Tax Gross Up Event definition

Tax Gross Up Event means the fact that the Issuer is required at any time to make any deduction or withholding for or on account of any tax in relation to a number of Notes equal to or greater than 25% of the Notes outstanding at such time other than where any such deduction or withholding is required because of the failure of the relevant Noteholders to provide any certificates and/or other information as may be required by the Issuer or the Paying Agent in order for such such payments to be made free of such deduction or withholding, provided that Notes held by Noteholders who are tax resident in a jurisdiction which (i) qualifies as a tax haven ("paraíso fiscal") for the purposes of Royal Decree 1080/1991, of 5 July (as amended from time to time); or(ii) is listed as a high-risk and non-cooperative jurisdiction by the Financial Action Task Force ("FATF") shall not be taken into account for the purposes of the calculation of such 25% threshold;
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Tax Gross Up Event means the fact that the Swap Counterparty receives not less than 15 days' notice from the Issuer, the Paying Agent or any Noteholder that the Issuer is required to make any deduction or withholding for or on account of any tax in relation to a number of Notes equal to or greater than 25% of the Notes outstanding at such time other than where any such deduction or withholding is required because of the failure of the relevant Noteholders to provide any certificates and/or other information as may be required by the Issuer or the Paying Agent in order for such payments to be made free of such deduction or withholding, provided that Notes held by Noteholders who are tax resident in a jurisdiction which (i) qualifies as a non-cooperative jurisdiction (jurisdicción no cooperativa) for the purposes of Spanish tax laws or (ii) is listed as a high-risk and non-cooperative jurisdiction by the Financial Action Task Force ("FATF") shall not be taken into account for the purposes of the calculation of such 25% threshold. Credit Events A "Credit Event" means the occurrence of a Bankruptcy, Failure to Pay or Restructuring in respect of a Reference Obligation or the Reference Entity in respect thereof, provided, for the avoidance of doubt, that forbearance measures within the meaning of Article 47b of the CRR that are applied to the underlying exposures shall not preclude the triggering of eligible Credit Events. For this purpose:
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Tax Gross Up Event means the fact that the Issuer is required at any time to make any deduction or withholding for or on account of any tax in relation to a number of Notes equal to or greater than 25% of the Notes outstanding at such time other than where any such deduction or withholding is required because of the failure of the relevant Noteholders to provide any certificates and/or other information as may be required by the Issuer or the Paying Agent in order for such such payments to be made free of such deduction or withholding;
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Examples of Tax Gross Up Event in a sentence

  • If the Swap Counterparty, having received not less than 15 days notice from the Paying Agent or any Noteholder that a Tax Gross Up Event has occurred or will occur, does not elect to pay a corresponding Tax Gross Up Amount, an Additional Termination Event will occur.

Related to Tax Gross Up Event

  • Cumulative Net Realized Tax Benefit for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination.

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Foreign Benefit Event means (a) with respect to any Foreign Pension Plan, (i) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, or in excess of the amount that would be permitted absent a waiver from a Governmental Authority, (ii) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such contributions or payments, (iii) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Pension Plan or to appoint a trustee to administer any such Foreign Pension Plan, or to the insolvency of any such Foreign Pension Plan and (iv) the incurrence of any liability of the Borrowers under applicable law on account of the complete or partial termination of such Foreign Pension Plan or the complete or partial withdrawal of any participating employer therein and (b) with respect to any Foreign Plan, (i) the occurrence of any transaction that is prohibited under any applicable law and could result in the incurrence of any liability by the Borrowers, or the imposition on the Borrowers of any fine, excise tax or penalty resulting from any noncompliance with any applicable law and (ii) any other event or condition that could reasonably be expected to result in liability of any of the Borrowers.

  • Base taxable value means the agreed value specified in a resolution or interlocal agreement under Subsection 17C-1-102(8) from which tax increment will be collected.

  • Excise Tax means the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by the Executive with respect to such excise tax.

  • Qualifying tax rate means the applicable tax rate for the taxable year for the which the taxpayer paid income tax to a municipal corporation with respect to any portion of the total amount of compensation the payment of which is deferred pursuant to a nonqualified deferred compensation plan. If different tax rates applied for different taxable years, then the “qualifying tax rate” is a weighted average of those different tax rates. The weighted average shall be based upon the tax paid to the municipal corporation each year with respect to the nonqualified deferred compensation plan.

  • Event Determination Date means either:

  • Tax Payment means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity).

  • Effective tax rate means the rate that will produce last year’s total tax levy (adjusted) from this year’s total taxable values (adjusted). “Adjusted” means lost values are not included in the calculation of last year’s taxes and new values are not included in this year’s taxable values.

  • Tax Benefit means any refund, credit, or other reduction in otherwise required Tax payments.

  • Tax Benefit Schedule is defined in Section 2.02 of this Agreement.

  • Tax Event Repayment Date means the date set out in a notice from the Issuer to the Bondholders pursuant to Clause 10.4 (Early redemption option due to a tax event).

  • Net Taxable Income has the meaning set forth in Section 4.01(b)(i).

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Applicable Withholding Taxes means the minimum aggregate amount of federal, state and local income and payroll taxes that the Company is required by applicable law to withhold in connection with any Incentive Award.

  • Unpaid withholding tax means withholding tax due but not paid by the date the withholding tax is required to be paid under applicable law.