to be included in the income for tax purposes of the Income Tax Regulations (Canada) a beneficiary, or any successor provision) as a result of payments made under or settlor with respect to the Notessuch fiduciary, (y) any or a member of such partnership or limited liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom company or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder who would not have been eligible entitled to receive such Additional Amounts had it been the Holder of such Notes. In addition, the Issuer shall pay and indemnify the Holders against any Peruvian value-added tax that is imposed on a payment of interest on the Notes, except to the extent that such Peruvian value-added tax would be excluded from payment of Additional Amounts hereunder by virtue of clauses pursuant to items (i) through (viii) of Section 2.13(c) if the Payor had been required above. All references in this Indenture to withhold from such payments principal, premium or interest payable hereunder shall be deemed to the extent such Holder received include references to any Additional Amounts payable with respect to such payments.
(f) In additionprincipal, premium or interest. The Applicable Payor shall provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any amounts to be paid by a Payor on deducted or withheld promptly upon the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations Applicable Payor’s payment thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation and copies of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will documentation shall be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required made available by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect Holders upon written request to the Notes Trustee. The Issuer shall pay promptly when due any present or future stamp, court or documentary taxes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar property taxes, charges and duties, including or similar levies that arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuance, delivery or registration or delivery of the Notes, any each Note Guarantee, this Indenture or any other document or instrument referred to hereunder herein or thereunder and such Note, excluding any such taxes, charges or duties similar levies imposed by any jurisdiction that is not a Taxing Tax Jurisdiction on any payments made pursuant to the Notes or as a result ofexcept those resulting from, or required to be paid in connection with, the enforcement of the Notes, any such Note Guarantee and/or or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive instrument after the occurrence and during the continuance of any termination, defeasance or discharge Event of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or Default with respect to any the Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofdefault.
Appears in 1 contract
Samples: Indenture (Cementos Pacasmayo Saa)
Additional Amounts. (a) All payments made by or on behalf of principal and interest in respect of the Notes by the Company or, in the case of the Guarantee, the Guarantor, or any Guarantor (each such person who pays by a paying agent on the Company’s or credits such amountsthe Guarantor’s behalf, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, for or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, chargesassessments or other similar governmental charges (collectively, fees, deductions or withholdings (hereinafter referred to as “taxesTaxes”) now imposed or hereafter imposedlevied by Luxembourg, levied, collected, withheld the United States or assessed by or on behalf of any other jurisdiction in which such Payor is the Company or the Guarantor may be organized, resident or carrying on engaged in business for tax purposes or from or through which payments are made by or on behalf of such Payor resident for tax purposes, or any political subdivision or taxing authority of the foregoing that has the power to tax thereof or therein (each, a “Taxing Jurisdiction”), unless the such deduction or withholding is required by applicable law or by the official interpretation or administration thereof by the relevant governmental authoritythereof.
(b) At any time a relevant Taxing Jurisdiction requires deductions In the event such deduction or withholdings of taxes from any payment made under or withholding for Taxes is so required, subject to the exceptions and limitations described in respect of the Notesthis Section 2.12, the Payor Company will pay such additional amounts (the “Additional Amounts”) on the Notes as may be necessary so to ensure that the net amounts amount received by each Holder (including Additional Amounts)any beneficial owner, after withholding or deduction for such Taxes, will be equal to the amount such beneficial owner would have received in the absence of such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been requiredwithholding.
(c) However, notwithstanding the foregoing, no No Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: to any Taxes if such Taxes are imposed, withheld, deducted or levied for reasons unrelated to the Holder’s or beneficial owner’s ownership or disposition of Notes, nor will Additional Amounts be payable for or on account of:
(i) taxes that any Taxes which would not have been imposed so imposed, withheld, deducted or levied but for for:
(A) the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant or other equity owner of, or a person having a power over, such Holder or beneficial owner, if the relevant such Holder or beneficial owner is an estate, nominee, a trust, partnership a limited liability company, a partnership, a corporation or corporationother entity) and any the relevant Taxing Jurisdiction (Jurisdiction, including, without limitation, by virtue such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or treated as a resident of the relevant Taxing Jurisdiction, being or having been engaged in a trade or business in the relevant Taxing Jurisdiction, being or having been present in the relevant Taxing Jurisdiction, or having or having had a permanent establishment in the relevant Taxing Jurisdiction;
(B) the failure of the Holder or beneficial owner being to comply with any applicable certification, information, documentation or other reporting requirement, if compliance is required under the tax laws and regulations of the relevant Taxing Jurisdiction or any taxing authority thereof or therein or by an applicable income tax treaty to which the relevant Taxing Jurisdiction is a citizen party as a precondition to exemption from such Taxes; or
(C) the Holder’s or resident of, formed pursuant beneficial owner’s present or former status as a personal holding company or a foreign personal holding company with respect to the laws ofUnited States, incorporated in as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a foreign tax-exempt organization with respect to the United States or carrying on as a businesscorporation that accumulates earnings to avoid United States federal income tax;
(ii) any Taxes which would not have been imposed, having a permanent establishment withheld, deducted or having a place of business in such jurisdiction), other than solely by reason levied but for the failure of the Holder or beneficial owner purchasing, holding to meet the requirements (including the certification requirements) of Section 871(h) or disposing Section 881(c)(3)(C) of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; Code;
(iii) taxes imposed any Taxes which would not have been imposed, withheld, deducted or withheld by reason of levied but for the failure presentation by the Holder or beneficial owner of such Note to provide certification, information, documents for payment on a date more than thirty (30) days after the date on which such payment became due and payable or other evidence concerning the nationality, residence or identity date on which payment of the Holder or beneficial owner or Note is duly provided for and notice is given to make any declaration or similar claim or satisfy any other reporting requirement relating to such mattersHolders, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; whichever occurs later;
(iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, usetransfer, capital gains, personal property, transfer wealth or similar tax; Taxes;
(v) any Taxes which are payable other than by withholding or deducting from a payment of principal of or interest on such Note;
(vi) any Taxes which are imposed, withheld, deducted or levied with respect to, or payable by, a Holder that is not the beneficial owner of the Note, or a portion of the Note, or that is a fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment;
(vii) any tax Taxes required to be withheld or penalty arising deducted by any paying agent from the Holder’s failure to properly comply with the Holder’s obligations imposed any payment on any Note, if such payment can be made without such withholding or deduction by at least one other paying agent;
(viii) any Taxes imposed, withheld, deducted or levied under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or Code (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any amended or successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Codeprovisions), any current or future regulations or official interpretations thereofthereof (“FATCA”), any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to (including any intergovernmental agreement agreement) entered into in connection with therewith or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA;
(ix) any Taxes that would not have been imposed, withheld, deducted or levied but for a change in any law, treaty, regulation, or administrative or judicial interpretation that becomes effective after the implementation of such Sections of the Code applicable payment becomes due or is duly provided for, whichever occurs later;
(“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts x) a Tax deduction on account of Tax imposed by Luxembourg if on the date on which the payment falls due such Tax deduction is required in respect of the Luxembourg law of 23 December 2005, as amended, introducing in Luxembourg a 20% withholding tax as regards Luxembourg resident individuals; or
(xi) any FATCA Withholdingcombination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x).
(gd) Each For purposes of this Section 2.12, the acquisition, ownership, enforcement, or holding of or the receipt of any payment with respect to a Note or a Guarantee, as applicable, will not constitute a connection (x) between the Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company or beneficial owner and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company (y) between a fiduciary, settlor, beneficiary, member or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise shareholder or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result equity owner of, or in connection witha person having a power over, the enforcement such Holder or beneficial owner if such Holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and a relevant Taxing Jurisdiction. For purposes of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to 2.12 the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.term “
Appears in 1 contract
Additional Amounts. (a) All payments Payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, interest, assessment or other governmental charge (including penalties, interest and other taxes, levies, imposts, duties, charges, fees, deductions liabilities related thereto) imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of the Government of Canada or of any jurisdiction in which such Payor is organized, resident province or carrying on business for tax purposes territory thereof or from by any authority or through which payments are made by agency therein or on behalf of such Payor or any political subdivision or authority of the foregoing that has the thereof having power to tax (each, a “Taxing Jurisdiction”"Taxes"), unless the deduction or withholding Company is required by applicable to withhold or deduct Taxes under Canadian law or by the interpretation or administration thereof by the relevant governmental taxing authority.
(b) At . If, after the Issue Date, the Company is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the Notes, the Payor Company will pay to each Holder of Notes or to the Paying Agent, such additional amounts (“"Additional Amounts”") as may be necessary so that the net amounts amount (including the Additional Amounts) received by each Holder (including Additional Amounts), such Holders after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder such Holders would have received if such Taxes had no not been withheld or deducted and similar payments (the term "Additional Amounts" shall also include any such deduction or similar payments) will also be made by the Company to Holders that are not subject to withholding been required.
(c) However, notwithstanding the foregoing, but are required to pay tax directly on amounts otherwise not subject to withholding; provided that no Additional Amounts will be payable with respect to a payment made to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes beneficial owner thereof (an "Excluded Holder"):
(i) with which the Company does not deal at arm's length (within the meaning of the Income Tax Act (Canada)) at the time of making such payment,
(ii) which is subject to such Taxes by reason of its being connected with Canada or any province or territory thereof otherwise than by the mere holding of the Notes, receipt of payments thereunder or enforcement of its rights in respect thereof,
(iii) to the extent that such Holder is subject to such Taxes by reason of such Holder's failure to comply with any certification, identification, documentation or other reporting requirements if such payments could have been made without such impositioncompliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in the rate of deduction or withholding of, such Taxes but only to the extent that such Holder is legally able to comply with such requirements,
(iv) in circumstances where presentation of such taxes had such the Notes been for payment is required, if the Notes are presented for payment (where presentation is required) within 30 more than 15 days after the relevant date on which such payment became due and payable or the date on which such payment is duly provided for, whichever is later (except to the extent that the Holder thereof holder would have been entitled to such Additional Amounts on presenting a Note for payment had the Notes been presented on the last day of such 3015-day period); for this purpose, or
(v) that is a fiduciary, a partnership or a person other than the “relevant date” in relation beneficial owner of any payment on a Note, if and to any payments on any Note means (a) the due date for payment thereofextent that, or (b) if as a result of an applicable tax treaty, no Additional Amounts would have been payable had the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due dateapplicable beneficiary, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder partner or beneficial owner of owned the Notes directly (but only if there is no material cost or expense associated with transferring such Note Notes to provide certificationsuch beneficiary, information, documents or other evidence concerning the nationality, residence or identity of the Holder partner or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to and no restriction on such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in transfer that it outside the rate of deduction or withholding of all or part control of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder beneficiary, partner or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (viiowner).
(db) The Payors will Company shall:
(1i) make such withholding or deduction and deduction, and
(2ii) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. .
(c) The Payors will Company shall furnish to the Trustee, within 30 days or cause to be furnished to the Trustee, promptly after the date the payment of any taxes is Taxes becomes due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of by the Company in such payment satisfactory form as is provided in the normal course by the taxing authority imposing such Taxes and which is reasonably available to the TrusteeCompany.
(ed) The Payors, jointly and severally, will Company shall indemnify and hold harmless each Holder and beneficial owner of Notes that are outstanding on the date of the required payment (other than an Excluded Holder) and upon written request reimburse each such Holder and beneficial owner for the amount of of:
(xi) any taxes Taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, ,
(yii) any liability (including penalties, interest, additions to tax and reasonable expenses) expenses arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and and
(ziii) any taxes levied or Taxes imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (ya) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(fe) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor If the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be becomes obligated to pay Additional Amounts with respect to any payment under or in respect of the Notes, at least 30 days prior to the date on which such paymentpayment becomes due and payable (unless such obligations arise after such date), the Company will deliver to the Trustee an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable payable, and setting forth the amounts so payable, including Additional Amounts, and will set forth such other information as is necessary to enable the Trustee to pay such Additional Amounts to the Holders on the payment date net date. For purposes of this First Supplemental Indenture any taxes required to be withheld or deducted.reference to:
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, principal (and premium, if any),
(ii) purchase prices in connection with a repurchase or redemption of Notes,
(iii) interest, interest or or
(iv) any other amount payable under on or with respect to any Note of the Notes (including in connection with a Change of Control Offer or any Note GuaranteePrepayment Offer), such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.13, 4.19 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(f) This Section 4.19 shall survive any termination, defeasance, Covenant Defeasance or discharge of this Indenture and shall survive the repayment of all or any of the Notes.
(g) The indemnity requirements set forth in Section 6.07 of the Base Indenture shall be applicable to any actions taken or omitted to be taken by the Trustee in reliance on an Officers' Certificate delivered pursuant to this Section 4.19.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any of the Guarantors on its Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, and without any present or future Taxes imposed or levied by or on behalf of any jurisdiction in which the Company or any such Guarantor (including any successor entity), is then incorporated or resident or doing business for tax purposes, any jurisdiction from or through which payment is made by or on behalf of the Company or any such Guarantor (including the jurisdiction of any paying agent), or, in each case, any political subdivision thereof or therein, (each of the foregoing, a “Tax Authority”), unless the withholding or deduction of such Taxes is then required by law or by the official written interpretation or administration thereof. If any deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At Tax Authority will at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required to be made from any payment made under or in with respect of to the NotesNotes or any Note Guarantee, as the case may be, the Payor Company or the relevant Guarantor, as applicable, will pay as additional interest such additional amounts (“Additional Amounts”) as may be necessary so in order that the net amounts received and retained in respect of such payments by each Holder or beneficial owner (including Additional Amounts), ) after such withholding, deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than imposition will equal the amount the Holder respective amounts which would have been received had no and retained in respect of such payments in the absence of such withholding, deduction or withholding been required.
(c) Howeverimposition; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable with respect to a Holder of payment made to a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder recipient or beneficial owner of such Note to provide certification, information, documents or other evidence concerning payment:
(1) with which the nationality, residence or identity of Company does not deal at arm’s length (within the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII meaning of the Income Tax Act (Canada)) at the time of making such payment;
(2) which is liable to such Taxes by reason of the “Tax Act”) that is imposed as a consequence of a Holder recipient or beneficial owner of a Note to which the payment relates not dealing at arm’s length (within the meaning of the Income Tax ActAct (Canada)) with a Payor at the time of Company;
(3) which is liable to such payment; (v) any withholding tax under Part XIII Taxes by reason of the Tax Act that is imposed as a consequence of a Holder recipient or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, or not dealing at arm’s length (within the meaning of the Income Tax ActAct (Canada)) with with, a “specified shareholder” shareholder (within the meaning of as defined in subsection 18(5) of the Income Tax ActAct (Canada)) of the Company; ;
(vi4) which is liable to such Taxes by reason of the recipient or beneficial owner being, or having been, a citizen or resident or national of, incorporated in, carrying on a business in or otherwise having some connection with the jurisdiction in which such Taxes are imposed other than by the mere acquisition, holding or disposition of such Note or enforcement of rights thereunder or the receipt of payments in respect thereof;
(5) which is subject to such Taxes as a result of the failure of the recipient or beneficial owner to complete, execute and deliver to the Company or a Guarantor, as the case may be, any applicable certification, identification, information or other reporting requirement, which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant taxing jurisdiction as a precondition to exemption from all or part of such Taxes and, except with respect to U.S. federal income taxes, which is reasonably requested in writing to be delivered to the Company or such Guarantor and which written request is made to that recipient or beneficial owner at least 60 days before such deduction or withholding would be payable;
(6) where any Note is presented for payment (where Notes are in physical, certificated form and presentation is required) more than 30 days after the relevant payment is first made available for payment to the recipient or beneficial owner (except to the extent that the recipient or beneficial owner would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period);
(7) on account of any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; Tax or assessment;
(vii8) where any Taxes are payable otherwise than by way of deduction or withholding;
(9) who is a fiduciary or partnership or any tax person other than the sole beneficial owner of such payment, to the extent that a beneficiary or penalty arising from the Holder’s failure settlor with respect to properly comply with the Holder’s obligations imposed under Part XVIII such fiduciary, a member of the Tax Act such partnership or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence beneficial owner of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible entitled to receive payment of the Additional Amounts hereunder by virtue had such beneficiary, settlor, member or beneficial owner been the recipient of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.payment;
(f10) In addition, any amounts to be paid by that is a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 “10-percent shareholder” of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Parent as defined in Section 1471(b871(h)(3) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant successor provision;
(11) that is a bank receiving interest described in Section 881(c)(3)(A) of the Code;
(12) which is subject to any intergovernmental agreement entered into in connection with the implementation of such Taxes imposed under Sections 1471 through 1474 of the Code (“FATCA Withholding”)and regulations issued thereunder) or under substantially similar provisions; or
(13) which is subject to any Taxes by reason of any combination of items (1) through (12) above. Neither any Guarantor nor In addition to the foregoing, the Company and the Guarantors will also pay any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies or Taxes which are levied by any Tax Authority on the execution, delivery, registration or enforcement of any of the Notes, this Indenture, any Note Guarantee or any other document or instrument referred to therein, or the receipt of any payments with respect to the Notes or the Note Guarantees. The Company and the Guarantors will not, however, be obligated to pay any present or future stamp, issue, registration, transfer, court or documentary tax, or any other excise or property tax, charge or similar levy or Tax which is levied by any Tax Authority in connection with any transfer of any Note by any Holder. If the Company or any Guarantor, as the case may be, becomes aware that it will be required obligated to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled with respect to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentGuarantee, the Company or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date which is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Company or the relevant Guarantor shall notify the Trustee promptly thereafter) an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable, and will . The Officers’ Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. The Company or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The Company or the relevant Guarantor will make all required withholdings and deductions and will remit the full amount deducted or withheld to the relevant Tax Authority in accordance with applicable law. The Company or the relevant Guarantor will use commercially reasonable efforts to facilitate administrative actions necessary to assist beneficial owners to obtain any refund of or credit against Taxes for which Additional Amounts are not paid as a result of the conditions in the proviso to the first paragraph hereof. In the event that either the Company or the relevant Guarantor has become, or would be, obliged to pay on the next date net of on which any taxes required to amount would be withheld payable under or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of to the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or Additional Amounts as a result of, of certain changes affecting the laws relating to withholding or in connection withdeduction of Taxes, the enforcement of Company may redeem all, but not less than all, the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Notes in accordance with Section 2.13 will survive any termination, defeasance or discharge of 3.6(b). Whenever in this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premiuminterest, if any, additional interest or of any other amount payable under under, or with respect to to, any Note or any Note Guaranteeof the Notes, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. The above obligations will survive any termination, defeasance or discharge of this Indenture, or any transfer by a Holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Company or any Guarantor is incorporated, engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes (or any Note Guarantee) and any political subdivision thereof or therein.
