Common use of Additional Amounts Clause in Contracts

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 2 contracts

Sources: Trust Indenture, Trust Indenture

Additional Amounts. (a) All payments made by or on behalf If the Funding Note Certificate provide for the payment of Additional Amounts, Global Funding agrees to pay to the Holder of the Issuer Funding Note Additional Amounts as provided in the Funding Note Certificate. Whenever in the Funding Note Indenture there is mentioned, in any context, the payment of the principal of, or any Guarantor (each a “Payor”) under interest or with premium on, or in respect of, the Funding Note or the net proceeds received on the sale or exchange of the Funding Note, such reference shall be deemed to include reference to the Notes payment of Additional Amounts provided by the terms established by the Funding Note Indenture or pursuant to the Funding Note Indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express reference to the payment of Additional Amounts in any provision of the Funding Note Guarantee Indenture shall not be construed as excluding Additional Amounts in those provisions hereof where such express reference is not made. If the Funding Note Certificate provides for the payment of Additional Amounts, the Funding Note Certificate will provide that Global Funding will pay, or cause to be made free and clear paid, Additional Amounts to a Holder of and without the Funding Note to compensate for any withholding or deduction for or on account of Taxes any present or future taxes, duties, levies, assessments or governmental charges of whatever nature imposed or levied on payments on the Funding Note by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) governmental authority in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable United States having the power to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii)tax, so that the net amount received by the Holder of the Funding Note, after giving effect to such Holder withholding or Beneficial Holder after such reimbursement deduction, whether or not currently payable, will not be less than equal the net amount such Holder or Beneficial Holder that would have been received if under the Taxes giving rise to the reimbursement described in clauses Funding Note were no such deduction or withholding required; provided that no such Additional Amounts shall be required for or on account of: (ia) and/or (ii) had not been imposed; providedany tax, howeverduty, that the indemnification levy, assessment or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for other governmental charge imposed which the applicable Holder or Beneficial Holder would not have been eligible to receive payment imposed but for a Holder or beneficial owner of Additional Amounts hereunder by virtue of clauses the Funding Note, (i) through having any present or former connection with the United States, including, without limitation, being or having been a citizen or resident thereof, or having been present, having been incorporated in, having engaged in a trade or business or having (viior having had) a permanent establishment or principal office therein, (ii) being a controlled foreign corporation within the meaning of Section 957(a) of the Code related within the meaning of Section 2.5(b864(d)(4) of the Code, to the Funding Agreement Provider, (iii) being a bank for United States Federal income tax purposes whose receipt of interest on the Funding Note is described in Section 881(c)(3)(A) of the Code, (iv) being an actual or constructive owner of 10 percent or more of the total combined voting power of all classes of stock of the Funding Agreement Provider entitled to vote within the meaning of Section 871(h)(3) of the Code and Treasury Regulations promulgated thereunder or (v) being subject to backup withholding as of the date of the purchase by the Holder of the Funding Note; (b) any tax, duty, levy, assessment or other governmental charge which would not have been imposed but for the presentation of any Funding Note (where presentation is required) for payment on a date more than 30 days after the date on which such payment becomes due and payable or the date on which payment is duly provided for, whichever occurs later; (c) any tax, duty, levy, assessment or other governmental charge which is imposed or withheld solely by reason of the failure of the beneficial owner or a Holder of the Funding Note to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the beneficial owner or a Holder of the Funding Note, if compliance is required by statute, by regulation of the Payor had been required United States Treasury Department, judicial or administrative interpretation, other law or by an applicable income tax treaty to withhold which the United States is a party as a condition to exemption from such payments tax, duty, levy, assessment or to the extent such Holder other governmental charge; (d) any inheritance, gift, estate, personal property, sales, transfer or Beneficial Holder received Additional Amounts with respect to such payments.similar tax, duty, levy, assessment, or similar governmental charge; (e) In additionany tax, the Payor will pay any stampduty, issuelevy, registration, court, documentation, excise assessment or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed governmental charge that is payable otherwise than by any Relevant Taxing Jurisdiction at any time withholding from payments in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.Funding Note; (f) The obligations any tax, duty, levy, assessment or other governmental charge imposed by reason of payments on the Funding Note being treated as contingent interest described under this in Section 2.5 will survive any termination, defeasance or discharge 871(h)(4) of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business the Code for United States Federal income tax purposes provided that such treatment was described in the Pricing Supplement; (g) any tax, duty, levy, assessment or any jurisdiction from or through which payment is made other governmental charge that would not have been imposed but for an election by such successor or its respective agents. Whenever this Indenture refers to, in any contextthe Holder of the Funding Note, the effect of which is to make payment in respect of principalthe Funding Note subject to United States Federal income tax or withholding tax provisions; or (h) any combination of items (a), Premium (if anyb), (c), (d), (e), (f) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable(g) above.

Appears in 2 contracts

Sources: Funding Note Indenture (Allstate Life Global Funding), Standard Funding Note Indenture Terms (Allstate Life Global Funding)

Additional Amounts. (a) All payments to be made by the Company under this Agreement, or on behalf as a result of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will entering into this Agreement, shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future taxes, levies, assessments, imposts, duties or charges whatsoever unless the Company is required by law to withhold or deduct such taxes, levies, assessments, imposts, duties or charges. If the compensation (including the Initial Purchasers’ commissions) is or any other amounts to be received by the Initial Purchasers under this Agreement (including, without limitation, indemnification and contribution payments and reimbursable expenses), or as a result of entering into this Agreement, are subject to any present or future taxes, levies, assessments, deductions, withholdings, imposts, duties or charges of any nature, including interest, penalties and additions thereto, imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to(other than, in the case of any contextInitial Purchaser, any income or other tax due solely as a result of such Initial Purchaser’s connection with or establishment in such jurisdiction, other than solely from such Initial Purchaser having executed, delivered or performed its obligations, received any amounts, or enforced its rights under this Agreement) (“Taxes”), then the Company will pay to the Initial Purchasers an additional amount so that the Initial Purchasers retain, after taking into consideration all such Taxes, an amount equal to the amounts owed to them as compensation or otherwise under this Agreement as if such amounts had not been subject to Taxes. If any Taxes are collected by deduction or withholding, the Company will provide to the Initial Purchasers copies of documentation evidencing the transmittal to the proper authorities of the amount of Taxes deducted or withheld within 15 days after payment of principalsuch Taxes. The Company further agrees to indemnify and hold harmless the Initial Purchasers against any documentary, Premium (if any) stamp, sales, transaction or similar issue tax, including any interest and interest or any other amount payable under or with respect to any Notepenalties, such reference shall include on the payment creation, issue and sale of Additional Amounts or indemnification payments as described in this Section 2.5the Securities, if applicableand on the execution, delivery, performance and enforcement of the Transaction Documents.

Appears in 2 contracts

Sources: Purchase Agreement (B2gold Corp), Purchase Agreement

Additional Amounts. Section 1004 of the Base Indenture is hereby amended and restated in its entirety, subject to Section 301 hereof and, with respect to the Notes only, reads as follows: (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note the Guarantee will shall be made free and clear of of, and without withholding or deduction for or on account of Taxes of, any present or future tax, duty, levy, impost, assessment or other governmental charges (including, without limitation, penalties, interest and other similar liabilities related thereto) (“Taxes”) imposed or levied by or on behalf of any jurisdiction unless the withholding or deduction of such Taxes is required by law or by the interpretation or administration of law. In the event that such withholding or deduction is required, for, or on account of, Taxes imposed or levied on behalf of any jurisdiction in which such Payor the Issuer or the Guarantor is organizedincorporated, organized or otherwise resident or carrying on business for tax purposes or purposes, any jurisdiction from or through which such Payor (the Issuer or its agents) makes any Guarantor make a payment on the Notes or any Note the Guarantee or any department or political subdivision thereof or governmental authority of or in any of the foregoing having the power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note the Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer or the Guarantor shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will be not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will The Issuer or the Guarantor shall not, however, pay Additional Amounts to a Holder or Beneficial beneficial owner of Notes in respect or on account of: (1) any Taxes that are imposed or levied by a Relevant Taxing Jurisdiction by reason of any present or former connection between the Holder or beneficial owner and the Relevant Taxing Jurisdiction (other than the mere receipt, ownership or holding of Notes or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under any Notes or, the Base Indenture or this First Supplemental Indenture); (2) any Taxes that are imposed or withheld by reason of the failure of the Holder or beneficial owner of the Notes, following the Issuer’s or the Guarantor’s written request addressed to the Holder or beneficial owner or otherwise provided to the Holder or beneficial owner (and made at a time that would enable the Holder or beneficial owner acting reasonably to comply with that request), to provide certification, information, documents or other evidence concerning the nationality, residence or identity of the Holder or beneficial owner or to make any valid or timely declaration or similar claim or satisfy any other reporting requirement, relating to such matters, whether required by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of withholding or deduction of, Taxes imposed by the Relevant Taxing Jurisdiction; (3) any estate, inheritance, gift, sales, excise, personal property or similar Taxes; (4) any Taxes which are payable otherwise than by withholding or deduction from payments made under or with respect to the Notes; (5) any Taxes that are imposed or levied by reason of the following presentation (where presentation is required in order to receive payment) of the Notes for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except to the extent that the beneficial owner or Holder thereof would have been entitled to Additional Amounts had the Notes been presented for payment on any date during such 30-day period; (6) any withholding or deduction in respect of any Taxes 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 November 26-27, 2000 on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such directive; or (7) any Taxes that are imposed on or with respect to a Holder Note presented by or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case behalf of a Holder or Beneficial Holder, beneficial owner who would have been able to avoid such withholding Taxes imposed on amounts payable or deduction by presenting the relevant Notes to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi)another paying agent. (c) The Issuer or the Guarantor, as appropriate, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount withheld or deducted to the Relevant Taxing Authority in accordance with applicable law. (d) At least 30 calendar days (or as reasonably practicable thereafter, but in any case) prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuer or the Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will be promptly thereafter), the Payor will Issuer or the Guarantor shall deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee or Paying Agent, as the case may be, to pay such Additional Amounts (subject to receipt of those funds from the Issuer or the Guarantor) to Holders and beneficial owners on the relevant payment date. The Trustee shall, without further investigation, be entitled to rely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Issuer or the Guarantor shall provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing payment of Additional Amounts. (de) The PayorsUpon written request, jointly and severallythe Issuer or the Guarantor shall furnish to the Trustee or a Holder, will indemnify and hold harmless within a reasonable time, certified copies of tax receipts evidencing the Holders and Beneficial Holders and, upon written request payment of any Holder Taxes imposed or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction Jurisdiction, in such form as is provided in the normal course by the taxing authority imposing such Taxes and payable by as is reasonably available. If, notwithstanding efforts to obtain such receipts, the same are not obtainable, the Issuer or the Guarantor shall provide the Trustee or Holder or Beneficial Holder in connection with payments made under or with respect other evidence reasonably satisfactory to the Notes held by such Trustee or Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (ef) If the Issuer or the Guarantor conduct business in any jurisdiction (the “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction and, as a result, are required by the law of such Additional Taxing Jurisdiction to withhold or deduct any amount on account of the Taxes imposed by such Additional Taxing Jurisdiction from payment under the Notes or Guarantee, which would not have been required to be so withheld or deducted but for such conduct of business in such Additional Taxing Jurisdiction, the Additional Amounts provision described above shall be considered to apply as if references in such provision to “Taxes” included taxes imposed by way of withholding or deduction by any such Additional Taxing Jurisdiction (or any political subdivision thereof or therein). (g) In addition, the Payor will Issuer or the Guarantor shall pay any all present and future stamp, issue, registration, transfer, court, documentation, or any excise or property taxes or other similar taxes, charges and duties, including any interest, interest and penalties and any similar liabilities with respect thereto, imposed by or in any Relevant Taxing Jurisdiction at any time in respect of the execution, issuanceissue, delivery or registration or delivery of the Notes, any Note Indenture, this First Supplemental Indenture, Guarantee or any other document or instrument referred to thereunder therein and any such taxes, charges charges, duties or duties similar levies imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or jurisdiction as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or or any other such document or instrumentinstrument following the occurrence of any Event of Default with respect to the Notes or the Guarantee. (fh) The obligations described under this Section 2.5 will preceding provisions shall survive any termination, defeasance termination or discharge of the Indenture or this First Supplemental Indenture and will shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any successor person to the Issuer or the Guarantor is organized organized, incorporated or is otherwise resident or doing business for tax purposes and any political subdivision or any jurisdiction from taxing authority or through which payment is made by such successor agency thereof or its respective agents. therein. (i) Whenever the Indenture or this First Supplemental Indenture refers to, in any context, the payment of principal, Premium (premium, if any) and , interest or any other amount payable under or with respect to any NoteNote (including payments thereof made pursuant to the Guarantee), such reference shall include includes the payment of Additional Amounts or indemnification payments as described in this Section 2.5Amounts, if applicable.

Appears in 2 contracts

Sources: First Supplemental Indenture (Qimonda Finance LLC), First Supplemental Indenture (Qimonda Finance LLC)

Additional Amounts. (a) All payments made by or on behalf of the Issuer, the Co-Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee the Guarantees will be made free and clear of of, and without deduction or withholding or deduction for or on account of, any present or future taxes, duties, assessments or other governmental charges of Taxes imposed whatsoever nature imposed, levied, collected, withheld or levied assessed (collectively, “Taxes” by the United States, the Netherlands, any other jurisdiction in which the Issuer, the Co-Issuer or any Guarantor is then incorporated, organized, engaged in business for tax purposes, or resident for tax purposes, any jurisdiction from or through which any such payment is made by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision or taxing authority thereof or therein (each, a “Relevant Taxing Jurisdiction”)), unless such Payor deduction or withholding is required to withhold by law. (b) In the event such deduction or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account withholding of Taxes from any payment made is required with respect to payments under or with respect to the Notes or by law of any Note Guarantee, such PayorRelevant Taxing Jurisdiction (other than the United States), subject to the exceptions set forth in Section 2.5(b)limitations described below, the Payors will pay such additional amounts (“Additional Amounts”) as may be necessary such in order that every net payment received by the net amount received in respect beneficial owner of such payment by each Holder Note of principal of or Beneficial Holder after such withholding interest or deduction any other amount payable on the Notes (including upon redemption), after deduction or withholding for or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) account of such Taxes, will not be less than the amount the Holder or Beneficial Holder, as the case may be, that would have been received if in respect of such Taxes had not been required payments in the absence of such deduction or withholding for or on account of such Taxes. Payment of Additional Amounts shall be made in accordance with the procedures of any applicable securities depositary. However, the Payors’ obligation to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holdershall not apply to: (i) any Taxes that would not have been so imposed on but for: (A) the existence of any present or measured by net income former connection between such Holder or beneficial owner (however denominated)or between a fiduciary, franchise Taxes settlor, beneficiary, member, partner or shareholder or other equity owner of, or a person having a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, a nominee, a trust, a limited liability company, a partnership, a corporation or other entity) and branch profits Taxesthe Relevant Taxing Jurisdiction, in each case including such Holder or beneficial owner (ior such fiduciary, settlor, beneficiary, member, partner or shareholder or other equity owner or person having such a power) imposed being or having been a citizen or resident or treated as a result resident of the Relevant Taxing Jurisdiction or being or having been engaged in a trade or business in the Relevant Taxing Jurisdiction or having or having had a permanent establishment in the Relevant Taxing Jurisdiction; (B) the failure of such Holder or Beneficial Holder being organized beneficial owner to comply with a request to provide any certification, information or other reporting requirement, if compliance is required under tax laws and regulations of Relevant Taxing Jurisdiction to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the laws of, having a business office located inrequirement to provide an applicable Internal Revenue Service Form W-8 (with any required attachment), or being a resident of the jurisdiction imposing such Tax (any subsequent version thereof or any political subdivision thereof) or (ii) that are Other Connection Taxessuccessor thereto); (ii) in any Taxes imposed by reason of the case of a Holder or Beneficial Holderbeneficial owner: (A) owning or having owned, withholding directly or indirectly, actually or constructively, 10% or more of the total combined voting power of all classes of the Issuer’s stock, as described in section 871(h)(3) of the Internal Revenue Code, (B) being a bank receiving interest as described in section 881(c)(3)(A) of the Internal Revenue Code, or (C) being a controlled foreign corporation that is related to the Issuer or any Guarantor by stock ownership for U.S. federal income tax purposes; (iii) any Taxes that would not have been so imposed on amounts payable to or but for the account presentation by the Holder or beneficial owner of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to Note for payment on a law in effect on date more than 30 days after the date on which such Holder payment became due and payable or Beneficial Holder acquires the date on which payment of the Note is duly provided for and notice is given to such interest in Holders, whichever occurs later, except to the Indenture Obligation; (iii) Taxes attributable to extent that such Holder or Beneficial Holder’s failure beneficial owner would have been entitled to comply with a request from the Trustee to provide a tax exemption certificatesuch Additional Amounts on presenting such Note on any date during such 30-day period; (iv) any withholding Taxes imposed under FATCAestate, inheritance, gift, sales, transfer, personal property, capital gains, wealth or similar Taxes; (v) any Canadian Taxes payable otherwise than by deduction or withholding Taxes imposed under the Tax Act from a payment on such Note or with respect to any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)note Guarantee; (vi) any Canadian withholding Taxes imposed under payable by a Holder that is not the Tax Act on any amount paid or creditedbeneficial owner of the Note, or deemed as paid that is a fiduciary, partnership, limited liability company or creditedother similar entity, by any Holder but, in each case, only to the extent that a beneficial owner, a beneficiary or Beneficial Holder settlor with respect to such fiduciary or recipient by reason member or partner of such Holder partnership, limited liability company or Beneficial Holder similar entity would not have been entitled to the payment of an additional amount had such beneficial owner, beneficiary, settlor, member or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) partner received directly its beneficial or distributive share of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; orpayment; (vii) any Taxes required to be withheld by any paying agent from any payment on any Note, if such payment can be made without such withholding by at least one other paying agent; (viii) any Taxes imposed under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provision that is substantively comparable), any current or future regulations or official interpretation thereof, any agreement entered into pursuant to Section 1471(b) of the Internal Revenue Code or any fiscal or regulatory legislation, rule or practice adopted pursuant to any intergovernmental agreement, treaty or convention entered into in connection with the implementation of the foregoing; (ix) any Taxes imposed under or in connection with the 2021 Dutch Withholding Tax Act (Wet bronbelasting 2021) with respect to a Holder, or, where applicable, a beneficiary of the Notes that is an entity that is related (gelieerd) to the Issuer within the meaning of the 2021 Dutch Withholding Tax Act; or (x) any combination of the foregoing items (i) through ), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix). (c) At least 30 calendar days prior to each date on which For purposes of this Section 2.14, the acquisition, ownership, enforcement, or holding of or the receipt of any payment under or with respect to a Note will not constitute a connection (x) between the Notes Holder or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable beneficial owner and the amounts so payable United States or (y) between a fiduciary, settlor, beneficiary, member, partner or shareholder or other equity owner of, or a person having a power over, such Holder or beneficial owner if such Holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment dateUnited States. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder Any reference in this Indenture or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder to principal or Beneficial Holder and (ii) any Taxes levied interest or imposed with respect other payment on the Notes shall be deemed to any reimbursement refer also to Additional Amounts that may be payable under the foregoing clause (i) or provisions of this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments2.14. (e) In additionExcept as specifically provided under this Section 2.14, the Payor Issuer will pay not be required to make any stamppayment with respect to any tax, issueduty, registration, court, documentation, excise assessment or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, governmental charge imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee government or any other document political subdivision or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, taxing authority of or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) United States. The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any successor to a Payor is organized or is otherwise considered to be a resident or doing business for tax purposes or any jurisdiction from political subdivision or through which payment is made by such successor taxing authority or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest agency thereof or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 2 contracts

Sources: Indenture (Organon & Co.), Indenture (Organon & Co.)

Additional Amounts. (a) The Company will duly and punctually pay the principal of (and premium, if any) and interest on the Notes in accordance with the terms of the Notes and the Indenture. (b) All payments made by or the Company on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for for, or on account of, any present or future taxes, duties, assessments or governmental charges of Taxes imposed whatever nature unless such withholding or levied deduction is then required by law. The Company hereby further agrees, subject to the limitations and exceptions set forth below, that if any deduction or on behalf withholding for any present or future taxes, duties, assessments or other governmental charges of (1) the jurisdiction (or any jurisdiction political subdivision or taxing authority thereof or therein) in which such Payor the Company is organizedorganized or otherwise considered, resident or carrying on business for tax purposes or (2) any jurisdiction from or through which such Payor (or its agents) makes any payment on the Notes is made, or any Note Guarantee or any department or political subdivision or governmental authority thereof or therein having the power to tax (eacheach of clause (1) and (2), a “Relevant Taxing Jurisdiction”), unless shall at any time be required by such Payor is required jurisdiction (or any such political subdivision or taxing authority) in respect of any amounts to withhold or deduct Taxes by law or be paid by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made Company under or with respect to the Notes or any Note GuaranteeNotes, such Payor, subject to the exceptions set forth in Section 2.5(b), Company will pay to each holder of a Note as additional interest, such additional amounts (“Additional Amounts”) as may be necessary such in order that the net amounts paid to such holder of such Note, after such deduction or withholding, shall be equal to the amount such holder would have received in respect of such payment by each Holder or Beneficial Holder after in the absence of such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notdeduction; provided, however, pay the Company shall not be required to make any payment of Additional Amounts to a Holder for or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderaccount of: (i) Taxes Any tax, assessment or other governmental charge which would not have been imposed but for (a) the existence of any present or former connection between such holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder, if such holder is an estate, trust, partnership, limited liability company or corporation) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or measured maintaining a permanent establishment in the Relevant Taxing Jurisdiction) other than by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result the mere ownership or holding of such Holder Note or Beneficial Holder being organized under enforcement of rights thereunder or the laws of, having a business office located in, or being a resident receipt of the jurisdiction imposing such Tax (or any political subdivision thereof) payments in respect thereof or (iib) the presentation of a Note (where presentation is required) for payment on a date more than 30 days after (x) the date on which such payment became due and payable or (y) the date on which payment thereof is duly provided for, whichever occurs later (except to the extent that are Other Connection Taxesthe holder would have been entitled to Additional Amounts had the Note been presented during such 30 day period); (ii) in the case of a Holder Any estate, inheritance, gift, sale, transfer, personal property or Beneficial Holdersimilar tax, withholding Taxes imposed on amounts payable to assessment or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligationother governmental charge; (iii) Taxes attributable to such Holder Any tax, assessment or Beneficial Holder’s failure to comply with a request other governmental charge which is payable otherwise than by withholding from the Trustee to provide a tax exemption certificatepayment of (or in respect of) principal of, premium, if any, or any interest on, Notes; (iv) Any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the holder or the beneficial owner of the Note with a request of the Company addressed to the holder (a) to provide information, documents or other evidence concerning the nationality, residence or identity of the holder or such beneficial owner or (b) to make and deliver any withholding Taxes declaration or other similar claim (other than a claim for refund of a tax, assessment or other governmental charge withheld by the Company) or satisfy any information or reporting requirements, which, in the case of (a) or (b), is required or imposed under FATCAby a statue, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; (v) any Canadian withholding Taxes or deduction imposed under on a payment to an individual and required to be made pursuant to the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture European Council Directive 2003/48/EC or any other Note Document)Directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000 on the taxation of savings income, or any law implementing or complying with, or introduced to conform to, these Directives; (vi) any Canadian withholding Taxes imposed under tax, assessment or other governmental charge that could have been avoided by the Tax Act presentation (where presentation is required) by or on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason behalf of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) holder of the Tax Act) relevant Note to another Paying Agent in a member state of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the IssuerEuropean Union; or (vii) any combination of the foregoing items (i), (ii), (iii), (iv), (v) through and (vi)) above; nor shall Additional Amounts be paid with respect to any payment of the principal of, or any premium or interest on, any Note to any holder who is a fiduciary or partnership or limited liability company or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Relevant Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership, limited liability company or beneficial owner who would not have been entitled to such Additional Amounts had it been the holder of such Note. (c) At least 30 calendar ten days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payablepayable (unless such obligation to pay Additional Amounts arises shortly before or after the tenth day prior to such date, in which case it shall be promptly thereafter), if a Payor the Company will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor Company will deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders holders on the payment date. Each such Officer’s Certificate shall be relied upon until receipt of a further Officers’ Certificate addressing such matters. (d) The Payors, jointly and severally, will indemnify and hold harmless If the Holders and Beneficial Holders and, upon written request of Company conducts business in any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of jurisdiction (ian “Additional Taxing Jurisdiction”) any Taxes levied or imposed by other than a Relevant Taxing Jurisdiction and payable and, as a result, is required by the law of such Additional Taxing Jurisdiction to deduct or withhold any amount on account of taxes imposed by such Holder or Beneficial Holder in connection with Additional Taxing Jurisdiction from payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii)Notes, so that as the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; providedcase may be, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible required to receive payment be so deducted or withheld but for such conduct of business in such Additional Taxing Jurisdiction, the Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required provision described above shall be considered to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect apply to such paymentsholders as if references in such provision to taxes included taxes imposed by way of deduction or withholding by any such Additional Taxing Jurisdiction (or any political subdivision thereof or taxing authority therein). (e) In addition, the Payor The Company will pay any present or future stamp, issuecourt or documentary taxes, registration, court, documentation, or any other excise or property taxes (other than net wealth taxes or similar taxestaxes imposed on the holder irrespective of such holder’s investment in the Notes and based on the total net value of the holder’s property), charges and duties, including any interest, penalties and any charge or similar liabilities with respect thereto, imposed by levies that arise in any Relevant Taxing Jurisdiction at any time in respect of from the execution, issuancedelivery, enforcement or registration or delivery of the Notes, any Note Guarantee Notes or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as in relation thereto (other than a result of, or in connection with, the enforcement transfer of the Notes), and the Company will agree to indemnify the holders for any Note Guarantee and/or any other such document or instrumentTaxes paid by such holders. (f) The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any successor to a Company is organized or is otherwise resident any political subdivision or doing business for tax purposes taxing authority or any jurisdiction from agency thereof or through which payment is made by such successor or its respective agentstherein. Whenever this Indenture refers to, in any contextUpon request, the payment of principal, Premium (if any) and interest or any other amount payable under or Company will provide the Trustee with respect documentation satisfactory to any Note, such reference shall include the Trustee evidencing the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableAmounts. Copies of such documentation will be made available to the holders of the Notes upon request.

