Common use of Permitted Deductions Clause in Contracts

Permitted Deductions. The Security Trustee shall be entitled (a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of Tax or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it (or them) under this Agreement, and to pay all Tax which may be assessed against it (or them) in respect of any of the Charged Property, or as a consequence of performing its (or their) duties, or by virtue of its (or their) capacity as Security Trustee under any of the Finance Documents or otherwise (except in connection with its (or their) remuneration for performing its (or their) duties under this Agreement).

Permitted Deductions. The Security Trustee shall be entitled entitled, in its discretion: (a) to set aside by way of reserve amounts required to meet meet, and (b) to make and pay, any deductions and withholdings (on account of Tax Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it (or them) under this Agreement, and deed; and (b) to pay all Tax Taxes which may be assessed against it (or them) in respect of any of the Charged Property, or as a consequence of performing its (or their) duties, or by virtue of its (or their) capacity as Security Trustee under any of the Finance Documents or otherwise (except in connection with its (or their) remuneration for performing its (or their) duties under this Agreement)otherwise.