Common use of Payment without Withholding Clause in Contracts

Payment without Withholding. All payments in respect of the Capital Securities by or on behalf of the Issuer or the Guarantor shall be made free and clear of, and without withholding, deduction or retention for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (Taxes) imposed, levied, collected, withheld or assessed by or on behalf of any Relevant Jurisdiction, unless the withholding, deduction or retention of the Taxes is required by law. In that event, the Issuer or, as the case may be, the Guarantor will pay such additional amounts as shall be necessary in order that the net amounts received by the Securityholders after the withholding, deduction or retention shall equal the respective amounts which would have been receivable in respect of the Capital Securities in the absence of the withholding, deduction or retention; except that no additional amounts shall be payable in relation to any payment in respect of any Capital Security: (a) held by or on behalf of a holder which is liable to the Taxes in respect of the Capital Security by reason of his having some connection with any Relevant Jurisdiction other than the mere holding of the Capital Security; or (b) where the relevant Capital Security is presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that a holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days assuming that day to have been a Business Day. Notwithstanding any other provision of these Conditions, any amounts to be paid on the Capital Securities by or on behalf of the Issuer will be made net of any deduction or withholding imposed or required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, (or any regulations or agreements thereunder, or official interpretations thereof.), or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement) (any such withholding or deduction, a FATCA Withholding). Neither the Issuer nor any other person will be required to pay any additional amounts in respect of FATCA Withholding.

Payment without Withholding. All payments in respect of the Capital Securities Notes by or on behalf of the Issuer or the Guarantor shall be made free and clear ofwithout withholding or deduction for, and without withholding, deduction or retention for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed, levied, collected, withheld imposed or assessed levied by or on behalf of any of the Relevant Jurisdiction, unless the withholding, withholding or deduction or retention of the Taxes is required by law. In that event, the Issuer or, as the case may be, the Guarantor will pay such additional amounts as shall may be necessary in order that the net amounts received by the Securityholders Noteholders and Couponholders after the withholding, withholding or deduction or retention shall equal the respective amounts which would have been receivable in respect of the Capital Securities Notes or, as the case may be, Coupons in the absence of the withholding, deduction withholding or retentiondeduction; except that no additional amounts shall be payable in relation to any payment in respect of any Capital SecurityNote or Coupon: (a) held the holder of which is liable for Taxes in respect of such Note or Coupon by reason of having some connection with the Relevant Jurisdiction other than a mere holding of the Note or Coupon; or (b) presented for payment in the United States; or (c) presented for payment by or on behalf of a holder which is liable who would have been able to avoid such withholding or deduction by satisfying any statutory or procedural requirements (including, without limitation, the Taxes in respect provision of the Capital Security by reason of his having some connection with any Relevant Jurisdiction other than the mere holding of the Capital Securityinformation or a Internal Revenue Service Form W-8 or Form W-9 (or a successor form)); or (bd) where presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant Capital Security is Note or Coupon to another Paying Agent in a Member State of the European Union; or (e) presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that a holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days assuming that day to have been a Business Day. Notwithstanding any other provision of these Conditions, any amounts to be paid on the Capital Securities by or on behalf of the Issuer will be made net of any deduction or withholding imposed or required pursuant to an agreement described Presentation Date (as defined in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, Condition 6 (or any regulations or agreements thereunder, or official interpretations thereofPayments)).), or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement) (any such withholding or deduction, a FATCA Withholding). Neither the Issuer nor any other person will be required to pay any additional amounts in respect of FATCA Withholding.