Appears in 2 contracts

Sources: Indenture (Stena Ab), Indenture (Stena Ab)

Additional Amounts. (a) All payments made by or on behalf the Company in respect of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any the Guarantor in respect of a Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of any jurisdiction in which such Payor the Company or the Guarantor is organized, organized or is a resident or carrying on business for tax purposes purposes, or from or any other jurisdiction through which such Payor (or its agents) makes any payment on payments under the Notes are made by or on behalf of the Company, or any Note Guarantee or any department or political subdivision thereof thereof, having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor the Company or the Guarantor is required to withhold or deduct Taxes by law to deduct or by withhold such taxes, duties, assessments or governmental charges. In that event, the interpretation Company or administration thereof. If a Payor is the Guarantor will make the required deduction or withholding, make payment of the amount so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect withheld to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts received by Holders of Notes after such withholding or deduction equal the amounts that would have been received in respect of the Notes in the absence of such withholding or deduction (“Additional Amounts”). All references to “Company” (or, as applicable, “Guarantor”) in this Article 3 include any entity that replaces and becomes a substitute for the Company (or, as may be necessary applicable, the Guarantor), in each case as a result of a substitution or replacement that occurs pursuant to the terms of this Indenture. No such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not shall be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderpayable: (i) Taxes imposed to, or to a third party on or measured by net income (however denominated)behalf of, franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder where the Holder or Beneficial beneficial owner is liable for any present or future taxes, duties, assessments or governmental charges in respect of a Note by reason of the existence of any present or former connection between the Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of the Holder or beneficial owner, if the Holder or beneficial owner is an estate, a trust, a partnership, a limited liability company or a corporation) or beneficial owner and the Relevant Jurisdiction, including, without limitation, the Holder or beneficial owner (or the Holder’s or the beneficial owner’s fiduciary, settlor, beneficiary, member or shareholder) being organized under the laws of, or having been a citizen or resident thereof or being or having been engaged or deemed to be engaged in a trade or business office located inor present therein or having, or being having had, a resident permanent establishment therein, other than the mere holding of the jurisdiction imposing such Tax (Note or any political subdivision thereof) or (ii) that are Other Connection Taxesthe enforcement of rights and the receipt of payments with respect to the Note; (ii) in respect of Notes surrendered (if surrender is required) more than 30 days after the case of a Relevant Date except to the extent that the Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect Note would have been entitled to an applicable interest in an Indenture Obligation pursuant to a law in effect such Additional Amounts, on surrender of such Note for payment on the date on which last day of such Holder or Beneficial Holder acquires such interest in the Indenture Obligationperiod of 30 days; (iii) Taxes attributable to such in respect of any tax, duty, assessment or other governmental charge imposed on a Note presented for payment by or on behalf of a Holder where the Holder or Beneficial beneficial owner would have been able to avoid that withholding or deduction by presenting the relevant Note to another paying agent in a member state of the European Union; (iv) in respect of any tax, duty, assessment or other governmental charge imposed or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of this Indenture (or any amended or successor version), current or future U.S. Treasury Regulations issued thereunder or any official interpretation thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code; (v) where such Additional Amount is imposed on a payment to, or for the benefit of, a Luxembourg resident individual pursuant to the Luxembourg law of 23 December 2005; (vi) to, or to a third party on behalf of, a Holder where the Holder or beneficial owner is liable for any present or future taxes, duties, assessments or other governmental charges by reason of the Holder’s or beneficial owner’s failure to comply with any certification, identification or other reporting requirement concerning nationality, residence, identity or connection with the Relevant Jurisdiction, if (1) compliance is required by the Relevant Jurisdiction, as a request from precondition to, exemption from, or reduction in the Trustee rate of, the tax, duty, assessment or other governmental charge and (2) the Company has given at least 30 days’ notice that Holders or beneficial owners will be required to provide a tax exemption certificatethis certification, identification or other requirement; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (iivii) in respect of a debt any estate, inheritance, gift, sales, transfer, capital gains, excise or other obligation to pay an amount to a Holder personal property or Beneficial Holder similar tax, duty, assessment or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)governmental charge; (viviii) in respect of any Canadian tax, duty, assessment or other governmental charge that is payable otherwise than by deduction or withholding Taxes imposed under from payments of principal of or interest on the Tax Act on any amount paid Note or credited, by direct payment by the Company or deemed as paid the Guarantor in respect of claims made against the Company or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the IssuerGuarantor; or (viiix) in respect of any combination of the foregoing items above. (ib) through (vi)No Additional Amounts shall be paid with respect to any payment on a Note 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 the Relevant Jurisdiction to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither the Company nor the Guarantor shall be required to make any payment with respect to any tax, duty, assessment or governmental charge imposed by any government or political subdivision or taxing authority thereof or therein. (c) At least 30 calendar days prior to each date on which any payment under or In the event that Additional Amounts actually paid with respect to the Notes described above are based on rates of deduction or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after withholding of taxes in excess of the 35th day prior appropriate rate applicable to the date on which Holder of such payment Notes, and, as a result thereof the Holder is due entitled to make a claim for a refund or credit of the excess from the authority imposing the withholding tax, then the Holder shall, by accepting the Notes, be deemed to have assigned and payabletransferred all right, in which case it will be promptly thereafter)title, the Payor will deliver and interest to any such claim for a refund or credit of such excess to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment dateCompany. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder Any reference in this Indenture or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under in respect of the Notes by the Company or the Note Guarantee by the Guarantor will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to any Note, such reference shall include that amount under the payment of Additional Amounts or indemnification payments as described obligations referred to in this Section 2.5Section, if applicableunless the context requires otherwise.

Appears in 2 contracts

Sources: Indenture (Cosan S.A.), Indenture (Cosan S.A.)

Additional Amounts. (a) All payments made by or on behalf The Company may redeem, in whole, but not in part, all of the Issuer Series B Preference Shares, upon notice given as provided in Section 7(h) herein, at a redemption price equal to US$25.00 per Series B Preference Share, plus any unpaid, accrued cumulative dividends, whether or not declared, on such Series B Preference Share, to, but excluding, the Redemption Date, without interest on such unpaid dividends, if there is, in the Company’s reasonable determination, based on the advice of external legal, financial and tax advisers with knowledge of such matters, as applicable, a substantial probability that the Company or any Guarantor (each a “Payor”) under or Successor Company would become obligated to pay additional amounts on the next succeeding Dividend Payment Date with respect to the Notes Series B Preference Shares and the payment of those additional amounts could not be avoided by the use of any reasonable measures available to the Company or any Note Guarantee will be made free and clear Successor Company (a “Tax Event”); provided that no such redemption may occur unless one of and without withholding or deduction for or on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor the Redemption Requirements is organizedsatisfied. As used herein, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts ” means (“Additional Amounts”A) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (Bermuda or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case governmental authority of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection withBermuda with the power to tax, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (fB) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor the Company or its respective agentsdividend disbursing agent is making payments on the Series B Preference Shares or any political subdivision or governmental authority of or in that jurisdiction with the power to tax or (C) any other jurisdiction in which the Company or any Successor Company is organized or generally subject to taxation or any political subdivision or governmental authority of or in that jurisdiction with the power to tax. Whenever this Indenture refers to, in Prior to any contextredemption upon a Tax Event, the payment Company shall file with its corporate records and deliver to the transfer agent for the Series B Preference Shares a certificate signed by one of principal, Premium the Company’s officers confirming that a Tax Event has occurred and is continuing (if any) as reasonably determined by the Company based on the advice of external tax and interest or any other amount payable under or with respect to any Note, such reference legal advisers). The Company shall include the payment a copy of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablecertificate with any notice of such redemption.

Appears in 2 contracts

Sources: Transaction Agreement (Sirius International Insurance Group, Ltd.), Confidential Transaction Agreement (Third Point Reinsurance Ltd.)

Additional Amounts. (a) 2.6.1 All payments made by or on behalf account of any obligation of the Issuer or any Guarantor (each a “Payor”) under or with respect to the TCPL Sub Notes or any Note Guarantee will - Series 2016-A shall be made free and clear of and without withholding or deduction for for, or on account of Taxes of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Government of Canada or any Note Guarantee province or territory thereof or by any department authority or political subdivision agency therein or thereof having power to tax (eachhereinafter, a “Relevant Taxing JurisdictionCanadian Taxes”), unless or, in the event that a Successor Entity that is organized under the laws of a jurisdiction other than the laws of Canada or any province of territory thereof is substituted for the Issuer pursuant to Article 8 of the Original Indenture, by or on behalf of the government of such Payor is required to withhold successor jurisdiction or deduct Taxes by law any subdivision thereof or by any authority or agency therein or thereof having power to tax. 2.6.2 For so long as the interpretation or administration thereof. If a Payor Trust is so the holder of TCPL Sub Notes — Series 2016-A, if the Trust is required to withhold or deduct any amount for or on account of Canadian Taxes from any payment made under or with respect to the Trust Notes or any Note Guarantee- Series 2016-A, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer shall pay as additional interest such additional amounts (“Additional Amounts”) as may be necessary such so that the Trust may provide a net amount received in respect to each holder of such payment by each Holder or Beneficial Holder Trust Notes — Series 2016-A (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will shall not be less than the amount the Holder or Beneficial Holder, as the case may be, such holder of Trust Notes — Series 2016-A would have received if such Canadian Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts shall be payable to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or Trust with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial holder of Trust Notes — Series 2016-A (an “Excluded Holder: ”) in respect of a beneficial owner of Trust Notes Series 2016-A (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor Trust does not deal at arm’s length (for the purposes of the Income Tax ActAct (Canada)) at the time of the making of such payment or payment, (ii) which is subject to such Canadian Taxes by reason of the failure of such holder of Trust Notes — Series 2016-A to comply with any certification, identification, information, documentation or other reporting requirement if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in, the rate of deduction or withholding of, such Canadian Taxes, (iii) where all or any portion of the amount paid to such holder of Trust Notes — Series 2016-A is deemed to be a dividend paid to such holder of Trust Notes — Series 2016-A pursuant to subsection 214(16) of the Income Tax Act (Canada), or (iv) which is subject to such Canadian Taxes by reason of its carrying on business in or being connected with Canada or any province or territory thereof otherwise than by the mere holding of Trust Notes — Series 2016-A or the receipt of payments thereunder. The Trust shall make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required under applicable law. 2.6.3 If a holder of Trust Notes — Series 2016-A has received a refund or credit for any Canadian Taxes with respect to which the Issuer has paid Additional Amounts pursuant to this Section 2.6, and such holder has paid over such refund to the Trust, the Trust shall pay over such refund to the Issuer (but only to the extent of such Additional Amounts), net of all out-of-pocket expenses of such holder, together with any interest paid by the relevant tax authority in respect of a debt or other obligation such refund. 2.6.4 If Additional Amounts are required to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises be paid under this Section 2.6 as a result of such Holder or Beneficial Holder or recipient having become a party toTax Event, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified nonmay elect to redeem outstanding TCPL Sub Notes - Series 2016-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made A pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentSection 3.3. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 2 contracts

Sources: Second Supplemental Indenture (TransCanada Trust), Second Supplemental Indenture (Transcanada Pipelines LTD)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes Securities or any Note Guarantee will that the Guarantors make under or with respect to the Guaranties shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of (1) any political subdivision or Governmental Authority thereof or therein having power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Securities or the relevant Guaranty is made on behalf of the Issuers or any Note Guarantee Guarantor, or any department or political subdivision or Governmental Authority thereof or therein having the power to tax, or (each3) any other jurisdiction in which the Issuers or any Guarantor is organized or resident, or any political or Governmental Authority thereof or therein having the power to tax (each of clauses (1), (2) and (3), a “Relevant Taxing Jurisdiction”), unless the Issuers or such Payor Guarantor, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If the Issuers or a Payor Guarantor is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes Securities, the Issuers or any Note Guaranteethe Guarantor, such Payoras the case may be, shall, subject to the exceptions set forth in Section 2.5(b2.19(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder of the Securities after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net incomehereunder) will shall not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNeither the Issuers nor any Guarantor will, however, be required to pay Additional Amounts to a Holder or Beneficial beneficial owner of a Security: (1) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the Holder’s or beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction (other than the acquisition, ownership, holding or disposition of a Security or by reason of the receipt of payments thereunder or under any Guaranty or the exercise or enforcement of rights under any Securities or this Indenture or under any Guaranty); (2) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner of Securities, following the Issuers’ written request addressed to the Holder, to the extent such Holder or beneficial owner is legally entitled to do so, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (3) with respect to any estate, inheritance, gift, sales, transfer or personal property tax or any similar Taxes (other than stamp, issue, registration, court, documentation, excise or other similar Taxes referred to in Section 2.19(f)); (4) if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment and the following Taxes giving rise to such Additional Amounts would not have been imposed on such payment had such Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Security (but only if there is no material cost or expense associated with transferring such Security to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or sole beneficial owner); (5) with respect to a Holder any Taxes that are payable otherwise than by deduction or Beneficial Holder withholding from payments on, or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws respect of, having a business office located in, the applicable Security or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection TaxesGuaranty; (ii6) in the case of a Holder or Beneficial Holder, withholding with respect to any Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on beneficial owner at the date on which time such Holder or Beneficial Holder acquires becomes a party to this Indenture, except to the extent that such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; transferor or assignor (ivif any) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedwas entitled, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making assignment, to receive Additional Amounts with respect to such payment or (ii) in respect of a debt or other obligation Taxes pursuant to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (iiSection 2.19(a), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document);; and (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act7) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) respect to any combination of the foregoing items (i) through (vi)listed above. (c) The Issuers and the Guarantors will (1) make such withholding or deduction required by applicable law and (2) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Issuers and the Guarantors will provide to the Trustee either a certified copy of tax receipts evidencing such payment or, if such tax receipts are not reasonably available to the Issuers or such Guarantor, such other documentation that provides reasonable evidence of such payment by the Issuers or such Guarantor. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Securities is due and payable, if a Payor will the Issuers or the Guarantors shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Securities is due and payable, in which case it will shall be promptly thereafter), the Payor will Issuers shall deliver to the Trustee an Officer’s Officers’ Certificate stating that such Additional Amounts will shall be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. The Issuers and the Guarantors shall promptly publish a notice in accordance with Section 12.2 stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. (de) The PayorsIssuers and the Guarantors, jointly and severally, will shall indemnify and hold harmless the Holders and Beneficial Holders of Securities, and, upon written request of any Holder or Beneficial Holderof Securities, reimburse such Holder or Beneficial Holder for the amount of (i1) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes Securities held by such Holder or Beneficial Holder any Guaranties; and (ii2) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i1) or this clause (ii2), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will shall not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i1) and/or (ii2) had not been imposed; provided, however, that the indemnification or reimbursement obligations obligation provided for in this clause (dSection 2.19(e) shall not extend to Taxes imposed for which the applicable eligible Holder or Beneficial Holder of the Securities would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (ef) In additionThe Issuers and the Guarantors shall pay and jointly and severally shall indemnify and hold harmless the Holders of Securities, and upon written request of any Holder of Securities, reimburse such Holder for the Payor will pay amount of any present or future stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, interest and penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuanceissue, registration or delivery of the Notes, Securities or any Note Guarantee Guaranties or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or jurisdiction as a result of, or in connection with, the enforcement of the Notes, Securities or any Note Guarantee Guaranty and/or any other such document or instrument. (f) . The obligations described under provisions of this Section 2.5 will 2.19 shall survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Issuers or any Payor Guarantor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (premium, if any) and , interest or any other amount payable under or with respect to any NoteSecurity, such reference shall include includes the payment of Additional Amounts or indemnification payments as described in this Section 2.5hereunder, if applicable.

Appears in 2 contracts

Sources: Indenture (FriendFinder Networks Inc.), Indenture (FriendFinder Networks Inc.)

Additional Amounts. (a) All payments and deliveries made by by, or on behalf of of, the Issuer Company or any Guarantor (each a “Payor”) successor to the Company under or with respect to this Indenture and the Notes, including, but not limited to, payments of the Accreted Principal Amount, the Fundamental Change Repurchase Price or the Redemption Price, payments of interest, including any additional interest, payments of cash upon conversion of the Notes or and deliveries of shares of Common Stock (together with payments of cash for any Note Guarantee will shares of Common Stock that would represent a fractional share) upon conversion of the Notes, shall be made free and clear of and without withholding or deduction for for, or on account of, any present or future taxes, duties, assessments or governmental charges of Taxes whatever nature (“Taxes”) imposed or levied by or on behalf of within any jurisdiction in which such Payor the Company or any successor to the Company is organized, organized or resident or carrying on business for tax purposes purposes, maintaining a permanent establishment, or from doing business or through which such Payor payment or deliveries is made or deemed made (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision or taxing authority thereof or therein) (each, as applicable, a “Relevant Taxing Jurisdiction”), unless such Payor withholding or deduction is required to withhold by law. In the event that any such withholding or deduct Taxes by law or by the interpretation or administration thereof. If a Payor deduction is so required to withhold required, other than any such withholding or deduct any amount for deduction for, or on account of, any Taxes that is imposed in connection with payments of Taxes from any payment made under or with respect to cash upon conversion of the Notes or deliveries of shares of Common Stock, together with payments of cash for any Note Guaranteeshares of Common Stock that would represent a fractional share, such Payorupon conversion of the Notes (other than any de minimis amount of withholding or deduction in the nature of the costs of issuance of shares of Common Stock), subject the Company or any successor to the exceptions set forth in Section 2.5(b), will Company shall pay to each Holder such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each the Holder or Beneficial Holder beneficial owner after such withholding or deduction (including and after deducting any Taxes on the Additional Amounts) shall equal the amounts that would have been received by such Holder or beneficial owner had no such withholding or deduction attributable to been required; provided that no Additional Amounts payable hereunder shall be payable: (i) for or on account of: (A) any tax, duty, assessment or other governmental charge that would not have been imposed but excluding Taxes on net incomefor: (1) will not be less than the amount existence of any present or former connection between the Holder or Beneficial Holderbeneficial owner of such Note and the Relevant Taxing Jurisdiction, including, without limitation, such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein, other than merely holding such Note or the receipt of payments thereunder; (2) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the Accreted Principal Amount, the Fundamental Change Repurchase Price or the Redemption Price, as applicable, with respect to, and interest on, such Note, together with payments of cash and the delivery of shares of Common Stock (together with payment of cash for any shares of Common Stock that would represent a fractional share) upon conversion of such Note became due and payable pursuant to the terms thereof or was made or duly provided for; or (3) the failure of the Holder or beneficial owner to comply with a reasonable and timely request from the Company or any successor of the Company, addressed to the Holder or beneficial owner, as the case may be, to provide certification, information, documents or other evidence concerning such H▇▇▇▇▇’s or beneficial owner’s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Taxing Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have received otherwise been payable to such Holder and only if such Taxes had not been required and to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of extent that such Holder or Beneficial Holder being organized under the laws of, having a business office located in, beneficial owner is legally entitled to provide such information or being a resident of the jurisdiction imposing documentation or to make such Tax (declaration or any political subdivision thereof) claim or (ii) that are Other Connection Taxesto satisfy such requirement; (iiB) in the case of a Holder any estate, inheritance, gift, sale, transfer, personal property or Beneficial Holdersimilar tax, withholding Taxes imposed on amounts payable to assessment or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligationother governmental charge; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (ivC) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedtax, or deemed as paid or creditedduty, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt assessment or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor governmental charge that is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other payable otherwise than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian by withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment from payments under or with respect to the Notes; (D) any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (A), (B) or (C); (E) any taxes imposed, withheld or deducted pursuant to sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (or any amended or successor version of such sections that is substantially comparable) (the “Code”), any current or future regulations thereunder, official interpretations thereof or agreements (including any intergovernmental agreement or any laws, rules or practices implementing such intergovernmental agreement) entered into in connection therewith or otherwise pursuant to any agreements described in Section 1471 (b) of the Code; or (F) any taxes imposed, withheld or deducted pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021), as amended (or any amended or successor version of the Dutch Withholding Tax Act 2021), and any current or future regulations thereunder and official interpretations thereof; or (G) any taxes that were imposed with respect to any payment of the Accreted Principal Amount, the Fundamental Change Repurchase Price or the Redemption Price, as applicable, with respect to, and interest on, such Note if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment to the extent that no Additional Amounts would have been payable had the beneficial owner of the applicable Note been the Holder of such Note. For the avoidance of doubt, no Additional Amounts will be payable in the case of withholding or deduction that is imposed in connection with payments of cash upon conversion of the Notes or deliveries of shares of Common Stock, together with payments of cash for any Note Guarantee is due and payable, if shares of Common Stock that would represent a Payor will be fractional share (other than any de minimis amount of withholding or deduction in the nature of the costs of issuance of Common Stock) upon conversion of the Notes. (b) If the Company becomes obligated to pay Additional Amounts with respect to such any payment (unless such obligation to pay Additional Amounts arises after the 35th day prior or delivery under or with respect to the date on which such payment is due and payable, in which case it will be promptly thereafter)Notes, the Payor Company will timely deliver to the Trustee Trustee, an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer’s Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent or the Conversion Agent, as the case may be, to pay such Additional Amounts to Holders Holder on the relevant payment date. The Trustee shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Company will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. (dc) The Payors, jointly Company will make all withholdings and severally, deductions required by law and will indemnify timely remit the full amount deducted or withheld to the relevant taxing authority in accordance with applicable law. The Company will obtain tax receipts from each taxing authority evidencing the payment of any Taxes so deducted or withheld and hold harmless timely furnish to the Holders and Beneficial Holders and, upon written request certified copies of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for tax receipts evidencing payment by the amount of Company. In the event that (i) any Taxes levied or imposed by the taxing authority of a Relevant Taxing Jurisdiction and payable by such Holder determines that amounts should have been withheld or Beneficial Holder deducted in connection with respect of any payments made or deliveries under or with respect to the Notes held in excess of any amounts that were actually withheld or deducted by such Holder the Company or Beneficial Holder its successor, and (ii) the Company or its successor would have been required to pay Additional Amounts if such amounts had been withheld or deducted, then the Company or its successor shall indemnify each Holder and beneficial owner of the Notes and the Trustee, on an after-Tax basis, for any Taxes levied and all losses incurred as a result of the Company’s failure to make such withholdings and deductions and to pay Additional Amounts (including any Additional Amounts); provided, that, such Holder or imposed beneficial owner shall reasonably assist the Company or its successor in any attempt the Company or its successor may make to seek to secure a reduction or refund of any such amounts, which reduction or refund shall be for the account of the Company or its successor to the extent of any indemnification previously provided to such beneficial owner. (d) Any reference in this Indenture or the Notes in any context to the payment of the Accreted Principal Amount, the Fundamental Change Repurchase Price or the Redemption Price, with respect to, and interest on, any Note shall be deemed to include any Additional Amounts, unless the context requires otherwise, that may be payable with respect to any reimbursement that amount under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise obligations referred to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments3.09. (e) In addition, The Company or any successor to the Payor Company will promptly pay when due and indemnify the Holder or beneficial owner for any present or future stamp, issue, registration, court, documentation, court or documentary Taxes or any other excise or other similar taxesproperty Taxes, charges and duties, including or similar levies that arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of taxing jurisdiction from the execution, issuance, delivery or registration or delivery enforcement of the Notes, any each Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges herein or duties imposed by any Relevant Taxing Jurisdiction on therein or the receipt of any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentwith respect thereto. (f) The foregoing obligations described under this Section 2.5 will shall survive any termination, defeasance or discharge of this Indenture Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply apply, mutatis mutandis to any successor Person to any Payor and mutandis, for the avoidance of doubt, to any jurisdiction in which such any successor to the Company is organized then incorporated, organized, or is otherwise resident or doing business for tax purposes purposes, or engaged in business or any jurisdiction from or through which any payment or deliveries is made by such successor or its respective agents. Whenever this Indenture refers todeemed made and any political subdivision or taxing authority or agency thereof or therein having the power to tax, in any context, or the payment earlier resignation or removal of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableTrustee.