Appears in 1 contract
Samples: Senior Indenture (Iron Mountain Inc)
Additional Amounts. (a) All payments made by or on behalf As it applies to the Notes, Section 10.19 of the Company Original Indenture shall be amended by:
(i) deleting the word “Brazil” throughout such Section 10.19 and replacing it with the expression “Taxing Jurisdiction” (as defined in Section 1.02 of this Amended and Restated Third Supplemental Indenture);
(ii) adding the phrase, “, levies” after the phrase, “deduction or withholding for any Guarantor present or future taxes” in the first sentence of such Section 10.19;
(each such person who pays or credits such amountsiii) deleting the phrase, a “Payor”) under or who, with respect to any such tax, assessment or other governmental charge, is not resident in Brazil” in the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf first sentence of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.Section 10.19;
(biv) At any time a relevant Taxing Jurisdiction requires deductions or withholdings deleting the proviso to the first sentence of taxes from any payment made under or in respect of such Section 10.19 that includes clauses (1)-(7) thereof and ends with the Notesphrase, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that who would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not had it been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner owner, as the case may be, of such Note to provide certificationSecurity” and replacing such proviso with the following: “; provided, informationhowever, documents or other evidence concerning that the nationality, residence or identity of the Holder or beneficial owner or Company shall not be required to make any declaration payment of Additional Amounts that is imposed due to any of the following:
(1) such Holder or similar claim the Trustee has a connection with the Taxing Jurisdiction other than merely holding the Notes or satisfy receiving principal or interest payments on the Notes (such as citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within the Taxing Jurisdiction);
(2) any tax imposed on, or measured by, net income;
(3) such Holder or the Trustee fails to comply with any certification, identification or other reporting requirement relating to requirements concerning its nationality, residence, identity or connection with the Taxing Jurisdiction, if (x) such matters, within 30 days after a specific written request therefor from a Payor, which compliance is required by applicable law, regulation or regulation, administrative practice or applicable treaty as a precondition to exemption from all or reduction in a part of the rate of tax, levy, deduction or withholding of other governmental charge, (y) such Holder or the Trustee is able to comply with such requirements without undue hardship and (z) at least 30 calendar days prior to the first payment date with respect to which such requirements under the applicable law, regulation, administrative practice or treaty will apply, the Company has notified all Holders that they will be required to comply with such requirements;
(4) such Holder or part of the Trustee fails to present (where presentation is required) its Note within 30 calendar days after the Company has made available to such taxes; (iv) withholding tax Holder or the Trustee a payment under Part XIII of the Income Tax Act (Canada) (Notes and this Indenture, provided that the “Tax Act”) that is imposed as a consequence of Company will pay Additional Amounts which a Holder or beneficial owner of a the Trustee would have been entitled to had the Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of owned by such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at the Trustee been presented on any time, a “specified non-resident shareholder” day (including the last day) within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length such 30 calendar day period;
(within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi5) any estate, inheritance, gift, salesvalue added, exciseuse or sales taxes or any similar taxes, useassessments or other governmental charges; or
(6) such taxes, personal propertylevies, transfer deductions or similar tax; (vii) other governmental charges are imposed on a payment on the Notes to an individual and are required to be made pursuant to any tax or penalty arising from European Union Council Directive implementing the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII conclusions of the Tax Act ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America law implementing or complying with, or introduced in order to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).conform to, such directive;
(d7) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by where such Holder or beneficial owner (includingthe Trustee could have avoided such taxes, levies, deductions or other governmental charges by requesting that a payment on the Notes be made by, or presenting the relevant notes for greater certaintypayment to, taxes imposed and paid pursuant to subsection 215(4) another paying agent of the Tax Act and section 803 Company located in a member state of the Income Tax Regulations European Union; or
(Canada) 8) where the Holder or any successor provision) as a result of payments made under the Trustee would have been able to avoid the tax, levy, deduction or with respect other governmental charge by taking reasonable measures available to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause the Trustee .”
(xv) or (y) above; provided, however, that adding the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which following new paragraph at the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) end of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, 10.19: “The Company shall promptly pay when due any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current present or future regulations stamp, court or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, documentary taxes or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar property taxes, charges and duties, including any interest, penalties and any or similar liabilities with respect thereto, imposed by any levies that arise in a Taxing Jurisdiction at any time in respect of from the execution, issuancedelivery, enforcement or registration or delivery of the Notes, any each Note Guarantee, this Indenture or any other document or instrument referred to hereunder herein or thereunder therein. The Company shall indemnify and make whole the Holders of the Notes for any such present or future stamp, court or documentary taxes or any other excise or property taxes, charges or duties imposed similar levies payable by a Taxing Jurisdiction on any payments made pursuant to the Notes or Issuer as a result of, or provided in connection with, the enforcement this paragraph paid by such Holder of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) . The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premiumCompany shall, if any, interest European Council Directive 2003/48/EC or any other amount payable under Directive implementing the conclusions of the ECOFIN council meeting of November 26-27, 2000 is brought into force, ensure that it maintains a paying agent hereunder in a member state of the European Union that will not be obliged to withhold or with respect deduct tax pursuant to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofDirective.”
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee Securities will be made free and clear of, and without after withholding or deduction or withholding for, or on account of, for any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now or hereafter governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Mexico or any political subdivision thereof or taxing authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor therein. The Company will pay such additional amounts (“"Additional Amounts”") as may be necessary so that will result in receipt by the net Holders of such amounts as would have been received by each Holder (including Additional Amounts), after them had no such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)been required, shall not be less than the amount the Holder would have received had except that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: to any payment on any Security to the extent:
(i1) taxes that any such taxes, duties, assessments or other governmental charges would not have been imposed but for the existence of any present or former a connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen of such Security and Mexico or resident of, formed pursuant to the laws of, incorporated in any political subdivision thereof or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction)taxing authority therein, other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had Security and the receipt of payments with respect to such Notes been Security;
(2) of any such taxes, duties, assessments or other governmental charges with respect to a Security presented for payment (where presentation is required) within more than 30 days after the relevant date (on which such payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to the Holders pursuant to the terms of this Indenture, whichever occurs later, except to the extent that the Holder thereof of such Security would have been entitled to such Additional Amounts on presenting a Note such Security for payment on the last day of any date during such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means or
(a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(53) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any such estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made gift or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, similar taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In additionSecurity. Any reference in this Indenture or in the Securities to principal, any amounts to be paid by a Payor on the Notes will be paid net of any deduction premium or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Codeinterest, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into other payment in connection with the implementation of such Sections respect of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company Securities, will be required deemed also to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled refer to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereofwhich may be payable.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Samples: Indenture (Bell Atlantic Corp)
Additional Amounts. At least 10 days prior to the first date on which payment of principal, premium, if any, or interest on the Notes is to be made, and at least 10 days prior to any subsequent such date if there has been any change with respect to the matters set forth in the Officers' Certificate described in this Section 4.20, the Company will furnish the Trustee and the Paying Agent, if other than the Trustee, with an Officers' Certificate instructing the Trustee and the Paying Agent whether such payment of principal, premium, if any, or interest on the Notes (awhether or not in the form of Definitive Notes) All payments shall be made to the Holders without withholding for or on account of any present or future tax, duty, assessment or other governmental charges of whatever nature (collectively "Taxes") imposed or levied by or on behalf of The Netherlands or any jurisdiction in which the Company or any Guarantor Surviving Entity is organized or is otherwise resident for tax purposes or any political subdivision thereof or any authority having power to tax therein or any jurisdiction from or through which payment is made (each a "Relevant Taxing Jurisdiction"), unless the withholding or deduction of such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organizedRelevant Taxing Jurisdiction, resident or carrying shall at any time be required on business for tax purposes or from or through which any payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penaltiespayments of principal, interestredemption price, additions to tax and reasonable expenses) arising therefrom interest or with respect theretopremium, excluding any then such liability which arises as a result of Officers' Certificate shall specify the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payableamount, if a Payor will be obligated to pay Additional Amounts with respect to such paymentany, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, on such payments to such Holders and the Payor Company will pay any stamp, issue, registration, court, documentation, excise to the Trustee or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect the Paying Agent the additional amounts pursuant to paragraph 3 of the execution, issuance, registration or delivery Initial Notes and paragraph 2 of the Exchange Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder as applicable (the "Additional Amounts") and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant upon request shall provide the Trustee with documentation satisfactory to the Notes Trustee evidencing the payment of such Additional Amounts. Copies of such documentation shall be made available to the Holders upon request. The Company shall indemnify the Trustee and the Paying Agent for, and hold them harmless against, any loss, liability or as a result of, expense incurred without negligence or bad faith on their part arising out of or in connection with, the enforcement with actions taken or omitted by any of the Notes, them in reliance on any Note Guarantee and/or any other such document or instrument.
(j) The obligations under Officers' Certificate furnished to them pursuant to this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents4.20.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes (whether or not in the form of Definitive Registered Notes) or with respect to any Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, and without any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any and all present Taxes imposed or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor the Issuer or any Guarantor (including any surviving corporation), is organizedthen incorporated, engaged in business or resident or carrying on business for tax purposes or any political subdivision thereof or therein or any jurisdiction from or through which payments are payment is made by or on behalf of such Payor the Issuer or any political subdivision or authority Guarantor (including, without limitation, the jurisdiction of the foregoing that has the power to tax any paying agent) (each, a “Taxing Tax Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At will at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required to be made from any payment payments made under or in with respect to the Notes or with respect to any Note Guarantee, including, without limitation, payments of the Notesprincipal, redemption price, purchase price, interest or premium, the Payor Issuer, the relevant Guarantor or other payor, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder holder (including Additional Amounts), ) after such withholding, deduction or withholding (including imposition will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) Howeverhowever, notwithstanding the foregoing, that no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: :
(i) taxes any Taxes that would not have been imposed but for the existence of any present holder or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner Notes being a citizen or resident of, formed pursuant to the laws or national of, incorporated in or carrying on a business, having a permanent establishment in the relevant Tax Jurisdiction in which such Taxes are imposed or having a place of business in such jurisdiction), any other present or former connection with the relevant Tax Jurisdiction other than solely by reason the mere acquisition, holding, enforcement or receipt of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments payment in respect of the Notes if or with respect to any Note Guarantee;
(ii) any Taxes that are imposed or withheld as a result of the failure of the holder of the Note or beneficial owner of the Notes to comply with any reasonable written request, made to that holder or beneficial owner in writing at least 90 days before any such payments could have been made without such impositionwithholding or deduction would be payable, deduction by the Issuer or withholding any of the Guarantors to provide timely and accurate information concerning the nationality, residence or identity of such taxes had Holder or beneficial owner or to make any valid and timely declaration or similar claim or satisfy any certification information or other reporting requirement, which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to any exemption from or reduction in all or part of such Notes been Taxes to which such Holder is entitled;
(iii) any Note presented for payment (where Notes are in the form of Definitive Registered Notes and presentation is required) within more than 30 days after the relevant date payment is first made available for payment to the Holder (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a had the Note for payment been presented on the last day of such 30-30 day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; ;
(iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; Taxes;
(v) any Taxes withheld, deducted or imposed on a payment to an individual and that are required to be made pursuant to European Council Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of 26 and 27 November 2000 on the taxation of savings income or any law implementing or complying with or introduced in order to conform to, such Directive;
(vi) any Note presented for payment by or on behalf of a holder of Notes who would have been able to avoid such withholding or deduction by presenting the relevant Note to another Paying Agent in a member state of the European Union;
(vii) any tax Taxes payable other than by deduction or penalty arising withholding from payments under, or with respect to, the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to any Note Guarantee; or
(viii) any combination of items (1) through (7) above.
(b) In addition to the foregoing, the Issuer and the Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, court or documentary taxes, or any other excise or property taxes, charges or similar levies or Taxes which are levied by any Tax Jurisdiction on the execution, delivery, registration or enforcement of any of the Notes, this Indenture, any Note Guarantee, or any other document or instrument referred to therein.
(yc) If the Issuer or any liability (including penaltiesGuarantor, interestas the case may be, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure becomes aware that it will be obligated to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentGuarantee, the Company Issuer or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Guarantor shall notify the Trustee promptly thereafter) an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable, and will . The Officers’ Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders holders on the relevant payment date net date. The Trustee shall be entitled to rely solely or such Officers’ Certificate as conclusive proof that such payments are necessary. The Issuer or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes required to be withheld or deductedAdditional Amounts.
(id) In additionThe Issuer or the relevant Guarantor will make all withholdings and deductions required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. Upon request, the Payor Issuer or the relevant Guarantor will pay provide to the Trustee an official receipt or, if official receipts are not obtainable, other documentation reasonably satisfactory to the Trustee evidencing the payment of any stampTaxes so deducted or withheld. The Issuer or the relevant Guarantor will attach to each certified copy or other document a certificate stating the amount of such Taxes paid per £1,000 or $1,000 principal amount of the Notes then outstanding. Upon request, issue, registration, court, copies of those receipts or other documentation, excise or other similar taxesas the case may be, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed will be made available by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery Trustee to the holders of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(je) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of Whenever in this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, premium, if any, interest or of any other amount payable under under, or with respect to to, any Note of the Notes or any Note Guarantee, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Samples: Indenture (Manchester United Ltd.)
Additional Amounts. (a) All payments made by of, or in respect of, principal of and any premium and interest on behalf of the Company or Securities, and all payments pursuant to any Guarantor (each such person who pays or credits such amountsGuarantee, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of, and without withholding or deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings (hereinafter referred to as “taxes”) now governmental charges of whatever nature imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction such taxes, duties, assessments or withholding is governmental charges are required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant such Taxing Jurisdiction requires deductions to be withheld or withholdings of taxes from any payment made under or in respect of the Notesdeducted. In that event, the Payor Company or the Guarantor, as applicable, will pay such additional amounts of, or in respect of, principal and any premium and interest (“Additional Amounts”) as may be necessary so that will result (after deduction of such taxes, duties, assessments or governmental charges and any additional taxes, duties, assessments or governmental charges payable in respect of such) in the net amounts received by payment to each Holder (including Additional Amounts)of a Security of the amounts which would have been payable in respect of such Security or the Guarantee thereof, after as the case may be, had no such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, except that no Additional Amounts will shall be so payable to a Holder of a Note for or on account of:
(1) any tax, duty, assessment or other governmental charge imposed by any Payor with respect to: government of any jurisdiction other than a Taxing Jurisdiction;
(i2) taxes that any tax, duty, assessment or other governmental charge which would not have been imposed but for (A) the existence of any present or former connection between the relevant Holder such Holder, or a third party on behalf of such Holder, or beneficial owner (of a Security by reason of its having some present or between former connection with a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction other than as a result of holding a Security or enforcing its rights thereunder (including, without limitationbut not limited to, by virtue being or having been a citizen, resident or national of the Holder a Taxing Jurisdiction or beneficial owner being or having been engaged in a citizen trade or resident of, formed pursuant to the laws of, incorporated in business or carrying on a business, present therein or having or having had a permanent establishment therein, but not including the mere holding or having ownership of a place of business in such jurisdictiondebt security), other than solely by reason of or (B) the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding presentation of such taxes had such Notes been presented Security for payment (where presentation is required) within more than 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which such payment became due or was provided for, whichever is later;
(3) any estate, inheritance, gift, sale, transfer, personal property, value added, excise or similar tax, duty, assessment or other governmental charge;
(4) any tax, duty, assessment or other governmental charge which is payable otherwise than by withholding or deduction from payments of (or in respect of) principal of or any premium or interest on the full amount of such monies having been so receivedSecurities or the Guarantee(s) thereof;
(5) any tax, provided duty, assessment or other governmental charge that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure to accurately comply by the Holder or the beneficial owner of such Note a Security with a request of the Company or the Guarantor addressed to the Holder (A) to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the Holder or such beneficial owner or (B) to make any declaration or similar claim or satisfy any other information or reporting requirement relating to such mattersrequirement, within 30 days after a specific written request therefor from a Payorwhich, which in the case of (A) or (B), is required or imposed by lawstatute, treaty, regulation or administrative practice or applicable treaty of the Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; tax, assessment or other governmental charge;
(iv6) withholding tax under Part XIII any tax, assessment or other governmental charge imposed, deducted or withheld pursuant to section 1471(b) of the Income Tax Act (Canada) U.S. Internal Revenue Code of 1986, as amended (the “Tax ActCode”) that is or otherwise imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections sections 1471 through 1474 of the Code, in each case, as of the date of issuance any series of Security (and any amended or successor version that is substantially comparable), any current or future regulations or agreements thereunder, official interpretations thereofthereof or similar law or regulation implementing an intergovernmental agreement relating thereto;
(7) any tax, assessment or other governmental charge imposed by reason of the Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a corporation that accumulates earnings to avoid U.S. federal income tax;
(8) any agreement entered into pursuant tax, assessment or other governmental charge imposed on interest received by (1) a 10% shareholder (as defined in section 871(h)(3)(B) of Code, and the regulations promulgated thereunder) of the Company or (2) a controlled foreign corporation that is related to Section 1471(bthe Company within the meaning of section 864(d)(4) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into (3) a bank receiving interest described in connection with the implementation of such Sections section 881(c)(3)(A) of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperateCode, to the extent such tax, assessment or other governmental charge would not have been imposed but for the holder’s status as described in clause clauses (iii1) through (3) of Section 2.13(cthis bullet;
(9) above, with in the Company and the Trustee in providing any information or documentation case of a holder that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and a U.S. Person (as defined below), the amount of any withholding tax or deduction, or any similar tax, imposed by the United States or a political subdivision thereof; or
(10) any combination of items (1), (2), (3), (4), (5), (6), (7), (8) and (9). Additionally, Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or shall not be paid with respect to the Notes any payment in respect of any Security to any Holder who is a fiduciary or partnership or any Note Guarantee is due and payable, if person other than the sole beneficial owner of such payment to the extent a Payor will be obligated to pay Additional Amounts beneficiary or settlor with respect to such payment, the Company will deliver fiduciary or a member of such partnership or a beneficial owner of such payment would not have been entitled to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and had it been the amounts so payable, and will set forth Holder of such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time Security. Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, premium, if any, interest the principal of or any other amount payable under premium or with interest on, or in respect to of, any Note Security of any series (or any Note Guarantee, payments pursuant to the Guarantee thereof) such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofthereof pursuant to the provisions of this Section and express mention of the payment of Additional Amounts in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.
