Common use of Payments of Additional Amounts Clause in Contracts

Payments of Additional Amounts. All payments made by the Company under or with respect to the Notes will be made free and clear of and without withholding or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of any Taxing Authority within Argentina or any political subdivision or taxing authority thereof, or any present or future Taxes imposed or levied within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or within any other jurisdiction from or through which any payment is made by the Company or its agents, unless the Company is required to withhold or deduct Taxes by law or by the official interpretation or application thereof. If the Company is required to withhold or deduct any amount for or on account of Taxes imposed by a Taxing Authority within Argentina, or within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or such withholding or deduction occurs as a result of the Company’s requirement to pay tax to a Taxing Authority within Argentina as a substitute obligor in respect of the Notes, in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any payment made under or with respect to the Notes, the Company will pay such additional amounts as may be necessary (“Additional Amounts”) so that the net amount received by each Holder of Notes (including such Additional Amounts) after such withholding or deduction will not be less than the amount the Holder or beneficial owner would have received if such Taxes had not been withheld or deducted; provided, that no Additional Amounts will be payable with respect to a payment made to a Holder of this Note (an “Excluded Holder”) with respect to any Taxes which would not have been imposed, payable or due: (i) but for the existence of any present or former connection between the Holder (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) and the taxing jurisdiction other than the holding of, or the receipt of payments under, this Note; (ii) if the beneficial owner of such Note had been the Holder of the Note and would not be entitled to the payment of Additional Amounts; or (iii) where any such taxes, duties, assessments or governmental charges would not have been imposed but for the failure of the Holder of such Note to comply with any certification, identification, information, documentation or other reporting requirements concerning the nationality, residence or connection with Argentina of the Holder or beneficial owner of such Note, if (x) such compliance is required by applicable law, regulation or administrative practice or any applicable treaty of the taxing jurisdiction as a precondition to exemption from, or reduction in the rate of, deduction or withholding of, such taxes, duties, assessments or governmental charges, (y) at least thirty (30) days prior to the first payment date with respect to which such requirements under Argentine law, regulation, or administrative practice or any applicable treaty shall apply, the Company shall have notified all Holders that such Holders will be required to comply with such requirements, and (z) in the case of such requirements under Argentine law, regulation or administrative practice or any such applicable treaty, such requirements are not materially more onerous to such Holders of Notes (in form, in procedure or in the substance of information disclosed) than comparable information or other reporting requirements imposed under U.S. tax law, regulation (including proposed regulations) and administrative practice (such as IRS Forms 1001, W-8 and W-9 or any comparable successor forms). The Company will also (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Company will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Authority imposing such Taxes. The Company will furnish to the Holder of this Note, within sixty (60) days after the date the payment of any Taxes so deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing such payment by the Company or, if such receipts are not obtainable, other evidence of such payments by the Company. At least thirty (30) days prior to each date on which any payment under or with respect to this Note is due and payable, if the Company will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to the Holders of Notes on the payment date. In addition, the Company shall reimburse any non-Argentine domiciled Holder of this Note or any interest herein or rights in respect hereof who has paid Taxes to a Taxing Authority in Argentina in respect of its holding of Notes including taxes levied in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder for any tax so paid (but only to the extent that the Company is not required to pay Additional Amounts in respect of such tax as provided above) within 30 days of written evidence of such payment, including the amount paid, being provided to the Company. In addition, the Company agrees to pay any stamp, issue, registration, documentary, value added or other similar taxes and duties, including interest and penalties, payable in Argentina or the United States, any jurisdiction out of which payment is made or any other jurisdiction in which the Company is organized or engaged in business, or any political subdivision thereof or taxing authority of or in the foregoing in respect of the creation, issue and offering of this Note. The Company also agrees to indemnify each Holder of this Note from and against all court taxes or other taxes and duties, including interest and penalties, imposed on or paid by such Holder in any jurisdiction in connection with any action permitted to be taken by such Holder to enforce the obligations of the Company under this Note. Furthermore, the Company waives its right to reimbursement in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any Holder of any amount required to be paid by the Company to a Taxing Authority in Argentina in respect of such Holder’s holding of Notes. Any reference herein to principal and/or interest shall be deemed also to refer to any Additional Amounts or Other Additional Amounts, as applicable, which may be payable under the undertakings described in this paragraph, and express reference to the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts or Other Additional Amounts, as applicable, in those provisions hereof where such express reference is not made. Notwithstanding the foregoing, the obligation to pay Additional Amounts to any Holder of the 7-Year Floating Rate Notes will be subject to a maximum level not to exceed the amount required to gross-up payments for withholdings on interest payments to a bank domiciled in a jurisdiction that (i) is not deemed to be of low or zero taxation pursuant to Decree No. 916/2004, or (ii) has entered into an exchange of information agreement with Argentina and that is not limited by banking or other secrecy rules in respect of requests made by the tax authority of such jurisdiction.