Appears in 2 contracts

Sources: Indenture (Nebius Group N.V.), Indenture (Nebius Group N.V.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) makes under or with respect to the Notes or that any Note Subsidiary Guarantor makes under or with respect to its Guarantee will shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Payor the Issuer, the Subsidiary Guarantor or any Surviving Entity is incorporated, organized, engaged in business (where such Tax is imposed by reason of the Issuer, Subsidiary Guarantor, or Surviving Entity being engaged in business) or otherwise resident or carrying on business for tax purposes or from or through which such Payor (or its agents) any of the foregoing makes any payment on the Notes or the Guarantees (including the jurisdiction of any Note Guarantee paying agent) or by or within any department or political subdivision thereof having power to tax (each, a “Relevant Taxing Jurisdiction”), unless the Issuer or such Payor Subsidiary Guarantor, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor the Issuer or any Subsidiary Guarantor is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note a Guarantee, the Issuer or such PayorSubsidiary Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder of the Notes (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will shall be not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNeither the Issuer nor any Subsidiary Guarantor shall, however, pay Additional Amounts to in respect or on account of: (i) any Taxes that are imposed or levied by a Relevant Taxing Jurisdiction by reason of a present or former connection of a Holder (or Beneficial a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if the Holder is an estate, a trust, a partnership or a corporation) or a beneficial owner with such Relevant Taxing Jurisdiction (other than the mere receipt or holding of Notes or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under any Notes, Guarantees or this Indenture); (ii) any Taxes that are imposed or levied by reason of the failure of the Holder or beneficial owner of Notes, following the Issuer’s written request addressed to the Holder (and made at a time which would enable the Holder or beneficial owner acting reasonably to comply with that request), to comply with any certification, identification, information or other reporting requirements which the Holder or such beneficial owner is legally required and legally entitled to satisfy, whether imposed by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or Guarantees; (v) any Tax that is imposed or levied by reason of the presentation (where presentation is required in order to receive payment) of such Notes for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent that the beneficial owner or Holder thereof would have been entitled to Additional Amounts had the Notes been presented for payment on any date during such 30 day period; (vi) any Tax imposed on or with respect to any payment by the Issuer or any Subsidiary Guarantor to the Holder if such Holder is a fiduciary or partnership or person other than the sole beneficial owner of such payment to the following Taxes extent that a beneficiary or settlor with respect to such fiduciary, member of such partnership or the beneficial owner of such payment would not have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note; (vii) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder: (i) Taxes imposed on beneficial owner who would have been able to avoid such withholding or measured deduction by net income (however denominated), franchise Taxes and branch profits Taxes, presenting the relevant Notes to another paying agent in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident member state of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection TaxesEuropean Union; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (ivviii) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) deduction in respect of any Taxes where such withholding or deduction is imposed on a debt or other obligation payment to pay an amount individual and is required to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture be made pursuant to European Council Directive 2003/48/EC or any other Note Document); (vi) Directive implementing the conclusions of the ECOFIN Council meeting of 26–27 November 2000 on the taxation of savings income or any Canadian withholding Taxes imposed under the Tax Act on any amount paid law implementing or creditedcomplying with, or deemed as paid or creditedintroduced in order to conform to, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the IssuerDirective; or (viiix) any combination of the foregoing items (i) through (vi)above. (c) The Issuer and any Subsidiary Guarantor shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant taxing authority in the Relevant Taxing Jurisdiction in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuer or any Subsidiary Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will shall be promptly thereafter), the Payor will Issuer shall deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will shall be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) . The Payors, jointly and severally, will indemnify and hold harmless Issuer shall promptly publish a notice in accordance with the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse provisions set forth in Section 13.02 stating that such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if shall be payable and describing the Payor had been required obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsamounts. (e) Upon request, the Issuer or the Subsidiary Guarantors shall furnish to the Trustee or the Holder copies of tax receipts evidencing the payment of any Taxes by the Issuer or the applicable Subsidiary Guarantor in such form as provided in the normal course by the taxing authority imposing such Taxes and as is reasonably available to the Issuer or the applicable Subsidiary Guarantor. If notwithstanding the efforts of the Issuer or the Subsidiary Guarantors to obtain such receipts, the same are not obtainable, the Issuer or the applicable Subsidiary Guarantor shall provide the Trustee or such Holder other evidence satisfactory to the Trustee or the Holder of such payments by the Issuer or the applicable Subsidiary Guarantor. (f) In addition, the Payor will Issuer and the Subsidiary Guarantors shall pay any present or future stamp, issue, registration, court, documentation, excise or property taxes or other similar taxes, charges and duties, including any interest, interest and penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuanceissue, delivery or registration or delivery of the Notes, any Note Guarantee Notes or any other document or instrument referred to thereunder (other than in respect of the execution, issue, delivery or registration of Notes pursuant to Section 2.06, Section 2.07 or Section 2.10(a)(iv)) and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or jurisdiction as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee Notes and/or any other such document or instrumentinstrument following the occurrence of any Event of Default with respect to the Notes, and the Issuer and each Subsidiary Guarantor shall indemnify the Holders for any such taxes paid by such Holders. (fg) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will 4.17 shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any Surviving Entity or successor person to the Issuer is organized incorporated, organized, engaged in business or is otherwise resident or doing business for tax purposes purposes, or any jurisdiction from political subdivision or through which payment is made by such successor taxing authority thereof or its respective agentstherein. Whenever this Indenture refers to, in any context, the payment of principal, Premium (premium, if any) and , interest or any other amount payable under or with respect to any Note, such reference shall include includes the payment of Additional Amounts or indemnification payments as described in this Section 2.5Amounts, if applicable.

Appears in 2 contracts

Sources: Indenture (Invitel Holdings a/S), Indenture (Invitel Holdings a/S)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer, any Guarantor or other applicable withholding agent is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency provided, however, that in determining what withholding is required by law for U.S. federal income and withholding tax purposes, the Issuer, a Guarantor or other applicable withholding agent shall be entitled to treat any payments on or in respect of the Notes or any Note Guarantee as if the Notes or any Note Guarantee were issued by a U.S. person as defined in section 7701(a)(30) of the Code. If a Payor the Issuer, any Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that no Additional Amounts will be payable with respect to payments made to any Holder or beneficial owner to the extent such Taxes are imposed by reason of (i) such Holder or beneficial owner being considered to be or to have been connected with a Relevant Taxing Jurisdiction, otherwise than by the acquisition, ownership, holding or disposition of the Notes, the enforcement of rights under the Notes or under any Note Guarantee or the receipt of payments in respect of the Notes or any Note Guarantee, or (ii) such Holder or beneficial owner not completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer, a Guarantor or other applicable withholding agent to make or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note or any Note Guarantee, a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments); provided, however, that for purposes of this obligation to pay Additional Amounts, the Issuer, a Guarantor or other applicable withholding agent shall be entitled, for U.S. federal income and withholding tax purposes, to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. Further, no Additional Amounts shall be payable with respect to a (i) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or Beneficial beneficial owner holding or owning, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote or (ii) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or any Guarantor. The Issuer or Guarantor (as applicable) required to withhold any Taxes will make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or Guarantor (as applicable) will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. Wherever in the Indenture or the Notes or any Note Guarantee there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or the Notes, (3) interest or (4) any other amount payable on or with respect to any of the following Taxes imposed on Notes or with respect any Note Guarantee, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws ofwould be payable in respect thereof. The Issuer will pay any present stamp, having a business office located incourt or documentary taxes, or being a resident of the jurisdiction imposing such Tax any other excise, property or similar taxes, charges or levies (including any penalties, interest or other liabilities related thereto) which arise in Luxembourg or any political subdivision thereof) thereof or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holdertherein, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedexecution, or deemed as paid or credited, by or on account delivery and registration of any obligation Notes upon original issuance and initial resale of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated other document or instrument referred to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder therein or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the enforcement of the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and herein or therein. If at any such time the Issuer changes its place of organization to outside of Luxembourg or there is a new issuer organized outside of Luxembourg, the Issuer or new issuer, as applicable, will pay any stamp, court or documentary taxes, or any other excise, property or similar taxes, charges or duties imposed levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction in which the Issuer or new issuer is organized (or any political subdivision thereof or therein) and are payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Holders of the Notes in respect of the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) instrument referred to therein under any law, rule or regulation in effect at the time of such change. The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will section (“Additional Amounts”) to the Issuer or any Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 2 contracts

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA), Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All payments to be made by or on behalf in respect of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of of, and without deduction or withholding or deduction for or on account of of, any taxes, duties, levies, imposts, charges, fees, deductions or withholdings, except to the extent such amounts are imposed by Applicable Law. (b) In the event that any Taxes imposed are required by Applicable Law to be deducted or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes withheld from any payment required to be made under or with in respect to of the Notes or any Note GuaranteeNotes, then the amount of such Payor, subject to the exceptions set forth in Section 2.5(b), will pay payment shall be increased by such additional amounts (“Additional Amounts”) as may be necessary such in order that the net amount actually received by the applicable recipients or beneficial owner of such payment in respect of such payment, after withholding or deduction for or on account of such Taxes, is an amount equal to the amount that would have been received by the applicable recipient(s) or beneficial owner of such payment in respect of such payment by each Holder or Beneficial Holder after had no such withholding or deduction Taxes (including withholding or deduction attributable to any Taxes payable in respect of such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld deducted or deductedwithheld. (bc) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to The amount of any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from any payment made in respect of the Notes under Applicable Law shall be withheld or deducted from such payment (as increased by any Additional Amounts) and paid to the taxing authority imposing such Taxes in accordance with Applicable Law. (d) Together with every payment made under this Indenture requiring the withholding of any Taxes, the Issuer shall furnish to the Trustee a statement of the withholding being made, if any, in the form of a debit notice on account of tax withholding or other similar document which evidences that the withholding was duly made. (e) As promptly as practicable thereafter, the Issuer shall provide the Trustee documentation satisfactory to the Trustee evidencing payment of Taxes in respect of which the Issuer has paid any Additional Amounts. (f) Copies of such documentation shall be made available to a Holder the Holders or Beneficial Holderany Paying Agent upon request therefor to the Trustee. (g) Notwithstanding the preceding sentences, no such Additional Amounts will (including Taxes payable in respect of such Additional Amounts) be payable in respect of: (i1) Taxes any Tax assessed or imposed on by reason of the applicable recipient or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result beneficial owner of such Holder payment having any actual or Beneficial Holder deemed present or former connection between the recipient or beneficial owner of such payment and a Relevant Taxing Jurisdiction (including, without limitation, being a citizen of, carrying on business or having a permanent establishment in a Relevant Taxing Jurisdiction, being organized under the laws ofof a Relevant Taxing Jurisdiction, having a business office located in, being an actual or being a deemed resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) a Relevant Taxing Jurisdiction or, in the case of a Holder or Beneficial HolderCanada, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal dealing at non-arm’s length (for the purposes of the Income Tax ActAct (Canada)) at with the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time payer of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Documentpayment); (vi2) any Canadian withholding Taxes imposed under on or measured by the applicable recipient or beneficial owner’s net income, capital franchise taxes and branch profits or similar taxes; (3) any estate, inheritance, gift, personal property, sales, use, excise, transfer or other similar Tax Act on imposed with respect to such payment; (4) any amount paid such Taxes that would not have been imposed but for the failure of the applicable recipient or creditedbeneficial owner of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent (a) such compliance is required by Applicable Law or an applicable treaty as a precondition to exemption from, or deemed as paid reduction in the rate of deduction or creditedwithholding of, such Taxes and (b) reasonably in advance of the first Payment Date with respect to which the obligor with respect to a payment shall apply this clause ‎(4), such obligor shall have notified each Holder in writing that taxes will be imposed unless an applicable compliance certification, identification, information, documentation or other reporting requirement is satisfied; (5) any such Taxes required to be withheld by any Holder or Beneficial Holder or recipient by reason paying agent from any payment, if such Tax results from the presentation of such Holder or Beneficial Holder or Note for payment (where presentation is required) and the payment can be made in a commercially reasonable manner without such withholding by the presentation of such Note to any other paying agent with respect to the Notes; (6) any Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the applicable recipient (iexcept to the extent that such recipient would have been entitled to Additional Amounts had the Note been presented during such 30-day period); (7) being a “specified non-resident shareholder” any Tax payable other than by withholding or deduction; (as defined 8) any U.S. federal withholding tax; (9) any tax, assessment, withholding or deduction required by FATCA, any current or future Treasury regulations or rulings promulgated thereunder, any law, regulation or other official guidance enacted in subsection 18(5) any jurisdiction implementing FATCA, any intergovernmental agreement between the United States and any other jurisdiction pursuant to the implementation of FATCA, or any agreement with the Tax Act) U.S. Internal Revenue Service pursuant to the implementation of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the IssuerFATCA; or (vii10) any combination of the foregoing items (icircumstances described in clauses ‎(1) through (vi‎(9). (c) At least 30 calendar days prior to each date on which , nor will any payment under or Additional Amounts be paid with respect to the Notes any payment to a recipient who is a fiduciary, partnership, limited liability company or any Note Guarantee is due and payable, if Person other than the sole beneficial owner of such payment to the extent that a Payor will be obligated to pay Additional Amounts beneficiary or settlor with respect to such payment (unless fiduciary or a member of such obligation partnership or limited liability company or a beneficial owner would not have been entitled to pay the Additional Amounts arises after had such beneficiary, settlor, member or beneficial owner been in the 35th day prior to the date on which place of such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment daterecipient. (dh) The PayorsIn addition, jointly the Issuer shall pay any and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any all Other Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by imposing such Holder or Beneficial Holder Other Taxes in connection accordance with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause Applicable Law. (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise The obligation to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of pay Additional Amounts hereunder will survive the repayment of the Notes and the sale or transfer of the Notes (or beneficial interests therein) by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsany investor. (ej) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect For purposes of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as provisions described in this Section 2.5‎Section 2.12, if applicablethe term “applicable recipient” means the direct nominee of any beneficial owner of the relevant Note, which holds such beneficial owner’s interest in such Note.

Appears in 2 contracts

Sources: Indenture (Gran Tierra Energy Inc.), Indenture (Gran Tierra Energy Inc.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor an Issuer, Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors shall, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of the Notes, or by reason of the receipt of any payments in respect of any Notes or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of the Notes, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder 30-day period); (viii) any withholding or Beneficial Holder being organized under deduction in respect of any Taxes where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to the laws ofEuropean Council Directive 2003/48/EC, having a business office located inas amended or supplemented from time to time, including through European Council Directive 2014/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, 2000 on the taxation of savings income or any law implementing or complying with, or being a resident introduced in order to conform to, any such Directive; (ix) any U.S. federal withholding Taxes or equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors, if the applicable withholding agent, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Trustee shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a Relevant Taxing Jurisdiction and payable by notice in accordance with Section 12.02 stating that such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if will be payable and describing the Payor had been required obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, Notes or any Note Guarantee or any other document or instrument referred to thereunder and any such taxesthereunder, charges or duties imposed by any Relevant Taxing Jurisdiction on (ii) the receipt of any payments made pursuant to under or with respect to, or enforcement of, the Notes or any Note Guarantee Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by such Issuer or Guarantor (as the case may be) of any Taxes imposed or levied by a result ofRelevant Taxing Jurisdiction, in accordance with the procedures described in Section 12.02, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or in connection withGuarantor to obtain such receipts, the enforcement same are not obtainable, such Issuer or Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuer and the Guarantors (and not otherwise in the possession of the NotesTrustee) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever this Indenture or the Notes refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note Guarantee and/or any other (including payments thereof made pursuant to a Guarantee), such document or instrumentreference includes the payment of Additional Amounts, if applicable. (f) The obligations described under this This Section 2.5 4.12 will survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever this Indenture refers to, including the Paying Agent) makes any payment on the Notes (or any Guarantee) and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 2 contracts

Sources: Senior Indenture (Ardagh Finance Holdings S.A.), Secured Indenture (Ardagh Finance Holdings S.A.)

Additional Amounts. (a) All payments made by or on behalf the Company in respect of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of of, and without deduction or withholding or deduction for or on account of Taxes any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or levied by or on behalf the authorities of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”"WITHHOLDING TAXES"), unless such Payor the Company is required to withhold or deduct Taxes compelled by law to deduct or by withhold such taxes, duties, assessments, or governmental charges. In such event, the interpretation Company shall make such deduction or administration thereof. If a Payor is withholding, make payment of the amount so required to withhold deducted or deduct any amount for or on account of Taxes from any payment made under or with respect withheld to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will appropriate governmental authority and forthwith pay such additional amounts (“Additional Amounts”"ADDITIONAL AMOUNTS") as may be necessary such to ensure that the net amount received amounts receivable by the holders of the Notes after such deduction or withholding shall equal the payment which would have been receivable in respect of the Notes in the absence of such payment by each Holder deduction or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required withholding. The Company shall cause to be so withheld or deducted. (b) Notwithstanding Section 2.5(a)delivered, a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than whereor, in the case of notes held by an institution that is holding the foregoing clauses Notes on behalf of a beneficial owner, to use its best efforts to cause the institution to deliver, to the Paying Agent all forms necessary to ensure that a minimal rate of withholding applies to all payments by the Company in respect of the Notes to the holders or beneficial holders of the Notes, such as an IRS Form W-8IMY and any attached IRS Form W-8BEN, or a statement of withholding or allocation, as necessary. Notwithstanding the foregoing, no such Additional Amounts shall be payable: (i) or (ii), the non- arm’s length relationship arises as a result of if such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment imposed but for (A) a present or former connection between the jurisdiction imposing the tax or any political subdivision or taxing authority thereof or therein and the holder or beneficial holder of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold relevant Note including, without limitation, a connection arising from such payments holder or to the extent beneficial holder having been a citizen, domiciliary, or resident of such Holder jurisdiction or Beneficial Holder received Additional Amounts with respect to such payments. (e) In additionpolitical subdivision or taxing authority, the Payor will pay any stampbeing organized in such jurisdiction or such political subdivision or taxing authority, issueor having had a permanent establishment, registration, court, documentation, excise branch or other similar taxesfixed place of business therein (but excluding a connection arising solely from such holder or beneficial holder having executed, charges and dutiesdelivered, including any interestperformed its obligations or received payment under the Fiscal Agency Agreement or this Note), penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect or (B) the failure of the execution, issuance, registration holder or delivery beneficial holder of the Notesrelevant Note to comply with any reasonable certification, any Note Guarantee identification or other reporting requirement (or such certifications, identifications or reporting proving to be false or incorrect) concerning the nationality, residence, identity or connection with such jurisdiction, or any other document political subdivision or instrument referred to thereunder and any taxing authority thereof or therein, of such taxesholder or beneficial holder, charges or duties imposed if compliance is required by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes such jurisdiction, or any Note Guarantee political subdivision or taxing authority thereof or therein, as a result of, precondition to exemption from such deduction or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.withholding; or

Appears in 2 contracts

Sources: Fiscal Agency Agreement (Thirty Eight Hundred Fund LLC), Fiscal Agency Agreement (Thirty Eight Hundred Fund LLC)

Additional Amounts. (a) All payments made by or on behalf of the Issuer, the Co-Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee the Guarantees will be made free and clear of of, and without deduction or withholding or deduction for or on account of, any present or future taxes, duties, assessments or other governmental charges of Taxes imposed whatsoever nature imposed, levied, collected, withheld or levied assessed (collectively, “Taxes”) by the United States, the Netherlands, any other jurisdiction in which the Issuer, the Co-Issuer or any Guarantor is then incorporated, organized, engaged in business for tax purposes, or resident for tax purposes, any jurisdiction from or through which any such payment is made by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision or taxing authority thereof or therein (each, a “Relevant Taxing Jurisdiction”), unless such Payor deduction or withholding is required to withhold by law. (b) In the event such deduction or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account withholding of Taxes from any payment made is required with respect to payments under or with respect to the Notes or by law of any Note Guarantee, such PayorRelevant Taxing Jurisdiction (other than the United States), subject to the exceptions set forth in Section 2.5(b)limitations described below, the Payors will pay such additional amounts (“Additional Amounts”) as may be necessary such in order that every net payment received by the net amount received in respect beneficial owner of such payment by each Holder Note of principal of or Beneficial Holder after such withholding interest or deduction any other amount payable on the Notes (including upon redemption), after deduction or withholding for or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) account of such Taxes, will not be less than the amount the Holder or Beneficial Holder, as the case may be, that would have been received if in respect of such Taxes had not been required payments in the absence of such deduction or withholding for or on account of such Taxes. Payment of Additional Amounts shall be made in accordance with the procedures of any applicable securities depositary. However, the Payors’ obligation to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holdershall not apply to: (i) any Taxes that would not have been so imposed on but for: (A) the existence of any present or measured by net income former connection between such Holder or beneficial owner (however denominated)or between a fiduciary, franchise Taxes settlor, beneficiary, member, partner or shareholder or other equity owner of, or a person having a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, a nominee, a trust, a limited liability company, a partnership, a corporation or other entity) and branch profits Taxesthe Relevant Taxing Jurisdiction, in each case including such Holder or beneficial owner (ior such fiduciary, settlor, beneficiary, member, partner or shareholder or other equity owner or person having such a power) imposed being or having been a citizen or resident or treated as a result resident of the Relevant Taxing Jurisdiction or being or having been engaged in a trade or business in the Relevant Taxing Jurisdiction or having or having had a permanent establishment in the Relevant Taxing Jurisdiction; (B) the failure of such Holder or Beneficial Holder being organized beneficial owner to comply with a request to provide any certification, information or other reporting requirement, if compliance is required under tax laws and regulations of Relevant Taxing Jurisdiction to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the laws of, having a business office located inrequirement to provide an applicable Internal Revenue Service Form W-8 (with any required attachment), or being a resident of the jurisdiction imposing such Tax (any subsequent version thereof or any political subdivision thereof) or (ii) that are Other Connection Taxessuccessor thereto); (ii) in [reserved]; (iii) any Taxes that would not have been so imposed but for the case of a presentation by the Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account beneficial owner of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to Note for payment on a law in effect on date more than 30 days after the date on which such Holder payment became due and payable or Beneficial Holder acquires the date on which payment of the Note is duly provided for and notice is given to such interest in Holders, whichever occurs later, except to the Indenture Obligation; (iii) Taxes attributable to extent that such Holder or Beneficial Holder’s failure beneficial owner would have been entitled to comply with a request from the Trustee to provide a tax exemption certificatesuch Additional Amounts on presenting such Note on any date during such 30-day period; (iv) any withholding Taxes imposed under FATCAestate, inheritance, gift, sales, transfer, personal property, capital gains, wealth or similar Taxes; (v) any Canadian Taxes payable otherwise than by deduction or withholding Taxes imposed under the Tax Act from a payment on such Note or with respect to any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)note Guarantee; (vi) any Canadian withholding Taxes imposed under payable by a Holder that is not the Tax Act on any amount paid or creditedbeneficial owner of the Note, or deemed as paid that is a fiduciary, partnership, limited liability company or creditedother similar entity, by any Holder but, in each case, only to the extent that a beneficial owner, a beneficiary or Beneficial Holder settlor with respect to such fiduciary or recipient by reason member or partner of such Holder partnership, limited liability company or Beneficial Holder similar entity would not have been entitled to the payment of an additional amount had such beneficial owner, beneficiary, settlor, member or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) partner received directly its beneficial or distributive share of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; orpayment; (vii) any Taxes required to be withheld by any paying agent from any payment on any Note, if such payment can be made without such withholding by at least one other paying agent; (viii) any Taxes imposed under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provision that is substantively comparable), any current or future regulations or official interpretation thereof, any agreement entered into pursuant to Section 1471(b) of the Internal Revenue Code or any fiscal or regulatory legislation, rule or practice adopted pursuant to any intergovernmental agreement, treaty or convention entered into in connection with the implementation of the foregoing; (ix) any Taxes imposed under or in connection with the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021); or (x) any combination of the foregoing items (i) through ), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix). (c) At least 30 calendar days prior to each date on which For purposes of this Section 2.14, the acquisition, ownership, enforcement, or holding of or the receipt of any payment under or with respect to a Note will not constitute a connection (x) between the Notes Holder or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable beneficial owner and the amounts so payable United States or (y) between a fiduciary, settlor, beneficiary, member, partner or shareholder or other equity owner of, or a person having a power over, such Holder or beneficial owner if such Holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment dateUnited States. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder Any reference in this Indenture or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder to principal or Beneficial Holder and (ii) any Taxes levied interest or imposed with respect other payment on the Notes shall be deemed to any reimbursement refer also to Additional Amounts that may be payable under the foregoing clause (i) or provisions of this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments2.14. (e) In additionExcept as specifically provided under this Section 2.14, the Payor Issuer will pay not be required to make any stamppayment with respect to any tax, issueduty, registration, court, documentation, excise assessment or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, governmental charge imposed by any Relevant Taxing Jurisdiction at government or any time political subdivision or taxing authority of or in respect of the executionUnited States, issuance, registration or delivery of the Notes, any Note Guarantee Netherlands or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) Jurisdiction. The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any successor to a Payor is organized or is otherwise considered to be a resident or doing business for tax purposes or any jurisdiction from political subdivision or through which payment is made by such successor taxing authority or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest agency thereof or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 2 contracts