Appears in 1 contract
Samples: Indenture (Sasol Financing USA LLC)
Additional Amounts. (a) This Section 1007 applies to the Securities of all series except to the extent, if any, otherwise expressly established as contemplated by Section 301 with respect to the Securities of any series. All payments made by the Company with respect to the Securities will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment, or other governmental charge imposed or levied by or on behalf of the government of the jurisdiction of organization of the Company or by any Guarantor (each such person who pays authority or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the agency therein having power to tax (each, a hereinafter “Taxing JurisdictionTaxes”), unless the deduction or withholding Company is required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by thereof. If the relevant governmental authority.
(b) At Company is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount from, for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the NotesSecurities, the Payor Company will pay such additional amounts (the “Additional Amounts”) as may be necessary so that the net amounts payment received by each Holder holder of the Securities (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder holder of the Securities would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoing, that no Additional Amounts will be payable with respect to a payment made to a holder of the Securities which is subject to such Taxes by reason of its being connected with the government of the jurisdiction of organization of the Company or territory thereof otherwise than by the mere holding of the Securities or the receipt of payments thereunder (referred to herein as an “Excluded Holder”); provided, further, that no Additional Amounts will be payable with respect to a payment made to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial ownerSecurities, if the relevant Holder Company would not be required to withhold or beneficial owner is an estatededuct any amount from or on account of taxes from any payment made to such Holder, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after Holder filed a form with the relevant date (except to the extent that the Holder thereof would have been entitled government with no other consequence to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Holder. The Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will also (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors Company will furnish to the TrusteeHolders of the Securities, within 30 days after the date the payment of any taxes Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to by the Trustee.
(e) Company. The Payors, jointly and severally, Company will indemnify and hold harmless each Holder and beneficial owner of Notes the Securities and upon written request reimburse each such Holder and beneficial owner for the amount of any (xi) any taxes so Taxes levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) Securities as a result of payments made under or with respect to the NotesSecurities (other than an Excluded Holder), (yii) any liability (including penalties, interest, additions to tax interest and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (ziii) any taxes levied or Taxes imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)this covenant. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Securities is due and payable, if a Payor the Company will be obligated to pay Additional Amounts with respect to such paymentpayments, the Company will deliver to the Trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders of the Securities on the payment date net of any taxes required date. Notwithstanding anything to be withheld or deducted.
(i) In additionthe contrary contained in this Indenture, the Payor Company will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time all Additional Amounts as such Additional Amounts become known to the Company. Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor Security there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of the principal, premium, if any, or interest in respect of such Security or any other amount payable under overdue principal or with respect to any Note or any Note Guaranteeoverdue interest, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofthereof pursuant to the provisions of this Section and express mention thereof in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made (if applicable). The obligations of the Company under this Section 1007 shall survive the termination of the Indenture and the payment of all amounts under or with respect to the Securities.
Appears in 1 contract
Additional Amounts. (a) All payments made by the Company on the Securities (whether or not in the form of Definitive Securities) shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, "Taxes") imposed or levied by or on behalf of the Company United Kingdom or any Guarantor political subdivision thereof or any authority having power to tax therein (each a "U.K. Tax Authority"), unless the withholding or deduction of such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present Taxes of any U.K. Tax Authority shall at any time be required on any payments made by the Company with respect to the Securities, including payments of principal, redemption price, interest, liquidated damages or future incomepremium, stamp and other taxesthe Company shall pay such additional amounts (the "Additional Amounts") as may be necessary in order that the net amounts received in respect of such payments by the Holders of the Securities or the Trustee, leviesas the case may be, impostsafter such withholding or deduction, dutiesequal the respective amounts which would have been received in respect of such payments in the absence of such withholding or deduction; provided, chargeshowever, feesthat no such Additional Amounts shall be payable with respect to:
(i) in the case of Securities listed on a Recognized Stock Exchange at the time such Additional Amounts would be payable, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed any payments on a Security held by or on behalf of any jurisdiction in which a Holder or a beneficial owner who is liable for such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or Taxes in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Security by reason of the Holder or beneficial owner purchasinghaving some connection with the United Kingdom (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the United Kingdom) other than by the mere holding of such Security or disposing enforcement of rights thereunder or the Notes; receipt of payments in respect thereof;
(ii) taxes imposed on, or deducted or withheld from, payments in respect the case of Securities listed on a Recognized Stock Exchange at the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to time such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purposewould be payable, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided Taxes that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes are imposed or withheld as a result of a change in law after the Issue Date where such withholding or imposition is by reason of the failure by of the Holder or beneficial owner of such Note the Security to comply with any request by the Company to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other information or reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payorrequirement, which is required or imposed by lawa statute, treaty, regulation or administrative practice or applicable treaty of the taxing jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxesTaxes;
(iii) except in the case of the winding up of the Company, any Security presented for payment (where presentation is required) in the United Kingdom (unless by reason of the Company's actions presentment could not have been made elsewhere); or
(iv) withholding tax under Part XIII any Security presented for payment (where Securities are in the form of the Income Tax Act (CanadaDefinitive Securities and presentation is required) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within more than 30 days after the date relevant payment is first made available for payment to the payment of any taxes is due pursuant Holder (except to applicable law, certified copies of tax receipts evidencing the extent that such payment has the Holder would have been made or other evidence entitled to Additional Amounts had the Securitx been presented on the last day of such payment satisfactory to 30 day period). Such Additional Amounts shall also not be payable where, had the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such the Security been the Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the NotesSecurity, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder he would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i) through to (viiiiv) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)inclusive above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver shall provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation shall be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 1 contract
Samples: Indenture (Texon International PLC)
Additional Amounts. At least 10 days prior to the first date on which payment of principal, premium, if any, or interest on the Notes is to be made, and at least 10 days prior to any subsequent such date if there has been any change with respect to the matters set forth in the Officers' Certificate described in this Section 4.20, the Company will furnish the Trustee and the Paying Agent, if other than the Trustee, with an Officers' Certificate instructing the Trustee and the Paying Agent whether such payment of principal, premium, if any, or interest on the Notes (awhether or not in the form of Definitive Notes) All payments shall be made to the Holders without withholding for or on account of any present or future tax, duty, assessment or other governmental charges of whatever nature (collectively "Taxes") imposed or levied by or on behalf of The Netherlands or any jurisdiction in which the Company or any Guarantor Surviving Entity is organized or is otherwise resident for tax purposes or any political subdivision thereof or any authority having power to tax therein or any jurisdiction from or through which payment is made (each a "Relevant Taxing Jurisdiction"), unless the withholding or deduction of such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organizedRelevant Taxing Jurisdiction, resident or carrying shall at any time be required on business for tax purposes or from or through which any payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penaltiespayments of principal, interestredemption price, additions to tax and reasonable expenses) arising therefrom interest or with respect theretopremium, excluding any then such liability which arises as a result of Officers' Certificate shall specify the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payableamount, if a Payor will be obligated to pay Additional Amounts with respect to such paymentany, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, on such payments to such Holders and the Payor Company will pay any stamp, issue, registration, court, documentation, excise to the Trustee or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect the Paying Agent the additional amounts pursuant to paragraph 2 of the executionNotes (the 63 63 "Additional Amounts") and upon request shall provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of such Additional Amounts. Copies of such documentation shall be made available to the Holders upon request. The Company shall indemnify the Trustee and the Paying Agent for, issuance, registration or delivery of the Notesand hold them harmless against, any Note Guaranteeloss, this Indenture liability or any other document expense incurred without negligence or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction bad faith on any payments made pursuant to the Notes or as a result of, their part arising out of or in connection with, the enforcement with actions taken or omitted by any of the Notes, them in reliance on any Note Guarantee and/or any other such document or instrument.
(j) The obligations under Officers' Certificate furnished to them pursuant to this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents4.20.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All With respect to any payments made by or on behalf of the Company Issuer or any a Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with in respect to of the Notes or any Note Guarantee of the Notes, as applicable, the Issuer or such Guarantor will be made free and clear ofmake all payments of principal, premium, if any, and interest (whether on scheduled payment dates or upon acceleration) and the Redemption Price, if any, payable in respect of any Note without deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, import, assessment or governmental charge (including penalties, interest and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings liabilities related thereto (hereinafter referred to as “taxesTaxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any the jurisdiction in which the Issuer or such Payor Guarantor is organized, organized or otherwise resident or carrying on business for tax purposes or from any political subdivision thereof or taxing authority therein and any jurisdiction through which payments are any payment is made by or on behalf of such Payor the Issuer or any political subdivision or authority of the foregoing that has the power to tax Guarantor (each, a “Taxing Jurisdiction”), upon or as a result of such payments, unless the deduction or withholding is required by applicable law or by the official interpretation or administration thereof by thereof. To the relevant governmental authority.
(b) At extent that any time a relevant Taxing Jurisdiction requires deductions such Taxes are so levied or withholdings of taxes from any payment made under or in respect of the Notesimposed, the Payor Issuer or such Guarantor will pay such additional amounts (“Additional Amounts”) as may be necessary so in order that the every net amounts amount received by each Holder holder (including Additional Amounts), after withholding for or on account of such deduction Taxes imposed upon or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder)as a result of such payment, shall will not be less than the amount provided for in the Holder would have received had Notes to be then due and payable; except that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will shall be payable with respect to a payment made to a Holder or beneficial owner of a Note by any Payor with respect to: Note:
(ia) taxes to the extent that such Taxes would not have been imposed so imposed, levied or assessed but for the existence of any present or former some connection between the relevant such Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of such Note and the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction imposing such Taxes other than the mere holding or enforcement of such Note or receipt of payments thereunder; or
(includingb) to the extent that such Taxes would not have been so imposed, without limitation, by virtue levied or assessed but for the failure of the Holder or beneficial owner being a citizen or resident of, formed of such Note upon reasonable request by the Issuer (provided pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason Section 1.06 of the Holder Original Indenture) to make a declaration of non-residence or beneficial owner purchasing, holding any other claim or disposing of the Notesfiling for exemption to which it is entitled ; or
(iic) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is requiredwhen the Notes are in the form of definitive Notes) within more than 30 days after the relevant date (on which such payment became due and payable or the date on which payment of the Note is duly provided for and notice is given to Holders, whichever occurs later, except to the extent that the Holder thereof or beneficial owner of such Note would have been entitled to such Additional Amounts on presenting a such Note for payment on the last day of any date during such 30-day period); or
(d) where such withholding or deduction is imposed on a payment to or for this purposean individual and is required to be made pursuant to Council Directive 2003/48/EC or any law implementing or complying with, the “relevant date” or introduced in relation order to any payments on any Note means conform to, such Directive; or
(ae) the due date presented for payment thereof, (when the Notes are in the form of definitive Notes) by or (b) if the full amount on behalf of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents any Paying Agent if such withholding or other evidence concerning the nationality, residence or identity deduction of such Taxes could have been avoided by presenting such Note to another Paying Agent in a member state of the Holder European Union; or
(f) with respect to any United States withholding taxes, so long as the Issuer or beneficial owner or such Guarantors (pursuant to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII Section 1.06 of the Income Tax Act (CanadaOriginal Indenture) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the provides notice regarding potential United States of America withholding taxes and requests Holders and beneficial owners to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Codeapplicable U.S. tax forms; or or
(viiig) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction above. As used herein and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) purposes of the Tax Act Indenture and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or reference to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor principal of and interest on the Notes will and the Redemption Price, if any, shall be paid net of any deduction or withholding imposed or required pursuant deemed to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant include a reference to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of related Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor of such amounts. The Issuer will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will also pay any stamp, issue, registration, court, documentation, excise or property taxes and any other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, levies imposed by any Taxing Jurisdiction at any time in respect of on the execution, issuancedelivery, registration or delivery enforcement of any of the Notes, any Note Guarantee, this the Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumenttherein.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Samples: First Supplemental Indenture (Willis Group Holdings PLC)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor Jafra Distribution (each such person who pays or credits such amounts, a “Payor”Mexico) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction Note Guarantor (other than Jafra US) under or with respect to any Note Guarantee (in which any case, the Person making such Payor is organizedpayment, resident a "Payor") shall be made free and clear of and without withholding or carrying deduction for or on business for tax purposes account of any present or from future tax, duty, levy, impost, assessment or through which payments are made other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of such Payor the Governments of Mexico, Luxembourg or the jurisdiction of incorporation, seat of management or residence for income tax purposes of any future Mexican Subsidiary Guarantor or any political subdivision successors to the Company, Jafra Distribution (Mexico) or any Mexican Subsidiary Guarantor (each a "Successor Jurisdiction"), as the case may be, or of any territory thereof or by any authority of the foregoing that has the or agency therein or thereof having power to tax (each, a “Taxing Jurisdiction”hereinafter "Taxes"), unless the deduction or withholding Payor is required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At government authority or agency. If a Payor is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the NotesNotes or a Note Guarantee, the such Payor will be required to pay such additional amounts (“"Additional Amounts”") as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable with respect to:
(i) any payment to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner which is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant subject to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Taxes by reason of its (or the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed onbeing connected with Mexico, Luxembourg or deducted any Successor Jurisdiction or withheld from, any territory thereof other than a connection arising from the mere holding of Notes or the receipt of payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been the Note Guarantees;
(ii) any Taxes with respect to a Note presented for payment (where presentation is required) within more than 30 days after the relevant date (on which such payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to the Holders, whichever occurs later, except to the extent that the Holder thereof of such Note would have been entitled to such Additional Amounts on presenting a such Note for payment on the last day of any date during such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; ;
(iii) taxes Taxes that would not have been imposed or withheld by reason but for the failure of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing to comply with any certification, identification, information, or other documentation requirement under law, regulation, administrative practice or an applicable treaty that is a precondition to exemption from, or reduction in the rate of, the imposition, deduction or withholding of Taxes; provided that at arm’s length least 60 days prior to (within a) the meaning first payment date with respect to which this clause (iii) shall be applied and (b) in the event of a change in such certification, identification, information or other documentation requirement, the first payment date subsequent to such change, the Payor shall have notified the Trustee, in writing, that the Holders or beneficial owners of the Tax ActNotes will be required to provide such information or documentation;
(iv) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or other similar tax; taxes imposed with respect to such Notes;
(viiv) any tax Tax which is only payable otherwise than by withholding or penalty arising deduction from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII payments in respect of the Tax Act Notes or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the CodeNote Guarantees; or and
(viiivi) taxes arising from any combination of the foregoing clauses items (i), (ii), (iii), (iv) through and (vii).
(dv) The Payors above. Each Payor will (1) also make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority as and when required in accordance with applicable law. The Payors Each Payor will furnish to the TrusteeTrustee of the Notes, within 30 days after the date the payment of any taxes Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) abovePayor; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the relevant Payor had been required is unable to withhold from obtain such payments or receipt within 30 days, notwithstanding such Payor's best efforts to the extent obtain such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In additionreceipts, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time furnish such receipts to the Trustee as soon as receipts can be obtained. Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, (a) the payment of principal, premium(b) purchase prices in connection with a purchase of Notes, if any, (c) interest or (d) any other amount payable under on or with respect to any Note of the Notes or any a Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.13, section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. Each Payor will pay any present or future stamp, court or documentary taxes or any other similar taxes, charges or levies that arise in Mexico, Luxembourg or any Successor Jurisdiction from the execution, delivery, registration of, or enforcement of rights under, the Notes, the Indenture or any other document or instrument in relation thereof. The obligations of each Payor under this Section 404 shall survive any termination, defeasance or discharge of the Indenture.
