Common use of Withholding or Deduction Clause in Contracts

Withholding or Deduction. All payments by the Guarantor under this Guarantee 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 (the "Taxes") imposed or levied by or on behalf of any jurisdiction having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, in the case of any taxes or duties imposed or levied by or on behalf of the Kingdom of Spain ("Spain") or any political subdivision or authority thereof or therein having power to tax, the Guarantor will pay such additional amounts as may be necessary in order that the net amounts received by each Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts shall be payable: (a) to, or to a third party on behalf of, a beneficial owner or a Holder who is liable for such Taxes by reason of his having some connection with Spain other than the mere holding of the Security or the mere crediting of Underlying Securities to its securities account with the Relevant Clearing System (as defined in the Deed of Covenant); or (b) in the case of a Security presented for payment more than 30 days after the Relevant Date (as defined in General Condition 7 of the Terms and Conditions of the Securities) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such 30th day; or (c) to, or to a third party on behalf of, a holder if the Issuer (or the Guarantor, as the case may be) does not receive any relevant information as may be required by Spanish tax law, regulation or binding ruling or in case the current information procedures are modified, amended or supplemented by any Spanish law, regulation or a binding ruling.

Appears in 3 contracts

Samples: Guarantee, Guarantee, Guarantee

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Withholding or Deduction. All payments and deliveries (in case of Securities with physical delivery) by the Guarantor under this Guarantee 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 (the "Taxes") imposed or levied by or on behalf of any jurisdiction having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, in the case of any taxes or duties imposed or levied by or on behalf of the Kingdom of Spain ("Spain") or any political subdivision or authority thereof or therein having power to tax, the Guarantor will pay such additional amounts as may be necessary in order that the net amounts received by each Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts shall be payable: (a) to, or to a third party on behalf of, a beneficial owner or a Holder who is liable for such Taxes by reason of his having some connection with Spain other than the mere holding of the Security Security, Coupon or Receipt or the mere crediting of Underlying Securities to its securities account with the Relevant Clearing System (as defined in the Deed of Covenant); or (b) in the case of a Security Security, Coupon or Receipt presented for payment more than 30 days after the Relevant Date (as defined in General Condition 7 of the Terms and Conditions of the Securities) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such 30th day; or (c) to, or to a third party on behalf of, a holder if the Issuer (or the Guarantor, as the case may be) does not receive any relevant information as may be required by Spanish tax law, regulation or binding ruling or in case the current information procedures are modified, amended or supplemented by any Spanish law, regulation or a binding ruling.

Appears in 3 contracts

Samples: Guarantee, Guarantee, Guarantee

Withholding or Deduction. All payments and deliveries (in case of Notes with physical delivery) by the Guarantor under this Guarantee 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 (the "Taxes") imposed or levied by or on behalf of the Kingdom of Spain ("Spain"), or any jurisdiction political sub-division thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, in the case of any taxes or duties imposed or levied by or on behalf of the Kingdom of Spain ("Spain") or any political subdivision or authority thereof or therein having power to tax, the Guarantor will pay such additional amounts as may be necessary in order that the net amounts received by each Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts shall be payable: (a) 7.1 to, or to a third party on behalf of, a beneficial owner or a Holder who is liable for such Taxes by reason of his having some connection with Spain other than the mere holding of the Security Note, Coupon or Receipt or the mere crediting of Underlying Securities Notes to its securities account with the Relevant Clearing System (as defined in the Deed of Covenant); or (b) 7.2 in the case of a Security Note, Coupon or Receipt presented for payment more than 30 days after the Relevant Date (as defined in General Condition 7 Error! Reference source not found. of the Terms and Conditions of the SecuritiesNotes) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such 30th thirtieth day; or (c) 7.3 to, or to a third party on behalf of, a holder if the Issuer (or the Guarantor, as the case may be) does not receive any relevant information as may be required by Spanish tax law, regulation or binding ruling or in case the current information procedures are modified, amended or supplemented by any Spanish law, regulation or a binding ruling.

Appears in 2 contracts

Samples: Guarantee, Guarantee

Withholding or Deduction. All payments and deliveries (in case of Notes with physical delivery) by the Guarantor under this Guarantee 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 (the "Taxes") imposed or levied by or on behalf of the Kingdom of Spain ("Spain"), or any jurisdiction political sub-division thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, in the case of any taxes or duties imposed or levied by or on behalf of the Kingdom of Spain ("Spain") or any political subdivision or authority thereof or therein having power to tax, the Guarantor will pay such additional amounts as may be necessary in order that the net amounts received by each Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts shall be payable: (a) 7.1 to, or to a third party on behalf of, a beneficial owner or a Holder who is liable for such Taxes by reason of his having some connection with Spain other than the mere holding of the Security Note, Coupon or Receipt or the mere crediting of Underlying Securities Notes to its securities account with the Relevant Clearing System (as defined in the Deed of Covenant); or (b) 7.2 in the case of a Security Note, Coupon or Receipt presented for payment more than 30 days after the Relevant Date (as defined in General Condition 7 of the Terms and Conditions of the SecuritiesNotes) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such 30th thirtieth day; or (c) 7.3 to, or to a third party on behalf of, a holder if the Issuer (or the Guarantor, as the case may be) does not receive any relevant information as may be required by Spanish tax law, regulation or binding ruling or in case the current information procedures are modified, amended or supplemented by any Spanish law, regulation or a binding ruling.

