Common use of Qualifying Bank Clause in Contracts

Qualifying Bank. (a) If: (i) any Bank is not or ceases to be a Qualifying Bank; and (ii) as a result an Obligor is required to deduct or withhold United Kingdom income tax in respect of payments of interest to be made by such Obligor to that Bank under any Finance Document or would otherwise have been required to make an indemnity payment or a greater indemnity payment under clause 8.5 or 14.2, then such Obligor shall (as the case may be) not be liable to pay under clause 8.5 in respect of any such payment of interest any amount in excess of the amount it would have been obliged to pay if such Bank were a Qualifying Bank, nor shall it be liable to make an indemnity payment or a greater indemnity payment under clause 8.5 or, as the case may be, Clause 14.2 than would have been required if the aforesaid Bank had been or had not ceased to be a Qualifying Bank Provided that this Clause 8.6 shall not apply, and such Obligor shall be obliged to comply with its obligations under clause 8.5, or as the case may be 14.2, if on or after the date hereof:

Qualifying Bank. (a) If: (i) any Bank is not or ceases to be a Qualifying Bank; and (ii) as a result an Obligor any Borrower is required to deduct or withhold United Kingdom income tax in respect of payments of interest to be made by such Obligor Borrower to that Bank under any Finance Document or would otherwise have been required to make an indemnity payment or a greater indemnity payment under clause 8.5 or 14.2, then such Obligor the relevant Borrower shall (as the case may be) not be liable to pay under clause 8.5 in respect of any such payment of interest any amount in excess of the amount it would have been obliged to pay if such Bank were a Qualifying Bank, nor shall it be liable to make an indemnity payment or a greater indemnity payment under clause 8.5 or, as the case may be, Clause 14.2 than would have been required if the aforesaid Bank had been or had not ceased to be a Qualifying Bank Provided that this Clause 8.6 shall not apply, and such Obligor the relevant Borrower shall be obliged to comply with its obligations under clause 8.5, or as the case may be 14.2, if on or after the date hereof: