Common use of Refund of Tax Credits Clause in Contracts

Refund of Tax Credits. If:- (a) a Borrower makes a payment under Clause 13.1 (Gross- up) (a "Tax Payment") in respect of a payment to a Bank under the Finance Documents; and (b) that Bank determines in good faith 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 that Bank is able to identify in good faith as attributable to that Tax Payment, then, if it determines, acting in good faith, that it can do so without any adverse consequences for the Bank, that Bank shall forthwith reimburse that Borrower, such amount as that Bank in its absolute discretion determines to be such proportion of that Tax Credit as will leave that Bank (after that reimbursement) in no better or worse position in respect of its worldwide tax liabilities than it would have been in if no Tax Payment had been required. A Bank shall have an absolute discretion as to whether to claim any Tax Credit (and, if it does claim, the extent, order and manner in which it does so) and whether any amount is due from it under this Clause 13.3) (and, if so, what amount and when). No Bank shall be obliged to disclose any information regarding its tax affairs and computations.

Refund of Tax Credits. If:- (a) a Borrower an Obligor makes a payment under Clause 13.1 11.1 (Gross- up) (a "Tax Payment") in respect of a payment to a Bank under the Finance Documents; and (b) that Bank determines in good faith 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 that Bank is able to identify in good faith as attributable to that Tax Payment, then, if it determines, acting in good faith, that it can do so without any adverse consequences for the Bank, that Bank shall forthwith reimburse that BorrowerObligor, such amount as that Bank in its absolute discretion determines to be such proportion of that Tax Credit as will leave that Bank (after that reimbursement) in no better or worse position in respect of its worldwide tax liabilities than it would have been in if no Tax Payment had been required. A Bank shall have an absolute discretion as to whether to claim any Tax Credit (and, if it does claim, the extent, order and manner in which it does so) and whether any amount is due from it under this Clause 13.311.3) (and, if so, what amount and when). No Bank shall be obliged to disclose any information regarding its tax affairs and computations.

Refund of Tax Credits. If:- (a) a Borrower the Company makes a payment under Clause 13.1 (Gross- Gross-up) ) (a "Tax Payment" TAX PAYMENT") in respect of a payment to a Bank under the Finance Documents; and and (b) that Bank determines in good faith 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 that Bank is able to identify in good faith as attributable to that Tax Payment, then, if it determines, acting in good faith, that it can do so without any other adverse consequences for the Bank, that Bank shall forthwith reimburse that Borrower, the Company such amount as that Bank in its absolute discretion determines to be such proportion of that Tax Credit as will leave that Bank (after that reimbursement) in no better or worse position in respect of its worldwide tax liabilities than it would have been in if no Tax Payment had been required. A Bank shall have an absolute discretion as to whether to claim any Tax Credit (and, if it does claim, the extent, order and manner in which it does so) and whether any amount is due from it under this Clause 13.3) 13.3 (and, if so, what amount and when). No Bank shall be obliged to disclose any information regarding its tax affairs and computations.

Refund of Tax Credits. If:- (a) a Borrower the Company makes a payment under Clause 13.1 (Gross- Gross-up) (a "Tax PaymentTAX PAYMENT") in respect of a payment to a Bank under the Finance Documents; and and (b) that Bank determines in good faith 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 that Bank is able to identify in good faith as attributable to that Tax Payment, then, if it determines, acting in good faith, that it can do so without any other adverse consequences for the Bank, that Bank shall forthwith reimburse that Borrower, the Company such amount as that Bank in its absolute discretion determines to be such proportion of that Tax Credit as will leave that Bank (after that reimbursement) in no better or worse position in respect of its worldwide tax liabilities than it would have been in if no Tax Payment had been required. A Bank shall have an absolute discretion as to whether to claim any Tax Credit (and, if it does claim, the extent, order and manner in which it does so) and whether any amount is due from it under this Clause 13.3) 13.3 (and, if so, what amount and when). No Bank shall be obliged to disclose any information regarding its tax affairs and computations.