Appears in 1 contract
Samples: Indenture (Dirsamex Sa De Cv)
Additional Amounts. (a) All payments made by or on behalf the Issuer in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Guarantor under a Note Guarantee will Guarantee, as the case may be, shall be made free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future incometaxes, stamp and other taxesduties, assessments, levies, imposts, duties, charges, fees, deductions withholdings or withholdings (hereinafter referred to as “taxes”) now or hereafter other governmental charge of whatever nature, including penalties, interest and other liabilities related thereto, imposed, levied, collected, withheld or assessed by or on behalf of any taxing jurisdiction in which such Payor the Issuer or any Guarantor (including any successor) is organized, then incorporated or resident or carrying on business for tax purposes or purposes, any taxing jurisdiction from or through which payments are any payment in respect of the Notes or under a Note Guarantee is made by or on behalf of such Payor or any political subdivision thereof or authority of the foregoing that has the power to tax therein (each, a “Taxing Jurisdiction”hereafter "Taxes"), unless the such withholding or deduction or withholding is required by applicable law law. If any such withholding or deduction is required by law, the interpretation Issuer or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of Guarantor, as the Notescase may be, the Payor will shall pay such additional amounts (“"Additional Amounts”") as may be necessary so that will result in receipt by the net Holders of Notes of such amounts as would have been received by each Holder them had no such withholding or deduction (including Additional Amounts), after such any deduction or withholding (including withholding or deduction attributable to in respect of payments of Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding Amounts) been required.
(c) However, notwithstanding the foregoing, except that no Additional Amounts will shall be payable with respect to a payment made to a Holder of Notes for or in respect of:
(1) Taxes imposed as a Note by result of any Payor with respect to: of the following circumstances:
(ia) taxes that would not have been imposed but for the existence of any present or former connection between the relevant such Holder or beneficial owner Beneficial Holder of Notes and the jurisdiction imposing such tax (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, including without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or Beneficial Holder carrying on a business, having a permanent establishment business or having a place of business in such jurisdiction), other than solely by reason of merely holding or ownership of, or receiving payments under such Note or Note Guarantee or exercising or enforcing any rights thereunder;
(b) the Holder or beneficial owner purchasingBeneficial Holder of a Note not dealing at arm's length, holding or disposing within the meaning of the Notes; Income Tax Act (ii) taxes imposed onCanada), with the Issuer or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after a relevant Guarantor at the relevant date time; or
(except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (ac) the due date for payment thereof, or (bbeing deemed to be a dividend under subsection 214(16) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (by virtue of the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner Beneficial Holder of a Note not dealing at arm’s length (within the meaning of the Tax Act) with being a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “"specified non-resident shareholder” " (within the meaning of subsection 18(5) of the Income Tax ActAct (Canada)) of the Company or, Issuer at any the relevant time, not dealing at arm’s length .
(within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi2) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or similar tax; ;
(vii3) any tax Taxes, deduction or penalty arising withholding imposed by reason of the failure of the Holder or Beneficial Holder of a Note to comply with reasonable certification, information or other reporting requirements after receiving a written advance request from the Holder’s failure Issuer or a relevant Guarantor to properly comply with the Holder’s obligations so comply, if such compliance is required or imposed under Part XVIII by a statute, treaty or regulation or administrative practice of the Tax Act taxing jurisdiction as a precondition to exemption from or reduction in all or part of such Taxes, deduction or withholding, in each case except where such Holder or Beneficial Holder is not legally able to so comply; or
(4) any Taxes, to the similar provisions extent the Holder or Beneficial Holder of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for Note would receive a credit therefor against Taxes imposed by the implementation of reporting in that taxing jurisdiction in compliance with Sections 1471 through 1474 of the Code; which such Holder or (viii) taxes arising from any combination of the foregoing clauses Beneficial Holder is then incorporated or is resident for tax purposes. The Issuer or relevant Guarantor shall (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.and
Appears in 1 contract
Samples: Trust Indenture
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, impost, assessment or other governmental charge (including penalties, interest and other taxes, levies, imposts, duties, charges, fees, deductions liabilities related thereto) imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of the Government of Canada or of any jurisdiction in which such Payor is organized, resident province or carrying on business for tax purposes territory thereof or from by any authority or through which payments are made by agency therein or on behalf of such Payor or any political subdivision or authority of the foregoing that has the thereof having power to tax (each, a hereinafter “Taxing JurisdictionTaxes”), unless the deduction or withholding Company is required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by thereof. If the relevant governmental authority.
(b) At Company is required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the Notes, the Payor Company will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts amount received by each Holder or owner of a beneficial interest in a Global Note (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the such Holder or owner of a beneficial interest in a Global Note would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) Howeverdeducted; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable with respect to a payment made to a Holder or owner of a beneficial interest in a Global Note by any Payor with respect to: (an “Excluded Holder”) (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on with which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of Company does not deal at arm's length (within the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII meaning of the Income Tax Act (Canada)) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of making such payment; , or (vii) which is subject to such Taxes by reason of its being connected with Canada or any withholding tax under Part XIII province or territory thereof otherwise than solely by reason of the Tax Act that is imposed as a consequence Holder's activity in connection with purchasing the Notes, by the mere holding of a Holder Notes or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) by reason of the Tax Act) receipt of the payments thereunder. The Company or, at any time, not dealing at arm’s length will also (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1a) make such withholding or deduction and (2b) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors Company will furnish to the TrusteeHolders of the Notes, within 30 days after the date the payment of any taxes Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to by the Trustee.
(e) Company. The Payors, jointly and severally, Company will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request of each Holder (other than an Excluded Holder), reimburse each such Holder and or owner of a beneficial owner interest in a Global Note, for the amount of (x) any taxes Taxes so levied or imposed and paid by such Holder or owner of a beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) interest in a Global Note as a result of payments made under or with respect to the Notes, and (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes Taxes so levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause the foregoing Clause (x) or (y) above; provided, however, but excluding any such Taxes on such Hxxxxx's net income so that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder net amount received by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts (net of payments made under or with respect to the Notes) after such payments.
(f) In addition, any amounts to reimbursement will not be paid by a Payor less than the net amount the Holder would have received if Taxes on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)reimbursement had not been imposed. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor the Company will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time date. Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principalprincipal of, premium, if any, Redemption Price, Purchase Price, interest or any other amount payable under or with respect to any Note or any Note GuaranteeNote, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. The obligations of the Company under this Section 1008 shall survive the termination of this Indenture and the payment of all amounts under or with respect to the Notes.
Appears in 1 contract
Samples: Indenture (Tembec Industries Inc)
Additional Amounts. (a) All payments made by the Company on the Notes (whether or not in the form of Definitive Notes) will be made without withholding or deduction B-5 for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, "Taxes") imposed or levied by or on behalf of (1) Luxembourg, the Company United States, Ireland or any Guarantor political subdivision or governmental authority of any thereof or therein having power to tax, (2) any jurisdiction from or through which payment on the Notes is made, or any political subdivision or governmental authority thereof or therein having the power to tax or (3) any other jurisdiction in which the Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each such person who pays or credits such amountsof clause (1), (2) and (3), a “Payor”) under "Relevant Taxing Jurisdiction"), unless the withholding or with respect to the Notes or deduction of Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At Jurisdiction shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required from any payment payments made with respect to the Notes or under the Subsidiary Guarantee, including payments of principal, Redemption Price, interest, premium or in respect of the NotesLiquidated Damages, if any, the Payor will pay (together with such payments) such additional amounts (“the "Additional Amounts”") as may be necessary so in order that the net amounts received in respect of such payments by each Holder the Holders of Notes or the Trustee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), after equal the amounts which would have been received in respect of such deduction or withholding (including payments on the Notes in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; PROVIDED, shall not be less than the amount the Holder would have received had HOWEVER, that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable with respect to:
(1) any payments to a Holder or beneficial owner who is liable for such Taxes in respect of a such Note by any Payor with respect to: (i) taxes that would not have been imposed but for reason of the existence of Holder's or beneficial owner's having any present or former connection between with the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Relevant Taxing Jurisdiction (includingincluding being a citizen or resident or national of, without limitationor carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than by virtue the mere holding of such Note or enforcement of rights thereunder or the receipt of payments in respect thereof;
(2) any Taxes that are imposed or withheld where such withholding or imposition is by reason of the failure of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except Note to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to comply with any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received reasonable and timely request by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note Payor to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any certification, information or other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required or imposed by lawa statute, regulation treaty, regulation, protocol, or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(iv3) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning winding up of the Tax ActPayor, any Note presented for payment (where presentation is required) with a Payor at in the time Relevant Taxing Jurisdiction (unless by reason of such payment; the Payor's actions, presentment could not have been made elsewhere and except to the extent that the Holder would have been entitled to Additional Amounts had the Notes been presented elsewhere);
(v4) any Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented during such 30 day period);
(5) any Taxes that are payable otherwise than by withholding tax under Part XIII from a payment of the Tax Act that is imposed as a consequence of a Holder principal of, premium, if any, interest or beneficial owner of a Note beingLiquidated Damages, at any timeif any, a “specified non-resident shareholder” on the Notes;
(within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi6) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; , assessment or other governmental charge;
(vii7) a Tax imposed on a payment to an individual and required to be made pursuant to any tax or penalty arising from European Union Directive (a "Directive") on the Holder’s failure to properly comply with taxation of savings implementing the Holder’s obligations imposed under Part XVIII conclusions of the Tax Act ECOFIN Council meeting of 26-27 November 2000 or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America law implementing or complying with, or introduced in order to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Codeconform to, such Directive; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).or
(d) The Payors will (1) make such withholding 8) a Tax imposed in connection with a Note presented for payment by or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment on behalf of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such a Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant who would have been able to subsection 215(4) avoid such Tax by presenting the relevant Note to another paying agent in a member state of the Tax Act and section 803 European Union. Such Additional Amounts will also not be payable where, had the beneficial owner of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to Note been the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result Holder of the Holder’s or beneficial owner’s failure to pay amounts on a timely basisNote, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder it would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i1) through to (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)8) inclusive above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation will be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 1 contract
Additional Amounts. (a) All payments by the Dutch Issuer and any Guarantor (and the U.S. Issuer with respect to the Company Guarantee) in respect of the Dutch Notes shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature, including penalties, interest and any other liabilities related thereto ("Taxes"), imposed or levied by or on behalf of the Company The Netherlands, or any other jurisdiction in which any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or the U.S. Issuer with respect to the Company Guarantee) in respect of the Dutch Notes is organized or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of any such Payor jurisdiction, as the case may be, or, in each case, any other relevant jurisdiction or any political subdivision or authority of the foregoing that has the or in any such jurisdiction having power to tax (eachfor purposes of this Section 4.27, a “Taxing the "Relevant Jurisdiction”"), unless the deduction Dutch Issuer or withholding any such Guarantor (or the U.S. Issuer with respect to the Company Guarantee) is required compelled by applicable law to deduct or by the interpretation withhold such taxes, duties, assessments or administration thereof by the relevant other governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notescharges. In such event, the Payor will Dutch Issuer or such Guarantor (or the U.S. Issuer with respect to the Company Guarantee) shall pay such additional amounts (“"Additional Amounts”") as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), the holders of the Dutch Notes after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder amounts of such payments that would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments receivable in respect of the Dutch Notes if such payments could have been made without such imposition, deduction or withholding in the absence of such taxes had withholding or deduction, except that no such Notes been Additional Amounts shall be payable in respect of any Dutch Note (i) presented for payment (where presentation is required) within 30 of principal more than 60 days after the relevant date later of (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (ax) the date on which such payment first became due date for payment thereof, or and (by) if the full amount of the monies payable on such date have has not been received in New York City by the Trustee on or prior to such due date, the date on which which, the full amount of such monies having been so received, provided that notice to that effect is duly shall have been given to Holders the holders by the Trustee, except to the extent that the holders would have been entitled to such Additional Amounts on presenting such Dutch Note for payment on the last day of the Notes in accordance with this Indenture; applicable 60 day period, (iiiii) taxes if any tax, assessment or other governmental charge is imposed or withheld by reason of the failure to comply by the Holder holder or, if different, the beneficial owner of the interest payable on the Dutch Note with a timely request of the Dutch Issuer addressed to such holder or beneficial owner of such Note to provide certification, information, documents or other evidence complete and return an official document concerning the nationality, residence residence, identity or identity connection with the Netherlands or any Relevant Jurisdiction of the Holder such holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required or imposed by lawa statute, treaty, regulation or administrative practice of the Netherlands or applicable treaty any Relevant Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; tax, assessment or governmental charge and provided that the request to so comply is made in writing and delivered to such holder or beneficial owner, as applicable, not later than 60 days prior to the date by which the delivery of such official document is required, (iii) held by or on behalf of a holder who is liable for Taxes giving rise to such Additional Amounts in respect of such Dutch Note by reason of having some connection with the Netherlands or any Relevant Jurisdiction other than the mere purchase, holding or disposition of any Dutch Note, or the receipt of principal or interest in respect thereof, including, without limitation, such holder being or having been a citizen or resident thereof or being or having been present or engaged in a trade or business therein or having had a permanent establishment therein, (iv) where such withholding or deduction is imposed on a payment to an individual who is resident for tax under Part XIII purposes in a jurisdiction which is a member state of the Income Tax Act European Union (Canadawhether such payment is made through a paying agent or otherwise) (and is required to be made pursuant to European Union Directive 2003/48/EC of 3 June 2003 on the “Tax Act”) that is imposed as a consequence taxation of a Holder savings or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of any law implementing or complying with, or introduced in order to conform to such payment; Directive and (v) any withholding tax under Part XIII combination of clause (i), (ii), (iii) or (iv) above; nor shall Additional Amounts be paid with respect to any payment of the Tax Act principal of, or any interest on, any Dutch Note to any holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that is imposed as a consequence of a Holder beneficiary or settlor or beneficial owner of a Note being, at would not have been entitled to any time, a “specified non-resident shareholder” Additional Amounts had such beneficiary or settlor or beneficial owner been the holder. The Dutch Issuer or such Guarantor (within or the meaning of subsection 18(5) of the Tax Act) of U.S. Issuer with respect to the Company or, at any time, not dealing at arm’s length Guarantee) will also (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1a) make such withholding or deduction compelled by applicable law and (2b) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors Dutch Issuer or such Guarantor (or the U.S. Issuer with respect to the Company Guarantee) will furnish copies of such receipts evidencing the payment of any Taxes so deducted or withheld in such form as provided in the normal course by the taxing authority imposing such Taxes and as is reasonably available to the Trustee, Dutch Issuer or such Guarantor (or the U.S. Issuer with respect to the Company Guarantee) to the Trustee within 30 60 days after the date of receipt of such evidence. The Trustee will make such evidence available to the payment holders of any taxes is due pursuant Dutch Notes upon request. All references in this Indenture and in the Dutch Notes to applicable law, certified copies the principal of tax receipts evidencing that such payment has been made or interest or other evidence of such payment satisfactory payments on, or in respect of, a Dutch Note shall be deemed to the Trustee.
(e) The Payorsinclude, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In additionwithout duplication, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which connection therewith. The Dutch Issuer shall pay any payment under present or with respect to the Notes future stamp, court or documentary taxes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar property taxes, charges and duties, including or similar levies that arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuance, delivery or registration or delivery of the Notes, any Note Guarantee, this Indenture Dutch Notes or any other document or instrument referred to hereunder in the Indenture or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Dutch Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments by the Bank in respect of the Notes (and any coupons thereon) will be made without withholding or deduction for or on account of any present or future taxes, duties, levies, withholdings or transfer amounts or other governmental charges of whatever nature in effect on the date of the Indenture or imposed or established in the future by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Argentina or any political subdivision or authority of the foregoing that has the thereof or therein having power to tax (each, a “Taxing Jurisdiction”"Argentine Taxes"), unless the such withholding or deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In such event, the Payor Bank will pay such additional amounts (“"Additional Amounts”") as may shall be necessary so in order that the net amounts received by each Holder the Holders of the Notes (including Additional Amounts), or coupons) after such withholding or deduction shall equal the amounts which would otherwise have been receivable by them in respect of payments on such Notes (or coupons) in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable:
(i) to or on behalf of a Holder or beneficial owner of a Note that is liable for Argentine Taxes in respect of such Note by reason of having some present or former connection with Argentina otherwise than by the mere holding or owning of such Note or by the receipt of income or any payments in respect thereof;
(ii) in respect of any estate, asset, inheritance, gift, sales, transfer or personal property tax or any similar tax, assessment or governmental charges;
(iii) in respect of any taxes, duties, assessments or other governmental charges that are payable otherwise than by deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than from payments on the amount the Holder would have received had no such deduction or withholding been required.Notes;
(civ) However, notwithstanding the foregoing, no Additional Amounts will be payable to or on behalf of a Holder in respect of a Note by any Payor with respect to: (i) taxes Argentine Taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding failure of such taxes had such Notes been presented Holder to present a Note or coupon for payment (where presentation is required) within more than 30 days after the relevant date Relevant Date (as defined below), except to the extent that the Holder thereof would have been entitled to such an Additional Amounts Amount on presenting a Note the same for payment on the last day of such 30-day period); for this purpose30th day. As used herein, the “relevant date” in relation to any payments "Relevant Date" means the date on any Note means (a) the due date for which such payment thereoffirst becomes due, or (b) except that, if the full amount of the monies moneys payable on such date have has not been duly received by the Trustee on or prior to such due date, it means the date on which which, the full amount of such monies moneys having been so received, provided that notice to that effect is duly given to the Holders of the Notes in accordance with this IndentureCondition 17; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Samples: Indenture (Banco Rio De La Plata)
Additional Amounts. (a) All Any and all payments made by or on behalf of the Company to or for the account of any Guarantor (each such person who pays or credits such amountsHolder hereunder, a “Payor”) under or with respect to the Notes or any Note Guarantee will other than an Excluded Holder, shall be made free and clear of, and without deduction or withholding fordeduction, or on account of, for any and all present or future incometaxes, stamp and other taxesduties, levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto, excluding, in the case of each Holder, taxes imposed on its net income or franchise taxes imposed in lieu of a tax on net income by the jurisdiction under the laws of which a Holder is organized or maintained or any political subdivision thereof (all such nonexcluded taxes, duties, levies, imposts, deductions, charges, feeswithholdings, deductions or withholdings (and liabilities being hereinafter referred to as “taxes”) now "Taxes"). If the Company is required to withhold or hereafter imposed, levied, collected, withheld or assessed by deduct any amount for or on behalf account of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes Taxes from any payment made under or in with respect of to the NotesSecurities, the Payor will Company shall pay such additional amounts (“"Additional Amounts”") as may be necessary so that the net amounts amount received by each Holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder would have received if such Taxes had no such deduction not been withheld or withholding been required.