Sources: Indenture (Organon & Co.), Indenture (Organon & Co.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer, relevant Guarantor or other applicable withholding agent is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency. If a Payor the Issuer, any Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder beneficial owner after such withholding or deduction (including any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, such beneficial owner would have received if such Taxes had not been withheld or deducted; provided, however, that no Additional Amounts will be payable with respect to payments made to any beneficial owner to the extent such Taxes are imposed by reason of (i) such beneficial owner being considered to be or to have been connected with a Relevant Taxing Jurisdiction, otherwise than by the acquisition, ownership, holding or disposition of the Notes, the enforcement of rights under the Notes or under any Note Guarantee or the receipt of payments in respect of the Notes or any Note Guarantee, or (ii) such beneficial owner not completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer, a Guarantor or other applicable withholding agent to make or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note or any Note Guarantee, a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments or a comparable form required by another Relevant Taxing Jurisdiction). Further, no Additional Amounts shall be payable with respect to (i) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner holding or owning, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote, (ii) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or any Guarantor, (iii) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner being a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business or (iv) any United States federal tax imposed pursuant to current sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”) or any amended or successor version that is substantively comparable and not materially more onerous to comply with (collectively, “FATCA”). The Issuer or any Guarantor (as applicable) required to withhold any Taxes will make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or any Guarantor (as applicable) will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or such Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. No such Additional Amounts shall be payable with respect to the Notes under the Indenture or pursuant to any Note Guarantee where such withholding or deduction is imposed on a payment to an individual and is required to be so withheld made pursuant to the EU Savings Directive on the taxation of savings income or deducted. any law implementing or complying with, or introduced in order to conform to, such Directive. Wherever in the Indenture or the Notes or any Note Guarantee there are mentioned, in any context, (b1) Notwithstanding Section 2.5(a)the payment of principal, (2) purchase prices in connection with a Payor will notpurchase of Notes under the Indenture or the Notes, however, pay Additional Amounts to a Holder (3) interest or Beneficial Holder (4) any other amount payable on or with respect to any of the following Taxes imposed on Notes or with respect any Note Guarantee, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts would be payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) thereof. At least 30 calendar days prior to each date on which any payment under of principal, premium, if any, or with respect to interest or other amounts on the Notes is to be made (unless such obligation to pay Additional Amounts arises shortly before or any Note Guarantee is due and payableafter the 30th day prior to such date, in which case it shall be promptly thereafter), if the Issuer or a Payor Guarantor will be obligated to pay Additional Amounts with respect to any such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor Issuer will deliver to promptly furnish the Trustee and the Paying Agent, if other than the Trustee, with an Officer’s Officers’ Certificate stating that such Additional Amounts will be payable and the amounts so payable payable, and will set forth such other information necessary to enable the Trustee or the Paying Agent to pay such Additional Amounts to the Holders on the payment date. . The Issuer or a Guarantor (das applicable) The Payorswill pay to the Trustee or the Paying Agent such Additional Amounts and, jointly and severallyif paid to a Paying Agent other than the Trustee, will indemnify and hold harmless shall promptly provide the Trustee with documentation evidencing the payment of such Additional Amounts. Copies of such documentation shall be made available to the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor request. The Issuer will pay any present stamp, issuecourt or documentary taxes, registrationor any other excise, court, documentation, excise property or other similar taxes, charges and duties, or levies (including any interestpenalties, penalties and any similar interest or other liabilities with respect related thereto, imposed by ) which arise in any Relevant Taxing Jurisdiction at any time in respect of from the execution, issuance, delivery and registration or delivery of Notes upon original issuance and initial resale of the NotesNotes or any other document or instrument referred to therein or in connection with any payment with respect to, or enforcement of, the Notes or any Note Guarantee or any other document or instrument referred to thereunder and herein or therein. If at any such time the Issuer changes its place of organization to outside of the United States or there is a new issuer organized outside of the United States, the Issuer or new issuer, as applicable, will pay any stamp, court or documentary taxes, or any other excise, property or similar taxes, charges or duties imposed levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction in which the Issuer or new issuer is organized (or any political subdivision thereof or therein) and are payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Holders of the Notes in respect of the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) instrument referred to therein under any law, rule or regulation in effect at the time of such change or thereafter. The foregoing obligations described under in this Section 2.5 Paragraph 2 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will Paragraph 2 to the Issuer or any Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 2 contracts

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA), Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes or any Note Guarantee by or within any department or political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor an Issuer, Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors shall, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of the Notes, or by reason of the receipt of any payments in respect of any Notes or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of the Notes, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder 30-day period); (viii) any withholding or Beneficial Holder being organized under deduction in respect of any Taxes where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to the laws ofEuropean Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, having a business office located in2000 on the taxation of savings income or any law implementing or complying with, or being a resident introduced in order to conform to, any such Directive; (ix) any U.S. federal withholding Taxes or equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors, if the applicable withholding agent, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Trustee shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a Relevant Taxing Jurisdiction and payable by notice in accordance with Section 12.02 stating that such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required will be payable and describing its obligations to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, Notes or any Note Guarantee or any other document or instrument referred to thereunder and any such taxesthereunder, charges or duties imposed by any Relevant Taxing Jurisdiction on (ii) the receipt of any payments made pursuant to under or with respect to, or enforcement of, the Notes or any Note Guarantee Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by such Issuer or Guarantor (as the case may be) of any Taxes imposed or levied by a result ofRelevant Taxing Jurisdiction, in accordance with the procedures described in Section 12.02, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or in connection withGuarantor to obtain such receipts, the enforcement same are not obtainable, such Issuer or Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuer and the Guarantors (and not otherwise in the possession of the NotesTrustee) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever this Indenture or the Notes refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note Guarantee and/or any other (including payments thereof made pursuant to a Guarantee), such document or instrumentreference includes the payment of Additional Amounts, if applicable. (f) The obligations described under this This Section 2.5 4.12 will survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever this Indenture refers to, including the Paying Agent) makes any payment on the Notes (or any Guarantee) and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 2 contracts

Sources: Secured Indenture (Ardagh Finance Holdings S.A.), Senior Indenture (Ardagh Finance Holdings S.A.)

Additional Amounts. (a) All payments made by or on behalf the Issuer in respect of the Issuer notes or any Guarantor (each under a “Payor”) under or with respect to Note Guarantee, as the Notes or any Note Guarantee case may be, will be made free and clear of of, and without withholding or deduction for or on account of, any present or future tax, duty, assessment or other governmental charge of Taxes imposed whatever nature, including penalties, interest and other liabilities related thereto, imposed, levied, collected, withheld or levied assessed by or on behalf of any taxing jurisdiction in which such Payor the Issuer or any Guarantor (including successor) is organized, then incorporated or resident or carrying on business for tax purposes or purposes, any taxing jurisdiction from or through which such Payor (or its agents) makes any payment on in respect of the Notes or any under a Note Guarantee is made or any department or political subdivision thereof or therein (each, a hereafter “Relevant Taxing JurisdictionTaxes”), unless such Payor withholding or deduction is required to withhold or deduct Taxes by law or by the interpretation or administration thereoflaw. If a Payor any such withholding or deduction is so required to withhold by law, the Issuer or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guaranteerelevant Guarantor, such Payor, subject to as the exceptions set forth in Section 2.5(b)case may be, will pay such additional amounts (“Additional Amounts”) as may be necessary such that will result in receipt by the net amount received in respect holders of Notes of such payment amounts as would have been received by each Holder or Beneficial Holder after them had no such withholding or deduction (including any deduction or withholding in respect of payments of Additional Amounts) been required, except that no Additional Amounts will be payable with respect to a payment made to a Holder or Beneficial Owner of Notes for or in respect of: (a) Taxes imposed as a result of any of the following circumstances: (1) the existence of any present or former connection between such Holder or Beneficial Owner of Notes and the jurisdiction imposing such tax (including without limitation, by virtue of the holder or Beneficial Owner carrying on a business or having a place of business in such jurisdiction), other than merely holding or ownership of, or receiving payments under such Note or Note Guarantee or exercising or enforcing any rights thereunder; (2) if the Notes are held in definitive registered form (“Definitive Registered Notes”) and the presentation of Definitive Registered Notes (where presentation is required) for payment had occurred after 30 days after the date of such payment was due and payable or was provided for, whichever is later, except for Additional Amounts with respect to taxes that would have been imposed had the Holder presented the Note for payment within such 30-day period; (3) the Holder or Beneficial Owner of a Note not dealing at arm’s length, within the meaning of the Income Tax Act (Canada), with the Issuer or a relevant Guarantor at the relevant time; (b) any estate, inheritance, gift, sales, transfer, personal property or similar tax; or (c) any Taxes, deduction or withholding imposed by reason of the failure of the Holder or Beneficial Owner of a Note to comply with certification, information or other reporting requirements after receiving a reasonable written advance request from the Issuer or a relevant Guarantor to so comply, if such compliance is required or imposed by a statute, treaty or regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from or reduction in all or part of such Taxes, deduction or withholding, in each case except where such Holder or Beneficial Owner is not legally able to so comply. The Issuer or relevant Guarantor will (1) make such withholding or deduction attributable and (2) remit the full amount deducted or withheld to Additional Amounts payable hereunder but excluding the relevant authority in accordance with applicable law. The Issuer or relevant Guarantor will make reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any taxes so deducted or withheld from the relevant taxing authority. The Issuer will furnish to the Holders of the Notes, within 60 days after the date the payment of any Taxes on so deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing such payment or, if such receipts are not obtainable, other evidence of such payments. In addition, the Issuer and the Guarantors will indemnify and hold harmless each Holder and, upon written request of any Holder (subject to the exclusions set forth in clauses (a) through (c) of this Section 4.21 and provided that reasonable supporting documentation is provided), reimburse such holder for the amount of (i) any such Taxes levied or imposed as a result of payments made under or with respect to the Notes (including payments under this clause (i)); and (ii) any Taxes so levied or imposed with respect to any reimbursement under the foregoing clause (i), so that the net income) amount received by such holder after such reimbursement will not be less than the net amount the such Holder or Beneficial Holder, as the case may be, would have received if Taxes on such Taxes reimbursement had not been required to be so withheld levied or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a imposed. Any payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay paragraph will be an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) Additional Amount. At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor the Issuer or relevant Guarantor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor Issuer or relevant Guarantor will deliver to the Trustee trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee paying agent to pay such Additional Amounts to the Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for . Whenever in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomentioned, in any context, the payment of principalamounts based upon the principal of, Premium (premium, Special Interest, if any) and , interest or any other amount payable under or with respect to any NoteNote or Note Guarantee, such reference shall mention will be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or indemnification would be payable in respect thereof. In addition, the Issuer or relevant Guarantor will pay any stamp, issue, registration, documentary, value added or other similar taxes and other duties (including interest and penalties) (“Other Taxes”) with respect to enforcement of or payments as described in this Section 2.5respect of a Note Guarantee, if applicablein respect of the creation, issue, offering, registration, execution or enforcement of the Notes, or any documentation with respect thereto and the Issuer and each Guarantor will indemnify the holders for any Other Taxes paid by such Holders. The foregoing obligations shall survive any termination, defeasance or satisfaction and discharge of the Notes.

Appears in 2 contracts

Sources: Indenture (AbitibiBowater Inc.), Indenture (AbitibiBowater Inc.)

Additional Amounts. (a) All payments made in respect of the Notes or any Guarantee by or on behalf of the Issuer Issuer, any Guarantor, or any Guarantor successor thereto (each each, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of of, and without withholding or deduction for for, or on account of, any present or future taxes, levies, duties, imposts, assessments or other governmental charges, including any interest, additions to tax and penalties related thereto (collectively, “Taxes”), unless such withholding or deduction is required by applicable law. If any Payor, or any other applicable withholding agent, is required to withhold or deduct any amount in respect of Taxes any payment made in respect of the Notes or any Guarantee with respect to any Tax imposed or levied by or on behalf of any jurisdiction in which such any Payor is is, at any time, organized, resident or carrying on doing business for tax purposes purposes, or any jurisdiction from or through which such any Payor or any paying agent (or its agentson behalf of any Payor) makes any payment payments on the Notes or any Note Guarantee or Guarantee, or, in each case, any department governmental authority or political subdivision thereof or therein having the power to tax (each, a “Relevant Taxing Tax Jurisdiction”), unless such the Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payorwill, subject to the exceptions and limitations set forth in Section 2.5(b)below, will pay such additional amounts (“Additional Amounts”) as may be are necessary such so that the net payment received by a beneficial owner of the Notes (including any Additional Amounts), after withholding or deduction for any Taxes of any Relevant Tax Jurisdiction (including in respect of any Additional Amounts) will equal the amount such beneficial owner would have received in respect of such payment by each Holder or Beneficial Holder after had no such withholding or deduction (including withholding or deduction attributable been required. A Payor’s obligation to pay Additional Amounts payable shall not apply: (a) to any Taxes that are imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: (i) being or having been engaged in a trade or business in the Relevant Tax Jurisdiction or having or having had a permanent establishment in the Relevant Tax Jurisdiction; or (ii) having any other current or former connection with the Relevant Tax Jurisdiction (other than a connection arising solely as a result of the acquisition, ownership or disposition of the Notes or a beneficial interest therein, the receipt of any payment in respect of a Note or any Guarantee or the enforcement of any rights hereunder but excluding Taxes on net income) will not be less than or thereunder), including being or having been a citizen or resident of the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted.Relevant Tax Jurisdiction; (b) Notwithstanding Section 2.5(ato any Taxes that are imposed or withheld because the holder or beneficial owner failed to accurately comply with a request from a Payor to meet certification, identification or information or other reporting requirements concerning the nationality, residence or identity of the holder or beneficial owner of the Notes or otherwise establish any available exemption from or reduction in the rate of deduction or withholding of, such Taxes (if such holder or beneficial owner is legally eligible to satisfy such requirements, exemptions or reductions), in each case, if compliance with such action is required as a precondition to exemption from, or reduction in, such Tax by a Relevant Tax Jurisdiction; (c) to any Taxes that are imposed other than by withholding or deduction by a Payor will not, however, pay Additional Amounts to or other applicable withholding agent in respect of a Holder or Beneficial Holder payment with respect to the Notes or any Guarantee; (d) to any estate, inheritance, gift, sales, transfer, wealth or similar Taxes; (e) to any Taxes that are imposed as a result of the following presentation of a Note for payment (where presentation is required) more than 30 days after the relevant amount is first made available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); (f) [reserved]; (g) to any Tax imposed pursuant to current Sections 1471 through 1474 of the Code (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to current Section 1471(b) of the Code (or any amended or successor version described above), or any intergovernmental agreements, treaties, conventions or similar agreements (and any related laws, regulations or administrative guidance) implementing the foregoing; (h) to any Taxes that are imposed on or with respect to any payment by or on behalf of the Issuer or any Guarantor to the holder if such holder is a Holder fiduciary, partnership, limited liability company or Beneficial Holder or required to be withheld or deducted from a person other than the sole beneficial owner of such payment to the extent that, had the sole beneficial owner of such Note been the holder and had such Taxes been imposed on the sole beneficial owner, no Additional Amounts in respect of such Taxes would have been payable as a Holder result of clauses (a)-(g) or Beneficial Holder:(i) of this Section 4.19; or (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing above items (i) through the foregoing Taxes described in clauses (via)-(i). (c) , “Excluded Taxes”). At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate officers’ certificate of the Issuer stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee (or the applicable paying agent) to pay such Additional Amounts to Holders holders on the payment date. (d) . The Payorsapplicable Payor, jointly and severallyif it is the applicable withholding agent, will indemnify make any required withholding or deduction and hold harmless remit the Holders and Beneficial Holders full amount deducted or withheld to the Relevant Tax Jurisdiction in accordance with applicable law. The Issuer will provide the Trustees (and, upon written request request, any holders or beneficial owners of any Holder the Notes) with official receipts or Beneficial Holder, reimburse such Holder or Beneficial Holder for other documentation evidencing the amount payment of (i) any the Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if are paid. The Issuer and the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor Guarantors will pay and indemnify each holder of Notes for any present or future stamp, court, issue, registrationregistration or documentary Taxes or any other excise, court, documentation, excise property or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed Taxes that are levied by any Relevant Taxing Tax Jurisdiction at any time from the execution, delivery, enforcement or registration of the Notes (other than in respect of a transfer of a Note, to someone other than the executionIssuer or its Affiliates, issuance, registration or delivery that occurs after the sale of such Note to an investor pursuant to the offering of the Notes), any Note Guarantee the Guarantees, this Indenture or any other document or instrument referred to thereunder and any such taxesin relation thereof, charges or duties imposed by any Relevant Taxing Jurisdiction on the receipt of any payments made pursuant with respect to the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable to the receipt of any payments with respect thereto, to any such Taxes levied by a Relevant Tax Jurisdiction that are not excluded under clauses (a), (b) and (d) through (h) or as any combination thereof). Whenever in this Indenture there is mentioned in any context: the payment of principal, redemption prices or purchase prices in connection with a result ofredemption or purchase of Notes, interest, or in connection with, the enforcement any other amount payable with respect to any of the NotesNotes or any Guarantee, any Note Guarantee and/or any other such document reference shall be deemed to include payment of Additional Amounts as described under this Section 4.19 to the extent that, in such context, Additional Amounts are, were or instrument. (f) would be payable in respect thereof. The obligations described under this Section 2.5 4.19 will survive any termination, defeasance or discharge of this Indenture Indenture, and any transfer by a holder or beneficial owner of its Notes and will apply mutatis mutandis to any successor Person Person, to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 2 contracts

Sources: Indenture (Akumin Inc.), Restructuring Support Agreement (Akumin Inc.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note a Guarantee will be made free and clear of of, and without withholding or deduction for or on account of Taxes of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”) imposed or levied by or on behalf of the government of the countries in which each of the Issuer, the relevant Guarantor and, in each case, any successor thereof (each, a “Payor”) is organized, or any other jurisdiction in which such the relevant Payor is organized, organized or is otherwise resident or carrying on business for tax purposes purposes, or any jurisdiction from or through which such Payor (or its agents) makes payment is made, in each case, including any payment on the Notes political subdivision or any Note Guarantee authority or any department agency therein or political subdivision thereof having power to tax (each, each a “Relevant Taxing Jurisdiction”), unless such the relevant Payor is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note a Guarantee, as applicable, such Payor, subject Payor will be required to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial Holder any holder after such withholding or deduction (including any such withholding or deduction attributable to in respect of such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than equal to the amount the Holder or Beneficial Holder, as the case may be, holder would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause foregoing obligation to pay Additional Amounts does not apply to: (d1) shall not extend to any Taxes for which the applicable Holder or Beneficial Holder that would not have been eligible to receive payment so imposed but for the existence of Additional Amounts hereunder by virtue any present or former connection between the relevant holder or beneficial owner of clauses a Note (i) through (vii) or between a fiduciary, settlor, member, partner or shareholder of, or possessor of Section 2.5(b) power over the relevant holder, if the Payor had been required to withhold from such payments relevant holder is an estate, nominee, trust, partnership or to corporation) and the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the executionincluding, issuancewithout limitation, registration such holder or delivery of the Notesbeneficial owner being or having been a domiciliary, any Note Guarantee national or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result ofresident thereof, or being or having been present or engaged in a trade or business therein or having had a permanent establishment or fixed based therein (other than a connection withresulting from the mere receipt of such payment, the ownership or holding of such Note or enforcement of rights thereunder or under the Notes, any Note Guarantee and/or any other such document or instrument.Guarantee); (f2) The obligations described under this Section 2.5 will survive any terminationestate, defeasance inheritance, gift, sales, excise, transfer, personal property tax or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized similar tax, assessment or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.governmental charge;

Appears in 2 contracts

Sources: Indenture (Central European Media Enterprises LTD), Indenture (Central European Media Enterprises N.V.)

Additional Amounts. (a) All With respect to any payments made by or on the behalf of the Issuer or a Guarantor in respect of the Notes or any Guarantee of the Notes, as applicable, the Issuer or such Guarantor will make all payments of principal of, premium, if any, and interest on (whether on scheduled payment dates or upon acceleration) and the Redemption Price, if any, payable in respect of any Note without deduction or withholding for or on account of any present or future tax, duty, levy, import, assessment or other governmental charge (including penalties, interest and other liabilities related thereto (“Taxes”) imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which the Issuer or such Guarantor is incorporated or organized, engaged in business for tax purposes or otherwise resident for tax purposes, or any political subdivision thereof or taxing authority therein and any jurisdiction through which any payment is made on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to including the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed or levied by or on behalf jurisdiction of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agentsPaying Agent) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), upon or as a result of such payments, unless such Payor is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. If a Payor is To the extent that any such Taxes are so required to withhold levied or deduct any amount for imposed, the Issuer or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), Guarantor will pay such additional amounts (“Additional Amounts”) as may be necessary such in order that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including Additional Amounts), after withholding for or deduction attributable to Additional Amounts payable hereunder but excluding on account of such Taxes on net income) imposed upon or as a result of such payment, will not be less than the amount the Holder or Beneficial Holder, as the case may be, that would have been received if had such Taxes had taxes not been required to be so withheld imposed or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay levied; except that no such Additional Amounts shall be payable with respect to a payment made to a Holder or Beneficial beneficial owner of a Note: (1) to the extent that such Taxes would not have been so imposed, levied or assessed but for the existence of some connection between such Holder with respect or beneficial owner of such Note and the Taxing Jurisdiction imposing such Taxes other than the mere holding or enforcement of such Note or receipt of payments thereunder; or (2) to any the extent that such Taxes would not have been so imposed, levied or assessed but for the failure of the following Taxes Holders or beneficial owners of such Note to comply with a reasonable written request by the Issuer (or its agent) to make a valid declaration of non-residence or any other claim or filing for exemption to which it is entitled (but only to the extent it is legally entitled to do so); or (3) that presents such Note for payment (where presentation is required) more than 30 days after the date on which such payment became due and payable or the date on which payment of the Note is duly provided for and notice is given to Holders, whichever occurs later, except to the extent that the Holder or beneficial owner of such Note would have been entitled to such Additional Amounts on presenting such Note on any date during such 30-day period; or (4) where such withholding or deduction is imposed on a payment to or with respect to a Holder or Beneficial Holder or for an individual and is required to be withheld made pursuant to Council Directive 2003/48/EC on the taxation of savings income or deducted from a payment any law implementing or complying with, or introduced in order to a Holder or Beneficial Holder:conform to, such Directive; or (i5) Taxes imposed that presents such Note for payment (where presentation is required) by or on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result behalf of the Holders of such Holder Note to any Paying Agent if such withholding or Beneficial Holder being organized under the laws of, having deduction of such Taxes could have been avoided by presenting such Note to another Paying Agent in a business office located in, or being a resident member state of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection TaxesEuropean Union; (ii6) in the case of a Holder payment made by or Beneficial Holderon behalf of a Guarantor organized under the laws of the United States, withholding Taxes imposed on amounts payable to any state thereof or for the account District of such Holder or Beneficial Holder Columbia, with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any United States withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedtaxes, or deemed so long as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or such Guarantors (ii) not dealing at arm’s length (for the purposes pursuant to Section 1.06 of the Tax ActOriginal Indenture) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerprovides reasonable notice regarding potential United States withholding taxes and requests Holders and beneficial owners to provide applicable U.S. tax forms; or (vii7) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which above. As used herein and for purposes of the Indenture and the Notes, any payment under or with respect reference to the principal of and interest on the Notes or any Note Guarantee is due and payablethe Redemption Price, if any, shall be deemed to include a Payor will be obligated reference to pay any related Additional Amounts with payable in respect to of such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it amounts. The Issuer will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will also pay any stamp, issue, registration, court, documentation, excise or property taxes and any other similar taxes, charges and duties, levies (including any interest, interest and penalties and any similar liabilities with respect related thereto, ) imposed by any Relevant Taxing Jurisdiction at any time in respect of on the execution, issuancedelivery, registration or delivery enforcement of any of the Notes, any Note Guarantee the Guarantees, the Indenture or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumenttherein. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 2 contracts

Sources: First Supplemental Indenture, First Supplemental Indenture (Willis Group Holdings PLC)

Additional Amounts. (a) All payments made by or on behalf of any of the Issuer or any Guarantor (each a “Payor”) Guarantors under or with respect to the Notes or any and the Note Guarantee Guarantees will be made free and clear of and without withholding or deduction for for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied (including any penalties and interest related thereto) (“Taxes”) unless the withholding or deduction of such Taxes is then required by law or by the official interpretation or administration thereof. If, with respect to a Guarantor, any withholding or deduction for, or on account of, any Taxes imposed or levied by or on behalf of (i) any jurisdiction (other than the United States) in which such Payor Guarantor is then incorporated, organized, engaged in business or resident or carrying on business for tax purposes purposes, or any political subdivision or governmental authority thereof or therein having power to tax or (ii) any jurisdiction (other than the United States) from or through which payment is made by or on behalf of such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof Guarantor (each, a “Relevant Taxing Tax Jurisdiction”), unless such Payor is will at any time be required to withhold or deduct Taxes be made from any payments made by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account behalf of Taxes from any payment made under or such Guarantor with respect to the Notes or any its Note Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or premium, such Payor, subject to the exceptions set forth in Section 2.5(b), Guarantor will pay such additional amounts (the “Additional Amounts”) as may be necessary such in order that the net amount amounts received in respect of such payment payments by each Holder or Beneficial Holder (including payments of Additional Amounts) after such withholding or deduction will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: (including 1) any Taxes that would not have been imposed but for the Holder or beneficial owner of the Notes being a citizen, resident or national of, incorporated in or carrying on a business in the relevant Tax Jurisdiction in which such Taxes are imposed, or having any other present or former connection with the relevant Tax Jurisdiction in which such Taxes are imposed other than by the mere acquisition or holding of any Note or the enforcement or receipt of payment under or in respect of any Note or any Note Guarantee; (2) any Taxes imposed or withheld as a result of the failure of the Holder or beneficial owner of the Notes to comply with any written request, made to the Holder or beneficial owner in writing at least 90 days before any such withholding or deduction attributable would be made, by the Issuer or any of the Guarantors to provide timely or accurate information concerning the nationality, residence or identity of such Holder or beneficial owner or to make any valid or timely declaration or similar claim or satisfy any certification information or other reporting requirements (to the extent such Holder or beneficial owner is legally eligible to do so), which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to exemption from all or part of such Taxes; (3) any Taxes that are imposed or withheld as a result of the presentation of any Note for payment (where Notes are in the form of definitive notes and presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts payable hereunder but excluding Taxes had the Note been presented on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if last day of such Taxes had not been required to be so withheld or deducted.30 day period); (b4) Notwithstanding Section 2.5(a)any estate, a Payor will notinheritance, howevergift, pay Additional Amounts to a Holder sales, use, transfer, personal property or Beneficial Holder similar Taxes; (5) any Taxes which are payable otherwise than by deduction or withholding from payments made under or with respect to any of the following Note Guarantee; (6) any Taxes that were imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes and the Note Guarantees to any Holder of a Note who is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such fiduciary or a partner of such partnership or a beneficial owner would be required to include such payment in its income under the laws of the relevant Tax Jurisdiction and would not have been entitled to receive payment of the Additional Amounts had the beneficiary, settlor, partner or beneficial owner been the Holder of such Note; (7) any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code, as of the Issue Date (or any amended or successor version of such sections that is substantively comparable and not materially more onerous to comply with), any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any law or regulation adopted pursuant to any such intergovernmental agreement, or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or (8) any combination of items (1) through (7) above. In addition to the foregoing, the Foreign Guarantors will, jointly and severally, pay and indemnify the Holders for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise, property or similar taxes levied by any Tax Jurisdiction on or in connection with the execution, delivery, registration or enforcement of the Note Guarantee is due Guarantees provided by the Foreign Guarantors or with respect to any payment to a Holder of Notes thereunder (limited, solely in the case of taxes attributable to the receipt of any payments with respect thereto, to any such taxes that are not excluded under clauses (1) through (4) and payable, if a Payor (6) through (7) or any combination thereof). If the Issuer or any Guarantor becomes aware that any Guarantor will be obligated to pay Additional Amounts with respect to such any payment under or with respect to any Note Guarantee, the Issuer or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date at least 30 days prior to the date of payment (unless such the obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such that payment is due and payabledate, in which case it will be the Issuer or the relevant Guarantor shall notify the Trustee promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer’s Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. (d) . The Payors, jointly Trustee shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Issuer or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The relevant Guarantor will make all deductions and severally, withholding of Taxes required by law and will indemnify and hold harmless remit the Holders and Beneficial Holders and, upon written request full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each relevant Tax authority evidencing the payment of any Holder Taxes so deducted or Beneficial Holderwithheld. Upon written request, reimburse such Holder or Beneficial Holder for the amount relevant Guarantor will furnish to the Holders, within 60 days after the date the payment of (i) any Taxes levied so deducted or imposed withheld is made, certified copies of Tax receipts evidencing payment by a Relevant Taxing Jurisdiction and payable the Guarantor, or if, notwithstanding such Guarantor’s efforts to obtain receipts, receipts are not obtained, other evidence of payments by such Holder Guarantor. Whenever this Indenture mentions the payment of amounts based on the principal amount, interest or Beneficial Holder in connection with payments made under any other amount payable under, or with respect to, any Note Guarantee, such mention shall be deemed to include the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent that, in such Holder or Beneficial Holder received context, Additional Amounts with respect to such payments. (e) In additionare, the Payor will pay any stamp, issue, registration, court, documentation, excise were or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time would be payable in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) thereof. The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply apply, mutatis mutandis mutandis, to any jurisdiction in which any successor Person to any Payor and to any jurisdiction Guarantor is then incorporated, organized, engaged in which such successor is organized business or is otherwise resident or doing business for tax purposes purposes, or any political subdivision or governmental authority thereof or therein having power to tax or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in on behalf of any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableGuarantor.