Appears in 1 contract

Samples: Second Supplemental Indenture (Multicanal Sa)

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Payments of Additional Amounts. All payments made by the Company under or with respect to the Notes will be made free and clear of and without withholding or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of any Taxing Authority within Argentina or any political subdivision or taxing authority thereof, or any present or future Taxes imposed or levied within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or within any other jurisdiction from or through which any payment is made by the Company or its agents, unless the Company is required to withhold or deduct Taxes by law or by the official interpretation or application thereof. If the Company is required to withhold or deduct any amount for or on account of Taxes imposed by a Taxing Authority within Argentina, or within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or such withholding or deduction occurs as a result of the Company’s 's requirement to pay tax to a Taxing Authority within Argentina as a substitute obligor in respect of the Notes, in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any payment made under or with respect to the Notes, the Company will pay such additional amounts as may be necessary ("Additional Amounts") so that the net amount received by each Holder of Notes (including such Additional Amounts) after such withholding or deduction will not be less than the amount the Holder or beneficial owner would have received if such Taxes had not been withheld or deducted; provided, that no Additional Amounts will be payable with respect to a payment made to a Holder of this Note (an "Excluded Holder") with respect to any Taxes which would not have been imposed, payable or due: (i) but for the existence of any present or former connection between the Holder (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) and the taxing jurisdiction other than the holding of, or the receipt of payments under, this Note; (ii) if the beneficial owner of such Note had been the Holder of the Note and would not be entitled to the payment of Additional Amounts; or (iii) where any such taxes, duties, assessments or governmental charges would not have been imposed but for the failure of the Holder of such Note to comply with any certification, identification, information, documentation or other reporting requirements concerning the nationality, residence or connection with Argentina of the Holder or beneficial owner of such Note, if (x) such compliance is required by applicable Argentine law, regulation or administrative practice or any applicable treaty of the taxing jurisdiction as a precondition to exemption from, or reduction in the rate of, deduction or withholding of, such taxes, duties, assessments or governmental charges, (y) at least thirty (30) days prior to the first payment date with respect to which such requirements under Argentine law, regulation, or administrative practice or any applicable treaty shall apply, the Company shall have notified all Holders that such Holders will be required to comply with such requirements, and (z) in the case of such requirements under Argentine law, regulation or administrative practice or any such applicable treaty, such requirements are not materially more onerous to such Holders of Notes (in form, in procedure or in the substance of information disclosed) than comparable information or other reporting requirements imposed under U.S. tax law, regulation (including proposed regulations) and administrative practice (such as IRS Forms 1001, W-8 and W-9 or any comparable successor forms). The Company will also (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Company will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Authority imposing such Taxes. The Company will furnish to the Holder of this Note, within sixty (60) days after the date the payment of any Taxes so deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing such payment by the Company or, if such receipts are not obtainable, other evidence of such payments by the Company. At least thirty (30) days prior to each date on which any payment under or with respect to this Note is due and payable, if the Company will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officers' Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to the Holders of Notes on the payment date. In addition, the Company shall reimburse any non-Argentine domiciled Holder of this Note or any interest herein or rights in respect hereof who has paid Taxes to a Taxing Authority in Argentina in respect of its holding of Notes including taxes levied in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder for any tax so paid (but only to the extent that the Company is not required to pay Additional Amounts in respect of such tax as provided above) within 30 days of written evidence of such payment, including the amount paid, being provided to the Company. In addition, the Company agrees to pay any stamp, issue, registration, documentary, value added or other similar taxes and duties, including interest and penalties, payable in Argentina or the United States, any jurisdiction out of which payment is made or any other jurisdiction in which the Company is organized or engaged in business, or any political subdivision thereof or taxing authority of or in the foregoing in respect of the creation, issue and offering of this Note. The Company also agrees to indemnify each Holder of this Note from and against all court taxes or other taxes and duties, including interest and penalties, imposed on or paid by such Holder in any jurisdiction in connection with any action permitted to be taken by such Holder to enforce the obligations of the Company under this Note. Furthermore, the Company waives its right to reimbursement in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any Holder of any amount required to be paid by the Company to a Taxing Authority in Argentina in respect of such Holder’s 's holding of Notes. Any reference herein to principal and/or interest shall be deemed also to refer to any Additional Amounts or Other Additional Amounts, as applicable, which may be payable under the undertakings described in this paragraph, and express reference to the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts or Other Additional Amounts, as applicable, in those provisions hereof where such express reference is not made. Notwithstanding the foregoing, the obligation to pay Additional Amounts to any Holder of the 7-Year Floating Rate Notes will be subject to a maximum level not to exceed the amount required to gross-up payments for withholdings on interest payments to a Basle bank. A Basle bank domiciled means a bank (i) in a jurisdiction that (i) the central bank of which has adopted the international standards of banking supervision of the Basle Committee and is not deemed to be therefore a listed jurisdiction under Section 155.1 of low or zero taxation pursuant to Argentine Decree No. 916/20041344, or as amended, and (ii) has entered into an exchange of information agreement with Argentina and that is not limited by banking legally capable of receiving deposits from or other secrecy rules granting loans to residents of the jurisdiction in respect of requests made by the tax authority of such jurisdiction.which it is organized. Other Additional Amounts ------------------------