(c) However, notwithstanding the foregoing, deducted; provided that no Additional Amounts will shall be payable with respect to a payment made to a Holder of a Note by any Payor with respect to: to the extent solely attributable to (i) taxes that would such Holder not have been imposed but for being treated as dealing at arm's length with the existence of any present or former connection between Company within the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII meaning of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of making such payment; , or (vii) such Holder's being connected with Canada or any withholding tax under Part XIII province or territory thereof otherwise than solely by reason of the Tax Act that is imposed as a consequence Holder's activity in connection with purchasing the Securities, by the mere holding of a Holder Securities or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) by reason of the Tax Act) receipt of the Company orpayments thereunder (collectively, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting Persons described in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through and (viiii) of this Section 1030(a) are "Excluded Holders").
(d) . The Payors Company will also (1) make such withholding or deduction deduction, and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. .
(b) The Payors will Company shall furnish to the TrusteeHolders, within 30 calendar days after the date the payment of any taxes Taxes is due pursuant to the applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to by the Trustee.
(e) Company. The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and Company shall upon written request of each Holder (other than an Excluded Holder), reimburse each such Holder and beneficial owner for the amount of (xi) any taxes Taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as Holxxx xx a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basisSecurities, and (zii) any taxes Taxes so levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under foregoing clause (xi) so that the net amount received by such Holder (net of payments made under or (ywith 104 117 respect to the Securities) aboveafter such reimbursement will not be less than the net amount the Holder would have received if Taxes on such reimbursement had not been imposed; provided, however, that the indemnification or no reimbursement obligations provided for shall be made in this Section 2.13(e) shall not extend to taxes respect of Taxes for which the applicable Holder would not have been eligible to receive payment of no Additional Amounts hereunder would be payable by virtue reason of clauses clause (i) through or (viiiii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such paymentssecond preceding sentence.
(fc) In addition, the Company agrees to pay any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current and all present or future regulations stamp or official interpretations thereof, documentary taxes and any agreement entered into pursuant to Section 1471(b) of the Code, other excise or property taxes or charges or similar levies which arise from any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholdingpayment made under this Indenture.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(hd) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Securities is due and payable, if a Payor the Company will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable, payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time date. Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tomentioned, in any context, the payment of principal, premium, if any, interest or interest, or any other amount payable under or with respect to any Note or any Note GuaranteeSecurities, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. The Holders, by acceptance of a Note, and the Company agree that the payment of any Additional Amounts by the Company shall be treated as payments of interest.
(e) If the Company fails to pay any Taxes when due to the appropriate taxing authority or fails to remit the required receipts or other required documentary evidence, the Company shall indemnify the Holders for any incremental Taxes, interest or penalties that may become payable by any Holder, other than an excluded Holder, as a result of any such failure.
Appears in 1 contract
Samples: Indenture (Pioneer Companies Inc)
Additional Amounts. (a1) All payments made by or on behalf of that the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) Issuer makes under or with respect to the Notes or any Note Guarantee will that the Subsidiary Guarantors make under or with respect to the Guarantees shall be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other taxessimilar liabilities related thereto) of whatever nature (collectively, levies, imposts, duties, charges, fees, deductions "Taxes" or withholdings (hereinafter referred to as “taxes”"Tax") now imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of the federal government of Canada or by or within any province or political subdivision thereof or within any other jurisdiction in which such Payor is organizedthe Issuer, the Subsidiary Guarantors or any Surviving Entity are organised or resident or carrying on business for tax purposes or from or through which payments are payment is made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “"Relevant Taxing Jurisdiction”"), unless the deduction Issuer or withholding is the Subsidiary Guarantors, as the case may be, are required to withhold or deduct Taxes by applicable law or by the interpretation or administration thereof by of law. If the relevant governmental authority.
(b) At Issuer or the Subsidiary Guarantors are required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the Notes, the Payor will Issuer or the Subsidiary Guarantors, as the case may be, shall pay such additional amounts (“"Additional Amounts”) as "), to the extent they may be necessary lawfully do so, so that the net amounts amount received by each Holder (including Additional Amounts), ) after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received if such Taxes had no such deduction not been withheld or withholding been required.deducted..
(c2) HoweverThe Issuer or the Subsidiary Guarantors shall not, notwithstanding the foregoinghowever, no pay Additional Amounts will be payable to a Holder or beneficial owner of Notes to the extent that the Taxes are imposed or levied:
(a) by a Note Relevant Taxing Jurisdiction by any Payor with respect to: (i) taxes that would not have been imposed but for reason of the existence of any Holder's or beneficial owner's present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any with such Relevant Taxing Jurisdiction (including, without limitation, other than the mere receipt or holding of Notes or by virtue reason of the receipt of payments thereunder or the exercise or enforcement of rights under any Notes or this Indenture); or
(b) by reason of the failure of the Holder or beneficial owner being a citizen or resident ofof Notes, formed pursuant prior to the laws ofrelevant date on which a payment under and with respect to the Notes is due and payable (the "Relevant Payment Date") to comply with the Issuer's written request addressed to the Holder at least 30 calendar days prior to the Relevant Payment Date to provide accurate information with respect to any certification, incorporated in identification, information or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of reporting requirements which the Holder or such beneficial owner purchasingis legally required to satisfy, holding or disposing of the Notes; (ii) taxes whether imposed onby statute, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by lawtreaty, regulation or administrative practice or applicable treaty practice, in each such case by the Relevant Taxing Jurisdiction, as a precondition to exemption from from, or reduction in the rate of deduction or withholding of all or part of such taxes; of, Taxes imposed by the Relevant Taxing Jurisdiction (iv) withholding tax under Part XIII of including, without limitation, a certification that the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note is not dealing at arm’s length resident in the Relevant Taxing Jurisdiction).
(within 3) In addition, the meaning of Issuer's and the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of Subsidiary Guarantors' obligation to pay Additional Amounts or to reimburse a Holder or beneficial owner for Taxes paid by such Holder in respect of a Note being, at any time, a “specified non-resident shareholder” Taxes shall not apply with respect to:
(within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (via) any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property or similar tax; Taxes;
(viib) any tax Tax that is payable otherwise than by deduction or penalty arising withholding from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, ;
(yc) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom Taxes imposed on or with respect thereto, excluding to any payment by the Issuer or the Subsidiary Guarantors to the Holder if such liability which arises as Holder is a result fiduciary or partnership or person other than the sole beneficial owner of such payment to the Holder’s or extent that Taxes would not have been imposed on such Holder had such Holder been the sole beneficial owner’s failure to pay amounts on a timely basis, and owner of such Note,
(zd) any taxes levied Tax that is imposed on or imposed and paid by such with respect to a payment made to a Holder or beneficial owner with who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union;
(e) any such withholding or deduction in respect of any Taxes imposed on a payment to an individual that is required to be made pursuant to any reimbursement under clause (x) EU Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of 26th-27th November 2000 or (y) aboveany law implementing or complying with, or introduced in order to conform to, such Directive; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.or
(f) In additionany combination of (a), any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code(b), any current or future regulations or official interpretations thereof(c), any agreement entered into pursuant to Section 1471(b(d) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code and (“FATCA Withholding”e). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h4) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuer or the Subsidiary Guarantors shall be obligated to pay Additional Amounts with respect to such paymentpayment (unless such obligation to pay Additional Amounts arises after the 30th day prior to the date on which payment under or with respect to the Notes is due and payable, in which case it shall be promptly thereafter), the Company will Issuer or the Subsidiary Guarantors shall deliver to the Trustee an Officer’s Officers' Certificate stating that such Additional Amounts will shall be payable and the amounts so payable, payable and will shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required date. The Issuer shall promptly publish a press release stating that such Additional Amounts shall be payable and describing its obligation to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time such amounts. Whenever in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture Issuer refers to, in any context, the payment of principal, premiuminterest, if any, interest or any other amount payable under or with respect to any Note or any Note Guaranteenote, such the Issuer is including in that reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13Amounts, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofif applicable.
Appears in 1 contract
Samples: Indenture (TMM Lines LTD LLC)
Additional Amounts. (a) All payments Payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, of and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometax, stamp duty, levy, interest, assessment or other governmental charge (including penalties, interest and other taxes, levies, imposts, duties, charges, fees, deductions liabilities related thereto) imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of the Government of Canada or of any jurisdiction in which such Payor is organized, resident province or carrying on business for tax purposes territory thereof or from by any authority or through which payments are made by agency therein or on behalf of such Payor or any political subdivision or authority of the foregoing that has the thereof having power to tax (each, a “Taxing Jurisdiction”"Taxes"), unless the deduction or withholding Company is required by applicable to withhold or deduct Taxes under Canadian law or by the interpretation or administration thereof by the relevant governmental taxing authority.
(b) At . If, after the Issue Date, the Company is so required to withhold or deduct any time a relevant Taxing Jurisdiction requires deductions amount for or withholdings on account of taxes Taxes from any payment made under or in with respect of to the Notes, the Payor Company will pay to each Holder of Notes or to the Paying Agent, such additional amounts (“"Additional Amounts”") as may be necessary so that the net amounts amount (including the Additional Amounts) received by each Holder (including Additional Amounts), such Holders after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall will not be less than the amount the Holder such Holders would have received if such Taxes had no not been withheld or deducted and similar payments (the term "Additional Amounts" shall also include any such deduction or similar payments) will also be made by the Company to Holders that are not subject to withholding been required.
(c) However, notwithstanding the foregoing, but are required to pay tax directly on amounts otherwise not subject to withholding; provided that no Additional Amounts will be payable with respect to a payment made to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes beneficial owner thereof (an "Excluded Holder"):
(i) with which the Company does not deal at arm's length (within the meaning of the Income Tax Act (Canada)) at the time of making such payment,
(ii) which is subject to such Taxes by reason of its being connected with Canada or any province or territory thereof otherwise than by the mere holding of the Notes, receipt of payments thereunder or enforcement of its rights in respect thereof,
(iii) to the extent that such Holder is subject to such Taxes by reason of such Holder's failure to comply with any certification, identification, documentation or other reporting requirements if such payments could have been made without such impositioncompliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in the rate of deduction or withholding of, such Taxes but only to the extent that such Holder is legally able to comply with such requirements,
(iv) in circumstances where presentation of such taxes had such the Notes been for payment is required, if the Notes are presented for payment (where presentation is required) within 30 more than 15 days after the relevant date on which such payment became due and payable or the date on which such payment is duly provided for, whichever is later (except to the extent that the Holder thereof holder would have been entitled to such Additional Amounts on presenting a Note for payment had the Notes been presented on the last day of such 3015-day period); for this purpose, or
(v) that is a fiduciary, a partnership or a person other than the “relevant date” in relation beneficial owner of any payment on a Note, if and to any payments on any Note means (a) the due date for payment thereofextent that, or (b) if as a result of an applicable tax treaty, no Additional Amounts would have been payable had the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due dateapplicable beneficiary, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder partner or beneficial owner of owned the Notes directly (but only if there is no material cost or expense associated with transferring such Note Notes to provide certificationsuch beneficiary, information, documents or other evidence concerning the nationality, residence or identity of the Holder partner or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to and no restriction on such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in transfer that it outside the rate of deduction or withholding of all or part control of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder beneficiary, partner or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (viiowner).
(db) The Payors will Company shall:
(1i) make such withholding or deduction and deduction, and
(2ii) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. .
(c) The Payors will Company furnish to the Trustee, within 30 days or cause to be furnished to the Trustee, promptly after the date the payment of any taxes is Taxes becomes due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of by the Company in such payment satisfactory form as is provided in the normal course by the taxing authority imposing such Taxes and which is reasonably available to the TrusteeCompany.
(ed) The Payors, jointly and severally, will Company shall indemnify and hold harmless each Holder and beneficial owner of Notes that are outstanding on the date of the required payment (other than an Excluded Holder) and upon written request reimburse each such Holder and beneficial owner for the amount of of:
(xi) any taxes Taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, ,
(yii) any liability (including penalties, interest, additions to tax and reasonable expenses) expenses arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and and
(ziii) any taxes levied or Taxes imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (yi) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(fe) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor If the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be becomes obligated to pay Additional Amounts with respect to any payment under or in respect of the Notes, at least 30 days prior to the date on which such paymentpayment becomes due and payable (unless such obligations arise after such date), the Company will deliver to the Trustee an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable payable, and setting forth the amounts so payable, including Additional Amounts, and will set forth such other information as is necessary to enable the Trustee to pay such Additional Amounts to the Holders on the payment date net date. For purposes of this Third Supplemental Indenture any taxes required to be withheld or deducted.reference to:
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, principal (and premium, if any),
(ii) purchase prices in connection with a repurchase or redemption of Notes,
(iii) interest, interest or or
(iv) any other amount payable under on or with respect to any Note of the Notes (including in connection with a Change of Control Offer or any Note GuaranteePrepayment Offer), such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.13, 4.19 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
(f) This Section 4.19 shall survive any termination, defeasance, Covenant Defeasance or discharge of this Third Supplemental Indenture and shall survive the repayment of all or any of the Notes.
(g) The indemnity requirements set forth in Section 6.07 of the Base Indenture shall be applicable to any actions taken or omitted to be taken by the Trustee in reliance on an Officers' Certificate delivered pursuant to this Section 4.19.
Appears in 1 contract
Additional Amounts. (a) All payments and deliveries made by by, or on behalf of, the Company (including, for the purposes of this section, any Guarantor and any successor to the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”Guarantor) under or with respect to the Notes or any Note Guarantee notes, including, but not limited to, payments of principal and payments of interest, will be made free and clear of, and without withholding or deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, chargesassessments or governmental charges of whatever nature (including interest and penalties related thereto) (collectively, fees, deductions or withholdings (hereinafter referred to as “taxesApplicable Taxes”) now imposed or hereafter imposedlevied by or within the jurisdiction in which the Company is, leviedfor tax purposes, collectedorganized or resident or doing business or through which payment is made or deemed made by, withheld or assessed by or on behalf of, the Company for purposes of any the tax law of that jurisdiction (or, in which such Payor is organizedeach case, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or taxing authority of the foregoing that has the power to tax thereof or therein) (each, as applicable, a “Relevant Taxing Jurisdiction”), unless the such withholding or deduction or withholding is required by applicable law or by regulation or governmental policy having the interpretation force of law. In the event that any such withholding or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notesdeduction is so required, the Payor will Company shall pay to the Holder of each note such additional amounts (the “Additional Amounts”) as may be necessary so to ensure that the net amounts amount received by each Holder (including Additional Amounts), the beneficial owners after such deduction or withholding (including withholding or deduction attributable to (and after deducting any Applicable Taxes on the Additional Amounts payable hereunder), shall not be less than Amounts) will equal the amount the Holder amounts that would have been received by such beneficial owners had no such withholding or deduction or withholding been required.
(c) However; provided, notwithstanding the foregoinghowever, that no Additional Amounts will be payable payable:
(a) For or on account of:
(1) any Applicable Taxes to a Holder of a Note by any Payor with respect to: (i) taxes that the extent such Applicable Taxes would not have been imposed but for for:
(A) the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciaryof such note and the Relevant Taxing Jurisdiction, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue being or having been a national, domiciliary or resident of such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein, but excluding the mere holding or enforcement of such note or the receipt of payments thereunder;
(B) the presentation of such note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the principal of and interest on, such note or was made or duly provided for; or
(C) the failure of the Holder or beneficial owner being a citizen or resident of, formed pursuant (to the laws ofextent it is legally entitled to do so) to comply with a timely request from the Company, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of addressed to the Holder or beneficial owner purchasingowner, holding or disposing of as the Notes; (ii) taxes imposed oncase may be, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the such Holder’s or beneficial owner’s nationality, residence residence, identity or identity of connection with the Holder or beneficial owner Relevant Taxing Jurisdiction, or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written if and to the extent that due and timely compliance with such request therefor from a Payor, which is required by lawstatute, regulation regulation, treaty or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed Relevant Taxing Jurisdiction in order to reduce or eliminate any withholding or deduction as a consequence of a to which Additional Amounts would have otherwise been payable to such Holder or beneficial owner of a Note not dealing at arm’s length owner;
(within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi2) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; Applicable Taxes;
(vii3) any tax or penalty arising Applicable Taxes to the extent such Applicable Taxes result from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation presentation of any other jurisdiction that has entered into an agreement with note for payment (where presentation is required for payment) and the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make payment can be made without such withholding or deduction and (2) remit by the full amount deducted or withheld to presentation of the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the note for payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or by at least one other evidence of such payment satisfactory to the Trustee.paying agent;
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x4) any taxes so levied or imposed and paid Applicable Taxes that are payable otherwise than by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of withholding from payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.notes;
(f5) In addition, any amounts to be paid by a Payor on the Notes will be paid net in respect of any deduction or withholding Taxes imposed or required pursuant to Sections 1471 through 1474 of the Code, as of the Issue Date (or any current amended or future successor version of such sections) (“FATCA”), any regulations or other official interpretations thereofguidance thereunder, any agreement entered into pursuant to Section 1471(bsection 1471(b)(1) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into between a non-U.S. jurisdiction and the United States in connection with FATCA or any law, regulation or other official guidance issued or enacted in any jurisdiction implementing FATCA or such intergovernmental agreement;
(6) any United States federal withholding taxes; and
(7) any combination of Applicable Taxes referred to in the implementation of such Sections of the Code preceding clauses (“FATCA Withholding”1) through (6). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, In addition to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentforegoing, the Company will deliver to shall pay and indemnify the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of Holder or beneficial owner for any taxes required to be withheld present or deducted.
