Common use of Refund of Tax Credits Clause in Contracts

Refund of Tax Credits. If Funding 1 makes a payment under CLAUSE 10.1 (Gross-up) (a TAX PAYMENT) in respect of a payment to the Funding 1 Liquidity Facility Provider under this Agreement and the Funding 1 Liquidity Facility Provider determines that it has obtained a refund of Tax or obtained and used a credit against Tax on its overall net income (a TAX CREDIT) which the Funding 1 Liquidity Facility Provider determines to be attributable to that Tax Payment, then the Funding 1 Liquidity Facility Provider shall reimburse Funding 1 such amount as the Funding 1 Liquidity Facility Provider determines to be such proportion of that Tax Credit as will leave the Funding 1 Liquidity Facility Provider (after that reimbursement) in no better or worse position than it would have been in if no Tax Payment had been required. The Funding 1 Liquidity Facility Provider shall not be obliged to disclose to any party to this Agreement or otherwise any information regarding its Tax affairs and computations.

Refund of Tax Credits. If Funding 1 makes a payment under CLAUSE Clause 10.1 (Gross-up) (a TAX PAYMENTTax Payment) in respect of a payment to the Funding 1 Liquidity Facility Provider under this Agreement and the Funding 1 Liquidity Facility Provider determines that it has obtained a refund of Tax or obtained and used a credit against Tax on its overall net income (a TAX CREDITTax Credit) which the Funding 1 Liquidity Facility Provider determines to be attributable to that Tax Payment, then the Funding 1 Liquidity Facility Provider shall reimburse Funding 1 such amount as the Funding 1 Liquidity Facility Provider determines to be such proportion of that Tax Credit as will leave the Funding 1 Liquidity Facility Provider (after that reimbursement) in no better or worse position than it would have been in if no Tax Payment had been required. The Funding 1 Liquidity Facility Provider shall not be obliged to disclose to any party to this Agreement or otherwise any information regarding its Tax affairs and computations.

Refund of Tax Credits. If Funding 1 makes a payment under CLAUSE 10.1 (Gross-up) (a "TAX PAYMENT") in respect of a payment to the Funding 1 Liquidity Facility Provider under this Agreement and the Funding 1 Liquidity Facility Provider determines that it has obtained a refund of Tax or obtained and used a credit against Tax on its overall net income (a "TAX CREDIT") which the Funding 1 Liquidity Facility Provider determines to be attributable to that Tax Payment, then the Funding 1 Liquidity Facility Provider shall reimburse Funding 1 such amount as the Funding 1 Liquidity Facility Provider determines to be such proportion of that Tax Credit as will leave the Funding 1 Liquidity Facility Provider (after that reimbursement) in no better or worse position than it would have been in if no Tax Payment had been required. The Funding 1 Liquidity Facility Provider shall not be obliged to disclose to any party to this Agreement or otherwise any information regarding its Tax affairs and computations.