Appears in 2 contracts

Samples: Guarantee, Guarantee

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Withholding or Deduction. All payments by the Guarantor under this Guarantee 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 (the "Taxes") imposed or levied by or on behalf of the Kingdom of Spain, or any jurisdiction political sub-division thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, in the case of any taxes or duties imposed or levied by or on behalf of the Kingdom of Spain ("Spain") or any political subdivision or authority thereof or therein having power to tax, the Guarantor will pay such additional amounts Additional Amounts as may be necessary in order that the net amounts received by each Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts shall be payablepayable with respect to any Security: (ai) to, or to a third party on behalf of, a beneficial owner or a Holder who is liable for such Taxes by reason of his such Holder (or the beneficial owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security or the mere crediting of Underlying Securities the Security to its securities account with the Relevant Clearing System (as defined in the Deed of Covenant)relevant Depository; or (bii) in the case of a Security presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined in General Condition 7 of the Terms and Conditions of the Securitiesbelow) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such 30th daythirtieth day assuming that day to have been a business day in such place of presentment; or (ciii) to, or to a third party on behalf of, a holder if Holder in respect of whom the Issuer Company or the Guarantor (or the GuarantorPaying Agent on its behalf) has not received all details concerning such holder’s identity and tax residence as it requires in order to comply with Spanish Law 13/1985 of 25 May 1985, as amended, by Law 19/2003, of 4th July and Law 23/2005, of 18th November) and any implementing legislation or regulation, no later than 10.00 a.m. (CET) on the case may be10th calendar day of the month following the relevant date upon which the payment was due (or if such date is not a day on which commercial banks are open for general business in Spain, the immediately preceding such date); or (iv) does where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings or any law implementing or complying with, or introduced in order to conform to, such Directive or law; or (v) in respect of any Security presented for payment (where presentation is required) by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a Member State of the European Union. Additional amounts will also not receive be paid with respect to any relevant information as may payment to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment, to the extent that payment would be required by the laws of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax lawpurposes, regulation of a beneficiary or binding ruling or settlor with respect to the fiduciary, a member of that partnership, an interest holder in case the current information procedures are modified, amended or supplemented by any Spanish law, regulation that limited liability company or a binding rulingbeneficial owner who would not have been entitled to the additional amounts had it been the Holder. For the purposes of (ii) above, the “Relevant Date” means, in respect of any payment, the date on which such payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or prior to such due date, it means the first date on which the full amount of such moneys having been so received and being available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with this Indenture.

Appears in 1 contract

Samples: Indenture (BBVA International Preferred, S.A. Unipersonal)

Withholding or Deduction. All payments by the Guarantor under this Guarantee shall be made without withholding or deduction for, or on account of, any and all present or future taxes, duties, assessments or governmental charges of whatever nature (the "Taxes") imposed or levied by or on behalf of the Kingdom of Spain, or any jurisdiction political sub-division thereof or any authority therein or thereof having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, in the case of any taxes or duties imposed or levied by or on behalf of the Kingdom of Spain ("Spain") or any political subdivision or authority thereof or therein having power to tax, the Guarantor will pay such additional amounts Additional Amounts as may be necessary in order that the net amounts received by each Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts Additional Amounts shall be payablepayable with respect to any Security: (ai) to, or to a third party on behalf of, a beneficial owner or a Holder who is liable for such Taxes by reason of his such Holder (or the beneficial owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security or the mere crediting of Underlying Securities the Security to its securities account with the Relevant Clearing System (as defined in the Deed of Covenant)relevant Depository; or (bii) in the case of a Security presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined in General Condition 7 of the Terms and Conditions of the Securitiesbelow) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such 30th daythirtieth day assuming that day to have been a business day in such place of presentment; or (ciii) to, or to a third party on behalf of, a holder if Holder in respect of whom the Issuer Company or the Guarantor (or the GuarantorPaying Agent on its behalf) has not received all details concerning such holder’s identity and tax residence as it requires in order to comply with Spanish Law 13/1985 of 25 May 1985, as amended, by Law 19/2003 of 4 July, by Law 23/2005 of 18 November and by Law 4/2008 of 23 December) and any implementing legislation or regulation, no later than 10.00 a.m. (CET) on the case may be10th calendar day of the month following the relevant date upon which the payment was due (or if such date is not a day on which commercial banks are open for general business in Spain, the immediately preceding such date); or (iv) does where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings or any law implementing or complying with, or introduced in order to conform to, such Directive or law; or (v) in respect of any Security presented for payment (where presentation is required) by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent. Additional amounts will also not receive be paid with respect to any relevant information as may payment to a Holder who is a fiduciary, a partnership, a limited liability company or other than the sole beneficial owner of that payment, to the extent that payment would be required by the laws of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax lawpurposes, regulation of a beneficiary or binding ruling or settlor with respect to the fiduciary, a member of that partnership, an interest holder in case the current information procedures are modified, amended or supplemented by any Spanish law, regulation that limited liability company or a binding rulingbeneficial owner who would not have been entitled to the additional amounts had it been the Holder.

Appears in 1 contract

Samples: Indenture (Bbva Subordinated Capital, S.A. Unipersonal)

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