Appears in 1 contract

Samples: Indenture (Multicanal Sa)

Payments of Additional Amounts. All payments made by the Company under or with in respect to of the 7-Year Fixed Rate Notes will be made free and clear of and without deduction or withholding or deduction for or on account of any present or future Taxes taxes, duties, levies, imposts, assessments or other charges (including penalties, interest and other additions thereto) that are imposed or levied by or on behalf of any Taxing Authority within political subdivision or territory or possession of Argentina or any political subdivision authority or taxing authority thereof, agency therein or any present thereof having power to tax (“Taxes”) unless such withholding or future Taxes imposed or levied within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or within any other jurisdiction from or through which any payment is made by the Company or its agents, unless the Company deduction is required to withhold or deduct Taxes by law or by the official interpretation or application thereoflaw. If the Company is required by law to withhold or deduct make any amount for or on account of Taxes imposed by a Taxing Authority within Argentina, or within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or such withholding or deduction occurs as a result of the Company’s requirement to pay tax to a Taxing Authority within Argentina as a substitute obligor in respect of the Notes, in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any payment made under or with respect to the Notesdeduction, the Company will pay to any Holder such additional amounts as may be necessary (“Additional Amounts”) so as may be necessary in order that every net payment made by the net amount received by each Holder Company on the Holder’s 7-Year Note after deduction or withholding for or on account of Notes (including any such Additional Amounts) after such withholding present or deduction future Taxes will not be less than the amount the Holder or beneficial owner would have received if then due and payable on such Taxes had 7-Year Note. The foregoing obligation to pay Additional Amounts, however, will not been withheld or deducted; provided, that no Additional Amounts will be payable with respect apply to a payment made to a Holder of this Note (an “Excluded Holder”i) with respect to any Taxes which that would not have been imposed, payable or due: (i) imposed but for the existence of any present or former connection between the such Holder (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) and the taxing jurisdiction Argentina other than the holding of, mere receipt of such payment or the receipt ownership or holding of payments under, this such 7-Year Note; (ii) any Taxes that would not have been imposed but for the presentation by the Holder of such 7-Year Note for payment on a date more than 15 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; (iii) if the beneficial owner of such 7-Year Note had been the Holder of the 7-Year Note and would not be entitled to the payment of Additional Amounts; (iv) any Taxes required to be deducted or withheld by any paying agent from a payment on a 7-Year Note, if such payment can be made without such deduction or withholding by any other paying agent; or (iiiv) where any such taxes, duties, assessments or governmental charges Taxes that would not have been imposed but for the failure of the Holder of such Note to comply with any applicable certification, identificationdocumentation, information, documentation information or other reporting requirements requirement concerning the nationality, residence residence, identity or connection with Argentina the taxing jurisdiction of the Holder or beneficial owner of such 7-Year Note, if (x) such compliance is required by applicable law, regulation or administrative practice or any applicable treaty of the taxing jurisdiction as a precondition to exemption from, or reduction in the rate of, deduction or withholding of, such taxes, duties, assessments or governmental charges, (y) at least thirty (30) days prior to the first payment date with respect to which such requirements under Argentine law, regulation, or administrative practice or any