(i) In addition, the Payor will pay any future stamp, issue, registration, courttransfer, documentationcourt or documentary taxes, or any other excise or other similar property taxes, charges and duties, including any interest, penalties and any or similar liabilities with respect thereto, imposed levies or Applicable Taxes levied by any Taxing Jurisdiction at any time in respect of jurisdiction on the execution, issuancedelivery, registration or delivery enforcement of any of the Notes, any Note Guarantee, this Indenture notes or any other document or instrument referred to hereunder therein, or thereunder and the receipt of any payments with respect thereto (limited, solely in the case of Applicable Taxes attributable to the receipt of any payments with respect thereto, to any such taxes, charges or duties taxes imposed by in a Relevant Taxing Jurisdiction on that are not exclude under clauses (a) through (c) or (e) through (f) or any payments made pursuant combination thereof). Furthermore, Additional Amounts shall not be paid for any Applicable Taxes with respect to any payment of the principal of and interest on, such note, if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment to the Notes or as a result of, or extent that such payment would be required to be included in connection with, the enforcement income under the laws of the NotesRelevant Taxing Jurisdiction, any Note Guarantee and/or any other such document for tax purposes, of a beneficiary or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person settlor with respect to the Payor and fiduciary, a partner or member of that partnership or a beneficial owner who would not have been entitled to any jurisdiction in which such successor Additional Amounts had that beneficiary, settlor, partner, member or beneficial owner been the Holder thereof. Whenever there is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, mentioned in any context, context the payment of principalprincipal of and interest on, premium, if any, interest any note or any other amount payable under or with respect to any Note or any Note Guaranteesuch note, such reference mention shall be deemed to include the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.13, the Indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. Each Holder entitled to any Additional Amounts shall cooperate with the Company in providing any information or documentation reasonably requested by the Company to confirm the identity and/or tax status of such Holder and any affected beneficial owner (to the extent necessary to establish such Holder’s entitlement to Additional Amounts) and to assist the Company in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof. The Company shall furnish to the Trustee an officer’s certificate and any other documentation reasonably satisfactory to the Trustee evidencing payment of any Applicable Taxes so deducted or withheld and the amount of any Additional Amounts payable thereon. Copies of such documentation will be made available by the Trustee to Holders upon written request to the Trustee. For the avoidance of doubt, if the Company calls any note for a Tax Redemption as described in Section 3.10 and the redemption date is after a regular record date and on or before the next interest payment date, then the Company’s obligation to pay Additional Amounts will apply to the interest payment due on that note on such interest payment date. The above obligations will survive termination, defeasance or discharge of the indenture or any transfer by a Holder or beneficial owner of its notes and will apply mutatis mutandis to any jurisdiction where any successor to the Company is, for tax purposes, organized or resident or doing business or through which payment is made or deemed made by, or on behalf of, any successor to the Company (or any political subdivision or taxing authority thereof or therein).
Appears in 1 contract
Samples: Indenture (Herbalife Nutrition Ltd.)
Additional Amounts. (a) All payments made by or on behalf 2.5.1 The Company will, subject to the exceptions and limitations set forth below, pay to any Holder of the Company or any Guarantor Notes who is a non-resident of Canada for purposes of the Income Tax Act (each such person who pays or credits such amountsCanada) and the regulations thereunder (collectively, a the “PayorTax Act”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that every net payment on the net amounts received Notes held by each such Holder (including Additional Amounts)of the Notes, after such deduction or withholding by the Company or any of its paying agents for or on account of any present or future tax, assessment or other governmental charge (including withholding penalties, interest and other liabilities related thereto) imposed by the government of Canada (or deduction attributable to Additional Amounts payable hereunder)any political subdivision or taxing authority thereof or therein) upon or as a result of such payment, shall will not be less than the amount provided in those Notes to be then due and payable (and the Holder would have received had no such deduction or withholding been required.Company will remit the full amount withheld to the relevant authority in accordance with applicable law). However, the Company will not be required to make any payment of Additional Amounts:
(ca) However, notwithstanding the foregoing, no Additional Amounts will to any person in respect of whom such taxes are required to be payable to withheld or deducted as a Holder result of such person or any other person that has a Note by beneficial interest in respect of any Payor with respect to: payment under those Notes (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length with the Company (within the meaning of the Tax Act), (ii) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with being a “specified shareholder” (within the meaning of as defined in subsection 18(5) of the Tax Act) of the Company, or (iii) not dealing at arm’s length (for the purposes of the Tax Act) with such a “specified shareholder”;
(b) to any person by reason of such person being connected with Canada (otherwise than merely by holding or ownership of those Notes or receiving any payments or exercising any rights thereunder), including without limitation a non-resident insurer who carries on an insurance business in Canada and in a country other than Canada;
(c) for or on account of any tax, assessment or other governmental charge which would not have been so imposed but for: (i) the presentation by the holder of those Notes on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; or (viii) the holder’s failure to comply with any certification, identification, information, documentation or other reporting requirements if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from or a reduction in the rate of deduction or withholding of, any such taxes, assessment or charge;
(d) for or on account of any estate, inheritance, gift, sales, excise, usetransfer, personal property, transfer property tax or any similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made assessment or other evidence of such payment satisfactory to the Trustee.governmental charge;
(e) The Payorsfor or on account of any tax, jointly and severallyassessment or other governmental charge required to be withheld by any paying agent from any payment to a person on those Notes if such payment can be made to such person without such withholding by at least one other paying agent the identity of which is provided to such person;
(f) for or on account of any tax, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of assessment or other governmental charge which is payable otherwise than by withholding from a payment on those Notes;
(xg) any taxes so levied withholding or deduction imposed and paid by such Holder or beneficial owner pursuant to: (including, for greater certainty, taxes imposed and paid pursuant i) Sections 1471 to subsection 215(4) 1474 of the Tax Act and section 803 U.S. Internal Revenue Code of the Income Tax Regulations 1986, as amended (Canada) “FATCA”), or any successor provisionversion thereof, or any similar legislation imposed by any other governmental authority, (ii) as a result of payments made under any treaty, law, regulation or other official guidance enacted by Canada implementing FATCA or an intergovernmental agreement with respect to FATCA or any similar legislation imposed by any other governmental authority, or (iii) any agreement between the NotesCompany and the United States or any authority thereof implementing FATCA; or
(h) for any combination of items (a), (yb), (c), (d), (e), (f) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and g); nor will Additional Amounts be paid by such Holder or beneficial owner with respect to any reimbursement under clause payment on those Notes to a Holder of the Notes who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of Canada (xor any political subdivision thereof) to be included in the income for Canadian federal income tax purposes of a beneficiary or (y) above; provided, however, that the indemnification settlor with respect to such fiduciary or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder a member of such partnership or a beneficial owner who would not have been eligible entitled to receive payment of the Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if had such beneficiary, settlor, member or beneficial owner been the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA WithholdingNotes.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with principal and interest in respect to the Notes or any of this Note Guarantee will shall be made free and clear of, and without withholding or deduction or withholding for, for or on account of, of any and all present or future incometaxes, stamp and other taxesduties, levies, contributions, withholdings, taxes on fund transfers, imposts, dutiesassessments or other governmental charges (including penalties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”interest and other liabilities related thereto) now or hereafter of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Argentina or any political subdivision authority therein or authority of the foregoing that has the thereof having power to tax or any organization of which Argentina is or will become a member (each, a “Taxing JurisdictionTaxes”), unless the deduction such Taxes are required to be withheld or withholding is required deducted by applicable law or by the official interpretation or administration thereof application thereof. In the event any such Taxes are required to be withheld or deducted by law or the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions official interpretation or withholdings of taxes from any payment made under or in respect of the Notesapplication thereof, the Payor will Company shall pay such additional amounts (“Additional Amounts”) as may be necessary so that will result in receipt by the net Holders of such amounts as would have been received by each Holder (including Additional Amounts), after them had no such deduction or withholding (including withholding or deduction attributable to been required, except that no such Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: to any payment on any such Note:
(i) taxes to the extent that Taxes would not have been imposed but for the existence of any present or former a connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note and Argentina other than the holding of such Note and the receipt of payments with respect to provide such Note;
(ii) to the extent of Taxes which would not have been imposed but for any failure to comply with certification, information, documents information or other evidence reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner or of such Notes requested by the Company at least thirty (30) days prior to make any declaration or similar claim or satisfy any other reporting requirement relating to the applicable payment date, if such matters, within 30 days after a specific written request therefor from a Payor, which compliance is required by law, statute or regulation of Argentina or administrative practice of any political subdivision or applicable treaty taxing authority thereof or therein as a precondition to relief or exemption from or reduction such Taxes;
(iii) in the rate respect of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, asset, inheritance, gift, sales, excise, use, personal property, transfer or any similar taxtax assessment or governmental charge; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).or
(div) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance extent of Taxes with applicable law. The Payors will furnish respect to the Trustee, within 30 a Note presented for payment more than thirty (30) days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that on which such payment has been made became due and payable or other evidence the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent that the Holder of such Note would have been entitled to such Additional Amounts on presenting such Note for payment satisfactory to the Trusteeon any date during such 30-day period.
(eb) Any reference in the Indenture or in any Note to principal or interest shall be deemed also to refer to any Additional Amounts which may be payable under the undertakings referred to in this condition.
(c) The PayorsCompany shall pay all stamp or other documentary taxes or other duties of a similar nature, jointly and severallyif any, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for which may be imposed by Argentina or the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) United States or any successor provision) as a result of payments made under political subdivision or taxing authority thereof or therein with respect to the Notes, (y) any liability (including penalties, interest, additions to tax execution and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result delivery of the Holder’s Indenture or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment issuance of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of thereunder. The Company shall also indemnify the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company Holders from and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any against all stamp, issue, registration, court, documentation, excise documentary court taxes or other similar taxes, charges taxes and duties, including any interestinterest and penalties, penalties and any similar liabilities with respect thereto, imposed paid by any Taxing Jurisdiction at of them in Argentina in connection with any time in respect action taken by the Trustee or the Holders to enforce the obligations of the execution, issuance, registration or delivery of the Company under such Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. (a) All payments made by the Company on the Notes (whether or not in the form of Definitive Notes) will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of (1) Luxembourg, the Company United States, Ireland or any Guarantor political subdivision or governmental authority of any thereof or therein having power to tax, (2) any jurisdiction from or through which payment on the Notes is made, or any political subdivision or governmental authority thereof or therein having the power to tax or (3) any other jurisdiction in which the Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each such person who pays or credits such amountsof clause (1), (2) and (3), a “PayorRelevant Taxing Jurisdiction”) under ), unless the withholding or with respect to the Notes or deduction of Taxes is then required by law. If any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf Taxes of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Relevant Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At Jurisdiction shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes be required from any payment payments made under or in with respect of to the Notes, including payments of principal, Redemption Price, interest or premium, the Payor will pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary so in order that the net amounts received in respect of such payments by each Holder the Holders of Notes or the Trustee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), after equal the amounts which would have been received in respect of such deduction or withholding (including payments on the Notes in the absence of such withholding or deduction attributable to Additional Amounts payable hereunder)deduction; provided, shall not be less than the amount the Holder would have received had however, that no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable with respect to:
(1) any payments to a Holder or beneficial owner who is liable for such Taxes in respect of a such Note by any Payor with respect to: (i) taxes that would not have been imposed but for reason of the existence of Holder’s or beneficial owner’s having any present or former connection between with the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Relevant Taxing Jurisdiction (includingincluding being a citizen or resident or national of, without limitationor carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than by virtue the mere holding of such Note or enforcement of rights thereunder or the receipt of payments in respect thereof;
(2) any Taxes that are imposed or withheld where such withholding or imposition is by reason of the failure of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except Note to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to comply with any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received reasonable and timely request by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note Payor to provide certification, information, documents or other evidence information concerning the nationality, residence or identity of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any certification, information or other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required or imposed by lawa statute, regulation treaty, regulation, protocol, or administrative practice or applicable treaty of the Relevant Taxing Jurisdiction as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; Taxes;
(iv3) withholding tax under Part XIII except in the case of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning winding up of the Tax ActPayor, any Note presented for payment (where presentation is required) with a Payor at in the time Relevant Taxing Jurisdiction (unless by reason of such payment; the Payor’s actions, presentment could not have been made elsewhere and except to the extent that the Holder would have been entitled to Additional Amounts had the Notes been presented elsewhere);
(v4) any Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented during such 30 day period);
(5) any Taxes that are payable otherwise than by withholding tax under Part XIII from a payment of the Tax Act that is imposed as a consequence of a Holder principal of, premium, if any, or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” interest on the Notes;
(within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi6) any estate, inheritance, gift, salessale, excise, usetransfer, personal property, transfer property or similar tax; (vii) any tax , assessment or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).governmental charge;
(d7) The Payors will (1) make such withholding or deduction a Tax imposed on a payment to an individual and (2) remit the full amount deducted or withheld required to be made pursuant to the relevant government authority Directive any law implementing or complying with, or introduced in accordance with applicable law. The Payors will furnish order to the Trusteeconform to, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.Directive; or
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner 8) a Tax imposed in connection with a Note presented for payment by or on behalf of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such a Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant who would have been able to subsection 215(4) avoid such Tax by presenting the Note to another paying agent in a member state of the Tax Act and section 803 European Union. Such Additional Amounts will also not be payable where, had the beneficial owner of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to Note been the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result Holder of the Holder’s or beneficial owner’s failure to pay amounts on a timely basisNote, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder it would not have been eligible entitled to receive payment of Additional Amounts hereunder by virtue reason of clauses (i1) through to (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”)8) inclusive above. Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such paymentUpon request, the Company will deliver provide the Trustee with documentation satisfactory to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Amounts. Copies of such documentation will be made available to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofHolders upon request.
Appears in 1 contract
Samples: Euro Indenture (JSG Acquisitions I)
Additional Amounts. (a) All payments made (including any premium paid upon redemption of the Notes) by or on behalf of the Company Issuer or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with successor in respect to of the Notes or any the Guarantors or a successor in respect of the Note Guarantee Guarantees will be made free and clear of, and without withholding or deduction or withholding for, for or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions Taxes imposed or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of Brazil, the United States, the Cayman Islands or any authority therein or thereof or any other jurisdiction in which such Payor is organizedthe Issuer or the Guarantors (or in each case, resident their successor) are organized or carrying on doing business for tax purposes or from or through which payments are made by or on behalf in respect of such Payor the Notes, or any political subdivision or taxing authority thereof or therein (any of the foregoing that has the power to tax (each, aforementioned being a “Taxing Jurisdiction”), unless the Issuer or the Guarantors (or their respective successor) are compelled by law to deduct or withhold such Taxes. In such event, the Issuer or the Guarantors (or their respective successor) will make such deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any withholding, make payment made under or in respect of the Notes, amount so withheld to the Payor will appropriate governmental authority and pay such additional amounts (“Additional Amounts”) as may be necessary so to ensure that the net amounts received by each Holder (including Additional Amounts), registered Holders of Notes after such deduction or withholding (including withholding or deduction attributable shall equal the respective amounts of principal and interest (or other amounts stated to Additional Amounts be payable hereunder), shall not be less than under the amount the Holder Notes) which would have been received had no in respect of the Notes in the absence of such withholding or deduction or withholding been required.
(c) However, notwithstanding “Additional Amounts”). Notwithstanding the foregoing, no such Additional Amounts will shall be payable to a Holder of a Note by any Payor with respect to: payable:
(i) taxes that would not have been imposed but to, or to a third party on behalf of, a Holder or beneficial owner who is liable for such Taxes in respect of such Note by reason of the existence of any present or former connection between the relevant such Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial ownersuch Holder, if the relevant such Holder or beneficial owner is an estate, nominee, a trust, partnership a partnership, or a corporation) and any the relevant Taxing Jurisdiction (Jurisdiction, including, without limitation, by virtue of the such Holder or beneficial owner (or such fiduciary, settlor, beneficiary, member or shareholder) being or having been a citizen or resident ofthereof or being or having been engaged in a trade or business or present therein or having, formed pursuant to the laws ofor having had, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction)therein, other than solely by reason the mere holding of the Holder Note or beneficial owner purchasing, holding or disposing enforcement of rights under this Indenture and the Notes; receipt of payments with respect to the Note;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of Taxes that would not have been so withheld or deducted if the Notes if such payments could have had been made without such imposition, deduction surrendered or withholding of such taxes had such Notes been presented for payment (where presentation if surrender or presentment is required) within not more than 30 days after the relevant date (Relevant Date except to the extent that the Holder thereof payments under such Note would have been entitled subject to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by withholdings and the Holder or beneficial owner of such Note would have been entitled to provide such Additional Amounts, on surrender of such Note for payment on the last day such period of 30 days;
(iii) to, or to a third party on behalf of, a Holder or beneficial owner who is liable for such Taxes by reason of such Holder or beneficial owner’s failure to comply, with any certification, informationidentification, documents documentation or other evidence reporting requirement concerning the nationality, residence residence, identity or identity connection with the relevant Taxing Jurisdiction of the such Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such mattersowner, within 30 days after a specific written request therefor from a Payor, which if (A) compliance is required by law, regulation law or administrative practice or an applicable income treaty as a precondition to to, exemption from from, or reduction in the rate of deduction of, the Tax and (B) the Issuer has given the Holders and beneficial owners at least 30 days’ notice that Holders and beneficial owners will be required to provide such certification, identification, documentation or withholding of all or part of such taxes; other requirement;
(iv) withholding tax under Part XIII in respect of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excisetransfer, use, excise or personal property, transfer property or similar tax; Tax, other than as provided in Section 4.26(a)(i);
(viiv) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation in respect of any Tax which is payable other jurisdiction that has entered into an agreement with than by deduction or withholding from payments of principal of (including premium) or interest on the United States Note; or
(vi) in respect of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)above.
