Tax on Overall Net Income definition

Tax on Overall Net Income means a Tax imposed on a Finance Party by the jurisdiction under the laws of which it is incorporated, or in which it is located or treated as resident for tax purposes, on:

Tax on Overall Net Income means, in relation to a Protected Party, tax (other than tax deducted or withheld from any payment) imposed on the net income received or receivable (but not any sum deemed to be received or receivable) by that Protected Party by the jurisdiction in which the relevant Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which the Finance Party is treated as residing for tax purposes or in which the relevant Finance Party’s Facility Office or head office is situated.

Tax on Overall Net Income means, in relation to a Lender, Tax (other than Tax deducted or withheld from any payment) imposed on the net profits of that Lender or its lending office by the jurisdiction in which its lending office or its head office is situated.

Examples of Tax on Overall Net Income in a sentence

• The Borrower shall (within three (3) Business Days of demand by the Lender) pay to the Lender an amount equal to the loss, liability or cost which the Lender determines will be or has been (directly or indirectly) suffered for or on account of any Tax in respect of a Finance Document, save for any Tax on Overall Net Income assessed on the Lender or to the extent such loss, liability or cost is compensated under Clause 12.1 (Tax gross-up).

• The Borrower shall (within three (3) Business Days of demand by the Agent) pay to the Agent for the account of the relevant Finance Party an amount equal to the loss, liability or cost which a Finance Party determines will be or has been (directly or indirectly) suffered for or on account of any Tax by such Finance Party in respect of a Finance Document, save for any Tax on Overall Net Income assessed on a Finance Party or to the extent such loss, liability or cost is compensated under Clause 14.1 (Taxes).

• Clause 12.1 (Increased Costs) above shall not apply so as to oblige Partner to compensate any Finance Party for any increased cost, reduction, payment or forgone Interest or other return resulting from any change in or the introduction of, or any change in the interpretation or application of, any law, regulation, treaty, directive, request or rules relating to, or any change in the rate of, Tax on Overall Net Income of such Finance Party.

• Subject to Clause 10.3 (Qualifying Bank), all payments by an Obligor under the Finance Documents shall be made without any deduction and free and clear of and without deduction for or on account of any Taxes levied or imposed by the United Kingdom or any taxing authority of or in the United Kingdom other than Tax on Overall Net Income, except to the extent that the Obligor is required by law to make payment subject to the deduction of any such Taxes.

More Definitions of Tax on Overall Net Income

Tax on Overall Net Income of a person shall be construed as a reference to tax (other than tax deducted or withheld from any payment) imposed on that person by the jurisdiction in which its principal office (and/or, in the case of a Lender, its Facility Office) is located on (i) the net income, profits or gains of that person world-wide or (ii) such of its net income, profits or gains as arise in or relate to that jurisdiction;

Tax on Overall Net Income means, in relation to the Bank, Tax (other than Tax deducted or withheld from any payment) imposed on the net profits of the Bank by the jurisdiction in which its Lending Office or its head office is situated.

Tax on Overall Net Income of a Lender shall be construed as a reference to tax imposed on that Lender by the jurisdiction under the laws of which it has been incorporated or in which it is located on (i) the net income, profits or gains of that Lender world wide or (ii) such of the net income, profits or gains of that Lender as are considered to arise in or to relate to or are taxable in that jurisdiction. “Taxes” includes any present or future taxes, levies, duties, imposts, withholdings, deductions, fees or charges of any nature, together with interest thereon and penalties in respect thereof, and “tax” and “taxation” shall be construed accordingly.

Tax on Overall Net Income in relation to a Finance Party, means any tax on the overall net income, profits or gains of that Finance Party or any of its Holding Companies (or the overall net income, profits or gains of a division or branch of that Finance Party or any of its Holding Companies).

Tax on Overall Net Income means any tax assessed on a Protected Party under the laws of the jurisdiction in which:

Tax on Overall Net Income has the meaning set out in paragraph (e) of Clause 17.3 (Tax Indemnity).

Tax on Overall Net Income of a person shall be construed as a reference to a Tax imposed on that person by the jurisdiction in which its principal office (and/or, in the case of a Lender, its Facility Office) is located by reference to (a) the net income, profits or gains received or receivable (but not any sum deemed to be received or receivable) of that person worldwide or (b) such of its net income, profits or gains received or receivable (but not any sum deemed to be received or receivable) as arise in or relate to that jurisdiction.