Common use of No Deduction for Taxes Clause in Contracts

No Deduction for Taxes. Except as provided in Section 3.14(d) hereof, any and all payments by Borrower hereunder or under the Notes or in respect of the Letters of Credit shall be made free and clear of and without deduction for any and all present or future Taxes, excluding, (i) in the case of each Lender and the Agents, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender or Agent (as the case may be) is organized or is or should be qualified to do business or any political subdivision thereof and (ii) in the case of each Lender, income and franchise taxes imposed by the jurisdiction of such Lender's Applicable Lending Office or any political subdivision thereof. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or in respect of any Letter of Credit to any Lender or any Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.14) such Lender or Agent (as the case may be) receives an amount equal to the amount such party would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law, and (iv) Borrower shall deliver to Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 3.14(c); provided that Borrower shall not be required to increase any payment by any amount which such Lender shall be entitled to have repaid by the taxing authority upon filing of the appropriate documents.

Appears in 2 contracts

Samples: Credit Agreement (Amresco Inc), Credit Agreement (Amresco Inc)

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No Deduction for Taxes. Except as provided in Section 3.14(d) hereof3.12(d), any and all payments by Borrower hereunder or under the Notes or in respect of the Letters of Credit shall be made free and clear of and without deduction for any and all present or future Taxes, excluding, (i) in the case of each Lender Lender, Participant and the AgentsAdministrative Agent, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender Lender, Participant or Administrative Agent (as the case may be) is organized or is or should be qualified to do business or any political subdivision thereof and (ii) in the case of each LenderLender or Participant, income and franchise taxes imposed by the jurisdiction of such Lender's ’s or Participant’s Applicable Lending Office or any political subdivision thereof. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or in respect of any Letter of Credit to any Lender Lender, Participant or any Administrative Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.143.12) such Lender Lender, Participant or Administrative Agent (as the case may be) receives an amount equal to the amount such party would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law, and (iv) Borrower shall deliver to Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 3.14(c3.12(c); provided that Borrower shall not be required to increase any payment by any amount which such Lender shall be entitled to have repaid by the taxing authority upon filing of the appropriate documents.

Appears in 2 contracts

Samples: Credit Agreement (Camden Property Trust), Credit Agreement (Camden Property Trust)

No Deduction for Taxes. Except as provided in Section 3.14(d) hereof), any and all payments by Borrower hereunder or under the Notes, the Competitive Bid Notes or in respect of the Letters of Credit Swingline Note shall be made free and clear of and without deduction for any and all present or future Taxes, excluding, (i) in the case of each Lender Lender, Participant and the Agents, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender Lender, Participant or Administrative Agent (as the case may be) is organized or is or should be qualified to do business or any political subdivision thereof and (ii) in the case of each LenderLender or Participant, income and franchise taxes imposed by the jurisdiction of such Lender's or Participant's Applicable Lending Office or any political subdivision thereof. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note, any Competitive Bid Note or in respect of any Letter of Credit the Swingline Note to any Lender or Participant, any AgentAgent or the Swingline Lender, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.14) such Lender, Participant, Agent or the Swingline Lender or Agent (as the case may be) receives an amount equal to the amount such party would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law, and (iv) Borrower shall deliver to Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 3.14(c); provided that Borrower shall not be required to increase any payment by any amount which such Lender shall be entitled to have repaid by the taxing authority upon filing of the appropriate documents.

Appears in 1 contract

Samples: Credit Agreement (Camden Property Trust)

No Deduction for Taxes. Except as provided in Section 3.14(d) hereof3.12(d), any and all payments by Borrower hereunder or under the Notes or in respect of the Letters of Credit shall be made free and clear of and without deduction for any and all present or future Taxes, excluding, (i) in the case of each Lender Lender, Participant and the AgentsAdministrative Agent, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender Lender, Participant or Administrative Agent (as the case may be) is organized or is or should be qualified to do business or any political subdivision thereof and (ii) in the case of each LenderLender or Participant, income and franchise taxes imposed by the jurisdiction of such Lender's or Participant's Applicable Lending Office or any political subdivision thereof. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or in respect of any Letter of Credit to any Lender Lender, Participant or any Administrative Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.143.12) such Lender Lender, Participant or Administrative Agent (as the case may be) receives an amount equal to the amount such party would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law, and (iv) Borrower shall deliver to Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 3.14(c3.12(c); provided that Borrower shall not be required to increase any payment by any amount which such Lender shall be entitled to have repaid by the taxing authority upon filing of the appropriate documents.

