Common use of Qualifying Banks Clause in Contracts

Qualifying Banks. If any Finance Party is not or ceases to be a Qualifying Bank then it shall promptly notify the Original Borrower upon becoming aware of the same and the relevant Obligor shall not be obliged to pay such Finance Party under clause 9.5 any amount in excess of the amount it would have been obliged to pay if such Finance Party was or had not ceased to be a Qualifying Bank provided that this clause 9.6 shall not apply (and the relevant Obligor shall be obliged to comply with its obligations under clause 9.5) if after the date of this Agreement (or, in the case of a Finance Party which became a party to this Agreement after the date of this Agreement, the date on which it became a party) 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 taxation treaty) or regulation or practice of any applicable taxation authority and as a result thereof the relevant Finance Party 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.

Qualifying Banks. If any Finance Party is not or ceases to be a Qualifying Bank in relation to an Obligor then it shall promptly notify the Original Borrower upon becoming aware of the same and the relevant such Obligor shall not be obliged to pay such Finance Party under clause 9.5 Clause 10.1 (TAX GROSS-UP) any amount in excess of the amount it would have been obliged to pay if such Finance Party was or had not ceased to be a Qualifying Bank provided that PROVIDED THAT this clause 9.6 Clause 10.2 shall not apply (and the relevant Obligor shall be obliged to comply with its obligations under clause 9.5Clause 10.1) if after the today's date of this Agreement (or, in the case of a Finance Party which became a party to this Agreement after the date of this Agreement, the date on which it became a party) 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 taxation tax treaty) or regulation or practice of any applicable taxation authority and as a result thereof the relevant Finance Party ceases to be a Qualifying Bank in relation to such Obligor or the relevant such 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 in relation to such Obligor. Each Finance Party confirms to the Borrower that it is, as at the date of this Agreement, a Qualifying Bank.