Grossing-up for taxes. If, at any time, the Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document: (a) the Borrower shall notify the Agent as soon as it becomes aware of the requirement; (b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and (c) the Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises.
Appears in 13 contracts
Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Capital Product Partners L.P.)
Grossing-up for taxes. If, at any time, the a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document:
(a) the that Borrower shall notify the Agent as soon as it becomes aware of the requirement;
(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and
(c) the that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises.
Appears in 13 contracts
Samples: Loan Agreement (Global Ship Lease, Inc.), Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Acquisition CORP)
Grossing-up for taxes. If, at any time, the a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document:
(a) the that Borrower shall notify the Agent as soon as it becomes aware of the requirement;
(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and
(c) the that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises...
Appears in 3 contracts
Samples: Loan Agreement (Seanergy Maritime Holdings Corp.), Loan Agreement (Pyxis Tankers Inc.), Loan Agreement (DryShips Inc.)
Grossing-up for taxes. If, at any time, the either Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document:
(a) the that Borrower shall notify the Agent as soon as it becomes aware of the requirement;
(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and
(c) the that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Navios Maritime Partners L.P.)
Grossing-up for taxes. If, at any time, the Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document:
(a) the that Borrower shall notify the Agent Lender as soon as it becomes aware of the requirement;
(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party the Lender receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and
(c) the that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises.
Appears in 2 contracts
Samples: Loan Agreement (Toro Corp.), Loan Agreement (Castor Maritime Inc.)
Grossing-up for taxes. If, at any time, If the Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document:
(a) the Borrower shall notify the Facility Agent as soon as it becomes aware of the requirement;
(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains (free from any liability relating to the tax deduction) a net amount which which, after the tax deduction, is equal to the full amount which it would have received had no such tax deduction been required to be made; and
(c) the Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises.
Appears in 2 contracts
Samples: Loan Agreement (Capital Product Partners L.P.), Loan Agreement
Grossing-up for taxes. If, at any time, the a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document:
(a) the Borrower that Xxxxxxxx shall notify the Agent as soon as it becomes aware of the requirement;
(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and
(c) the that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises...
Appears in 1 contract
Grossing-up for taxes. If, at any time, the a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document:
(a) the Borrower Borrowers shall notify the Agent as soon as it becomes aware of the requirement;
(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and
(c) the that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises.
Appears in 1 contract