Appears in 1 contract

Samples: Credit Agreement (Camden Property Trust)

No Deduction for Taxes. Except as provided in Section 3.14(d) hereofSECTION 3.14(D), any and all payments by Borrower hereunder or under the Notes or in respect of the Letters of Credit Competitive Bid Notes shall be made free and clear of and without deduction for any and all present or future Taxes, excluding, (i) in the case of each Lender and the Agents, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender or Administrative Agent (as the case may be) is organized or is or should be qualified to do business or any political subdivision thereof and (ii) in the case of each Lender, income and franchise taxes imposed by the jurisdiction of such Lender's Applicable Lending Office or any political subdivision thereof. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or in respect of any Letter of Credit Competitive Bid Note to any Lender or any Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section SECTION 3.14) such Lender or Agent (as the case may be) receives an amount equal to the amount such party would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law, and (iv) Borrower shall deliver to Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 3.14(cSECTION 3.14(C); provided PROVIDED that Borrower shall not be required to increase any payment by any amount which such Lender shall be entitled to have repaid by the taxing authority upon filing of the appropriate documents.

Appears in 1 contract

Samples: Credit Agreement (Camden Property Trust)

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No Deduction for Taxes. Except as provided in Section 3.14(d) hereof), any and all payments by Borrower hereunder or under the Notes, the Competitive Bid Notes or in respect of the Letters of Credit Swingline Note shall be made free and clear of and without deduction for any and all present or future Taxes, excluding, (i) in the case of each Lender Lender, Participant and the Agents, income and franchise taxes imposed by the jurisdiction under the laws of which such Lender Lender, Participant or Administrative Agent (as the case may be) is organized or is or should be qualified to do business or any political subdivision thereof and (ii) in the case of each LenderLender or Participant, income and franchise taxes imposed by the jurisdiction of such Lender's ’s or Participant’s Applicable Lending Office or any political subdivision thereof. If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note, any Competitive Bid Note or in respect of any Letter of Credit the Swingline Note to any Lender or Participant, any AgentAgent or the Swingline Lender, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.143.14 ) such Lender, Participant, Agent or the Swingline Lender or Agent (as the case may be) receives an amount equal to the amount such party would have received had no such deductions been made, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law, and (iv) Borrower shall deliver to Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 3.14(c); provided that Borrower shall not be required to increase any payment by any amount which such Lender shall be entitled to have repaid by the taxing authority upon filing of the appropriate documents.

Appears in 1 contract

Samples: Credit Agreement (Camden Property Trust)

No Deduction for Taxes. Except as provided in Section 3.14(d) hereof, any and all All payments by Borrower hereunder or under the Notes or in respect of the Letters of Credit this Agreement shall be made free and clear of of, and without deduction for for, any and all present or future Taxes, excluding, (i) in the case of each Lender and the Agents, income and franchise taxes now or hereafter imposed by the jurisdiction under the laws of which such Lender or Agent (as the case may be) is organized within any governmental authority or is pursuant to any governmental rule or should be qualified to do business regulation or any political administrative subdivision or taxing authority thereof and (ii) in the case of each Lenderor therein, income and franchise taxes imposed by the jurisdiction of such Lender's Applicable Lending Office or any political subdivision thereof. If the respectively, unless Borrower shall be required is compelled by law to deduct or withhold such Taxes, in which event Borrower shall pay to Lender such additional amounts (such amounts are herein referred to as the "Gross Up Amounts") as shall result in the effective receipt by Lender of the gross amount of all sums due Lender hereunder and under the Note had no such deduction or withholding been made; provided, however, that Borrower shall have no obligation to pay any Taxes from or in additional amount with respect to United States withholding taxes imposed as a result of any sum payable transfer, assignment or grant of a participation in Lender's rights hereunder or under to a foreign party and provided, further, that in the event that Borrower shall pay to Lender any Note or Gross Up Amounts, Lender shall prepare and assist Borrower in respect of any Letter of Credit to any Lender or any Agent, (i) the sum payable shall be increased preparing such applications and other documents as may be reasonably necessary so that after making all required deductions (including deductions applicable in order for Borrower or Lender to additional sums payable under this Section 3.14) obtain a refund of such Lender Gross Up Amounts, or Agent (as the case may be) receives an amount equal any part thereof which is available for refund, and to the amount such party would have received had no such deductions been madeextent that any Gross Up Amounts are refunded to Lender, (ii) Borrower shall make such deductions, (iii) Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law, and (iv) Borrower shall deliver to Administrative Agent evidence of such payment to the relevant taxing authority or other authority in the manner provided in Section 3.14(c); provided that Borrower shall not be required to increase any payment by any amount which such Lender shall be entitled in turn refund same to have repaid by the taxing authority upon filing of the appropriate documentsBorrower.

Appears in 1 contract

Samples: Secured Loan Agreement (Willis Lease Finance Corp)

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