Appears in 2 contracts

Sources: Indenture (Cooper-Standard Holdings Inc.), Indenture (Cooper-Standard Holdings Inc.)

Additional Amounts. (a) All payments made by or on behalf of If the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor Company (or its agentsa Guarantor, if any) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor other applicable withholding agent is required to withhold or deduct Taxes by law to deduct or withhold taxes imposed by the interpretation Bermuda or administration thereof. If a Payor is so required another Relevant Tax Jurisdiction on payments to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note GuaranteeHolders, such Payor, subject to the exceptions set forth in Section 2.5(b), it will pay such to any Holder so entitled all additional amounts (“Additional Amounts”) as that may be necessary such so that the net every Net Payment of interest, principal, premium or other amount received in respect of such payment by each Holder the beneficial owner on that Note or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) the guarantee will not be less than the amount provided for in that Note or the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deductedNote Guarantee. (ba) Notwithstanding Section 2.5(a)The Company (and Guarantors, a Payor if any) will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderalso indemnify and reimburse Holders for: (i1) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and related expenses) imposed on the Holders (or if a Holder is not the beneficial owner, the beneficial owner) by a Relevant Tax Jurisdiction if and to the same extent that a Holder would have been entitled to receive additional amounts if the Company (or a Guarantor) or other applicable withholding agent had been required to deduct or withhold those taxes from payments on the Notes or the Note Guarantees; and (2) Stamp, court, documentary or similar taxes or charges (including any similar liabilities with respect theretointerest, penalties and related expenses) imposed by a Relevant Tax Jurisdiction in connection with the execution, delivery, enforcement or registration of the Notes or the Note Guarantees or other related documents and obligations. (b) The Company (or a Guarantor) will not pay additional amounts to any Relevant Taxing Jurisdiction Holder for or on account of any of the following: (1) Any tax, assessment or other governmental charge imposed solely because at any time in respect there is or was a connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of or possessor of power over the relevant holder if the holder is an estate, nominee, trust, partnership, limited liability company, or corporation) and the Relevant Tax Jurisdiction imposing the tax (other than the mere receipt of a payment or the acquisition, ownership, disposition or holding of, or enforcement of rights under, a Note or the Note Guarantees); (2) Any estate, inheritance, gift or any similar tax, assessment or other governmental charge; (3) Any tax, assessment or other governmental charge imposed solely because such Holder (or if such Holder is not the beneficial owner, the beneficial owner) fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the taxing jurisdiction of such Holder or any beneficial owner of the executionNote or the Note Guarantees, issuanceif compliance is required by law or by an applicable income tax treaty to which the jurisdiction imposing the tax is a party, registration as a precondition to an exemption from the tax, assessment or delivery other governmental charge for which such Holder is eligible and the Company (or a Guarantor) has given the Holders at least 60 days’ notice that Holders will be required to provide such information and identification; (4) Any tax, assessment or other governmental charge with respect to a Note or a Note Guarantee presented for payment more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent that such Holder of the Notes, any Note Guarantee or any other document or instrument referred would have been entitled to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction additional amounts on presenting the Note for payment on any payments date during the 30-day period; and (5) Any withholding or deduction imposed on a payment to an individual that is required to be made pursuant to the Notes European Union Directive on the taxation of savings income, which was adopted by the ECOFIN Council on June 3, 2003, or any Note Guarantee law implementing or as a result ofcomplying with, or introduced in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis order to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers conform to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableDirective.

Appears in 2 contracts

Sources: Indenture (Aircastle LTD), Indenture (Aircastle LTD)

Additional Amounts. (a) All payments made by If provided in or on behalf of pursuant to the Issuer or any Guarantor (each a “Payor”) under or related Series Authorization with respect to Securities of any series, all payments of principal of and premium, if any, interest and any other amounts on, or in respect of, the Notes Securities of such series or any Note Guarantee will Coupon appertaining thereto shall be made free and clear of and without withholding or deduction for at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges of Taxes whatever nature imposed or levied by or on behalf of any the jurisdiction in which such Payor the Company is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof then organized (each, a “Relevant Taxing Jurisdictiontaxing jurisdiction”)) or any political subdivision or taxing authority thereof or therein, unless such Payor is taxes, fees, duties, assessments or governmental charges are required to withhold be withheld or deduct Taxes deducted by law (i) the laws (or any regulations or ruling promulgated thereunder) of a taxing jurisdiction or any political subdivision or taxing authority thereof or therein or (ii) an official position regarding the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by the interpretation a taxing authority in a taxing jurisdiction or administration any political subdivision thereof). If a Payor withholding or deduction at source is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to required, the Notes or any Note Guarantee, such PayorCompany shall, subject to the certain limitations and exceptions set forth in Section 2.5(b)below, will pay to the Holder of any such additional amounts (“Security or any Coupon appertaining thereto such Additional Amounts”) Amounts as may be necessary so that every net payment of principal, premium, if any, interest or any other amount made to such that the net amount received in respect of such payment by each Holder or Beneficial Holder Holder, after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will deduction, shall not be less than the amount the Holder or Beneficial Holderprovided for in such Security, as the case may be, would have received if such Taxes had not been required any Coupons appertaining thereto and this Indenture to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is then due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) Company shall not extend be required to Taxes make payment of such Additional Amounts for or on account of: (1) any tax, fee, duty, assessment or governmental charge of whatever nature which the applicable Holder or Beneficial Holder would not have been eligible imposed but for the fact that such Holder: (A) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant taxing jurisdiction or any political subdivision thereof or otherwise had some connection with the relevant taxing jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Security; (B) presented such Security for payment in the relevant taxing jurisdiction or any political subdivision thereof, unless such Security could not have been presented for payment elsewhere; or (C) presented such Security more than thirty (30) days after the date on which the payment in respect of such Security first became due and payable or provided for, whichever is later, except to receive the extent that the Holder would have been entitled to such Additional Amounts if it had presented such Security for payment on any day within such period of thirty (30) days; (2) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; (3) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of such Security to comply with any reasonable request by the Company addressed to the Holder within 90 days of such request (A) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (B) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (A) or (B), is required or imposed by statute, treaty, regulation or administrative practice of the relevant taxing jurisdiction or any political subdivision thereof as a precondition to exemption from all or part of such tax, assessment or other governmental charge; or (4) any combination of items (1), (2) and (3); nor shall Additional Amounts be paid with respect to any payment of Additional Amounts hereunder by virtue the principal of, or premium, if any, interest or any other amounts on, any such Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or Security to the extent such Holder payment would be required by the laws of the relevant taxing jurisdiction (or Beneficial Holder received Additional Amounts any political subdivision or relevant taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such payments. (e) In addition, fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect Holder of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or Security. Whenever in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomentioned, in any context, the payment of principalthe principal of or any premium, Premium (if any) and interest or any other amount payable under amounts on, or with in respect to of, any NoteSecurity of any series or any Coupon or the net proceeds received on the sale or exchange of any Security of any series, such reference mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such series established hereby or indemnification payments pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of Additional Amounts in those provisions hereof where such express mention is not made. Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization of the applicable series, at least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if other than the Trustee, an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, interest or any other amounts on the Securities of such series shall be made to Holders of Securities of such series or the Coupons appertaining thereto without withholding for or on account of any tax, fee, duty, assessment or other governmental charge described in this Section 2.510.4. If any such withholding shall be required, then such Officers’ Certificate shall specify by taxing jurisdiction the amount, if applicableany, required to be withheld on such payments to such Holders of Securities or Coupons, and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section 10.4. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section 10.4.

Appears in 2 contracts

Sources: Senior Indenture (Renaissancere Holdings LTD), Senior Indenture (Renaissancere Holdings LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for for, or on account of, any present or future tax, duty, levy, assessment or other governmental charge, including any related interest, penalties or additions to tax ("Taxes") unless the withholding or deduction of such Taxes is then required by law or by the official interpretation or administration thereof. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction under the laws of which the Issuer or any Guarantor is then incorporated or organized or in which such Payor the Issuer or any Guarantor is organized, resident or carrying on engaged in business for tax purposes or resident for tax purposes or any political subdivision or governmental authority thereof or therein having power to tax or (2) any jurisdiction from or through which such Payor (payment is made by or its agents) makes any payment on behalf of the Notes Issuer or any Note Guarantee Guarantor (including, without limitation, the jurisdiction of any paying agent for the Notes) or any department or political subdivision thereof or therein (each, a “Relevant Taxing "Tax Jurisdiction”), unless such Payor is ") will at any time be required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes be made from any payment payments made under or with respect to the Notes or any Note Guarantee, such Payorincluding, subject to without limitation, payments of principal, redemption price, interest or premium, then the exceptions set forth in Section 2.5(b)Issuer or the relevant Guarantor, as applicable, will pay such additional amounts (“the "Additional Amounts”") as may be necessary such in order that the net amount amounts received in with respect of to such payment payments by each Holder or Beneficial Holder of Notes after such withholding or deduction (including any such withholding or deduction attributable from such Additional Amounts) will equal the respective amounts that would have been received with respect to such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: (1) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any actual or deemed present or former connection between the Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over the relevant Holder, if the relevant Holder is an estate, nominee, trust, partnership, limited liability company or corporation) or the Beneficial Owner of Notes and the relevant Tax Jurisdiction (including, without limitation, being or having been a citizen, resident or national thereof or being or having been present or engaged in a trade or business therein or having or having had a permanent establishment therein), other than connections arising from the acquisition or holding of such Note or a Guarantee, the exercise or enforcement of rights under such Note or under a Guarantee or the receipt of any payments with respect to such Note or a Guarantee; (2) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where Notes are in the form of certificated Notes and presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period); (3) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes imposed on transfers; (4) any Taxes payable hereunder but excluding other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Guarantee; (5) any Taxes on net income) will not be less than to the amount extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial Holderbeneficial owner of Notes to comply with any reasonable written request of the Issuer addressed to the Holder or beneficial owner and made at least sixty (60) days before any such withholding or deduction would be payable to satisfy any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction, as a precondition to exemption from or reduction in the rate of deduction or withholding of, Taxes imposed by such Tax Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally eligible to provide such certification or documentation; (6) any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code, as of the Issue Date (or any amended or successor version of such sections), any regulations promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or (7) any combination of items (1) through (6) above. Such Additional Amounts will also not be payable where, had the beneficial owner of the applicable Note been the holder of such Note, it would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (7) inclusive above. (b) In addition to the foregoing, the Issuer and the Guarantors, as the case may be, would have received if such Taxes had not been required will also pay and indemnify the Holder for any present or future stamp, issue, registration, court or documentary Taxes, or any other excise or property Taxes, charges or similar levies (including penalties, interest and any other reasonable expenses related thereto) which are levied by any Tax Jurisdiction on the execution, delivery, issuance, sale, enforcement or registration of the Notes, this Indenture, any Guarantee or any other document or instrument referred to be so withheld therein, or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder the receipt of any payments with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: thereto, (i) Taxes imposed on or measured by net income (however denominated)limited, franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) solely in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable taxes attributable to or for the account receipt of such Holder or Beneficial Holder any payments with respect thereto, to an applicable interest any such taxes imposed in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed Tax Jurisdiction that are not excluded under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i1) through (3) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i5) through (vi6) above or any combination thereof). (c) At least 30 calendar days prior to each date on which any payment under or with respect to If the Notes Issuer or any Note Guarantee is due and payableGuarantor, if a Payor as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect to such any payment under or with respect to any series of Notes or any related Guarantee, each of the Issuer or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless such the obligation to pay Additional Amounts arises after the 35th day less than 30 days prior to the date on which such that payment is due and payabledate, in which case it will be the Issuer or the relevant Guarantor shall notify the Trustee promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s 's Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer's Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. The Trustee shall be entitled to rely solely on such Officer's Certificate as conclusive proof that such payments are necessary. (d) The PayorsIssuer or the relevant Guarantor will make all withholdings and deductions required by Applicable Law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with Applicable Law. The Issuer or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor will furnish to the Trustee (or to a Holder or beneficial owner upon written request), jointly and severallywithin a reasonable time after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding such entity's efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the Trustee) by such entity. Upon reasonable request, copies of Tax receipts or other evidence of payments, as the case may be, will indemnify and hold harmless be made available by the Trustee to the Holders and Beneficial Holders and, upon written request or beneficial owners of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsNotes. (e) In additionWhenever in this Indenture there is mentioned, in any context, the Payor will pay payment of amounts based upon the principal amount of the Notes or of principal, interest or of any stampother amount payable under, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notesto, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to of the Notes or any Note Guarantee or as a result ofGuarantee, or in connection with, the enforcement such mention shall be deemed to include mention of the Notespayment of Additional Amounts to the extent that, any Note Guarantee and/or any other in such document context, Additional Amounts are, were or instrumentwould be payable in respect thereof. (f) The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture Indenture, and any transfer by a Holder or beneficial owner of its Notes, and will apply apply, mutatis mutandis mutandis, to any jurisdiction under the laws of which any successor Person to the Issuer or any Payor and to any jurisdiction Guarantor is incorporated or organized or in which such any successor Person to the Issuer or any Guarantor is organized or is otherwise resident or doing engaged in business for tax purposes or resident for tax purposes (and any political subdivision or governmental authority thereof or therein having power to tax) and any jurisdiction from or through which payment is made by or on behalf of such successor or its respective agents. Whenever this Indenture refers to, in any context, Person on the payment of principal, Premium (if any) and interest Notes or any other amount payable under Guarantee and any political subdivision thereof or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Indenture (International Game Technology PLC)

Additional Amounts. (a) All amounts paid or credited by the Company under or with respect to the Notes will be made net of any withholding or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of the government of Canada, any province or territory of Canada or any political subdivision or any authority or agency therein or thereof having power to tax, or any jurisdiction in which the Company is organized, resident, or doing business for tax purposes, or from or through which the Company (or its agents) makes any payment on the Notes, or any taxing authority thereof, and the Company will not be required to pay any additional amounts to Holders in respect of any Taxes to the extent that such Taxes at any time become payable. (b) All payments made by or on behalf of the Issuer or any Guarantor (each such payor, a “Payor”) under or with respect to the Notes or any Note Guarantee will Guarantee, are required to be made free and clear of and without withholding or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of the government of Canada, any province or territory of Canada or any political subdivision or any authority or agency therein or thereof having power to tax, or any other jurisdiction in which such Payor Guarantor is organized, resident or is carrying on business in for tax purposes, or is otherwise resident for tax purposes or any jurisdiction from or through which such Payor payment is made (or its agentsincluding the jurisdiction of any paying agent) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. . (c) If a any Payor is so required to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any a Note Guarantee, such Payor, subject Payor will be required to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each a Holder or a Beneficial Holder of Notes (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, Holder of Notes would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts to a Holder or Beneficial Holder will be payable with respect to any of Taxes payable by virtue of: (1) the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for within the purposes meaning of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); at the time of the payment; (vi2) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient being either (ia) being a “specified non-resident shareholder” of the Company or a relevant Guarantor or (as defined b) a non-resident person who does not deal at arm’s length with a specified shareholder of the Company or a Guarantor, in each case for purposes of subsection 18(5) of the Tax Act; (3) any connection between such Holder or Beneficial Holder of Notes and the Issuer Relevant Taxing Jurisdiction other than a connection resulting from the mere acquisition, ownership, holding or disposition of, or the enforcement of rights under or the receipt of payments in respect of, any Notes or Note Guarantees or beneficial interests therein; (ii4) not dealing at arm’s length such Holder or Beneficial Holder failing to duly and timely comply (for the purposes of the Tax Actwhere such Holder or Beneficial Holder is legally eligible to do so) with a “specified non-resident shareholder” (as defined in subsection 18(5) timely request of the Tax ActCompany to comply with information, documentation, certification or other evidentiary requirements concerning such Holder’s or Beneficial Holder’s nationality, residence, entitlement to treaty benefits, identity or connection with the Relevant Taxing Jurisdiction, if and to the extent that due and timely compliance with such request would have resulted in the reduction or elimination of any Taxes as to which Additional Amounts would have otherwise been payable to such Holder or Beneficial Holder of Notes but for this clause (4), and provided that the Company provides written notice of such requirement to the applicable Holder or Beneficial Holder of at least thirty (30) days prior to the date of the Issuerpayment in respect of which Additional Amounts would be payable; or (vii5) such Holder or Beneficial Holder being a fiduciary, a partnership or not the beneficial owner of any payment on a Note, if and to the extent that, as a result of an applicable tax treaty, no Additional Amounts would have been payable had the beneficiary, partner or beneficial owner owned the Note directly (but only if there is no material cost or expense associated with transferring such Note to such beneficiary, partner or beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or beneficial owner); (6) such Tax being an estate inheritance, gift, sales, transfer or personal property Tax or any similar Tax with respect to a Note, or (7) any combination of the foregoing items clauses (i1) to (6), (any Taxes, other than Taxes described in the foregoing clauses (1) through (vi7) above, being “Indemnified Taxes”). (cd) At least 30 calendar days prior The applicable Payor shall make any required withholding or deduction and remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. Upon request, the Company shall provide the Trustee with official receipts or other documentation evidencing the payment of the Taxes with respect to which Additional Amounts are paid. Each Guarantor will indemnify and hold harmless each date on which Holder and Beneficial Holder for the amount of (1) any payment Indemnified Taxes not withheld or deducted by such Guarantor and levied or imposed and paid by such Holder or Beneficial Holder as a result of payments made under or with respect to the Notes Note Guarantees, (2) any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, and (3) any Note Guarantee is due and payable, if Indemnified Taxes imposed with respect to any reimbursement under Section 2.13(c)(1) or Section 2.13(c)(2) above. (e) If a Payor is or will be become obligated to pay Additional Amounts under or with respect to any payment made on a Note Guarantee, then at least thirty (30) days prior to the date of such payment (unless or, if such obligation to pay Additional Amounts arises shortly before or after the 35th 30th day prior to such date, promptly after the date on which such payment is due and payable, in which case it will be promptly thereafterthat the obligation to pay Additional Amount arises), the such Payor will deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount so payable and will set forth such other information necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. (df) The Payors, jointly and severally, will indemnify and hold harmless Whenever in this Indenture there is mentioned in any context: (1) the Holders and Beneficial Holders and, upon written request payment of any Holder principal; (2) redemption prices or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder purchase prices in connection with payments made under a redemption or purchase of Notes; (3) interest; or (4) any other amount payable on or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee Guarantee, such reference shall be deemed to include payment of Additional Amounts as described under this Section 2.13 to the extent that, in such context, Additional Amounts are, were or as a result of, or would be payable in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentrespect thereof. (fg) The obligations described under this Section 2.5 heading will survive any termination, defeasance or discharge of this Indenture and any transfer by an applicable Holder or Beneficial Holder of Notes to another applicable Holder or Beneficial Holder, and will apply apply, mutatis mutandis to any successor Person to any Payor and mutandis, to any jurisdiction in which such any successor to the Company or any Guarantor is organized or is otherwise resident or doing incorporated, engaged in business for tax purposes or resident for tax purposes, or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomakes any payment on a Note Guarantee and, in each case, any context, the payment of principal, Premium (if any) and interest department or any other amount payable under political subdivision thereof or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Trust Indenture (Cobalt Refinery Holding Co Ltd.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer makes under or any Guarantor (each a “Payor”) with respect to this Note or that the Subsidiary Guarantors make under or with respect to the Notes or any Note Guarantee will Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any pre-sent or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, "Taxes" or "Tax") imposed or levied by or on behalf of the federal government of Canada or by or within any province or political subdivision thereof or within any other jurisdiction in which such Payor is organizedthe Issuer, the Subsidiary Guarantors or any Surviving Entity are organized or resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof is made (each, a “"Relevant Taxing Jurisdiction”"), unless such Payor is the Issuer or the Subsidiary Guarantors, as the case may be, are required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor is so the Issuer or the Subsidiary Guarantors are required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to this Note, the Notes Issuer or any Note Guaranteethe Subsidiary Guarantors, such Payoras the case may be, subject to the exceptions set forth in Section 2.5(b), will shall pay such additional amounts (“"Additional Amounts”) as "), to the extent they may be necessary such lawfully do so, so that the net amount received in respect of such payment by each Holder or Beneficial Holder (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will shall not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a)the foregoing, a Payor will not, however, neither the Issuer nor the Subsidiary Guarantors shall pay Additional Amounts to a Holder or Beneficial beneficial owner of this Note to the extent that the Taxes are imposed or levied: (i) by a Relevant Taxing Jurisdiction by reason of the Holder's or beneficial owner's present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt or holding of this Note or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under this Note or the Indenture); or (ii) by reason of the failure of the Holder or beneficial owner of this Note, prior to the relevant date on which a payment under and with respect to the Notes is due and payable (the "Relevant Payment Date") to comply with the Issuer's written request addressed to the Holder at least 30 calendar days prior to the Relevant Payment Date to provide accurate information with respect to any certification, identification, information or other reporting requirements which the Holder or such beneficial owner is legally required to satisfy, whether imposed by statute, treaty, regulation or administrative practice, in each such case by the Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the following Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction). (c) The Issuer's and the Subsidiary Guarantors' obligation to pay Additional Amounts or to reimburse a Holder for Taxes paid by such Holder in respect of Taxes shall not apply with respect to: (i) any estate, inheritance, gift, sale, transfer, personal property or similar Taxes; (ii) any Tax that is payable otherwise than by deduction or withholding from payments made under or with respect to this Note; (iii) Taxes imposed on or with respect to any payment by the Issuer or the Subsidiary Guarantors to the Holder if such Holder is a Holder fiduciary or Beneficial Holder partnership or required to be withheld or deducted from a person other than the sole beneficial owner of such payment to a Holder or Beneficial Holder: (i) the extent that Taxes would not have been imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of had such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on been the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificatesole beneficial owner of this Note; (iv) any Tax that is imposed on or with respect to a payment made to a Holder or beneficial owner who would have been able to avoid such withholding Taxes imposed under FATCAor deduction by presenting this Note to another paying agent in a member state of the European Union; (v) any Canadian such withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) deduction in respect of any Taxes imposed on a debt or other obligation payment to pay an amount individual that is required to a Holder or Beneficial Holder or recipient with whom be made pursuant to any EU Directive on the Payor is not dealing at arm’s length (for taxation of savings implementing the purposes conclusions of the Tax Act) at the time ECOFIN Council meeting of such payment (other than where26th-27th November 2000 or any law implementing or complying with, or introduced in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party order to conform to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document);such Directive; or (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason combination of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or ), (ii), (iii), (iv) not dealing at arm’s length and (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (viv). (cd) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any this Note Guarantee is due and payable, if a Payor will the Issuer or the Subsidiary Guarantors shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will shall be promptly thereafter), the Payor will Issuer or the Subsidiary Guarantors shall deliver to the Trustee an Officer’s 's Certificate stating that such Additional Amounts will shall be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) . The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Issuer shall promptly publish a press release stating that such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required shall be payable and describing its obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsamounts. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture Note refers to, in any context, the payment of principal, Premium (interest, if any) and interest , or any other amount payable under or with respect to any this Note, such reference payment shall also include the payment of Additional Amounts or indemnification payments as described in this Section 2.5Amounts, if applicable.

