Payments by Obligor Clause Samples

Payments by Obligor. If a law requires the Obligor to withhold or deduct an amount in respect of Taxes from a payment under any Transaction Document such that the Financier would not actually receive on the due date the full amount provided for under the Transaction Document, then: (a) the Obligor agrees to withhold or deduct the amount for the Taxes (and any further withholding or deduction required by law to be made in respect of any further payment due under paragraph (c) below); and (b) the Obligor agrees to pay an amount equal to the amount withheld or deducted to the relevant authority in accordance with applicable law and give the original receipts to the relevant Financier; and (c) if the amount deducted is in respect of Accountable Taxes, the amount payable is increased so that, after making the withholding or deduction and further withholding or deductions applicable to additional amounts payable under this clause, that Financier is entitled to receive and retain (at the time the payment is due) the amount it would have received if no deductions had been required.