No Set Off or Tax Deduction. No deductions All amounts due from the Borrower under a Finance Document shall be paid:
No Set Off or Tax Deduction. (a) All amounts due from Shipowner under the Security Documents shall be paid (i) without any form of set-off, counterclaim, cross-claim or condition, and (ii) free and clear of any tax deduction except a tax deduction which Shipowner is required by law to make. In this Section, "tax deduction" means any deduction or withholding for or on account of any present or future tax.
No Set Off or Tax Deduction. No deductions All amounts due from each Borrower under a Finance Document to which that Borrower is a party shall be paid: without any form of set-off, counter-claim or condition; and free and clear of any tax deduction except a tax deduction which that Borrower is required by law to make. Grossing-up for taxes If, at any time, a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance Document: the Borrowers shall notify the Agent as soon as it becomes aware of the requirement; the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises. Indemnity and evidence of payment of taxes The Borrowers shall fully indemnify each Creditor Party on the Agent’s demand in respect of all claims, expenses, liabilities and losses incurred by any Creditor Party by reason of any failure of the Borrowers to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 22.2. Within 30 days after making any tax deduction, the Borrowers or, as the case may be, the Borrowers shall deliver to the Agent any receipts, certificates or other documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority. Exclusion of tax on overall net income
No Set Off or Tax Deduction