Appears in 1 contract

Sources: Indenture (TMM Lines LTD LLC)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If either Issuer, a Payor Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors shall, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of the Notes, or by reason of the receipt of any payments in respect of any Notes or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of the Notes, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder 30-day period); (viii) any U.S. federal withholding Taxes or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viiix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors, if the applicable withholding agents, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly Trustee and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Paying Agent shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a Relevant Taxing Jurisdiction and payable by notice in accordance with Section 12.02 stating that such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if will be payable and describing the Payor had been required obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, Notes or any Note Guarantee or any other document or instrument referred to thereunder and any such taxesthereunder, charges or duties imposed by any Relevant Taxing Jurisdiction on (ii) the receipt of any payments made pursuant to under or with respect to, or enforcement of, the Notes or any Note Guarantee Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by such Issuer or Guarantor (as the case may be) of any Taxes imposed or levied by a result ofRelevant Taxing Jurisdiction, in accordance with the procedures described in Section 12.02, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or in connection withGuarantor to obtain such receipts, the enforcement same are not obtainable, such Issuer or Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuer and the Guarantors (and not otherwise in the possession of the NotesTrustee) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever this Indenture or the Notes refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note Guarantee and/or any other (including payments thereof made pursuant to a Guarantee), such document or instrumentreference includes the payment of Additional Amounts, if applicable. (f) The obligations described under this This Section 2.5 4.12 will survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever this Indenture refers to, including the Paying Agent) makes any payment on the Notes (or any Guarantee) and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (Ardagh Group S.A.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Company makes under or with respect to the Notes and that any Guarantor makes under or with respect to any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of any Taxes imposed or levied by or on behalf of the United States, any jurisdiction in which such Payor either the Company or any Guarantor is organizedincorporated, organized or otherwise resident or carrying on business for tax purposes or from or through which such Payor (or its agents) any of the foregoing makes any payment on the Notes or any Note Guarantee by or within any department or political subdivision thereof or governmental authority or in any of the foregoing having the power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor withholding or deduction is then required to withhold or deduct Taxes by law or by the official interpretation or administration thereofof law. If a Payor either the Company or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes Notes, the Company or any Note Guaranteesuch Guarantor, such Payor, subject to as the exceptions set forth in Section 2.5(b)case may be, will pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder holder or Beneficial Holder beneficial owner of the Notes (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will be not be less than the amount the Holder holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNeither the Company nor any Guarantor will, however, pay Additional Amounts to a Holder holder or Beneficial Holder beneficial owner of Notes in respect or on account of: (a) any Taxes that would not have been imposed or levied by a Relevant Taxing Jurisdiction but for the holder’s or beneficial owner’s actual or deemed present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt or holding of Notes or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under the Notes, this Indenture, any Note Guarantee or the Security Documents); (b) any Taxes that are imposed or withheld by reason of the failure of the holder or beneficial owner of Notes, following the Company’s written request addressed to the holder (and made at a time that would enable the holder or beneficial owner acting reasonably to comply with that request, and in all events at least 30 calendar days before the relevant date on which payment under or with respect to the Notes or any Note Guarantee is due and payable) to comply with any certification or identification requirements, whether required or imposed by statute, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the following rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction), but in each case only to the extent that the holder or beneficial owner, as the case may be, is legally entitled to provide such certification; (c) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (d) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes; (e) any Tax imposed on or with respect to any payment by the Company or a Holder Guarantor to the holder if such holder is a fiduciary or Beneficial Holder partnership or required to be withheld or deducted from a person other than the sole beneficial owner of such payment to a Holder or Beneficial Holder: (i) the extent that Taxes would not have been imposed on such payment had the beneficiary, partner or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under other beneficial owner directly held the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection TaxesNote; (iif) any Tax that is imposed or levied by reason of the presentation (where presentation is required in order to receive payment) of the case of Notes for payment on a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on date more than 30 days after the date on which such Holder payment became due and payable or Beneficial Holder acquires the date on which payment thereof is duly provided for, whichever is later, except to the extent that the beneficial owner or holder thereof would have been entitled to Additional Amounts had the Notes been presented for payment on any date during such interest in the Indenture Obligation30 day period; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (ivg) any withholding or deduction in respect of any Taxes where such withholding or deduction is imposed under FATCA;or levied 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 income or any law implementing or complying with, or introduced in order to conform to, such Directive; or (vh) any Canadian Tax that is imposed or levied on or with respect to a Note presented for payment on behalf of a holder or beneficial owner who would have been able to avoid such withholding Taxes imposed under or deduction by presenting the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation relevant Note to another paying agent in a member state of the Issuer under this Indenture (i) European Union. In addition, Additional Amounts will not be payable with respect to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) any Taxes that are imposed in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi)above items. (c) The Company and each Guarantor will (i) make such withholding or deduction required by applicable law and (ii) remit the full amount deducted or withheld to the relevant taxing authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor the Company or any Guarantor becomes aware that they will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will be promptly thereafter), the Payor Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information (other than the identities of holders and beneficial owners) necessary to enable the Trustee or Paying Agent, as the case may be, to pay such Additional Amounts to Holders holders and beneficial owners on the relevant payment date. (d) . The Payors, jointly and severally, Trustee shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Company will indemnify and hold harmless provide the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection Trustee with payments made under or with respect documentation reasonably satisfactory to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive Trustee evidencing payment of such Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsAmounts. (e) In additionUpon request, the Payor Company or the relevant Guarantor will take reasonable efforts to furnish to the Trustee or a holder within a reasonable time certified copies of tax receipts evidencing the payment by the Company or such Guarantor, as the case may be, of any Taxes imposed or levied by a Relevant Taxing Jurisdiction. (f) If, notwithstanding the reasonable efforts of the Company or such Guarantor to obtain such receipts, the same are not obtainable, then the Company or such Guarantor will provide such holder with other evidence reasonably satisfactory to the Trustee or holder of such payment by the Company or such Guarantor. (g) If the Company or any Guarantor conducts business in any jurisdiction (an “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction and, as a result, is required by the law of such Additional Taxing Jurisdiction to withhold or deduct any amount on account of the Taxes imposed by such Additional Taxing Jurisdiction from payment under the Notes or the related Note Guarantee, as the case may be, which would not have been required to be so withheld or deducted but for such conduct of business in such Additional Taxing Jurisdiction, the provisions of Section 4.20(a) shall apply as if the Additional Taxing Jurisdiction (or any political subdivision thereof or therein) were a Relevant Taxing Jurisdiction. (h) The Company and each Guarantor will pay (i) any present or future stamp, issue, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any interest, interest and penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuanceissue, delivery or registration or delivery of the Notes, any Note Guarantee Guarantee, this Indenture or the Security Documents or any other document or instrument referred to thereunder and any such taxes, charges charges, duties or duties similar levies imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or jurisdiction as a result of, or in connection with, the enforcement of the Notes, such Note Guarantee, this Indenture or the Security Documents or any Note Guarantee and/or any such other such document or instrumentinstrument following the occurrence of any Event of Default with respect to the Notes, and (ii) any stamp, court, documentary, excise or property taxes (or similar charges or levies), including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction with respect to the receipt of any payments with respect to the Notes or such Note Guarantee. Neither the Company nor any Guarantor will, however, pay such amounts that are imposed on or result from a sale or other transfer or disposition by a holder or beneficial owner of a Note. (fi) The obligations described under provisions of this Section 2.5 4.20 will survive any termination, defeasance or discharge of this Indenture or Security Documents and will shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any successor person to the Company or any Guarantor is organized organized, incorporated or is otherwise resident or doing business for tax purposes and any political subdivision or any jurisdiction from taxing authority or through which payment is made by such successor agency thereof or its respective agents. therein. (j) Whenever this Indenture refers to, in any context, the payment of principal, Premium (premium, if any) and , interest or any other amount payable under or with respect to the Notes (including payments thereof made pursuant to any NoteNote Guarantee), such reference shall include includes the payment of Additional Amounts or indemnification payments as described in this Section 2.5Amounts, if applicable.

Appears in 1 contract

Sources: Indenture (Atento S.A.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) makes under or with respect to the Notes or any Note Guarantee will shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor the Issuer is organized, resident or carrying on doing business for tax purposes or from or through which such Payor it (or its agents, including the Paying Agent) makes any payment on the Notes this Note or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor the Issuer or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor the Issuer or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to this Note, the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will The Issuer shall not, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of this Note, or by reason of the receipt of any payments in respect of any Notes, or the exercise or enforcement of rights under any Notes); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of this Note, following the Issuer’s written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, capital gains, wealth, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to this Notes; (v) any Tax imposed on or with respect to any payment by the Issuer to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the following extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had this Note been presented on the last day of such Holder 30-day period); (viii) any withholding or Beneficial Holder being organized under deduction in respect of any Taxes where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to the laws ofEuropean Council Directive 2003/48/EC, having a business office located inas amended or supplemented from time to time, including through European Council Directive 2014/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, 2000 on the taxation of savings income or any law implementing or complying with, or being a resident introduced in order to conform to, any such Directive; (ix) any U.S. federal withholding Taxes or equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viix) any combination of the foregoing items (i) through (vi)foregoing. (c) If the Issuer is the applicable withholding agent, the Issuer shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any this Note Guarantee is due and payable, if a Payor will the Issuer shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to this Note is due and payable, in which case it will be promptly thereafter), the Payor will Issuer shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The PayorsTrustee shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Issuer shall promptly publish a notice in accordance with Section 12.02 of the Indenture stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. Such Additional Amounts may be paid by the Issuer, jointly and severallyat its option, will indemnify and hold harmless in the Holders and Beneficial Holders andform of cash or Additional Notes. To the extent that the Issuer or any applicable withholding agent is required by law or by the interpretation or administration thereof to make any deduction or withholding from any payment of interest on this Note or any payment of an Additional Amount which, upon written request in either case, is made through the issuance of any Holder or Beneficial HolderAdditional Notes, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) provisions shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts apply with respect to such payments. (e) withholding or deduction requirement, mutatis mutandis. In addition, the Payor will Issuer shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, any this Note Guarantee or any other document or instrument referred to thereunder and thereunder, or (ii) the receipt of any such taxespayments under or with respect to, charges or duties enforcement of, this Note. Upon written request, the Issuer will furnish to the Trustee or the Principal Paying Agent or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by the Issuer of any Taxes imposed or levied by any a Relevant Taxing Jurisdiction on any payments made pursuant Jurisdiction, in accordance with the procedures described in Section 12.02 of the Indenture, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of the Issuer to obtain such receipts, the same are not obtainable, the Issuer will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Notes Trustee or holder of such payments by the Issuer. If requested by the Trustee or the Principal Paying Agent, the Issuer will provide to the Trustee or the Principal Paying Agent, as the case may be, such information as may be reasonably available to the Issuer (and not otherwise in the possession of the Trustee or the Principal Paying Agent, as applicable) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever the Indenture or this Note refers to, in any context, the payment of principal, premium, if any, interest or any Note Guarantee other amount payable under or as a result ofwith respect to this Note, or in connection withsuch reference includes the payment of Additional Amounts, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentif applicable. (f) The obligations described under this Section 2.5 preceding provisions will survive any termination, defeasance or discharge of this the Indenture and will shall apply mutatis mutandis to any jurisdiction in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuer is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever , including the Paying Agent) makes any payment on this Indenture refers toNote and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (Ardagh Finance Holdings S.A.)

Additional Amounts. (a) All payments and deliveries made by by, or on behalf of of, the Issuer Company or any Guarantor (each a “Payor”) successor to the Company under or with respect to this Indenture and the Notes Notes, including, but not limited to, payments of principal (including, if applicable, the Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price), premium, if any, payments of interest and deliveries of ADSs or any other consideration due on conversion of a Note Guarantee will (together with payments of cash for any Fractional ADS or other consideration) shall be made free and clear of and without withholding withholding, deduction or deduction reduction for any other collection at source for, or on account of, any present or future taxes, duties, assessments or governmental charges of Taxes whatever nature imposed or levied (including any penalties and interest related thereto) (“applicable taxes”) by or on behalf of within any jurisdiction in which such Payor is organizedthe Company or any successor to the Company is, for tax purposes, incorporated, organized or resident or carrying on doing business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, as applicable, a “Relevant Taxing Jurisdiction”)) or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a “Relevant Jurisdiction,” and in each case, any political subdivision or taxing authority thereof or therein) unless such Payor withholding, deduction or reduction is required to withhold or deduct Taxes by law or by regulation or governmental policy having the interpretation force of law. In the event that any such withholding, deduction or administration thereof. If a Payor reduction is so required to withhold required, the Company or deduct any amount for or on account of Taxes from any payment made under or with respect successor to the Notes Company shall pay or any Note Guarantee, such Payor, subject deliver to the exceptions set forth in Section 2.5(b), will pay each Holder such additional amounts of cash, ADSs or other consideration, as applicable (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect by the beneficial owner of the Notes after such withholding, deduction or reduction (and after deducting any taxes on the Additional Amounts) shall equal the amounts that would have been received by such beneficial owner had no such withholding, deduction or reduction been required; provided that no Additional Amounts shall be payable: (i) for or on account of: (A) any applicable taxes that would not have been imposed but for: (1) the existence of any present or former connection between the relevant Holder or beneficial owner of such Note and the Relevant Jurisdiction, other than merely acquiring or holding such Note, receiving ADSs (together with the payment by each of cash for any Fractional ADS) or other consideration upon conversion of such Note or the receipt of payments or the exercise or enforcement of rights thereunder, including, without limitation, such Holder or Beneficial beneficial owner being or having been a national, domiciliary or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having had a permanent establishment therein; (2) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the principal of (including the Redemption Price, the Repurchase Price and Fundamental Change Repurchase Price, if applicable) and interest on, such Note or the delivery of ADSs (together with payment of cash for any Fractional ADS) upon conversion of such Note became due and payable pursuant to the terms thereof or was made or duly provided for; (3) the failure of the Holder after or beneficial owner to comply with a timely written request from the Company or any successor of the Company, addressed to the Holder, to the extent such Holder or beneficial owner is legally entitled, to provide certification, information, documents or other evidence concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction (including withholding or deduction attributable as to which Additional Amounts would have otherwise been payable hereunder but excluding Taxes on net income) will not be less than the amount the to such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted.beneficial owner; or (b4) Notwithstanding Section 2.5(a)the presentation of such Note (in cases in which presentation is required) for payment in the Relevant Jurisdiction, a Payor will notunless such Note could not have been presented for payment elsewhere; (B) any estate, howeverinheritance, pay Additional Amounts to a Holder gift, sale, transfer, personal property or Beneficial Holder similar applicable tax or any excise or similar taxes imposed with respect to a transfer; (C) any of the following Taxes imposed on applicable tax that is payable otherwise than by withholding, deduction or reduction for any other collection at source from payments or deliveries under or with respect to a Holder or Beneficial Holder or the Notes; (D) any applicable tax required to be withheld or deducted from a payment under Sections 1471 to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident 1474 of the jurisdiction imposing such Tax Code (or any political subdivision thereofamended or successor versions of such Sections) (“FATCA”), any regulations or other official guidance thereunder, any intergovernmental agreement or agreement pursuant to Section 1471(b)(1) of the Code entered into in connection with FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement; or (E) any combination of applicable taxes referred to in the preceding clauses (A), (B), (C) or (ii) that are Other Connection Taxes;D); or (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable any payment of the principal of (including the Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price, if applicable), and interest in an Indenture Obligation pursuant on, such Note or the delivery of ADSs (together with payment of cash for any Fractional ADS) upon conversion of such Note, to a law in effect on Holder, if the date on which Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment to the extent that such Holder or Beneficial Holder acquires such interest payment would be required to be included in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed income under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation laws of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (Relevant Jurisdiction, for the purposes of the Tax Act) at the time of making such payment or (ii) in respect tax purposes, of a debt beneficiary or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or settlor with respect to the Notes fiduciary, a partner or any Note Guarantee is due and payablemember of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, if a Payor will be settlor, partner, member or beneficial owner been the Holder thereof. (b) If the Company or its successor becomes obligated to pay Additional Amounts with respect to such any payment or delivery under or with respect to the Notes, the Company or its successor shall deliver to the Trustee and the Paying Agent, if other than the Trustee, on a date that is at least 30 days prior to the date of that payment or delivery (unless such the obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such that payment is due and payabledate, in which case it will be the Company or its successor shall notify the Trustee and the Paying Agent promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officers’ Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent or the Conversion Agent, as the case may be, (on behalf of the Company and subject to receipt of funds from the Company pursuant to the last paragraph in Section 4.04(a)) to pay such Additional Amounts to Holders on the relevant payment date. The Trustee and the Paying Agent shall be entitled to rely solely on such Officers’ Certificate as conclusive proof that such payments are necessary. The Company or its successor shall provide the Trustee and the Paying Agent with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. (c) The Company or its successor shall make all withholdings and deductions required by law and shall remit the full amount deducted or withheld to the relevant tax authority in accordance with applicable law. Upon request, the Company or its successor shall provide to the Trustee an official receipt or, if official receipts are not obtainable, an Officers’ Certificate evidencing the payment of any applicable taxes so deducted or withheld. Copies of those receipts or other documentation, as the case may be, shall be made available by the Trustee to the Holders of the Notes upon written request. (d) The Payors, jointly and severally, will indemnify and hold harmless Any reference in this Indenture or the Holders and Beneficial Holders and, Notes in any context to the delivery of ADSs (together with payment of cash for any Fractional ADS) or other consideration upon written request conversion of any Holder Note or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount payment of principal of (iincluding the Redemption Price, the Repurchase Price and Fundamental Change Repurchase Price, if applicable) and any Taxes levied premium or imposed by a Relevant Taxing Jurisdiction and interest (including any Additional Interest) on any Note or any other amount payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect Note, shall be deemed to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive include payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent that, in such Holder or Beneficial Holder received context, Additional Amounts are, were or would be payable with respect to such paymentsthat amount pursuant to this Section 4.07. (e) In additionNotwithstanding any other provisions, the Payor will pay Company or its successor, the Trustee and the Paying Agent shall be entitled to make any stamp, issue, registration, court, documentation, excise withholding or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made deduction pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentFATCA. (f) If the Company or its successor is required to make any deduction or withholding from any payments or deliveries with respect to the Notes, it will deliver to the Trustee official tax receipts evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted. (g) The foregoing obligations described under this Section 2.5 will shall survive any termination, defeasance termination or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableIndenture.

Appears in 1 contract

Sources: Indenture (Bilibili Inc.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, incorporated or resident or carrying on doing business for tax purposes or from or through which such Payor (or its agents) any of the foregoing makes any payment on the Notes or any Note Guarantee by or within any department or political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor an Issuer, Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors shall, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of the Notes, or by reason of the receipt of any payments in respect of any Note or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of the Notes, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder 30-day period); (viii) any withholding or Beneficial Holder being organized under deduction in respect of any Taxes where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to the laws ofEuropean Council Directive 2003/48/EC or any Directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, having a business office located in2000 on the taxation of savings income or any law implementing or complying with, or being a resident introduced in order to conform to, any such Directive; (ix) any U.S. federal withholding Taxes or equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors shall (i) make such withholding or deduction of Taxes as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Trustee shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a Relevant Taxing Jurisdiction and payable by notice in accordance with Section 13.02 stating that such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required will be payable and describing its obligations to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issue, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, Notes or any Note Guarantee or any other document or instrument referred to thereunder and any such taxesthereunder, charges or duties imposed by any Relevant Taxing Jurisdiction on (ii) the receipt of any payments made pursuant to with respect to, or enforcement of, the Notes or any Note Guarantee Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing the payment by such Issuer or Guarantor (as the case may be) of any Taxes imposed or levied by a result ofRelevant Taxing Jurisdiction, in accordance with the procedures described in Section 13.02, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or in connection withGuarantor to obtain such receipts, the enforcement same are not obtainable, such Issuer or Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuer and the Guarantors (and not otherwise in the possession of the NotesTrustee) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever this Indenture or the Notes refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note Guarantee and/or any other (including payments thereof made pursuant to a Guarantee), such document or instrumentreference includes the payment of Additional Amounts, if applicable. (f) The obligations described under this This Section 2.5 4.12 will survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise incorporated, resident or doing business for tax purposes or any jurisdiction from or through which such person makes any payment is made by such successor on the Notes (or its respective agents. Whenever this Indenture refers toany Guarantee) and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (Ardagh Finance Holdings S.A.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer Company or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for for, or on account of Taxes imposed of, any present or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”)future Taxes, unless such Payor the Company or a Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. thereof If a Payor the Company or any Guarantor (or any other applicable withholding agent) is so required to withhold or deduct any amount for for, or on account of, any Taxes imposed or levied by or on behalf of Taxes (a) the government of Canada or any province or territory thereof, (b) any jurisdiction in which the Company or any Guarantor is incorporated, organized, resident or doing business for tax purposes or (c) any jurisdiction from or through which any payment is made by or on behalf of the Company or any Guarantor (including the jurisdiction of any Paying Agent) or, in each case, a political subdivision thereof or therein (each of (a), (b) and (c) a “Relevant Taxing Jurisdiction”) in respect of any payment made under or with respect to the Notes or any Note Guarantee, (a) the Company, the Guarantor or the applicable withholding agent will make such Payorwithholding or deduction, subject (b) the Company, the Guarantor or the applicable withholding agent will remit the full amount deducted or withheld to the exceptions set forth relevant government authority in Section 2.5(b), accordance with and in the time required under applicable law and (c) the Company or the applicable Guarantor will pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of Notes after such withholding or deduction (including any deduction or withholding or deduction attributable to in respect of Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than equal the amount the Holder or Beneficial Holder, as the case may be, such beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts will be payable with respect to: (1) any Taxes, to a the extent such Taxes would not have been imposed but for the existence of any present or former connection between the Holder or Beneficial beneficial owner of Notes and the Relevant Taxing Jurisdiction (including such Holder with or beneficial owner being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, the Relevant Taxing Jurisdiction) other than a connection arising solely from the acquisition, ownership, holding or disposition of such Note, the enforcement of such Note or any Guarantee, or the receipt of payments in respect of such Note or any Guarantee; (2) any Taxes, to any the extent such Taxes are imposed or withheld by reason of the following Holder’s or beneficial owner’s failure to satisfy any certification, identification or other reporting requirements, whether imposed by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, which are necessary to enable the Company or a Guarantor to make payments on the Notes without deduction or withholding for Taxes; provided, however, that the Company has delivered a written request to such Holder or beneficial owner to comply with such requirements at least 30 days prior to the date by which such compliance is required and such Holder or beneficial owner can legally comply with such requirements; (3) any Taxes, to the extent such Taxes would not have been imposed if the presentation of a Note (where presentation is required) for payment had occurred within 30 days after the date such payment was due and payable or was duly provided for, whichever is later, but only to the extent such Additional Amounts would not have been required had the Note been presented on the last day of the applicable 30 day period; (4) any Taxes that are imposed on or with respect to any payment made to any Holder who is a fiduciary or partnership or other person that is not the sole beneficial owner of such payment, to the extent that a beneficiary or settlor (for tax purposes) with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of the applicable Note; (5) any Canadian Taxes, to the extent such Taxes would not have been imposed but for the fact that the Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: beneficial owner (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for within the purposes meaning of the Tax ActITA) at with the time of making such payment Company or a Guarantor or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax ActITA) of the Issuer Company or (ii) a Guarantor or does not dealing deal at arm’s length (for within the purposes meaning of the Tax ActITA) with any such specified shareholder; (6) any Taxes imposed as a “specified non-resident shareholder” (as defined in result of the application of subsection 18(5212(3.2) of the Tax ActITA; (7) any estate, inheritance, gift, sales, transfer or similar Tax; (8) any Taxes that are payable other than by deduction or withholding from payments under or with respect to the Notes or any Guarantee; (9) any Taxes imposed pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Issuer; orCode; (vii10) any combination of the foregoing items (i1) through (vi9) above. Each of the Company and the Guarantors will, jointly and severally, indemnify and hold harmless each Holder and beneficial owner of Notes for (x) any Taxes levied by a Relevant Taxing Jurisdiction (other than Taxes excluded by clauses (1) through (10) above) and paid by each such Holder or beneficial owner as a result of payments made under or with respect to such Notes or Guarantee, and (y) any Taxes (other than Taxes excluded by clauses (1) through (10) above) so levied or imposed with respect to any indemnification payments under the foregoing clause (x) or this clause (y) such that the net amount received by such Holder or beneficial owner after such indemnification payments will not be less than the net amount the Holder or beneficial owner would have received if the Taxes described in clauses (x) and (y) above had not been imposed. Whenever there is mentioned in this Indenture, in any context, the payment of principal, premium (if any). , Redemption Price, interest or of any other amount payable under or with respect to the Notes or any Guarantee, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof The Company or the relevant Guarantor will provide to the Trustee (cor to a Holder or beneficial owner upon written request), within 60 days after the date the payment of any Taxes giving rise to Additional Amounts is due, receipts or, if receipts are not available, other documentation reasonably satisfactory to the Trustee evidencing payment by the Company or such Guarantor of such Taxes. The Company and the Guarantors will pay any present or future stamp, issue, registration, court or documentary Taxes, or any other excise, property or similar Taxes that arise in any Relevant Taxing Jurisdiction from the execution, delivery, issuance or registration or enforcement of the Notes, this Indenture, any Guarantee or any other document or instrument referred to therein, or the receipt of any payments under or with respect to the Notes or any Guarantee (“Documentary Taxes”). The obligation to pay Additional Amounts and Documentary Taxes under this Section 1027 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor to the Company or any Guarantor and to any jurisdiction in which any successor Person to the Company or any Guarantor is incorporated, organized, resident or doing business for tax purposes or any jurisdiction from or through which such person (or its paying agent) At least 30 calendar days prior to each date on which makes any payment under or with respect to the Notes or any Note Guarantee and, in each case, any political subdivision thereof or therein. At least 30 days prior to each date on which any payment under, or with respect to, the Notes or any Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment payable (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will be promptly thereafter), if the Payor Company or any Guarantor becomes obligated to pay Additional Amounts with respect to such payment, the Company will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee to pay such Additional Amounts to Holders the beneficial owners of such Notes on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Indenture (Bellatrix Exploration Ltd.)