(db) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld Notwithstanding anything to the relevant government authority contrary in accordance with applicable law. The Payors will furnish to the Trusteethis provision, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) none of the Tax Act and section 803 of Issuer, the Income Tax Regulations (Canada) Guarantors, their respective successors, a paying agent or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure other person shall be required to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net payment in respect of any deduction or withholding Taxes imposed or required pursuant to under Sections 1471 through 1474 of the Code, or any current successor law or future regulations regulation implementing or official interpretations thereofcomplying with, or introduced in order to conform to, such sections, or imposed pursuant to any intergovernmental agreement or any agreement entered into pursuant to Section 1471(bsection 1471(b)(1) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(gc) Each Holder entitled to any No Additional Amounts shall cooperatebe paid with respect to any payment on a Note to a Holder or beneficial owner who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is payment would be required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested to be included in writing by the Company income, for Tax purposes, of a beneficiary or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder.
(d) Payments on the Notes are subject in all cases to any Tax, fiscal or any Note Guarantee is due and payableother law or regulation or administrative or judicial interpretation. Except as specifically provided above, if a Payor will neither the Issuer nor the Guarantors shall be obligated required to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld Tax imposed by any government or deducteda political subdivision or taxing authority thereof or therein.
(ie) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities event that Additional Amounts actually paid with respect thereto, imposed by any Taxing Jurisdiction at any time in respect to the Notes of the execution, issuance, registration relevant Series are based on rates of deduction or delivery withholding of withholding Taxes in excess of the appropriate rate applicable to the Holder or beneficial owner of such Notes of the relevant Series, and, as a result thereof such Holder or beneficial owner is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding Tax, then such Holder or beneficial owner, as applicable, shall, by accepting such Notes, be deemed to have assigned and transferred all right, title, and interest to any Note Guarantee, such claim for a refund or credit of such excess to the Issuer.
(f) Any reference in this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis relevant Series to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under in respect of the Notes of the relevant Series by the Issuer or the Note Guarantee by the Guarantors (or their successors) will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this provision.
(g) Each of Obligors shall agree that if any Note of the Issuer or the Guarantors, as applicable, is required under applicable law to make any deduction or withholding on payments of principal of or interest on the Notes of the relevant Series for or on account of any Tax, at least 10 days prior to the first payment date on the Notes of the relevant Series and at least 10 days prior to each payment date thereafter where such withholding is required, the Issuer or the Guarantor, as applicable, shall furnish the Trustee and a paying agent with an Officer’s Certificate (but only if there has been any change with respect to the matters set forth in any previously delivered Officer’s Certificate) instructing the Trustee and a paying agent as to whether such payment of principal of or interest on the Notes of the relevant Series shall be made without deduction or withholding for or on account of any Tax, or, if any such deduction or withholding shall be required by the Taxing Jurisdiction, then such certificate shall: (i) specify the amount required to be deducted or withheld on such payment to the relevant recipient; (ii) certify that the Issuer or the Guarantors, as applicable, shall pay such deduction or withholding amount to the appropriate taxing authority; and (iii) certify that the Issuer or the Guarantors, as applicable, shall pay or cause to be paid to the Trustee or a paying agent such Additional Amounts as are required by this provision.
(h) Each of the Obligors (or their respective successor) will pay any Taxes required to be deducted or withheld pursuant to applicable law and will furnish to the Holders, within 60 days after the date such payment is due, either certified copies of Tax receipts evidencing such payment, or, if such receipts are not obtainable, other evidence of such payments reasonably satisfactory to the Holders.
(i) The Issuer or the Guarantors, as applicable, will pay when due any present or future stamp, transfer, court or documentary Taxes or any Note Guarantee, such reference shall be deemed other excise or property Taxes imposed by a Taxing Jurisdiction (or any political subdivision or governmental authority thereof or therein having power to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, Tax) with respect to the extent thatinitial execution, in such context, Additional Amounts are, were delivery or would be payable in respect thereofregistration of the Notes of the relevant Series or any other document or instrument relating thereto.
Appears in 1 contract
Samples: Indenture (Azul Sa)
Additional Amounts. (a) All payments made by or on behalf of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with principal and interest in respect to of the Notes or any Note the Guarantee will be made free and clear of, and without withholding or deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings governmental charges of whatever nature (hereinafter referred to as “taxes”"Taxes") now imposed or hereafter imposed, levied, collected, withheld or assessed levied by or on behalf of any jurisdiction in which such Payor is organizedthe British Virgin Islands, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Hong Kong, the PRC or any political subdivision subdivision, territory or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations possession thereof, any agreement entered into pursuant authority therein having power to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notestax, any Note Guarantee, this Indenture or any other document or instrument referred area subject to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any its jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made (each a "Relevant Taxing Jurisdiction"), unless such Taxes are required by law to be withheld or deducted. If any deduction or withholding for any present or future Taxes of the applicable Relevant Taxing Jurisdiction shall at any time be so required, the Issuer or the Guarantor, as the case may be, shall pay such additional amounts ("Additional Amounts") as will result (after deduction of such taxes, duties, assessments or governmental charges and any additional taxes, duties, assessments or governmental charges payable in respect of such Additional Amounts) in receipt by each Holder of any Note of such amounts as would have been received by such successor Holder with respect to such Note or its respective agents.the Guarantee, as applicable, had no such withholding or deduction been required; provided, however, that no Additional Amounts shall be payable for or on account of:
(ka) Whenever this Indenture refers any such Taxes which would not have been imposed but for
(i) the existence of any present or former connection between such Holder (or a beneficial holder of a Note) and the applicable Relevant Taxing Jurisdiction, (including, without limitation, such Holder (or a beneficial holder of a Note) being or having been a domiciliary, national or resident thereof, being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein) other than the holding or ownership of a Note, the collection of principal of and interest on, or the enforcement of, a Note or the Guarantee or being or having been a beneficiary of the Guarantee; or
(ii) the presentation of a Note or Guarantee (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except to the extent that such Holder would have been entitled to such Additional Amounts if it had presented such Note or Guarantee for payment on any day within such period of 30 days; or
(b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other similar governmental charge; or
(c) any such Taxes withheld or deducted from any payment: (i) where such withholding or deduction is imposed on such payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive or (ii) where such withholding or deduction could have been avoided by or on behalf of a Holder by presenting the relevant Note or Guarantee to another paying agent in a Member State of the European Union; or
(d) any such Taxes payable otherwise than by deduction or withholding from payments under or with respect to any note or the guarantee; or
(e) any such Taxes that are imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of such Note with a request by or on behalf of the Issuer or the Guarantor (sent to such Holder or beneficial owner at least 30 days prior to the date compliance is required)
(i) to provide information concerning the nationality, residence or identity of such Holder or beneficial owner, or (ii) to make any declaration or other similar claim (to the extent such Holder is entitled thereto) or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by statute, treaty, regulation or administrative practice of the applicable Relevant Taxing Jurisdiction as a precondition to exemption from all or part of such Taxes; or
(f) any combination of items (a) through (e) above; nor shall Additional Amounts be paid with respect to any payment of the principal of or any interest on any Note or under the Guarantee to any Holder of a Note who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that the settlor, beneficiary, partner or beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of such Note. Whenever there is mentioned herein in any context, the payment of principal, premium, if any, principal or interest or any other amount payable under or with in respect to of any Note or any Note the Guarantee, such reference mention shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, provided for herein to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofthereof pursuant hereto.
Appears in 1 contract
Samples: Indenture (Cnooc LTD)
Additional Amounts. Except as otherwise provided by Section 3.01 with respect to any series of Securities:
(a) All payments made by or on behalf of principal and interest in respect of the Company or Securities of any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to series and/or the Notes or any Note Guarantee Guarantees will be made free and clear of, and without withholding or deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions assessments or withholdings governmental charges of whatever nature (hereinafter referred to as “taxesTaxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the British Virgin Islands, Hong Kong, the PRC or any other jurisdiction in which such Payor the Guarantor or the Issuer (or any successor to the Guarantor or the Issuer) is organizedtax resident, resident in each case including any political subdivision, territory or carrying on business for possession thereof, any authority therein having power to tax purposes or any area subject to its jurisdiction, or any jurisdiction from or through which payments are any payment is made by or on behalf of such Payor the Issuer or any political subdivision or authority of the foregoing that has the power to tax Guarantor (each, a “Relevant Taxing Jurisdiction”), ) unless the such Taxes are required by law to be withheld or deducted. If any deduction or withholding is required by for any present or future Taxes of the applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At Relevant Taxing Jurisdiction shall at any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notesbe so required, the Payor will Guarantor or the Issuer, as the case may be, shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received will result (after deduction of such Taxes and any additional Taxes payable in respect of such Additional Amounts) in receipt by each Holder (including Additional Amounts)of any Security of such amounts as would have been received by such Holder with respect to such Security or the Guarantee, after as applicable, had no such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However; provided, notwithstanding the foregoinghowever, that no Additional Amounts will shall be payable in respect of any Security:
(i) to a Holder (or to a third party on behalf of a Note by any Payor with Holder) who is liable to such Taxes in respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely Security by reason of his having some connection with the Holder or beneficial owner purchasing, Relevant Taxing Jurisdiction other than the mere holding or disposing of the Notes; Security;
(ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment which is surrendered (where presentation is requiredrequired to be surrendered) within more than 30 days after the relevant date (Relevant Date, except to the extent that the Holder thereof of it would have been entitled to such Additional Amounts on presenting a Note surrender of such Security for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.on
Appears in 1 contract
Additional Amounts. (a) All payments of principal, premium, interest or any other amounts due and payable hereunder by the Company or the Guarantor in respect of each Note shall be made without deduction or withholding for or on account of any present or future taxes, penalties, fines, duties, assessments or other governmental charges of whatsoever nature imposed or levied by or on behalf of the British Virgin Islands or Argentina or by or within any political subdivision thereof or any authority therein having power to tax ("BVI Taxes" or "Argentine Taxes", respectively), unless the Company is compelled by law to so deduct or withhold. In any such event, the Company or any the Guarantor (each shall pay such person who pays Additional Amounts in respect of BVI Taxes or credits Argentine Taxes, as applicable, as may be necessary to ensure that the amounts received by the Holders of such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will the Trustee, as the case may be, after such withholding or deduction shall equal the respective amounts that would have been receivable in respect of such Notes in the absence of such withholding or deduction, except that no such Additional Amounts shall be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings payable:
(hereinafter referred i) to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction a Holder or beneficial owner of a Note that is liable for BVI Taxes or Argentine Taxes in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf respect of such Payor Note by reason of having some present or former connection with the British Virgin Islands or Argentina (or any political subdivision or taxing authority thereof or therein) other than the mere holding or owning of such Note or the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction receipt of income or withholding is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.any payments in respect thereof;
(bii) At any time to or on behalf of a relevant Taxing Jurisdiction requires deductions Holder or withholdings beneficial owner of taxes from any payment made under or a Note in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction BVI Taxes or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes Argentine Taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue failure of the Holder or beneficial owner being of a citizen Note to comply with any certification, identification, information, documentation or resident of, formed pursuant other reporting requirement (within 30 days following a written request from the Company to the laws ofHolder for compliance) concerning the nationality, incorporated in residence or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason identity of the Holder or beneficial owner purchasingif such compliance is required by applicable law, holding regulation, administrative practice or disposing of the Notes; (ii) taxes imposed onan applicable treaty as a precondition to exemption from, or deducted reduction in the rate of deduction or withheld fromwithholding of, payments BVI Taxes or Argentine Taxes;
(iii) to or on behalf of a Holder of a Note in respect of the Notes if such payments could BVI Taxes or Argentine Taxes that would not have been made without such imposition, deduction or withholding imposed but for the failure of such taxes had such Notes been presented Holder to present a Note for payment (where presentation is required) within more than 30 days after the relevant date later of (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (ax) the date on which such payment became due date for payment thereof, or and (by) if the full amount of the monies payable on such date have has not been received by the Trustee on or prior to such due date, the date on which which, the full amount of such monies having been so received, provided that notice to that effect is duly shall have been given to the Holders by the Trustee, except to the extent that the Holder would have been entitled to such Additional Amounts on presenting such Note for payment on the last day of the Notes applicable 30-day period; or
(iv) any combination of (i), (ii) and (iii). All references in this Indenture to principal, premium or interest payable hereunder shall be deemed to include references to any Additional Amounts payable under this Section with respect to such principal, premium or interest. The Company or the Guarantor, as applicable, will provide the Trustee with documentation evidencing the payment of any amounts deducted or withheld in accordance with this Indenture; (iii) taxes imposed or withheld by reason Section promptly upon the Company's payment thereof and copies of the failure such documentation will be made available by the Holder or beneficial owner of such Note Trustee to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii)Holders upon request.
(db) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and Guarantor, as applicable, will promptly pay when due any affected beneficial owner and to assist the Company present or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under future stamp, court or with respect to the Notes documentary taxes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar property taxes, charges and duties, including or similar levies that arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuance, delivery or registration of each Note or delivery of the Notes, any Note Guarantee, this Indenture Guarantee or any other document or instrument referred to hereunder herein or thereunder and therein, excluding any such taxes, charges or duties similar levies imposed by a Taxing Jurisdiction on any payments made pursuant to jurisdiction outside of the Notes British Virgin Islands or as a result ofArgentina (except those resulting from, or required to be paid in connection with, the enforcement of such Note or the Notes, any Note Guarantee and/or or any other such document or instrumentinstrument following the occurrence of any Event of Default).
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Additional Amounts. All amounts payable (awhether in respect of principal, interest or otherwise) All payments in respect of the Notes will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Company Cayman Islands or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor Bermuda or any political subdivision thereof or any authority of the foregoing that has the or agency therein or thereof having power to tax (each, a “Taxing Jurisdiction”)tax, unless the withholding or deduction of such taxes, duties, levies, assessments or withholding governmental charges is required by applicable law or by the interpretation or administration thereof by the relevant governmental authority.
(b) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Noteslaw. In that event, the Payor Company will pay pay, or cause to be paid, such additional amounts (“Additional Amounts”) as may be necessary so in order that the net amounts received receivable by each a Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), (including any withholding or deduction on such payment of additional amounts) shall not be less than equal the amount the Holder respective amounts that would have received been receivable by such Holder had no such withholding or deduction or withholding been required.
required (c) However"ADDITIONAL AMOUNTS"), notwithstanding the foregoing, except that no such Additional Amounts will shall be payable in relation to any payment (including a payment made in connection with a redemption) in respect of any of the Notes (a) to, or to a Holder third party on behalf of, a Person who would be able to avoid such withholding or deduction by complying with such Person's statutory requirements or by making a declaration of a non-residence or similar claim for exemption but, in either case, fails to do so, or is liable for such taxes, duties, levies, assessments or governmental charges in respect of such Note by any Payor reason of his having some connection with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws ofbeing incorporated or engaged in a trade or business in, incorporated in or carrying on a business, having a permanent establishment or having a residence or principal place of business in such jurisdiction)or other presence in) the Cayman Islands or Bermuda, as the case may be, other than solely by reason (i) the mere holding of the Holder or beneficial owner purchasing, holding or disposing of the Notessuch Note; (ii) taxes imposed onthe receipt of principal, interest, or deducted or withheld from, payments other amount in respect of such Note; or (iii) the Notes if mere enforcement of rights with respect to such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been Note; (b) presented for payment (where presentation is required) within more than 30 days after the relevant date (Relevant Date, except to the extent that the relevant Holder thereof would have been entitled to such Additional Amounts on presenting a Note the same for payment on or before the last day expiry of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount period of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture30 days; (iiic) taxes imposed or withheld by reason on account of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, useestate, personal property, sales or transfer or similar tax; (vii) any tax taxes, duties, levies, assessments or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Codegovernmental charges; or (viiid) taxes arising on account of any taxes, duties, levies, assessments or governmental charges that are payable otherwise than by withholding from payments in respect of such Note. If the Company becomes subject generally at any time to any taxing jurisdiction other than or in addition to the Cayman Islands or Bermuda, or make a payment on the Notes from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding jurisdiction other than or deduction and (2) remit the full amount deducted or withheld in addition to the relevant government authority Cayman Islands or Bermuda, references in accordance with applicable law. The Payors will furnish this section to the Trustee, within 30 days after the date the payment of any taxes is due pursuant Cayman Islands and Bermuda shall be read and construed as references to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory jurisdiction(s) and/or to the Trustee.
(e) The PayorsCayman Islands and Bermuda. Any reference in the Indenture to principal, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner premium or interest in respect of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penaltiesredemption amount and any other amounts in the nature of principal, interestshall be deemed also to refer to any Additional Amounts that may be payable under the Indenture, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result the express mention of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (iif applicable) through (viii) of Section 2.13(c) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. Except as otherwise provided in or pursuant to the Indenture, if the Payor had been required to withhold from such payments or to Notes require the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount payment of Additional Amounts payable in respect thereof.
