Common use of Taxes Not Deducted from Payments to Lender Clause in Contracts

Taxes Not Deducted from Payments to Lender. All payments made by Borrower under this Agreement will be made free and clear of and without deduction for Taxes (other than Excluded Taxes). If Borrower is required by law to deduct any Taxes (other than Excluded Taxes) from any sum payable to Administrative Agent or any Lender, (i) the sum payable will be increased by an amount that would be required to be paid so that, after making all required deductions (including deductions applicable to additional sums payable under this Section 1.17(a)) Administrative Agent or such Lender will receive an amount equal to the sum it would have received had no deductions been made, (ii) Borrower will deduct from the sum payable to Administrative Agent or such Lender an amount sufficient to pay such Taxes and pay the balance to Administrative Agent or such Lender, and (iii) Borrower will promptly pay the full amount deducted to the relevant Taxing Authority or other Governmental Authority in accordance with Law, provided, however, that Borrower shall not be required to increase any such amounts payable to Administrative Agent or any Lender with respect to such Taxes: (i) that are attributable to such Lender’s failure to comply with the requirements of Section 1.17(d), (ii) that are United States withholding Taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from Borrower with respect to such Taxes pursuant to this Section 1.17(a), or (iii) any amounts paid under FATCA.

Appears in 1 contract

Samples: Credit Agreement (American Standard Energy Corp.)

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Taxes Not Deducted from Payments to Lender. All payments made by Borrower under this Agreement will be made free and clear of and without deduction for Taxes (other than Excluded Taxes). If Borrower is required by law to deduct any Taxes (other than Excluded Taxes) from any sum payable to Administrative Agent or any Lender, (i) the sum payable will be increased by an amount that would be required to be paid so that, after making all required deductions (including deductions applicable to additional sums payable under this Section 1.17(a)) Administrative Agent or such Lender will receive an amount equal to the sum it would have received had no deductions been made, (ii) Borrower will deduct from the sum payable to Administrative Agent or such Lender an amount sufficient to pay such Taxes and pay the balance to Administrative Agent or such Lender, and (iii) Borrower will promptly pay the full amount deducted to the relevant Taxing Authority or other Governmental Authority in accordance with Law, provided, however, that Borrower shall not be required to increase any such amounts payable to Administrative Agent or any Lender with respect to such Taxes: (i) that are attributable to such Lender’s failure to comply with the requirements of Section 1.17(d), (ii) that are United States withholding Taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from Borrower with respect to such Taxes pursuant to this Section 1.17(a), or (iii) any amounts paid under FATCA.

Appears in 1 contract

Samples: Credit Agreement (American Standard Energy Corp.)

Taxes Not Deducted from Payments to Lender. All payments made by Borrower under this Agreement will be made free and clear of and without deduction for Taxes (other than Excluded Taxes). If Borrower is required by law to deduct any Taxes (other than Excluded Taxes) from any sum payable to Administrative Agent or any Lender, (i) the sum payable will be increased by an amount that would be required to be paid so that, after making all required deductions (including deductions applicable to additional sums payable under this Section 1.17(a1.14(a)) Administrative Agent or such Lender will receive an amount equal to the sum it would have received had no deductions been made, (ii) Borrower will deduct from the sum payable to Administrative Agent or such Lender an amount sufficient to pay such Taxes and pay the balance to Administrative Agent or such Lender, and (iii) Borrower will promptly pay the full amount deducted to the relevant Taxing Authority or other Governmental Authority in accordance with Law, provided, however, that Borrower shall not be required to increase any such amounts payable to Administrative Agent or any Lender with respect to such Taxes: (i) that are attributable to such Lender’s failure to comply with the requirements of Section 1.17(d1.14(d), (ii) that are United States withholding Taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from Borrower with respect to such Taxes pursuant to this Section 1.17(a1.14(a), or (iii) any amounts paid under FATCA.

Appears in 1 contract

Samples: Credit Agreement (Voyager Oil & Gas, Inc.)

