Common use of With regard to Article Clause in Contracts

With regard to Article. 11, a) If Kazakhstan agrees in a treaty with another country which is a member of the Organization for Economic Cooperation and Development to impose a lower rate on interest than the rate specified in paragraph 2, both Contracting States shall apply that lower rate instead of the rate specified in paragraph 2. b) For purposes of paragraph 3 (b), the agencies and instrumentalities referred to shall be the Export-Import Bank and the Overseas Private Investment Corporation of the United States and similar agencies of either Contracting State as may be agreed upon in future by the competent authorities. The provisions of this paragraph shall apply provided that the lender does not have a right of recourse for payment of principal or interest to any person other than the borrower or a governmental body in the country of the borrower. c) Notwithstanding the provisions of paragraph 1, the United States may tax an excess inclusion with respect to a Real Estate Mortgage Interest Conduit (“REMIC”) in accordance with its domestic law. d) Where a resident of Kazakhstan conducts business in the United States through a permanent establishment in the United States or derives income subject to tax in the United States on a net basis by reason of paragraph 4 of Article 9 (Income from Real Property), paragraphs 2 and 3(b) of Article 12 (Royalties), paragraphs 1 or 2 of Article 13 (Gains), or Article 14 (Independent Personal Services), the "excess interest amount" shall be the excess if any, of (i) interest borne by the permanent establishment or trade or business subject to tax on a net basis in the United States, over (ii) the interest paid by such permanent establishment or trade or business subject to tax on a net basis. Where a resident of the United States conducts business in Kazakhstan through a permanent establishment in Kazakhstan or derives income subject to tax in Kazakhstan on a net basis by reason of paragraph 4 of Article 9 (Income from Real Property), paragraphs 2 and 3(b) of Article 12 (Royalties), paragraph 1 or 2 of Article 13 (Gains), or Article 14 (Independent Personal Services), the "excess interest amount" shall be the amount of interest expense that is deductible in computing the resident's profits attributable to the permanent establishment in Kazakhstan or to the trade or business subject to tax in Kazakhstan on a net basis and that is comparable to the meaning of 'excess interest amount" in the preceding sentence.