Qualifying Banks. (a) Subject to paragraph (b) below, if a Bank is not or ceases to be a Qualifying Bank, no Obligor will be liable to pay to that Bank under Clause 12.1 any amount in respect of taxes levied or imposed by the U.K. or any taxing authority of or in the U.K. in excess of the amount it would have been obliged to pay if that Bank had been or had not ceased to be a Qualifying Bank.
Appears in 1 contract
Samples: Agreement (Txu Europe LTD)
Qualifying Banks. (aA) Subject to paragraph (bB) below, if a Bank is not or ceases to be a Qualifying Bank, Bank no Obligor will be liable to pay to that Bank under Clause 12.1 11.1 (Gross-up) any amount in respect of taxes Taxes levied or imposed by the U.K. or any taxing Taxing authority of or in the U.K. in excess of the amount it would have been obliged to pay if that Bank had been or had not ceased to be a Qualifying Bank.
Appears in 1 contract
Samples: Agreement (Tomkins PLC)
Qualifying Banks. (a) Subject to paragraph (b) below, if a Bank is not or ceases to be a Qualifying Bank, no Obligor will be liable to pay to that Bank under Clause 12.1 11.1 (Gross-up) any amount in respect of taxes levied or imposed by the U.K. United Kingdom or any taxing authority of or in the U.K. United Kingdom in excess of the amount it would have been obliged to pay if that Bank had been or had not ceased to be a Qualifying Bank.
Appears in 1 contract
Samples: Agreement (Toreador Resources Corp)
Qualifying Banks. (a) Subject to paragraph (b) below, if a Bank is not or ceases to be a Qualifying Bank, no Obligor will be liable to pay to that Bank under Clause 12.1 14.1 (Gross-up) any amount in respect of taxes levied or imposed by the U.K. or any taxing authority of or in the U.K. in excess of the amount it would have been obliged to pay if that Bank had been been, or had not ceased to be be, a Qualifying Bank.
Appears in 1 contract