Withholding; Additional Amounts Sample Clauses

Withholding; Additional Amounts. Any and all payments by the Trust in respect of the Trust Securities shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature, imposed or levied by or on behalf of The Netherlands or, during any period any Intercompany Security that is not an Initial Intercompany Security is outstanding, the jurisdiction of residence of any obligor on such Intercompany Security (each a “Relevant Jurisdiction”), or any authority therein or thereof having power to tax (collectively, “Relevant Tax”). If the Trust shall be required by law to deduct such Relevant Tax from or in respect of any sum payable hereunder, the Trust shall pay, as further distributions, such additional amounts as may be necessary in order that the net amount received by the Holders after such withholding or deduction will equal the amount which would have been received in respect of the Trust Securities in the absence of such withholding or deduction (“Additional Amounts”), except that no such Additional Amounts shall be payable to a Holder (or to a third party on such Holder’s behalf) with respect to any Trust Securities (i) to the extent that such Relevant Tax is imposed or levied by virtue of such Holder (or the beneficial owner of such Trust Securities) having some connection with the Relevant Jurisdiction, other than being a Holder (or beneficial owner of such Trust Securities), (ii) to the extent that such the Relevant Tax is imposed or levied by virtue of such Holder (or beneficial owner) not having made a declaration of non-residence in, or other lack of connection with, the Relevant Jurisdiction or any similar claim for exemption, if the Guarantor or its agent has provided the beneficial owner of such Trust Securities or its nominee with at least 60 days’ prior written notice of any opportunity to make such a declaration or claim, or (iii) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of June 3, 2003 or any law implementing or complying with, or introduced in order to conform to, or substantially similar to such Directive.

Withholding; Additional Amounts. 5.5.1 The Tel-Aviv Stock Exchange Clearing Company Ltd. (“TASE Clearing”) has confirmed to Issuer that section 4A of chapter 9 of the TASE Clearing's bylaws [second part], titled “tax withholding in securities of companies that are subject to US tax laws which are deposited in a nominee company in Israel” (the “Bylaws”), applies to the Issuer with respect to the issuance of the Bonds. TASE has required the Issuer to sign the Letter of Undertaking and Indemnity with respect to the withholding and payment of tax to the United States Internal Revenue Service (the “IRS”), which is attached hereto as Schedule A. TASE Clearing will provide to the Issuer updated withholding statements (and documentation) prior to each interest payment, as required by the TASE Clearing Bylaws. Under the TASE Clearing Bylaws, Certain members of TASE Clearing are withholding qualified intermediaries (or withholding foreign partnerships or trusts) for United States tax purposes and, in such capacity, will undertake United States tax withholding, and members of TASE Clearing that are non-withholding qualified intermediaries (or non-withholding foreign partnerships or trusts) or non-qualified intermediaries will inform TASE Clearing of such status (by completing the relevant sections of their Form W-8 IMY and providing the required withholding statements and any additional information) in which case the Issuer will undertake such withholding based on the TASE Clearing withholding statements provided to it. 5.5.2 The Borrower shall make any and all payments of principal, interest and other payments pursuant to this Agreement free and clear of, and without withholding or deduction for or on account of, any and all present or future Taxes unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. 5.5.3 The Borrower and the Issuer intend that the interest paid by the Borrower to the Issuer and by the Issuer to the Bondholders will be eligible for exemption from withholding under the portfolio interest exemption provided in Section 871(h) and 881(c) of the Code (the “Exemption”) and that all Required Withholding Certificates (as defined below) will be provided to enable payments to be made by the Borrower without withholding pursuant to the Exemption and the provisions of Section 1471 to 1474 of the Code and the regulations thereunder (“FATCA”). If (a) the Exemption is not available; or

Withholding; Additional Amounts. Any and all payments by the Trust in respect of the Trust Securities shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature, imposed or levied by or on behalf of The Netherlands or, during any period any Intercompany Security that is not an Initial Intercompany Security is outstanding, the jurisdiction of residence of any obligor on such Intercompany Security (each a "Relevant Jurisdiction"), or any authority therein or thereof having power to tax (collectively, "Relevant Tax"). If the Trust shall be required by law to deduct such Relevant Tax from or in respect of any sum payable hereunder, the Trust shall pay, as further distributions, such additional amounts as may be necessary in order that the net amount received by the Holders after such withholding or deduction will equal the amount which would have been received in respect of the Trust Securities in the absence of such withholding or deduction ("Additional Amounts"), except that no such Additional Amounts shall be payable to a Holder (or to a third party on such Holder's behalf) with respect to any Trust Securities (i) to the extent that such Relevant Tax is imposed or levied by virtue of such Holder (or the beneficial owner of such Trust Securities) having some connection with the Relevant Jurisdiction, other than being a Holder (or beneficial owner of such Trust Securities), (ii) to the extent that such the Relevant Tax is imposed or levied by virtue of such Holder (or beneficial owner) not having made a declaration of non-residence in, or other lack of connection with, the Relevant Jurisdiction or any similar claim for exemption, if the Guarantor or its agent has provided the beneficial owner of such Trust Securities or its nominee with at least 60 days' prior written notice of any opportunity to make such a declaration or claim, or (iii) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of June 3, 2003 or any law implementing or complying with, or introduced in order to conform to, or substantially similar to such Directive.

Withholding; Additional Amounts. All amounts due in respect of the Funding Note will be made without withholding or deduction for or on account of any present or future taxes, duties, levies, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of any governmental authority in the United States having the power to tax payments on the Funding Note unless the withholding or deduction is required by law. Unless otherwise specified on the face hereof, Global Funding will not pay any Additional Amounts to the Holders of the Funding Note in the event that any withholding or deduction is so required by law, regulation or official interpretation thereof, and the imposition of a requirement to make any such withholding or deduction will not give rise to any independent right or obligation to redeem or repay the Funding Note and shall not constitute an Event of Default.