Additional Amounts. (a) All With respect to any payments made by or on behalf the Guarantor of the Issuer Notes, the Guarantor will make all payments of principal of, premium, if any, and interest on (whether on scheduled payment dates or any Guarantor (each a “Payor”upon acceleration) under or with and the Redemption Price, if any, payable in respect to the Notes or of any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes of, any present or future tax, duty, levy, impost, assessment or other governmental charge, including penalties, interest and other liabilities related thereto (“Taxes”), imposed or levied by or on behalf of Bermuda or any other jurisdiction in which such Payor the Guarantor is organizedengaged in business, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment generally subject to tax on the Notes a net income basis, or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”)or taxing authority of or in any of the foregoing, unless such Payor the Guarantor is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. If a Payor To the extent that the Guarantor is so required to withhold or deduct any amount for for, or on account of of, such Taxes from any payment made under or with respect to the Notes or any Note GuaranteeNotes, such Payor, subject to the exceptions set forth in Section 2.5(b), Guarantor will pay such additional amounts (“Additional Amounts”) ), as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial Holder (including Additional Amounts), after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes . As used herein and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Original Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers toreference, in any contextcontext other than the case of Section 502(1) of the Original Indenture, to payment of the principal (and premium, if any), the payment of principalRedemption Price, Premium (if any) and , interest or any other amount payable under or with respect to any Note, such shall be deemed to include a reference shall include to the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or indemnification payments as described would be payable by the Guarantor in respect thereof. The foregoing provisions of this Section 2.5, if applicable1.09 shall survive any termination or discharge of the Indenture and any Defeasance of the Notes.

Appears in 1 contract

Sources: First Supplemental Indenture (MF Global Finance North America Inc.)

Additional Amounts. (a) All payments made by or on behalf of any of the Issuer or any Guarantor (each a “Payor”) Guarantors under or with respect to the Notes or any and the Note Guarantee Guarantees will be made free and clear of and without withholding or deduction for for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied (including any penalties and interest related thereto) (“Taxes”) unless the withholding or deduction of such Taxes is then required by law or by the official interpretation or administration thereof. If, with respect to a Guarantor, any withholding or deduction for, or on account of, any Taxes imposed or levied by or on behalf of (i) any jurisdiction (other than the United States) in which such Payor Guarantor is then incorporated, organized, engaged in business or resident or carrying on business for tax purposes purposes, or any political subdivision or governmental authority thereof or therein having power to tax or (ii) any jurisdiction (other than the United States) from or through which payment is made by or on behalf of such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof Guarantor (each, a “Relevant Taxing Tax Jurisdiction”), unless such Payor is will at any time be required to withhold or deduct Taxes be made from any payments made by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account behalf of Taxes from any payment made under or such Guarantor with respect to the Notes or any its Note Guarantee, including, without limitation, payments of principal, redemption price, purchase price, interest or premium, such Payor, subject to the exceptions set forth in Section 2.5(b), Guarantor will pay such additional amounts (the “Additional Amounts”) as may be necessary such in order that the net amount amounts received in respect of such payment payments by each Holder or Beneficial Holder (including payments of Additional Amounts) after such withholding or deduction will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: (including 1) any Taxes that would not have been imposed but for the Holder or beneficial owner of the Notes being a citizen, resident or national of, incorporated in or carrying on a business in the relevant Tax Jurisdiction in which such Taxes are imposed, or having any other present or former connection with the relevant Tax Jurisdiction in which such Taxes are imposed other than by the mere acquisition or holding of any Note or the enforcement or receipt of payment under or in respect of any Note or any Note Guarantee; (2) any Taxes imposed or withheld as a result of the failure of the Holder or beneficial owner of the Notes to comply with any written request, made to the Holder or beneficial owner in writing at least 90 days before any such withholding or deduction attributable would be made, by the Issuer or any of the Guarantors to provide timely or accurate information concerning the nationality, residence or identity of such Holder or beneficial owner or to make any valid or timely declaration or similar claim or satisfy any certification information or other reporting requirements (to the extent such Holder or beneficial owner is legally eligible to do so), which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction as a precondition to exemption from all or part of such Taxes; (3) any Taxes that are imposed or withheld as a result of the presentation of any Note for payment (where Notes are in the form of definitive notes and presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts payable hereunder but excluding Taxes had the Note been presented on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if last day of such Taxes had not been required to be so withheld or deducted.30 day period); (b4) Notwithstanding Section 2.5(a)any estate, a Payor will notinheritance, howevergift, pay Additional Amounts to a Holder sales, use, transfer, personal property or Beneficial Holder similar Taxes; (5) any Taxes which are payable otherwise than by deduction or withholding from payments made under or with respect to any of the following Guarantee; (6) any Taxes that were imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes and the Note Guarantees to any Holder of a Note who is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such fiduciary or a partner of such partnership or a beneficial owner would be required to include such payment in its income under the laws of the relevant Tax Jurisdiction and would not have been entitled to receive payment of the Additional Amounts had the beneficiary, settlor, partner or beneficial owner been the Holder of such Note; (7) any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code, as of the Issue Date (or any amended or successor version of such sections that is substantively comparable and not materially more onerous to comply with), any regulations promulgated thereunder, any official interpretations thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any law or regulation adopted pursuant to any such intergovernmental agreement, or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or (8) any combination of items (1) through (7) above. In addition to the foregoing, the Dutch Guarantor will pay and indemnify the Holders for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise, property or similar taxes levied by The Netherlands on or in connection with the execution, delivery, registration or enforcement of the Note Guarantee is due provided by the Dutch Guarantor or with respect to any payment to a Holder of Notes thereunder (limited, solely in the case of taxes attributable to the receipt of any payments with respect thereto, to any such taxes that are not excluded under clauses (1) through (4) and payable, if a Payor (6) through (7) or any combination thereof). If the Issuer or any Guarantor becomes aware that any Guarantor will be obligated to pay Additional Amounts with respect to such any payment under or with respect to any Note Guarantee, the Issuer or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date at least 30 days prior to the date of payment (unless such the obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such that payment is due and payabledate, in which case it will be the Issuer or the relevant Guarantor shall notify the Trustee promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer’s Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. (d) . The Payors, jointly Trustee shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Issuer or the relevant Guarantor will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of Additional Amounts. The relevant Guarantor will make all deductions and severally, withholding of Taxes required by law and will indemnify and hold harmless remit the Holders and Beneficial Holders and, upon written request full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each relevant Tax authority evidencing the payment of any Holder Taxes so deducted or Beneficial Holderwithheld. Upon written request, reimburse such Holder or Beneficial Holder for the amount relevant Guarantor will furnish to the Holders, within 60 days after the date the payment of (i) any Taxes levied so deducted or imposed withheld is made, certified copies of Tax receipts evidencing payment by a Relevant Taxing Jurisdiction and payable the Guarantor, or if, notwithstanding such Guarantor’s efforts to obtain receipts, receipts are not obtained, other evidence of payments by such Holder Guarantor. Whenever this Indenture mentions the payment of amounts based on the principal amount, interest or Beneficial Holder in connection with payments made under any other amount payable under, or with respect to, any Note Guarantee, such mention shall be deemed to include the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent that, in such Holder or Beneficial Holder received context, Additional Amounts with respect to such payments. (e) In additionare, the Payor will pay any stamp, issue, registration, court, documentation, excise were or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time would be payable in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) thereof. The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture Indenture, any transfer by a Holder or beneficial owner of its Notes, and will apply apply, mutatis mutandis mutandis, to any jurisdiction in which any successor Person to any Payor and to any jurisdiction Guarantor is then incorporated, organized, engaged in which such successor is organized business or is otherwise resident or doing business for tax purposes purposes, or any political subdivision or governmental authority thereof or therein having power to tax or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in on behalf of any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableGuarantor.

Appears in 1 contract

Sources: Indenture (Cooper-Standard Holdings Inc.)

Additional Amounts. (a) All payments made in respect of the Notes or any Guarantee by or on behalf of the Issuer Issuer, any Guarantor, or any Guarantor successor thereto (each each, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of of, and without withholding or deduction for for, or on account of, any present or future taxes, levies, duties, imposts, assessments or other governmental charges, including any interest, additions to tax and penalties related thereto (collectively, “Taxes”), unless such withholding or deduction is required by applicable law. If any Payor, or any other applicable withholding agent, is required to withhold or deduct any amount in respect of Taxes any payment made in respect of the Notes or any Guarantee with respect to any Tax imposed or levied by or on behalf of any jurisdiction in which such any Payor is is, at any time, organized, resident or carrying on doing business for tax purposes purposes, or any jurisdiction from or through which such any Payor or any paying agent (or its agentson behalf of any Payor) makes any payment payments on the Notes or any Note Guarantee or Guarantee, or, in each case, any department governmental authority or political subdivision thereof or therein having the power to tax (each, a “Relevant Taxing Tax Jurisdiction”), unless such the Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payorwill, subject to the exceptions and limitations set forth in Section 2.5(b)below, will pay such additional amounts (“Additional Amounts”) as may be are necessary such so that the net payment received by a beneficial owner of the Notes (including any Additional Amounts), after withholding or deduction for any Taxes of any Relevant Tax Jurisdiction (including in respect of any Additional Amounts) will equal the amount such beneficial owner would have received in respect of such payment by each Holder or Beneficial Holder after had no such withholding or deduction (including withholding or deduction attributable been required. A Payor’s obligation to pay Additional Amounts payable shall not apply: (a) to any Taxes that are imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: i. being or having been engaged in a trade or business in the Relevant Tax Jurisdiction or having or having had a permanent establishment in the Relevant Tax Jurisdiction; or ii. having any other current or former connection with the Relevant Tax Jurisdiction (other than a connection arising solely as a result of the acquisition, ownership or disposition of the Notes or a beneficial interest therein, the receipt of any payment in respect of a Note or any Guarantee or the enforcement of any rights hereunder but excluding Taxes on net income) will not be less than or thereunder), including being or having been a citizen or resident of the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted.Relevant Tax Jurisdiction; (b) Notwithstanding Section 2.5(ato any Taxes that are imposed or withheld because the holder or beneficial owner failed to accurately comply with a request from a Payor to meet certification, identification or information or other reporting requirements concerning the nationality, residence or identity of the holder or beneficial owner of the Notes or otherwise establish any available exemption from or reduction in the rate of deduction or withholding of, such Taxes (if such holder or beneficial owner is legally eligible to satisfy such requirements, exemptions or reductions), in each case, if compliance with such action is required as a precondition to exemption from, or reduction in, such Tax by a Relevant Tax Jurisdiction; (c) to any Taxes that are imposed other than by withholding or deduction by a Payor will not, however, pay Additional Amounts to or other applicable withholding agent in respect of a Holder or Beneficial Holder payment with respect to the Notes or any Guarantee; (d) to any estate, inheritance, gift, sales, transfer, wealth or similar Taxes; (e) to any Taxes that are imposed as a result of the following presentation of a Note for payment (where presentation is required) more than 30 days after the relevant amount is first made available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); (f) [reserved]; (g) to any Tax imposed pursuant to current Sections 1471 through 1474 of the Code (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to current Section 1471(b) of the Code (or any amended or successor version described above), or any intergovernmental agreements, treaties, conventions or similar agreements (and any related laws, regulations or administrative guidance) implementing the foregoing; (h) to any Taxes that are imposed on or with respect to any payment by or on behalf of the Issuer or any Guarantor to the holder if such holder is a Holder fiduciary, partnership, limited liability company or Beneficial Holder or required to be withheld or deducted from a person other than the sole beneficial owner of such payment to the extent that, had the sole beneficial owner of such Note been the holder and had such Taxes been imposed on the sole beneficial owner, no Additional Amounts in respect of such Taxes would have been payable as a Holder result of clauses (a)-(g) or Beneficial Holder:(i) of this Section 4.21; or (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing above items (i) through the foregoing Taxes described in clauses (via)-(i). (c) , “Excluded Taxes”). At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee a certificate of an Officer’s Certificate officer of the Issuer stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee (or the applicable paying agent) to pay such Additional Amounts to Holders holders on the payment date. (d) . The Payorsapplicable Payor, jointly and severallyif it is the applicable withholding agent, will indemnify make any required withholding or deduction and hold harmless remit the Holders and Beneficial Holders full amount deducted or withheld to the Relevant Tax Jurisdiction in accordance with applicable law. The Issuer will provide the Trustees (and, upon written request request, any holders or beneficial owners of any Holder the Notes) with official receipts or Beneficial Holder, reimburse such Holder or Beneficial Holder for other documentation evidencing the amount payment of (i) any the Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if are paid. The Issuer and the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor Guarantors will pay and indemnify each holder of Notes for any present or future stamp, court, issue, registrationregistration or documentary Taxes or any other excise, court, documentation, excise property or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed Taxes that are levied by any Relevant Taxing Tax Jurisdiction at any time from the execution, delivery, enforcement or registration of the Notes (other than in respect of a transfer of a Note, to someone other than the executionIssuer or its Affiliates, issuance, registration or delivery that occurs after the sale of such Note to an investor pursuant to the offering of the Notes), any Note Guarantee the Guarantees, this Indenture or any other document or instrument referred to thereunder and any such taxesin relation thereof, charges or duties imposed by any Relevant Taxing Jurisdiction on the receipt of any payments made pursuant with respect to the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable to the receipt of any payments with respect thereto, to any such Taxes levied by a Relevant Tax Jurisdiction that are not excluded under clauses (a), (b) and (d) through (h) or as any combination thereof). Whenever in this Indenture there is mentioned in any context: the payment of principal, redemption prices or purchase prices in connection with a result ofredemption or purchase of Notes, interest, or in connection with, the enforcement any other amount payable with respect to any of the NotesNotes or any Guarantee, any Note Guarantee and/or any other such document reference shall be deemed to include payment of Additional Amounts as described under this Section 4.21 to the extent that, in such context, Additional Amounts are, were or instrument. (f) would be payable in respect thereof. The obligations described under this Section 2.5 4.21 will survive any termination, defeasance or discharge of this Indenture Indenture, and any transfer by a holder or beneficial owner of its Notes and will apply mutatis mutandis to any successor Person Person, to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Restructuring Support Agreement (Akumin Inc.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to this Note under the Notes Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of the (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes”, unless such Payor the Issuer, relevant Guarantor or other applicable withholding agent is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency. If the Issuer, a Payor Guarantor or other applicable withholding agent making a payment on behalf of the Issuer or a Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts amount (such amount the “Additional Amounts”) as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder holder after such withholding or deduction (including any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, such holder would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts to a Holder or Beneficial Holder will be payable with respect to payments made to any holder to the extent such Taxes are imposed by reason of (i) such holder or beneficial owner being considered to be or to have been connected with a Relevant Taxing Jurisdiction, other than by the acquisition, ownership, holding or disposition of this Note, the enforcement of rights under this Note or under any Note Guarantee or the receipt of payments in respect of this Note or any Note Guarantee, or (ii) such holder or beneficial owner not completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer, Guarantors or other applicable withholding agent to make or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of this Note or any Note Guarantee a complete, correct and executed IRS Form W-8 or W-9 or substitute or successor form, as applicable, with all appropriate attachments or a comparable form required by another Relevant Taxing Jurisdiction). Further, no Additional Amounts shall be payable with respect to (i) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner holding or owning, actually or constructively, 10% or more of the following total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote, (ii) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Internal Revenue Code of 1986, as amended (the “Code”) with respect to the Issuer or any Guarantor, (iii) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner being a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business or (iv) any United States federal tax imposed pursuant to FATCA, (v) with respect to German tax residents any Tax withheld by a German custodian, who is required to deduct the withholding tax from such interest payments, provided that this Note is held in custody with such German custodian. The Issuer or any Guarantor (as applicable) required to withhold any Taxes imposed will make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or any Guarantor (as applicable) will use commercially reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or such Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. Wherever in the Indenture, this Note or any Note Guarantee there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or this Note, (3) interest or (4) any other amount payable on or with respect to a Holder this Note or Beneficial Holder or required any Note Guarantee, such reference shall be deemed to be withheld or deducted from a include payment of Additional Amounts as described under this heading to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts would be payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) thereof. At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payableof principal, premium, if any, interest or other amounts on this Note is to be made (unless an obligation to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter), if the Issuer or a Payor Guarantor will be obligated to pay Additional Amounts with respect to any such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor Issuer will deliver to promptly furnish the Trustee and the Paying Agent, if other than the Trustee, with an Officer’s Officers’ Certificate stating that such Additional Amounts will be payable and the amounts so payable payable, and will set forth such other information necessary to enable the Trustee or the Paying Agent to pay such Additional Amounts to Holders the holders on the payment date. . The Issuer or a Guarantor (das applicable) The Payors, jointly and severally, will indemnify and hold harmless pay to the Holders and Beneficial Holders Trustee or the Paying Agent such Additional Amounts and, upon written request if paid to a Paying Agent other than the Trustee, shall promptly provide the Trustee with documentation evidencing the payment of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount Additional Amounts. Copies of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments documentation shall be made under or with respect available to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the holders upon request. The foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 Paragraph 2 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will Paragraph 2 to the Issuer or any Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 1 contract

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) 2.6.1 All payments made by or on behalf account of any obligation of the Issuer or any Guarantor (each a “Payor”) under or with respect to the TCPL Sub Notes or any Note Guarantee will - Series 2017-A shall be made free and clear of and without withholding or deduction for for, or on account of Taxes of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Government of Canada or any Note Guarantee province or territory thereof or by any department authority or political subdivision agency therein or thereof having power to tax (eachhereinafter, a “Relevant Taxing JurisdictionCanadian Taxes”), unless or, in the event that a Successor Entity that is organized under the laws of a jurisdiction other than the laws of Canada or any province of territory thereof is substituted for the Issuer pursuant to Article 8 of the Original Indenture, by or on behalf of the government of such Payor is required to withhold successor jurisdiction or deduct Taxes by law any subdivision thereof or by any authority or agency therein or thereof having power to tax. 2.6.2 For so long as the interpretation or administration thereof. If a Payor Trust is so the holder of TCPL Sub Notes — Series 2017-A, if the Trust is required to withhold or deduct any amount for or on account of Canadian Taxes from any payment made under or with respect to the Trust Notes or any Note Guarantee- Series 2017-A, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer shall pay as additional interest such additional amounts (“Additional Amounts”) as may be necessary such so that the Trust may provide a net amount received in respect to each holder of such payment by each Holder or Beneficial Holder Trust Notes — Series 2017-A (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will shall not be less than the amount the Holder or Beneficial Holder, as the case may be, such holder of Trust Notes — Series 2017-A would have received if such Canadian Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts shall be payable to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or Trust with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial holder of Trust Notes — Series 2017-A (an “Excluded Holder: ”) in respect of a beneficial owner of Trust Notes Series 2017-A (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor Trust does not deal at arm’s length (for the purposes of the Income Tax ActAct (Canada)) at the time of the making of such payment or payment, (ii) which is subject to such Canadian Taxes by reason of the failure of such holder of Trust Notes — Series 2017-A to comply with any certification, identification, information, documentation or other reporting requirement if compliance is required by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from, or a reduction in, the rate of deduction or withholding of, such Canadian Taxes, (iii) where all or any portion of the amount paid to such holder of Trust Notes — Series 2017-A is deemed to be a dividend paid to such holder of Trust Notes — Series 2017-A pursuant to subsection 214(16) of the Income Tax Act (Canada), or (iv) which is subject to such Canadian Taxes by reason of its carrying on business in or being connected with Canada or any province or territory thereof otherwise than by the mere holding of Trust Notes — Series 2017-A or the receipt of payments thereunder. The Trust shall make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required under applicable law. 2.6.3 If a holder of Trust Notes — Series 2017-A has received a refund or credit for any Canadian Taxes with respect to which the Issuer has paid Additional Amounts pursuant to this Section 2.6, and such holder has paid over such refund to the Trust, the Trust shall pay over such refund to the Issuer (but only to the extent of such Additional Amounts), net of all out-of-pocket expenses of such holder, together with any interest paid by the relevant tax authority in respect of a debt or other obligation such refund. 2.6.4 If Additional Amounts are required to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises be paid under this Section 2.6 as a result of such Holder or Beneficial Holder or recipient having become a party toTax Event, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified nonmay elect to redeem outstanding TCPL Sub Notes - Series 2017-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made A pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentSection 3.3. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Third Supplemental Indenture (Transcanada Pipelines LTD)

Additional Amounts. (a) All amounts paid or credited by the Company under or with respect to the Notes will be made net of any withholding or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of the government of Canada, any province or territory of Canada or any political subdivision or any authority or agency therein or thereof having power to tax, or any jurisdiction in which the Company is organized, resident, or doing business for tax purposes, or from or through which the Company (or its agents) makes any payment on the Notes, or any Taxing Authority thereof, and the Company will not be required to pay any additional amounts to Holders in respect of any Taxes to the extent that such Taxes at any time become payable. (b) All payments made by or on behalf of the Issuer or any Guarantor (each such payor, a “Payor”) under or with respect to the Notes or any Note Guarantee will Guarantee, are required to be made free and clear of and without withholding or deduction for or on account of any present or future Taxes imposed or levied by or on behalf of the government of Canada, any province or territory of Canada or any political subdivision or any authority or agency therein or thereof having power to tax, or any other jurisdiction in which such Payor Guarantor is organized, resident or is carrying on business in for tax purposes, or is otherwise resident for tax purposes or any jurisdiction from or through which such Payor payment is made (or its agentsincluding the jurisdiction of any paying agent) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. . (c) If a any Payor is so required to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any a Note Guarantee, such Payor, subject Payor will be required to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each a Holder or a Beneficial Holder of Notes (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, Holder of Notes would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts to a Holder or Beneficial Holder will be payable with respect to any of Taxes payable by virtue of: (1) the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for within the purposes meaning of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); at the time of the payment; (vi2) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient being either (ia) being a “specified non- resident shareholder” of the Company or a relevant Guarantor or (b) a non-resident shareholder” (as defined person who does not deal at arm’s length with a specified shareholder of the Company or a Guarantor, in each case for purposes of subsection 18(5) of the Tax Act; (3) any connection between such Holder or Beneficial Holder of Notes and the Issuer Relevant Taxing Jurisdiction other than a connection resulting from the mere acquisition, ownership, holding or disposition of, or the enforcement of rights under or the receipt of payments in respect of, any Notes or Note Guarantees or beneficial interests therein; (ii4) not dealing at arm’s length such Holder or Beneficial Holder failing to duly and timely comply (for the purposes of the Tax Actwhere such Holder or Beneficial Holder is legally eligible to do so) with a “specified non-resident shareholder” (as defined in subsection 18(5) timely request of the Tax ActCompany to comply with information, documentation, certification or other evidentiary requirements concerning such Holder’s or Beneficial Holder’s nationality, residence, entitlement to treaty benefits, identity or connection with the Relevant Taxing Jurisdiction, if and to the extent that due and timely compliance with such request would have resulted in the reduction or elimination of any Taxes as to which Additional Amounts would have otherwise been payable to such Holder or Beneficial Holder of Notes but for this clause (4), and provided that the Company provides written notice of such requirement to the applicable Holder or Beneficial Holder of at least thirty (30) days prior to the date of the Issuerpayment in respect of which Additional Amounts would be payable; or (vii5) such Holder or Beneficial Holder being a fiduciary, a partnership or not the beneficial owner of any payment on a Note, if and to the extent that, as a result of an applicable tax treaty, no Additional Amounts would have been payable had the beneficiary, partner or beneficial owner owned the Note directly (but only if there is no material cost or expense associated with transferring such Note to such beneficiary, partner or beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or beneficial owner); (6) such Tax being an estate inheritance, gift, sales, transfer or personal property Tax or any similar Tax with respect to a Note, or (7) any combination of the foregoing items clauses (i1) to (6), (any Taxes, other than Taxes described in the foregoing clauses (1) through (vi7) above, being “Indemnified Taxes”). (cd) At least 30 calendar days prior The applicable Payor shall make any required withholding or deduction and remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. Upon request, the Company shall provide the Trustee with official receipts or other documentation evidencing the payment of the Taxes with respect to which Additional Amounts are paid. Each Guarantor will indemnify and hold harmless each date on which Holder and Beneficial Holder for the amount of (1) any payment Indemnified Taxes not withheld or deducted by such Guarantor and levied or imposed and paid by such Holder or Beneficial Holder as a result of payments made under or with respect to the Notes Note Guarantees, (2) any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, and (3) any Note Guarantee is due and payable, if Indemnified Taxes imposed with respect to any reimbursement under Section 2.13(c)(1) or Section 2.13(c)(2) above. (e) If a Payor is or will be become obligated to pay Additional Amounts under or with respect to any payment made on a Note Guarantee, then at least thirty (30) days prior to the date of such payment (unless or, if such obligation to pay Additional Amounts arises shortly before or after the 35th 30th day prior to such date, promptly after the date on which such payment is due and payable, in which case it will be promptly thereafterthat the obligation to pay Additional Amount arises), the such Payor will deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount so payable and will set forth such other information necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. (df) The Payors, jointly and severally, will indemnify and hold harmless Whenever in this Indenture there is mentioned in any context: (1) the Holders and Beneficial Holders and, upon written request payment of any Holder principal; (2) redemption prices or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder purchase prices in connection with payments made under a redemption or purchase of Notes; (3) interest; or (4) any other amount payable on or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee Guarantee, such reference shall be deemed to include payment of Additional Amounts as described under this Section 2.13 to the extent that, in such context, Additional Amounts are, were or as a result of, or would be payable in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentrespect thereof. (fg) The obligations described under this Section 2.5 heading will survive any termination, defeasance or discharge of this Indenture and any transfer by an applicable Holder or Beneficial Holder of its Notes to another applicable Holder or Beneficial Holder, and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers toapply, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.mutatis

