Common use of Qualifying Banks Clause in Contracts

Qualifying Banks. If any Bank is not or ceases to be a Qualifying Bank then it shall promptly notify the relevant Obligor upon becoming aware of the same and the relevant Obligor shall not be obliged to pay such Bank under clause 8.5 any amount in excess of the amount it would have been obliged to pay if such Bank was or had not ceased to be a Qualifying Bank provided that this clause 8.6 shall not apply (and the relevant Obligor shall be obliged to comply with its obligations under clause 8.5) if after today's date there shall have been any change in, or in the interpretation or application of, any relevant law, directive, treaty (including, without limitation, any applicable double tax treaty) or regulation or practice of any applicable taxation authority and as a result thereof the relevant Bank ceases to be a Qualifying Bank or the relevant Obligor will be required to make deduction or withholding on account of tax irrespective of whether the recipient of the relevant payment is or is not a Qualifying Bank. Each Bank confirms to each of the Obligors that it is a Qualifying Bank.

Qualifying Banks. (a) Each Bank party to this Agreement as at 22 April 1999 severally warrants to the Obligors and the Agent that it is a Qualifying Bank (as defined pursuant to the terms of this Agreement as at such date) on 22 April 1999. (b) Each Bank agrees promptly to notify the Borrower if it ceases to be a Qualifying Bank. If any Bank is not (by the time the interest is payable under this Agreement) or ceases to be a Qualifying Bank then it shall promptly notify the relevant Obligor upon becoming aware of the same and the relevant Obligor shall not be obliged to pay such Bank under clause 8.5 9.5 any amount in excess of the amount it would have been obliged to pay if such Bank was or had not ceased to be a Qualifying Bank provided that this clause 8.6 9.6(b) shall not apply (and the relevant Obligor shall be obliged to comply with its obligations under clause 8.59.5) if after today's date 22 April 1999 there shall have been any change in, or in the interpretation or application of, any relevant law, directive, treaty (including, without limitation, limitation any applicable double tax taxation treaty) or regulation or practice of any applicable taxation authority and as a result thereof the relevant Bank ceases to be a Qualifying Bank or the relevant Obligor will be required to make a deduction or withholding on account of tax irrespective of whether the recipient of the relevant payment is or is not a Qualifying Bank. Each Bank confirms to each of the Obligors that it is a Qualifying Bank.

Qualifying Banks. (a) Each Bank party to this Agreement as at the date of this Agreement severally warrants to the Obligors and the Agent that it is a Qualifying Bank (as defined pursuant to the terms of this Agreement as at such date) on that date. (b) Each Bank agrees promptly to notify the Borrower if it ceases to be a Qualifying Bank. If any Bank is not (by the time the interest is payable under this Agreement) or ceases to be a Qualifying Bank then it shall promptly notify the relevant Obligor upon becoming aware of the same and the relevant Obligor shall not be obliged to pay such Bank under clause 8.5 9.5 any amount in excess of the amount it would have been obliged to pay if such Bank was or had not ceased to be a Qualifying Bank provided that this clause 8.6 9.6(b) shall not apply (and the relevant Obligor shall be obliged to comply with its obligations under clause 8.59.5) if after today's the date of this Agreement there shall have been any change in, or in the interpretation or application of, any relevant law, directive, treaty (including, without limitation, limitation any applicable double tax taxation treaty) or regulation or practice of any applicable taxation authority and as a result thereof the relevant Bank ceases to be a Qualifying Bank or the relevant Obligor will be required to make a deduction or withholding on account of tax irrespective of whether the recipient of the relevant payment is or is not a Qualifying Bank. Each Bank confirms to each of the Obligors that it is a Qualifying Bank.