LIMITATION ON REQUIREMENT TO GROSS-UP. 10.6.1 If any Lender ceases to be a Qualifying Lender, no Obligor shall be liable to pay to such Lender under clause 10.1 any amount in excess of the amount it would have been obliged to pay if such Lender had not ceased to be a Qualifying Lender provided that this clause 10.6 shall not apply and each Obligor shall continue to be obliged to comply with its obligations under clause 10 if and to the extent that after the date of this Agreement there shall have been any change in, or in the interpretation, administration or application of, any relevant law or double taxation treaty or any published practice or concession of any relevant taxing authority and as a result of such change (i) such Lender ceases to be a Qualifying Lender or (ii) such Obligor would be required to make a deduction or withholding on account of tax irrespective of whether the recipient of the relevant payment was or was not a Qualifying Lender.
Appears in 4 contracts
Samples: Syndicated Credit Agreement (Bell Microproducts Inc), Supplemental Agreement (Bell Microproducts Inc), Syndicated Credit Agreement (Bell Microproducts Inc)