applicable treaty shall apply, the Company shall have notified all Holders that such Holders will be required to comply with such requirements, and (z) in the case of such requirements under Argentine law, regulation or administrative practice or any such applicable treaty, such requirements are not materially more onerous to such Holders of Notes (in form, in procedure or in the substance of information disclosed) than comparable information or other reporting requirements imposed under U.S. tax law, regulation (including proposed regulations) and administrative practice (such as IRS Forms 1001, W-8 and W-9 or any comparable successor forms). The Company will also (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Company will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Authority imposing such Taxes. The Company will furnish to the Holder of this Note, within sixty (60) days after the date the payment of any Taxes so deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing such payment by the Company or, if such receipts are not obtainable, other evidence of such payments by the Company. At least thirty (30) days prior to each date on which any payment under or with respect to this Note is due and payable, if the Company will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to the Holders of Notes on the payment date. In addition, the Company shall reimburse any non-Argentine domiciled Holder of this Note or any interest herein or rights in respect hereof who has paid Taxes to a Taxing Authority in Argentina in respect of its holding of Notes including taxes levied in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder for any tax so paid (but only to the extent that the Company is not required to pay Additional Amounts in respect of such tax as provided above) within 30 days of written evidence of such payment, including the amount paid, being provided to the Company. In addition, the Company agrees to pay any stamp, issue, registration, documentary, value added or other similar taxes and duties, including interest and penalties, payable in Argentina or the United States, any jurisdiction out of which payment is made or any other jurisdiction in which the Company is organized or engaged in business, or any political subdivision thereof or taxing authority of or in the foregoing in respect of the creation, issue and offering of this Note. The Company also agrees to indemnify each Holder of this Note from and against all court taxes or other taxes and duties, including interest and penalties, imposed on or paid by such Holder in any jurisdiction in connection with any action permitted to be taken by such Holder to enforce the obligations of the Company under this Note. Furthermore, the Company waives its right to reimbursement in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any Holder of any amount required to be paid by the Company to a Taxing Authority in Argentina in respect of such Holder’s holding of Notes. Any reference herein to principal and/or interest shall be deemed also to refer to any Additional Amounts or Other Additional Amounts, as applicable, which may be payable under the undertakings described in this paragraph, and express reference to the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts or Other Additional Amounts, as applicable, in those provisions hereof where such express reference is not made. Notwithstanding the foregoingIn addition, the obligation Company agrees to pay Additional Amounts to any Holder stamp, issue, registration, documentary or other similar taxes and duties, including interest and penalties that may be imposed by Argentina or the United States in connection with the creation, issue and offering of the this 7-Year Floating Rate Notes will be subject to a maximum level not to exceed the amount required to gross-up payments for withholdings on interest payments to a bank domiciled in a jurisdiction that (i) is not deemed to be of low or zero taxation pursuant to Decree No. 916/2004, or (ii) has entered into an exchange of information agreement with Argentina and that is not limited by banking or other secrecy rules in respect of requests made by the tax authority of such jurisdictionNote.