(h) At Amounts, at least 30 calendar days prior to each date on which any payment payments under or with respect to the Notes or any Note Guarantee is are due and payable, if a Payor will be obligated payable (unless such obligation to pay Additional Amounts with respect arises shortly before or after the 30th day prior to such paymentdate, in which case it shall be promptly thereafter) the Company, or its designee shall furnish to the Trustee, the Company will deliver to Registrar and the Trustee Paying Agent an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable, and will set forth such any other information necessary to enable the Trustee or such Paying Agent to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor date. The Company will pay any present or future stamp, issuecourt or documentary taxes, registration, court, documentation, or any other excise or other similar property taxes, charges and duties, including or similar levies which arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuance, delivery or registration or delivery of the Notes, any Note Guarantee, this Indenture Notes or any other document or instrument referred to hereunder therein (other than a transfer of the Notes), or thereunder and the receipt of any payments with respect to the Notes, excluding any such taxes, charges or duties similar levies imposed by any jurisdiction outside the Cayman Islands or Bermuda in which a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result ofPaying Agent is located, other than those resulting from, or required to be paid in connection with, the enforcement of the Notes, any Note Guarantee and/or the Indenture or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive instrument following the occurrence of any termination, defeasance or discharge Event of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or Default with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofNotes.
Appears in 1 contract
Additional Amounts. (a) All payments made by any or on behalf each of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with and the Guarantors in respect to of the Notes or any Note Guarantee will shall be made free and clear of, of and without any withholding or deduction or withholding for, for or on account of, of any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings Taxes (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”defined below), unless the withholding or deduction or withholding of such Taxes is required by applicable law or the official interpretation thereof, or by the interpretation administration thereof. If the Company or administration thereof any Guarantor shall be required by the relevant governmental authority.
(b) At any time a relevant Non-U.S. Taxing Jurisdiction requires deductions (as defined below) to withhold or withholdings of taxes deduct any Taxes from any payment made under or in respect of any sum payable or treated as payable under the NotesNotes or any Note Guarantee, the Payor it will (i) pay such additional amounts (“Additional Amounts”) as may be necessary so in order that the net amounts received receivable by each Holder (including Additional Amounts), beneficial owners of any Notes after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than equal the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof respective amounts which would have been entitled to receivable by such Additional Amounts on presenting a Note for payment on beneficial owners in the last day absence of such 30-day period); for this purposewithholding or deduction, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any estate, inheritance, gift, sales, excise, use, personal property, transfer or similar tax; (vii) any tax or penalty arising from the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1ii) make such withholding or deduction deduction, and (2iii) remit pay the full amount withheld or deducted or withheld to the relevant government tax or other authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing except that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that no such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of any Note: (144) to the execution, issuance, registration extent that such Taxes are imposed or delivery levied by reason of the Notes, any Note Guarantee, this Indenture Holder (or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a the beneficial owner) having some connection with the Non-U.S. Taxing Jurisdiction other than the mere holding (or beneficial ownership) of such Note or receiving principal or interest payments on any payments made pursuant the Note or enforcing rights with respect to the Notes or as a result of(including but not limited to citizenship, nationality, residence, domicile, or existence of a business, permanent establishment, a dependent agent, a place of business or a place of management present or deemed present in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.Non-U.S. Taxing Jurisdiction); #96393093v27
Appears in 1 contract
Samples: First Supplemental Indenture (DIEBOLD NIXDORF, Inc)
Additional Amounts. (a) All payments made by Grupo Aval Limited or on behalf Grupo Aval in respect of the Company or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will the Guarantees shall be made free and clear ofof and without any withholding or deduction for or on account of any present or future Taxes, unless the withholding or deduction of such Taxes is required by law or the official interpretation thereof, or by the administration thereof. If Grupo Aval Limited or Grupo Aval shall be required by any law of any Taxing Jurisdiction to withhold or deduct any Taxes from or in respect of any sum payable under the Notes or the Guarantees, Grupo Aval Limited or Grupo Aval, as the case may be, shall (1) pay such Additional Amounts as may be necessary in order that the net amounts receivable by Holders of any Notes after such withholding or deduction equals the respective amounts which would have been receivable by such Holders in the absence of such withholding or deduction, (2) make such withholding or deduction, and without (3) pay the full amount withheld or deducted to the relevant tax or other authority in accordance with applicable law, except that no such Additional Amounts shall be payable in respect of any Note:
(i) to the extent that such Taxes are imposed or levied by reason of such Holder (or the beneficial owner) having some connection with the Taxing Jurisdiction other than the mere holding (or beneficial ownership) of such Note or receiving principal or interest payments on the Note (including but not limited to citizenship, nationality, residence, domicile, or existence of a business, permanent establishment, a dependant agent, a place of business or a place of management present or deemed present in the Taxing Jurisdiction);
(ii) to the extent that any Tax is imposed other than by deduction or withholding forfrom payments of principal of or premium, if any, or interest on account ofthe Notes;
(iii) in the event that the Holder (or beneficial owner) fails to comply with any certification, any and all present identification or future incomeother reporting requirement concerning nationality, stamp and other taxesresidence, levies, imposts, duties, charges, fees, deductions identity or withholdings connection with the Taxing Jurisdiction if (hereinafter referred to as “taxes”1) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which payments are made by or on behalf of such Payor or any political subdivision or authority of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding compliance is required by applicable law law, regulation, administrative practice or by treaty as a precondition to exemption from all or part of the interpretation Taxes, and (2) Grupo Aval Limited or administration thereof by Grupo Aval, as the relevant governmental authority.case may be, has given the Holders (or beneficial owners) at least 30 days prior notice that they shall be required to comply with such requirement;
(biv) At any time a relevant Taxing Jurisdiction requires deductions or withholdings of taxes from any payment made under or in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so event that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable fails to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes that would not have been imposed but for the existence of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment surrender (where presentation surrender is required) the Note for payment within 30 days after Grupo Aval Limited or Grupo Aval, as the relevant date (except case may be, has made available a payment of principal or interest, provided that Grupo Aval Limited or Grupo Aval, as the case may be, shall pay Additional Amounts to the extent that the which a Holder thereof would have been entitled to such Additional Amounts on presenting a had the Note for payment been surrendered on the last day of such 30-day period); for this purpose, ;
(v) to the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on extent that such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes Taxes are imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is required by law, regulation or administrative practice or applicable treaty as a precondition to exemption from or reduction in the rate of deduction or withholding of all or part of such taxes; (iv) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence of a Holder or beneficial owner of a Note not dealing at arm’s length (within the meaning of the Tax Act) with a Payor at the time of such payment; (v) any withholding tax under Part XIII of the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company or, at any time, not dealing at arm’s length (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vi) any an estate, inheritance, gift, sales, excise, use, personal property, transfer value added, use or sales tax or any similar tax; taxes, assessments or other governmental charges;
(vi) where such withholding or deduction of Taxes is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive on the taxation of savings implementing the conclusions of the European Council of Economic and Finance Ministers (ECOFIN) meeting of 26 and 27 November 2000 or any law implementing or complying with, or introduced in order to conform to, such Directive;
(vii) any tax by or penalty arising from on behalf of a Holder who would have been able to avoid such withholding or deduction of Taxes by presenting the Holder’s failure relevant Note to properly comply with the Holder’s obligations imposed under Part XVIII another Paying Agent in a member state of the Tax Act or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the CodeEuropean Union; or or
(viii) taxes arising from any combination of the foregoing clauses items (i) through (vii).
(d) The Payors will (1) make such withholding above. No Additional Amounts shall be paid to a Holder that is a fiduciary or deduction and (2) remit a partnership or not the full amount deducted or withheld to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence sole beneficial owner of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied extent that a beneficiary or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or settlor with respect to the Notessuch fiduciary, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom a member of such partnership or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible entitled to receive payment of the Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if had such beneficiary, settlor, member or beneficial owner been the Payor had been required to withhold from such payments Holder. Grupo Aval Limited or to Grupo Aval, as the extent such Holder received Additional Amounts with respect to such payments.
(f) In additioncase may be, any amounts to be paid by a Payor on shall provide the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection Trustee with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority official acknowledgment of the relevant Taxing Jurisdiction and that (or, if such acknowledgment is reasonably requested not available, other reasonable documentation) evidencing any payment of any Taxes in writing by respect of which Grupo Aval Limited or Grupo Aval, as the Company or the Trustee to confirm the identity and/or tax status case may be, has paid any Additional Amounts. Copies of such Holder and any affected beneficial owner and documentation shall be made available to assist the Company or Trustee in determining the applicable withholding tax rate and the amount Holders of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payablethe Paying Agents, if a Payor will be obligated to pay Additional Amounts with respect to such paymentas applicable, upon request therefor. Grupo Aval Limited or Grupo Aval, as the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payablecase may be, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will shall also pay any present or future stamp, issue, registration, court, documentation, court or documentary taxes or any excise or other similar property taxes, charges and duties, or similar levies (including any interestpenalties, penalties interest and other liabilities relating thereto) which arise in any similar liabilities with respect theretojurisdiction from the execution, imposed by any Taxing Jurisdiction at any time delivery, registration or the making of payments in respect of the executionNotes and the Guarantees, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and excluding any such taxes, charges or duties similar levies imposed by any jurisdiction that is not a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result ofother than those resulting from, or required to be paid in connection with, the enforcement of the NotesNotes and the Guarantees following the occurrence of any Default or Event of Default. All references in this Note to principal of and premium, if any, and interest on the Notes shall include any Note Guarantee and/or any other such document Additional Amounts payable by Grupo Aval Limited or instrument.
(j) The obligations under this Section 2.13 will survive any terminationGrupo Aval, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to as the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers tocase may be, in any context, the payment respect of such principal, premium, if any, interest or any other amount payable under or with respect to any Note or any Note Guarantee, such reference shall be deemed to include the payment of Additional Amounts or indemnification payments as described in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereofand interest.
Appears in 1 contract
Additional Amounts. (a) All Except to the extent required by law, any and all payments by the Company in respect of the Notes shall be made free and clear of and without deduction or withholding for or on account of any present or future taxes, contributions, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Company Mexico or any Guarantor (each such person who pays or credits such amounts, a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of, and without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (hereinafter referred to as “taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which such Payor is organized, resident political subdivision thereof or carrying on business for any authority therein having power to tax purposes ("Mexican Taxes"). If the Company shall be required by law to deduct or withhold an amount from or through which in respect of any sum payable under the Indenture or under the Notes, the Company shall pay such additional amounts ("Additional Amounts") in respect of Mexican Taxes as shall result in the receipt by the Noteholders of the amounts that would otherwise have been receivable by them in respect of payments are made by on such Notes in the absence of such deduction or withholding, and shall pay the full amount required to be deducted to the relevant taxing authority in accordance with applicable law and shall indemnify each Holder for such amount (and any interest or penalty in respect thereof) imposed as a result of failure to so pay, except that no such Additional Amounts will be payable:
(a) to or on behalf of a Holder or beneficial owner of a Note that is liable for Mexican Taxes in respect of such Payor Note by reason of its having some connection with Mexico (or any political subdivision or taxing, authority thereof or therein) otherwise than by the mere holding or owning of the foregoing that has the power to tax (each, a “Taxing Jurisdiction”), unless the deduction or withholding is required by applicable law such Note or by the interpretation receipt of income or administration thereof by the relevant governmental authority.any payments in respect thereof;
(b) At any time to or on behalf of a relevant Taxing Jurisdiction requires deductions Holder or withholdings beneficial owner of taxes from any payment made under or a Note in respect of the Notes, the Payor will pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amounts received by each Holder (including Additional Amounts), after such deduction or withholding (including withholding or deduction attributable to Additional Amounts payable hereunder), shall not be less than the amount the Holder would have received had no such deduction or withholding been required.
(c) However, notwithstanding the foregoing, no Additional Amounts will be payable to a Holder of a Note by any Payor with respect to: (i) taxes Mexican Taxes that would not have been imposed but for the existence failure of any present or former connection between the relevant Holder or beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and any Taxing Jurisdiction (including, without limitation, by virtue of the Holder or beneficial owner being a citizen or resident of, formed pursuant to the laws of, incorporated in or carrying on a business, having a permanent establishment or having a place of business in such jurisdiction), other than solely by reason of the Holder or beneficial owner purchasing, holding or disposing of the Notes; (ii) taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such taxes had such Notes been presented for payment (where presentation is required) within 30 days after the relevant date (except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting a Note for payment on the last day of such 30-day period); for this purpose, the “relevant date” in relation to any payments on any Note means (a) the due date for payment thereof, or (b) if the full amount of the monies payable on such date have not been received by the Trustee on or prior to such due date, the date on which the full amount of such monies having been so received, provided that notice to that effect is duly given to Holders of the Notes in accordance with this Indenture; (iii) taxes imposed or withheld by reason of the failure by the Holder or beneficial owner of such Note to provide the Company, following receipt of a written request to do so, with any certification, informationidentification, documents information or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, within 30 days after a specific written request therefor from a Payor, which is documentation required by law, regulation or administrative practice or an applicable treaty as a precondition to exemption from from, or reduction in the rate of deduction or withholding of, Mexican Taxes; provided that at least 60 days prior to (i) the first payment date with respect to which the Company shall apply this clause (b) and (ii) in the extent of all a change in such certification, identification, information, documentation, declaration or part other reporting requirement, the first payment date subsequent to such change, the Company shall have notified the Trustee, in writing that the holders of Notes will be required to provide such taxes; certification, information or documentation, declaration or other reporting.
(ivc) withholding tax under Part XIII of the Income Tax Act (Canada) (the “Tax Act”) that is imposed as a consequence to or on behalf of a Holder in respect of Mexican Taxes that would not have been imposed but for the presentation by such Holder for payment on a date more than 30 days after the date on which such payment became due and payable or beneficial owner of a Note not dealing at arm’s length (within the meaning of date on which payment thereof is duly provided for and notice thereof given to Noteholders, whichever occurs later, except to the Tax Act) with a Payor at extent that the time Holder of such paymentNote would have been entitled to Additional Amounts in respect of such Mexican Taxes on presenting such Note for payment on any date during such 30-day period; or
(vd) any withholding tax under Part XIII combination of (a), (b), or (c) above. Additionally, the Tax Act that is imposed as a consequence of a Holder or beneficial owner of a Note being, at any time, a “specified non-resident shareholder” (within the meaning of subsection 18(5) of the Tax Act) obligation of the Company or, at any time, to pay Additional Amounts shall not dealing at arm’s length apply with respect to (within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Company; (vii) any estate, inheritance, gift, sales, excise, use, personal property, transfer or personal property tax or any similar tax; taxes, duties, assessments or other governmental charges or (viiii) any tax taxes, duties, assessments or penalty arising other governmental charges in each case that are of a nature payable otherwise than by deduction or withholding from payments on the Holder’s failure to properly comply with the Holder’s obligations imposed under Part XVIII of the Tax Act Notes or the similar provisions of legislation of any other jurisdiction that has entered into an agreement with the United States of America to provide for the implementation of reporting in that jurisdiction in compliance with Sections 1471 through 1474 of the Code; or (viii) taxes arising from any combination of the foregoing clauses (i) through (vii).
(d) The Payors will (1) make such withholding or deduction and (2) remit the full amount deducted or withheld above. All references herein to the relevant government authority in accordance with applicable law. The Payors will furnish to the Trustee, within 30 days after the date the payment of any taxes is due pursuant to applicable law, certified copies of tax receipts evidencing that such payment has been made or other evidence of such payment satisfactory to the Trustee.
(e) The Payors, jointly and severally, will indemnify and hold harmless each Holder and beneficial owner of Notes and upon written request reimburse each such Holder and beneficial owner for the amount of (x) any taxes so levied or imposed and paid by such Holder or beneficial owner (including, for greater certainty, taxes imposed and paid pursuant to subsection 215(4) of the Tax Act and section 803 of the Income Tax Regulations (Canada) or any successor provision) as a result of payments made under or with respect to the Notes, (y) any liability (including penalties, interest, additions to tax and reasonable expenses) arising therefrom or with respect thereto, excluding any such liability which arises as a result of the Holder’s or beneficial owner’s failure to pay amounts on a timely basis, and (z) any taxes levied or imposed and paid by such Holder or beneficial owner with respect to any reimbursement under clause (x) or (y) above; provided, however, that the indemnification or reimbursement obligations provided for in this Section 2.13(e) shall not extend to taxes for which the applicable Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (viii) of Section 2.13(c) if the Payor had been required to withhold from such payments or to the extent such Holder received Additional Amounts with respect to such payments.
(f) In addition, any amounts to be paid by a Payor on the Notes will be paid net of any deduction or withholding imposed or required pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding.
(g) Each Holder entitled to any Additional Amounts shall cooperate, to the extent described in clause (iii) of Section 2.13(c) above, with the Company and the Trustee in providing any information or documentation that is required by applicable law or by the taxing authority of the relevant Taxing Jurisdiction and that is reasonably requested in writing by the Company or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner and to assist the Company or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof.
(h) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable, and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date net of any taxes required to be withheld or deducted.
(i) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee, this Indenture or any other document or instrument referred to hereunder or thereunder and any such taxes, charges or duties imposed by a Taxing Jurisdiction on any payments made pursuant to the Notes or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.
(j) The obligations under this Section 2.13 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Payor and to any jurisdiction in which such successor is organized or is otherwise resident or carrying on business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents.
(k) Whenever this Indenture refers to, in any context, the payment of principal, premium, if any, and interest or any other amount payable under or with in respect to any Note or any Note Guaranteeof Notes shall, such reference shall unless the context otherwise requires, be deemed to mean and include the payment of all Additional Amounts or indemnification payments Amounts, if any, payable in respect thereof as described set forth in this Section 2.13, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.
Appears in 1 contract
Samples: Indenture (Azteca Holdings Sa De Cv)