Grossing-up of Payment Sample Clauses

Grossing-up of Payment. If (a) the Assignor and/or the Borrower or any other person is required by law to make any deduction or withholding on account of any such tax or any other amount from any sum paid or payable by the Assignor and/or the Borrower and/or any Security Party to the Bank under this Assignment and the Security Documents or (b) the Bank (or any person on its behalf) or any Security Party is required by law to make any deduction or withholding from (except on account of tax on the overall net income of the Bank) any payment or calculated by reference to the amount of any sum received or receivable by the Bank under this Assignment and the Security Documents, the Assignor and/or the Borrower shall notify the Bank of any such requirement or any change in any such requirement as soon as the Assignor and/or the Borrower becomes aware of it and shall:-
Sample 1
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Grossing-up of Payment. If (i) the Borrower or any other person is required by the applicable laws to make any deduction or withholding on account of any tax or other amount from any sum paid or payable by the Borrower to the Lender under this Agreement, or (ii) the Lender (or any person on its behalf) is required by the applicable laws to make any deduction or withholding from or (except on account of tax on the overall net income of the Lender) make any payment on or calculated by reference to the amount of any sum received or receivable by the Lender under this Agreement:
Sample 1
Grossing-up of Payment. All sums payable by Sellers pursuant to this Agreement shall be paid free and clear of all deductions or withholdings whatsoever, save only as may be required by any applicable law provided that Sellers shall in no circumstance be required to pay by this clause any amount exceeding the amounts specified for each Seller in Section 7.7(c) and (e). If any deductions or withholdings are required by law to be made from any of the sums payable by Sellers pursuant to this Agreement, (i) Sellers shall (except in the case of interest) deduct or withhold such sums as are required to be deducted or withheld from such sum and any additional sum described in (ii) and pay such sums owed to the appropriate Taxing Authority and (ii) Sellers shall be obliged to pay to the recipient such an additional sum as will, after any deduction or withholding required by law to be made from such additional sum has been made, leave the recipient with the same amount as it would have been entitled to receive in the absence of any such requirement to make a deduction or withholding. If Tax is payable on any sum paid by Sellers to the recipient pursuant to this Agreement, the sum otherwise so payable shall be grossed up by such amount as will ensure that, after payment of any Tax charged on or in respect of such payment, the recipient receives and retains a sum equal to that which would otherwise be payable pursuant to this Agreement.
Sample 1
Grossing-up of Payment. If (a) the Assignor or any other person is required by law to make any deduction or withholding on account of any such tax or any other amount from any sum paid or payable by the Assignor and/or any Security Party to the Bank under this Assignment and the Security Documents or (b) the Bank (or any person on its behalf) or any Security Party is required by law to make any deduction or withholding from (except on account of tax on the overall net income of the Bank) any payment or calculated by reference to the amount of any sum received or receivable by the Bank under this Assignment and the Security Documents, the Assignor shall notify the Bank of any such requirement or any change in any such requirement as soon as the Assignor becomes aware of it and shall:-
Sample 1

Related to Grossing-up of Payment

  • Grossing-up of Payments If Borrower or any other Person is required by law to make any deduction or withholding on account of any such Tax from any sum paid or payable by Borrower to Administrative Agent or any Lender under any of the Loan Documents:

  • Date of Payment Should the principal of or interest on the Notes become due and payable on other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and in the case of principal, interest shall be payable thereon at the rate per annum specified in the Notes during such extension.

  • Netting of Payments Subparagraph (ii) of Section 2(c) of this Agreement will apply to Transactions entered into under this Agreement unless otherwise specified in a Confirmation.

  • Timing of Payment Notwithstanding anything herein to the contrary, if the date on which any payment is to be made pursuant to this Indenture or the Notes is not a Business Day, the payment otherwise payable on such date shall be payable on the next succeeding Business Day with the same force and effect as if made on such scheduled date and (provided such payment is made on such succeeding Business Day) no interest shall accrue on the amount of such payment from and after such scheduled date to the time of such payment on such next succeeding Business Day and the amount of any such payment that is an interest payment will reflect accrual only through the original payment date and not through the next succeeding Business Day.

  • Termination of Payment Fund Any portion of the Payment Fund (including any interest received with respect thereto) that remains undistributed to the holders of Common Shares for one year after the Effective Time shall be delivered to Parent (or its designee), and any holder of Common Shares who has not theretofore complied with this Article II shall thereafter look only to Parent (subject to abandoned property, escheat or other similar Laws) for payment of its claim for Merger Consideration without any interest thereon.

  • Notation of Payment Each Lender agrees that before disposing of any Note held by it, or any part thereof (other than by granting participations therein), that Lender will make a notation thereon of all Loans evidenced by that Note and all principal payments previously made thereon and of the date to which interest thereon has been paid; provided that the failure to make (or any error in the making of) a notation of any Loan made under such Note shall not limit or otherwise affect the obligations of Company hereunder or under such Note with respect to any Loan or any payments of principal or interest on such Note.

  • Timing of Payments All payments of Expenses (including without limitation Expense Advances) by the Company to the Indemnitee pursuant to this Agreement shall be made to the fullest extent permitted by law as soon as practicable after written demand by Indemnitee therefor is presented to the Company, but in no event later than thirty (30) business days after such written demand by Indemnitee is presented to the Company, except in the case of Expense Advances, which shall be made no later than ten (10) business days after such written demand by Indemnitee is presented to the Company.

  • Delay of Payment when Payment Date is Not a Business Day If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to be a “Business Day.”

  • Proration of Payments If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or 15.6 and (ii) payments of interest on any Affected Loan) or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

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