Appears in 1 contract

Samples: Second Supplemental Indenture (Multicanal Sa)

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Payments of Additional Amounts. All payments made by the Company under or with in respect to of the Notes Debt Securities will be made free and clear of and without deduction or withholding or deduction for or on account of any present or future Taxes taxes, duties, levies, imposts, assessments or other charges (including penalties, interest and other additions thereto) that are imposed or levied by or on behalf of any Taxing Authority within political subdivision or territory or possession of Argentina or any political subdivision authority or taxing authority thereof, agency therein or any present thereof having power to tax ("Taxes") unless such withholding or future Taxes imposed or levied within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or within any other jurisdiction from or through which any payment is made by the Company or its agents, unless the Company deduction is required to withhold or deduct Taxes by law or by the official interpretation or application thereoflaw. If the Company is required by law to withhold make any such withholding or deduct deduction, the Company will pay to any amount Holder such additional amounts ("Additional Amounts") as may be necessary in order that every net payment made by the Company on the Holder's Debt Security after deduction or withholding for or on account of any such present or future Taxes imposed by a Taxing Authority within Argentina, or within any other jurisdiction in which the Company is organized or engaged in business for tax purposes or such withholding or deduction occurs as a result of the Company’s requirement to pay tax to a Taxing Authority within Argentina as a substitute obligor in respect of the Notes, in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any payment made under or with respect to the Notes, the Company will pay such additional amounts as may be necessary (“Additional Amounts”) so that the net amount received by each Holder of Notes (including such Additional Amounts) after such withholding or deduction will not be less than the amount the Holder or beneficial owner would have received if then due and payable on such Taxes had Debt Security. The foregoing obligation to pay Additional Amounts, however, will not been withheld or deducted; provided, that no Additional Amounts will be payable with respect apply to a payment made to a Holder of this Note (an “Excluded Holder”i) with respect to any Taxes which that would not have been imposed, payable or due: (i) imposed but for the existence of any present or former connection between the such Holder (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) and the taxing jurisdiction Argentina other than the holding of, mere receipt of such payment or the receipt ownership or holding of payments under, this Notesuch Debt Security; (ii) any Taxes that would not have been imposed but for the presentation by the Holder of such Debt Security for payment on a date more than 15 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; (iii) if the beneficial owner of such Note Debt Security had been the Holder of the Note Debt Security and would not be entitled to the payment of Additional Amounts; or (iii) where any such taxes, duties, assessments or governmental charges would not have been imposed but for the failure of the Holder of such Note to comply with any certification, identification, information, documentation or other reporting requirements concerning the nationality, residence or connection with Argentina of the Holder or beneficial owner of such Note, if (x) such compliance is required by applicable law, regulation or administrative practice or any applicable treaty of the taxing jurisdiction as a precondition to exemption from, or reduction in the rate of, deduction or withholding of, such taxes, duties, assessments or governmental charges, (y) at least thirty (30) days prior to the first payment date with respect to which such requirements under Argentine law, regulation, or administrative practice or any applicable treaty shall apply, the Company shall have notified all Holders that such Holders will be required to comply with such requirements, and (z) in the case of such requirements under Argentine law, regulation or administrative practice or any such applicable treaty, such requirements are not materially more onerous to such Holders of Notes (in form, in procedure or in the substance of information disclosed) than comparable information or other reporting requirements imposed under U.S. tax law, regulation (including proposed regulations) and administrative practice (such as IRS Forms 1001, W-8 and W-9 or any comparable successor forms). The Company will also (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Company will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Authority imposing such Taxes. The Company will furnish to the Holder of this Note, within sixty (60) days after the date the payment of any Taxes so deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing such payment by the Company or, if such receipts are not obtainable, other evidence of such payments by the Company. At least thirty (30) days prior to each date on which any payment under or with respect to this Note is due and payable, if the Company will be obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to the Holders of Notes on the payment date. In addition, the Company shall reimburse any non-Argentine domiciled Holder of this Note or any interest herein or rights in respect hereof who has paid Taxes to a Taxing Authority in Argentina in respect of its holding of Notes including taxes levied in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder for any tax so paid (but only to the extent that the Company is not required to pay Additional Amounts in respect of such tax as provided above) within 30 days of written evidence of such payment, including the amount paid, being provided to the Company. In addition, the Company agrees to pay any stamp, issue, registration, documentary, value added or other similar taxes and duties, including interest and penalties, payable in Argentina or the United States, any jurisdiction out of which payment is made or any other jurisdiction in which the Company is organized or engaged in business, or any political subdivision thereof or taxing authority of or in the foregoing in respect of the creation, issue and offering of this Note. The Company also agrees to indemnify each Holder of this Note from and against all court taxes or other taxes and duties, including interest and penalties, imposed on or paid by such Holder in any jurisdiction in connection with any action permitted to be taken by such Holder to enforce the obligations of the Company under this Note. Furthermore, the Company waives its right to reimbursement in accordance with Argentine Law No. 23,966, as amended, and regulations thereunder, from any Holder of any amount required to be paid by the Company to a Taxing Authority in Argentina in respect of such Holder’s holding of Notes. Any reference herein to principal and/or interest shall be deemed also to refer to any Additional Amounts or Other Additional Amounts, as applicable, which may be payable under the undertakings described in this paragraph, and express reference to the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts or Other Additional Amounts, as applicable, in those provisions hereof where such express reference is not made. Notwithstanding the foregoing, the obligation to pay Additional Amounts to any Holder of the 7-Year Floating Rate Notes will be subject to a maximum level not to exceed the amount required to gross-up payments for withholdings on interest payments to a bank domiciled in a jurisdiction that (i) is not deemed to be of low or zero taxation pursuant to Decree No. 916/2004, or (ii) has entered into an exchange of information agreement with Argentina and that is not limited by banking or other secrecy rules in respect of requests made by the tax authority of such jurisdiction.;

Appears in 1 contract

Samples: Indenture (Multicanal Sa)

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