Common use of Time and Place of Payments, No Set Off Clause in Contracts

Time and Place of Payments, No Set Off. All payments to be made hereunder by the Borrower shall be made to the Facility Agent, not later than 3 p.m. London time (any payment received after 3 p.m. London time shall be deemed to have been paid on the next Banking Day) on the due date of such payment, at its office located at 60 Xxxxxx Xxxx, Xxxxxx XX0X 0XX, Xxxxxxx or to such other office of the Facility Agent as the Facility Agent may direct, without set-off or counterclaim and free from, clear of, and without deduction for, any Taxes, provided, however, that if the Borrower shall at any time be compelled by law to withhold or deduct any Taxes from any amounts payable to the Lenders hereunder, then the Borrower shall pay such additional amounts in Dollars as may be necessary in order that the net amounts received after withholding or deduction shall equal the amounts which would have been received if such withholding or deduction were not required and, in the event any withholding or deduction is made, whether for Taxes or otherwise, the Borrower shall promptly send to the Facility Agent such documentary evidence with respect to such withholding or deduction as may be required from time to time by the Lenders.

Appears in 2 contracts

Samples: Senior Secured Loan Facility Agreement (International Shipholding Corp), Senior Secured Loan Facility Agreement (International Shipholding Corp)

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Time and Place of Payments, No Set Off. All payments to be made hereunder by the Borrower shall be made to the Facility Agent, not later than 3 p.m. London New York time (any payment received after 3 p.m. London New York time shall be deemed to have been paid on the next Banking Day) on the Banking Day two Banking Days prior to the due date of such payment, at its office located at 60 Xxxxxx Xxxx200 Park Avenue, Xxxxxx XX0X 0XXNew York, Xxxxxxx New York 10166 or to such other office of the Facility Agent as the Facility Agent may direct, without setxxxxxxx xxx-off or counterclaim and free xxx xx xxxxxxxxxxxx xxx xxxe from, clear of, and without deduction for, any Taxes, provided, however, that if the Borrower shall at any time be compelled by law to withhold or deduct any Taxes from any amounts payable to the Lenders hereunder, then the Borrower shall pay such additional amounts in Dollars as may be necessary in order that the net amounts received after withholding or deduction shall equal the amounts which would have been received if such withholding or deduction were not required and, in the event any withholding or deduction is made, whether for Taxes or otherwise, the Borrower shall promptly send to the Facility Agent such documentary evidence with respect to such withholding or deduction as may be required from time to time by the Lenders.

Appears in 1 contract

Samples: Facility Agreement (International Shipholding Corp)

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Time and Place of Payments, No Set Off. All payments to be made hereunder by the Borrower Borrowers shall be made to the Facility Agent, not later than 3 p.m. London time (any payment received after 3 p.m. London time shall be deemed to have been paid on the next Banking Day) on the due date of such payment, at its office located at 60 00 Xxxxxx Xxxx, Xxxxxx XX0X 0XX, Xxxxxxx or to such other office of the Facility Agent as the Facility Agent may direct, without set-off or counterclaim and free from, clear of, and without deduction for, any Taxes, provided, however, that if the Borrower Borrowers shall at any time be compelled by law to withhold or deduct any Taxes from any amounts payable to the Lenders hereunder, then the Borrower Borrowers shall pay such additional amounts in Dollars as may be necessary in order that the net amounts received after withholding or deduction shall equal the amounts which would have been received if such withholding or deduction were not required and, in the event any withholding or deduction is made, whether for Taxes or otherwise, the Borrower Borrowers shall promptly send to the Facility Agent such documentary evidence with respect to such withholding or deduction as may be required from time to time by the Lenders.

Appears in 1 contract

Samples: Senior Secured Term Loan Facility Agreement (International Shipholding Corp)

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