Payment without Withholding. All payments in respect of the Capital Securities by or on behalf of the Issuer or in respect of the Guarantor shall Bonds will be made free and clear of, and without withholding, withholding or deduction or retention for or on account of, of any present or future taxes, taxes or duties, assessments or governmental charges of whatever nature (“Taxes”) imposed, levied, collected, withheld imposed or assessed levied by or on behalf of Italy or any Relevant Jurisdictionpolitical subdivision or any authority thereof or therein having power to tax, unless the withholding, such withholding or deduction or retention of the Taxes is required by law. In that such event, the Issuer or, as the case may be, the Guarantor will pay such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net amounts received by the Securityholders Bondholders after the withholding, such withholding or deduction or retention shall equal the respective amounts which would otherwise have been receivable in respect of the Capital Securities Bonds in the absence of the withholding, deduction such withholding or retentiondeduction; except that no additional amounts Additional Amounts shall be payable in relation to any payment payable: (i) in respect of any Capital Security: (a) held Bond presented for payment by or on behalf of a holder which who is liable to the for such Taxes in respect of the Capital Security such Bonds by reason of his having some connection with any Relevant Jurisdiction Italy other than the mere holding of the Capital Securitysuch Bond; or (bii) where such withholding or deduction 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 implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000; or (iii) in respect of any Bond presented for payment by or on behalf of a holder who would be able to avoid such withholding or deduction by presenting the relevant Capital Security is Bond to another Paying, Transfer and Conversion Agent in a Member State of the European Union; or (iv) in respect of any Bond presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that a holder would have been entitled to additional amounts an Additional Amount on presenting the same for payment on the last such thirtieth day of the period of 30 days assuming that day to have been a TARGET Business Day; or (v) in relation to imposta sostitutiva set forth in Italian Legislative Decree No. Notwithstanding 239 of 1 April 1996 (“Decree 239”) and related implementing rules; or (vi) in all circumstances in which the requirements and procedures to obtain an exemption from imposta sostitutiva set forth in Decree 239 and related implementing rules or any other provision alternative future system of these Conditionsdeduction or withholding have not been met properly and promptly or complied with, any amounts except where such procedures have not been met or complied with due to be paid on actions or omissions of the Capital Securities Issuer or their agents; or (vii) by or on behalf of a non-Italian resident legal entity or individual which is resident in a country which, for the Issuer will be made net purposes of Decree 239 does not allow for a satisfactory exchange of information with the tax authorities of the Republic of Italy; or (viii) in respect of any deduction Bond presented for payment by or withholding imposed or required pursuant to an agreement described in Section 1471(b) on behalf of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, (or any regulations or agreements thereunder, or official interpretations thereof.), or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement) (any a holder if such withholding or deduction, deduction may be avoided by such holder producing a FATCA Withholding). Neither the Issuer nor declaration or any other person will be required statement, including a declaration or or other evidence of non-residence in Italy to pay the relevant taxing authority or intermediary/paying agent or making any additional amounts in respect of FATCA Withholdingother claim or filing, but such holder has failed to properly and promptly produce such declaration or other evidence.

Payment without Withholding. All payments in respect of the Capital Securities by or on behalf of the Issuer or the Guarantor shall be made free and clear of, and without withholding, deduction or retention for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature ("Taxes") imposed, levied, collected, withheld or assessed by or on behalf of any of the Relevant JurisdictionJurisdictions, unless the withholding, deduction or retention of the Taxes is required by law. In that event, the Issuer or, as the case may be, the Guarantor will pay such additional amounts as shall be necessary in order that the net amounts received by the Securityholders after the withholding, deduction or retention shall equal the respective amounts which would have been receivable in respect of the Capital Securities in the absence of the withholding, deduction or retention; except that no additional amounts shall be payable in relation to any payment in respect of any Capital Security: (a) held by or on behalf of a holder which is liable to the Taxes in respect of the Capital Security by reason of his having some connection with any Relevant Jurisdiction other than the mere holding of the Capital Security; or (b) where the relevant Capital Security is presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that a holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days assuming that day to have been a Business Day. Notwithstanding any other provision of these Conditions, any amounts to be paid on the Capital Securities by or on behalf of the Issuer will be made net of any deduction or withholding imposed or required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, (or any regulations or agreements thereunder, or official interpretations thereof.), or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement) (any such withholding or deduction, a "FATCA Withholding"). Neither the Issuer nor any other person will be required to pay any additional amounts in respect of FATCA Withholding.

Payment without Withholding. All payments in respect of the Capital Securities Notes by or on behalf of the Issuer or the Guarantor shall be made free and clear of, and without withholdingwithholding or deduction for, deduction or retention for or on account of, any present or future taxes, duties, levies, assessments or governmental charges (including related interest and penalties) of whatever nature ("Taxes") imposed, levied, collected, withheld assessed or assessed levied by or on behalf of any Relevant Jurisdiction, unless the withholding, withholding or deduction or retention of the Taxes is required by law. In that event, the Issuer or, as the case may be, the Guarantor will pay such additional amounts as shall may be necessary in order that the net amounts received by the Securityholders Noteholders after the withholding, withholding or deduction or retention shall equal the respective amounts which would have been receivable in respect of the Capital Securities Notes in the absence of the withholding, deduction withholding or retentiondeduction; except that no additional amounts shall be payable in relation to any payment in respect of any Capital SecurityNote: (a) held by or on behalf of a holder which who is liable to the for such Taxes in respect of the Capital Security Note by reason of his having some connection with any the Relevant Jurisdiction other than the mere holding of the Capital SecurityNote; or (b) where in respect of which the relevant Capital Security Certificate representing it is presented for payment in the Relevant Jurisdiction; or (c) in respect of which the Certificate representing it is presented for payment more than 30 days after the Relevant Date (as defined below) except to the extent that a the holder thereof would have been entitled to such additional amounts on presenting the same for payment on the last day of the period of 30 days assuming that day to have been a Business DayDay (as defined in Condition 6). Notwithstanding any other provision of these Conditions, in no event will the Issuer be required to pay any additional amounts to be paid on in respect of the Capital Securities by Notes for, or on behalf of the Issuer will be made net of account of, any withholding or deduction or withholding imposed or required pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections Section 1471 through 1474 of the Code, (or any regulations or agreements thereunder, or any official interpretations thereof.), or any law implementing an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement) (any such withholding or deduction, a FATCA Withholding). Neither the Issuer nor any other person will be required to pay any additional amounts in respect of FATCA Withholdingapproach thereto.