Taxes Not Deducted from Payments to Lender. All payments made by Borrower under this Agreement will be made free and clear of and without deduction for Taxes any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all similar liabilities excluding, in the case of Lender, taxes imposed on its income, and franchise or similar taxes imposed on it, by any jurisdiction (other than Excluded or political subdivision thereof) of which Lender is a citizen or resident, in which Lender is organized, or in which Lender is presently doing business (collectively, “Taxes). If Borrower is required by law to deduct any Taxes (other than Excluded Taxes) from any sum payable to Administrative Agent or any Lender, (i) the sum payable will be increased by an amount that would be required to be paid so that, after making all required deductions (including deductions applicable to additional sums payable under this Section 1.17(a)2.5) Administrative Agent or such Lender will receive an amount equal to the sum it would have received had no deductions been made, (ii) Borrower will deduct from the sum payable to Administrative Agent or such Lender an amount sufficient to pay such the Taxes and pay the balance to Administrative Agent or such Lender, and (iii) Borrower will promptly pay the full amount deducted to the relevant Taxing Authority or other Governmental Authority in accordance with Law, provided, however, that Borrower shall not be required to increase any such amounts payable to Administrative Agent or any Lender with respect to such Taxes: (i) that are attributable to such Lender’s failure to comply with the requirements of Section 1.17(d), (ii) that are United States withholding Taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from Borrower with respect to such Taxes pursuant to this Section 1.17(a), or (iii) any amounts paid under FATCAapplicable law.

Appears in 1 contract

Samples: Secured Credit Agreement (United Heritage Corp)

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Taxes Not Deducted from Payments to Lender. All payments made by Borrower under this Agreement will be made free and clear of and without deduction for Taxes any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all similar liabilities excluding, in the case of Lender, taxes imposed on its income, and franchise or similar taxes imposed on it, by any jurisdiction (other than Excluded or political subdivision thereof) of which Lender is a citizen or resident, in which Lender is organized, or in which Lender is presently doing business (collectively, “Taxes). If Borrower is required by law to deduct any Taxes (other than Excluded Taxes) from any sum payable to Administrative Agent or any Lender, (ia) the sum payable will be increased by an amount that would be required to be paid so that, after making all required deductions (including deductions applicable to additional sums payable under this Section 1.17(a)2.8) Administrative Agent or such Lender will receive an amount equal to the sum it would have received had no deductions been made, (iib) Borrower will deduct from the sum payable to Administrative Agent or such Lender an amount sufficient to pay such the Taxes and pay the balance to Administrative Agent or such Lender, and (iiic) Borrower will promptly pay the full amount deducted to the relevant Taxing Authority or other Governmental Authority in accordance with Law, provided, however, that Borrower shall not be required to increase any such amounts payable to Administrative Agent or any Lender with respect to such Taxes: (i) that are attributable to such Lender’s failure to comply with the requirements of Section 1.17(d), (ii) that are United States withholding Taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from Borrower with respect to such Taxes pursuant to this Section 1.17(a), or (iii) any amounts paid under FATCAapplicable law.

Appears in 1 contract

Samples: Secured Credit Agreement (Radiant Oil & Gas Inc)

Taxes Not Deducted from Payments to Lender. All payments made by Borrower under this Agreement will be made free and clear of and without deduction for Taxes (other than Excluded Taxes). If Borrower is required by law to deduct any Taxes (other than Excluded Taxes) from any sum payable to Administrative Agent or any Lender, (i) the sum payable will be increased by an amount that would be required to be paid so that, after making all required deductions (including deductions applicable to additional sums payable under this Section 1.17(a1.15(a)) Administrative Agent or such Lender will receive an amount equal to the sum it would have received had no deductions been made, (ii) Borrower will deduct from the sum payable to Administrative Agent or such Lender an amount sufficient to pay such Taxes and pay the balance to Administrative Agent or such Lender, and (iii) Borrower will promptly pay the full amount deducted to the relevant Taxing Authority or other Governmental Authority in accordance with Law, provided, however, that Borrower shall not be required to increase any such amounts payable to Administrative Agent or any Lender with respect to such Taxes: (i) that are attributable to such Lender’s failure to comply with the requirements of Section 1.17(d1.15(d), (ii) that are United States withholding Taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from Borrower with respect to such Taxes pursuant to this Section 1.17(a1.15(a), or (iii) any amounts paid under FATCA.

Appears in 1 contract

Samples: Credit Agreement (Voyager Oil & Gas, Inc.)

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