Appears in 1 contract

Sources: Trust Indenture

Additional Amounts. (a) 2.6.1 All payments made by or on behalf account of any obligation of the Issuer or any Guarantor (each a “Payor”) under or with respect to the TCPL Sub Notes or any Note Guarantee will - Series 2017-A shall be made free and clear of and without withholding or deduction for for, or on account of Taxes of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Government of Canada or any Note Guarantee province or territory thereof or by any department authority or political subdivision agency therein or thereof having power to tax (eachhereinafter, a “Relevant Taxing JurisdictionCanadian Taxes”), unless or, in the event that a Successor Entity that is organized under the laws of a jurisdiction other than the laws of Canada or any province of territory thereof is substituted for the Issuer pursuant to Article 8 of the Original Indenture, by or on behalf of the government of such Payor is required to withhold successor jurisdiction or deduct Taxes by law any subdivision thereof or by any authority or agency therein or thereof having power to tax. 2.6.2 For so long as the interpretation or administration thereof. If a Payor Trust is so the holder of TCPL Sub Notes — Series 2017-A, if the Trust is required to withhold or deduct any amount for or on account of Canadian Taxes from any payment made under or with respect to the Trust Notes or any Note Guarantee- Series 2017-A, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer shall pay as additional interest such additional amounts (“Additional Amounts”) as may be necessary such so that the Trust may provide a net amount received in respect to each holder of such payment by each Holder or Beneficial Holder Trust Notes — Series 2017-A (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will shall not be less than the amount the Holder or Beneficial Holder, as the case may be, such holder of Trust Notes — Series 2017-A would have received if such Canadian Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts shall be payable to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or Trust with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial holder of Trust Notes — Series 2017-A (an “Excluded Holder: ”) in respect of a beneficial owner of Trust Notes Series 2017-A (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor Trust does not deal at arm’s length (for the purposes of the Income Tax ActAct (Canada)) at the time of the making of such payment or payment, (ii) in respect of a debt or other obligation which is subject to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of the failure of such Holder holder of Trust Notes — Series 2017-A to comply with any certification, identification, information, documentation or Beneficial Holder other reporting requirement if compliance is required by law, regulation, administrative practice or recipient an applicable treaty as a precondition to exemption from, or a reduction in, the rate of deduction or withholding of, such Canadian Taxes, (iiii) being where all or any portion of the amount paid to such holder of Trust Notes — Series 2017-A is deemed to be a “specified nondividend paid to such holder of Trust Notes — Series 2017-resident shareholder” (as defined in A pursuant to subsection 18(5214(16) of the Income Tax Act) of the Issuer Act (Canada), or (iiiv) not dealing at arm’s length (for which is subject to such Canadian Taxes by reason of its carrying on business in or being connected with Canada or any province or territory thereof otherwise than by the purposes mere holding of Trust Notes — Series 2017-A or the Tax Act) with a “specified non-resident shareholder” (receipt of payments thereunder. The Trust shall make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi)and when required under applicable law. (c) At least 30 calendar days prior to each date on which 2.6.3 If a holder of Trust Notes — Series 2017-A has received a refund or credit for any payment under or Canadian Taxes with respect to which the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Issuer has paid Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.this

Appears in 1 contract

Sources: Third Supplemental Indenture (TransCanada Trust)

Additional Amounts. (a) All payments made (including any premium paid upon redemption of the Notes) by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with successor in respect to of the Notes or by or on behalf of any Guarantor or a successor in respect of the Note Guarantee Guarantees will be made free and clear of of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments, or other governmental charges of Taxes whatever nature (“Taxes”) imposed or levied by or on behalf of Brazil, the United States or any authority therein or thereof or any other jurisdiction in which such Payor is organizedthe Issuer or the Guarantors (or, resident in each case, their successor) are organized or carrying on doing business for tax purposes or from or through which such Payor (or its agents) makes any payment on payments are made in respect of the Notes or any the Note Guarantee Guarantees, or any department or political subdivision or taxing authority thereof or therein (each, any of the aforementioned being a “Relevant Taxing Jurisdiction”), unless such Payor the Issuer or the Guarantors (or their respective successor) or any paying agent is required to withhold or deduct Taxes compelled by law to deduct or by the interpretation withhold such taxes, duties, assessments, or administration thereofgovernmental charges. If the Issuer, a Payor Guarantor or a paying agent is compelled by law to make such deduction or withholding, the Issuer or the Guarantors (or their respective successor) will make such deduction or withholding, make payment of the amount so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect withheld to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will appropriate Governmental Authority and pay such additional amounts as may be necessary to ensure that the net amounts received by registered Holders of Notes after such withholding or deduction shall equal the respective amounts of principal and interest (or other amounts stated to be payable under or in respect of the Notes) which would have been received in respect of the Notes in the absence of such withholding or deduction (“Additional Amounts”) as may be necessary ). Notwithstanding the foregoing, no such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not shall be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderpayable: (i) to, or to a third party on behalf of, a Holder who is liable for such Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result respect of such Note by reason of the existence of any present or former connection between such Holder (or Beneficial between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an estate, a trust, a partnership, or a corporation) and the relevant Taxing Jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member or shareholder) being organized or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein, other than the mere holding of the Note or enforcement of rights under the laws of, having a business office located in, or being a resident Indenture and the receipt of payments with respect to the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection TaxesNote; (ii) in respect of Taxes that would not have been so withheld or deducted if the case of a Note had been surrendered or presented for payment (if surrender or presentment is required) not more than 30 days after the Relevant Date except to the extent that payments under such Note would have been subject to withholdings and the Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect Note would have been entitled to an applicable interest in an Indenture Obligation pursuant to a law in effect such Additional Amounts, on surrender of such Note for payment on the date on which last day of such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; period of 30 days; (iii) to, or to a third party on behalf of, a Holder who is liable for such Taxes attributable to by reason of such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent it is legally eligible to do so) with any certification, identification, documentation or other reporting requirement concerning the nationality, residence, identity or connection with the relevant Taxing Jurisdiction of such Holder Holder, if (1) compliance is required by law or Beneficial Holder received Additional Amounts with respect to such payments. (e) In additionan applicable income treaty as a precondition to, exemption from, or reduction in the rate of, the Payor Tax, and (2) the Issuer has given the Holders at least 30 days’ notice that Holders will pay any stampbe required to provide such certification, issueidentification, registration, court, documentation, excise documentation or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.requirement;

Appears in 1 contract

Sources: Indenture (Azul Sa)

Additional Amounts. (a) All payments in respect of the Notes (including any payments made pursuant to a Note Guarantee) made by the Issuer, any Guarantor or on behalf Subsidiary of the Issuer or any Guarantor pursuant to this Indenture and/or the Security Agreements (each each, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of and without any withholding or deduction for or on account of Taxes imposed any present or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”)future Taxes, unless the withholding or deduction of such Payor Taxes is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor the applicable withholding agent is so required by any law of any Taxing Jurisdiction to withhold or deduct any amount for or on account of Taxes from or in respect of any payment made under or with sum payable in respect to of the Notes or any Note GuaranteeNotes, such Payor, subject to the exceptions set forth in Section 2.5(b), Payor will (1) pay such additional amounts (“Additional Amounts”) as may be necessary such in order that the net amount received in respect amounts receivable by Holders (or beneficial owners) of such payment by each Holder or Beneficial Holder any Notes after such withholding or deduction (including any withholding or deduction attributable in respect of such payment of Additional Amounts) equals the respective amounts which would have been receivable by such Holders (or beneficial owners) in the absence of such withholding or deduction, (2) make such withholding or deduction, and (3) pay the full amount withheld or deducted to the relevant tax or other authority in accordance with applicable law, except that no such Additional Amounts will be payable in respect of any Note: (i) to the extent that such Taxes are imposed or levied by reason of such Holder (or the beneficial owner) having some connection with the Taxing Jurisdiction other than the mere holding (or beneficial ownership) of such Note or receiving payments in respect of the Note (including any payments made pursuant to a Note Guarantee) or enforcing its rights thereunder (including, but not limited to: citizenship, nationality, residence, domicile, or existence of a business, permanent establishment, a dependent agent, a place of business or a place of management present or deemed present in the Taxing Jurisdiction); (ii) to the extent that any Tax is imposed other than by deduction or withholding from payments in respect of the Notes (including any payments made pursuant to a Note Guarantee or a Security Agreement); (iii) in respect of any Taxes that would not have been so deducted or withheld but for the failure by the Holder (or beneficial owner) to comply with any certification, identification or other reporting requirement concerning such Holder’s (or beneficial owner’s) nationality, residence, identity or connection with the Taxing Jurisdiction if (1) compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all or part of the Taxes, (2) the Holder (or beneficial owner) is able to comply with these requirements without undue hardship and (3) the Payor has given the Holders (or beneficial owners) at least 30 calendar days prior notice that they will be required to comply with such requirement; (iv) in the event that the Holder fails to surrender (where surrender is required) its Note for payment within 30 days after the Payor has made available a payment of principal or interest; provided that the Payor shall pay Additional Amounts to which a Holder (or beneficial owner) would have been entitled had the Note been surrendered on the last day of such 30-day period; (v) to the extent that such Taxes are estate, inheritance, gift, personal property, excise, transfer, use or sales or any similar Taxes; (vi) where such Taxes are imposed on or in respect of any Note pursuant to sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or successor law or regulation implementing or complying with, or introduced in order to conform to, such sections (to the extent each successor law or regulation is not materially more onerous than such sections as enacted on such date) or any intergovernmental agreement or any agreement entered into pursuant to section 1471(b)(1) of the Code (or any law implementing such an intergovernmental agreement); (vii) to the extent that such Taxes are imposed or withheld in connection with the presentation of any note for payment by or on behalf of a holder or beneficial owner of such Notes who would have been able to avoid such Taxes by presenting the relevant note to, or accepting payment from, another Paying Agent; (viii) where such Taxes are imposed on or in respect of any note pursuant to the Luxembourg law of December 23, 2005 (the so-called “RELIBI Law”), as amended; or (ix) any combination of items (i) through (viii) above; (b) No Additional Amounts will be paid to a Holder that is a fiduciary or a partnership or not the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or such beneficial owner would not have been entitled to receive the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder. For the avoidance of doubt, the Trustee in any of its capacities under this Indenture, including, without limitation, as Paying Agent, is not a “Payor” under this Indenture. (c) All references in this Indenture to principal, premium, if any, and interest on the Notes shall include any Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than by the amount Issuer or the Holder or Beneficial HolderGuarantors, as the case may be, would have received in respect of such principal, premium, if such Taxes had not been required to be so withheld or deductedany, and interest. (bd) Notwithstanding Section 2.5(a), The Issuer shall promptly provide the Trustee with a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any copy of the following official acknowledgment of the relevant Taxing Jurisdiction (or, if such acknowledgment is not available, other reasonable documentation) evidencing the payment of any Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident respect of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, Notes by or on account of any obligation behalf of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time Payor. Copies of such payment documentation will be made available to the Holders (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5beneficial owners) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payablethe Paying Agent, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders andas applicable, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentstherefor. (e) In addition, the Payor will shall pay any stamp, issue, registration, court, documentation, excise documentary or other similar taxes, charges taxes and duties, including any interest, penalties interest and any similar liabilities with respect theretopenalties, imposed by any Relevant a Taxing Jurisdiction at any time in respect of the executioncreation, issuanceissue, delivery, registration and offering of the Notes or delivery the execution of the Notes, any the Note Guarantee Guarantees, the Security Agreements, this Indenture or any other related document or instrument referred to thereunder instrument. The Payor shall also pay and any such taxesindemnify the Trustee, charges the Paying Agent, the Holders and beneficial owners from and against all court taxes or duties imposed other taxes and duties, including interest and penalties, paid by any Relevant Taxing Jurisdiction on of them in any payments made pursuant jurisdiction in connection with any action permitted to be taken by the Trustee, the Paying Agent, the Holders and beneficial owners to enforce the Payor’s obligations under the Notes. Notwithstanding the above, this provision will not apply to: (i) any Luxembourg registration duty (droits d’enregistrement) due to a voluntary registration in respect of the creation, issue, delivery, registration, submission, filing and offering of the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement execution of the Notes, any the Note Guarantee and/or Guarantees, the Security Agreements, this Indenture or any other related document or instrument by the Holder where such voluntary registration is or was not required to maintain, preserve or enforce the rights of the Holder under the Notes, the Note Guarantees, the Security Agreements, this Indenture or any other related document or instrument and (ii) any stamp duty, registration and other similar Tax payable in respect of any assignment, sub-participation or transfer by a Holder of any of its rights and/or obligations under the Notes, the Note Guarantees, the Security Agreements, this Indenture or any other related document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Indenture (Auna S.A.)

Additional Amounts. (a) All payments made by Except as otherwise provided in or on behalf pursuant to the related Series Authorization of the Issuer applicable series, all payments of principal of and premium, if any, interest and any other amounts on, or in respect of, the Securities of any series or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will Coupon appertaining thereto shall be made free and clear of and without withholding or deduction for at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges of Taxes whatever nature imposed or levied by or on behalf of any jurisdiction in which such Payor the Company is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof organized (each, a “Relevant Taxing Jurisdiction”)"taxing jurisdiction") or any political ------------------- subdivision or taxing authority thereof or therein, unless such Payor is taxes, fees, duties, assessments or governmental charges are required to withhold be withheld or deduct Taxes deducted by law (i) the laws (or any regulations or ruling promulgated thereunder) of a taxing jurisdiction or any political subdivision or taxing authority thereof or therein or (ii) an official position regarding the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by the interpretation a taxing authority in a taxing jurisdiction or administration any political subdivision thereof). If a Payor withholding or deduction at source is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to required, the Notes or any Note Guarantee, such PayorCompany shall, subject to the certain limitations and exceptions set forth in Section 2.5(b)below, will pay to the Holder of any such additional amounts (“Security or any Coupon appertaining thereto such Additional Amounts”) Amounts as may be necessary so that every net payment of principal, premium, if any, interest or any other amount made to such that the net amount received in respect of such payment by each Holder or Beneficial Holder Holder, after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will deduction, shall not be less than the amount the Holder or Beneficial Holderprovided for in such Security, as the case may be, would have received if such Taxes had not been required any Coupons appertaining thereto and this Indenture to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is then due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) Company shall not extend be required to Taxes make payment of such Additional Amounts for or on account of: (1) any tax, fee, duty, assessment or governmental charge of whatever nature which the applicable Holder or Beneficial Holder would not have been eligible imposed but for the fact that such Holder: (A) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant taxing jurisdiction or any political subdivision thereof or otherwise had some connection with the relevant taxing jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Security; (B) presented such Security for payment in the relevant taxing jurisdiction or any political subdivision thereof, unless such Security could not have been presented for payment elsewhere; or (C) presented such Security more than thirty (30) days after the date on which the payment in respect of such Security first became due and payable or provided for, whichever is later, except to receive the extent that the Holder would have been entitled to such Additional Amounts if it had presented such Security for payment on any day within such period of thirty (30) days; (2) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; (3) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of such Security to comply with any reasonable request by the Company addressed to the Holder within 90 days of such request (A) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (B) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (A) or (B), is required or imposed by statute, treaty, regulation or administrative practice of the relevant taxing jurisdiction or any political subdivision thereof as a precondition to exemption from all or part of such tax, assessment or other governmental charge; or (4) any combination of items (1), (2) and (3); nor shall Additional Amounts be paid with respect to any payment of Additional Amounts hereunder by virtue the principal of, or premium, if any, interest or any other amounts on, any such Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or Security to the extent such Holder payment would be required by the laws of the relevant taxing jurisdiction (or Beneficial Holder received Additional Amounts any political subdivision or relevant taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such payments. (e) In addition, fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect Holder of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or Security. Whenever in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomentioned, in any context, the payment of principalthe principal of or any premium, Premium (if any) and interest or any other amount payable under amounts on, or with in respect to of, any NoteSecurity of any series or any Coupon or the net proceeds received on the sale or exchange of any Security of any series, such reference mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such series established hereby or indemnification payments pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of Additional Amounts in those provisions hereof where such express mention is not made. Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization of the applicable series, at least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers' Certificate, the Company shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if other than the Trustee, an Officers' Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, interest or any other amounts on the Securities of such series shall be made to Holders of Securities of such series or the Coupons appertaining thereto without withholding for or on account of any tax, fee, duty, assessment or other governmental charge described in this Section 2.510.4. If any such withholding shall be required, then such Officers' Certificate shall specify by taxing jurisdiction the amount, if applicableany, required to be withheld on such payments to such Holders of Securities or Coupons, and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section 10.4. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers' Certificate furnished pursuant to this Section 10.4.

Appears in 1 contract

Sources: Indenture (Partnerre LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) Company under or with respect to the Notes Securities or by or on behalf of any Note Guarantor with respect to any Guarantee will shall be made free and clear of and without withholding or deduction for for, or on account of Taxes of, any present or future taxes unless the withholding or deduction for, or on account of, such taxes is then required by law. If any deduction or withholding for, or on account of, any taxes imposed or levied by or on behalf of any jurisdiction in which such Payor the Company or any Guarantor is organizedthen incorporated, organized or resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof or therein (each, a “Relevant Taxing Tax Jurisdiction”), unless such Payor is ) will at any time be required to withhold or deduct Taxes be made from any payments made by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account behalf of Taxes from any payment made the Company under or with respect to the Notes Securities or by or on behalf of any Note Guarantor with respect to any Guarantee, such Payorincluding payments of principal, subject to redemption price, purchase price, interest or premium, the exceptions set forth in Section 2.5(b)Company or the relevant Guarantor, will as applicable, shall pay such additional amounts (the “Additional Amounts”) as may be necessary such in order that the net amount amounts received in respect of such payment payments by each Holder or Beneficial Holder of Securities after such withholding or deduction (including any such withholding or deduction attributable from such Additional Amounts) will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts shall be payable with respect to: (i) any taxes, to the extent such taxes would not have been imposed but for the existence of any present or former connection between the Holder (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power over, the relevant Holder, if the relevant Holder is an estate, nominee, trust, partnership, limited liability company or corporation) or the beneficial owner of the Securities and the relevant Tax Jurisdiction (other than the mere holding of such note, the enforcement of rights under such note or under a guarantee or the receipt of any payments in respect of such note or a guarantee), (including, without limitation, being or having been a citizen or a resident of such Tax Jurisdiction, being or having been engaged in a trade or business in such Tax Jurisdiction or having or having had a permanent establishment in such Tax Jurisdiction); (ii) any taxes, to the extent such taxes were imposed as a result of the presentation of a note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the note been presented on the last day of such 30‑day period); (iii) any estate, inheritance, gift, sales, transfer, stamp, personal property, excise, wealth or similar taxes; (iv) taxes imposed on or with respect to a payment made to a Holder or beneficial owner of Securities who would have been able to avoid such withholding or deduction by presenting the relevant Securities to another Paying Agent; (v) any taxes payable hereunder but excluding Taxes on net incomeother than by deduction or withholding from payments under, or with respect to, the Securities or with respect to any Guarantee; (vi) will not be less than the amount any U.S. taxes that are imposed as a result of the Holder or Beneficial Holderbeneficial owner being or having been a controlled foreign corporation, personal holding company or passive foreign investment company with respect to the United States or a corporation that accumulates earnings to avoid United States federal income tax; (vii) any U.S. taxes imposed on any person that is, for U.S. federal income tax purposes, an individual who is a citizen or resident of the United States, a corporation or partnership or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia or any estate or trust the income of which is subject to U.S. federal income taxation regardless of its source; (viii) any U.S. backup withholding taxes; (ix) any U.S. taxes that are imposed as a result of the Holder or beneficial owner being or having been (i) a “10 per cent. shareholder” as defined in Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any successor provisions of the Code of the Company, (ii) a bank treated as receiving interest pursuant to a loan agreement entered into in the ordinary course of its trade or business as described in section 881(c)(3)(A) of the Code, or (iii) a controlled foreign corporation within the meaning of section 957 of the Code that is related within the meaning of section 864(d)(4) of the Code to the Company; (x) any taxes (i) if the Holder or beneficial owner would not have been liable for or subject to withholding or deduction of such taxes had it delivered an appropriate, valid and properly completed, United States Internal Revenue Service Form W-8 or Form W-9 (or any successor or substitute form) to any withholding agent or any other person; or (ii) to the extent such taxes are imposed, withheld or deducted by reason of the failure of the Holder or beneficial owner of Securities to comply with any reasonable written request of the Company, addressed to the Holder and made at least 30 days before any such withholding or deduction is to be made, to satisfy any certification, identification, information or other reporting requirements, whether required by statute, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Tax Jurisdiction); (xi) any tax that is imposed on or with respect to any payment made to any Holder who is a fiduciary or partnership or an entity that is not the sole beneficial owner of such payment, to the extent that a beneficiary or settlor (for tax purposes) with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of the applicable Securities; or (xii) any combination of items (i) through (xi) above. (b) Notwithstanding any other provision herein, any payments made by or on behalf of the Company under or with respect to the Securities or by or on behalf of any Guarantor with respect to any Guarantee, shall be paid net of any deduction or withholding imposed or required pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations thereunder or official interpretations thereof) or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, regulations, rules or practices implementing such an intergovernmental agreement) (any such withholding or deduction, a “FATCA Withholding”). Neither the Company or any Guarantor nor any other person shall be required to pay any Additional Amounts in respect of any FATCA Withholding. (c) In addition to the foregoing, the Company and any Guarantor shall also pay and indemnify the Holders and/or the Trustee for any present or future stamp, issue, registration, transfer, court or documentary taxes or any other similar taxes, charges or levies (including penalties and interest with respect thereto), which are levied by any Tax Jurisdiction on the execution, delivery, issuance, registration or enforcement of any of the Securities, the Indenture or any Guarantee, except for any such taxes imposed or levied as a result of a transfer after the Issue Date. (d) If the Company or any Guarantor, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) becomes aware that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will it shall be obligated to pay Additional Amounts with respect to such any payment under or with respect to the Securities or any Guarantee, the Company or the relevant Guarantor, as the case may be, shall deliver to the Trustee and Paying Agent on a date that is at least 30 days prior to the date of that payment (unless such the obligation to pay Additional Amounts arises after the 35th day less than 30 days prior to the date on which such that payment is due and payabledate, in which case it will be the Company or the relevant Guarantor shall notify the Trustee promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer’s Certificate shall also set forth such any other information reasonably necessary to enable the Trustee any Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. (d) . The Payors, jointly Trustee and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Paying Agent shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so Officer’s Certificate as conclusive proof that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsare necessary. (e) In additionThe Company or the relevant Guarantor shall make (or cause to be made) all withholdings and deductions for, or on account of, taxes required by law and will remit (or cause to be remitted) the Payor will pay any stamp, issue, registration, court, documentation, excise full amount deducted or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant withheld to the Notes relevant tax authority in accordance with applicable law. The Company or the relevant Guarantor shall use its reasonable efforts to obtain tax receipts from each tax authority evidencing the payment of any Note Guarantee taxes so deducted or withheld. The Company or the relevant Guarantor shall furnish to the Trustee (or to a Holder upon written request), within a reasonable time after the date the payment of any taxes so deducted or withheld is made, certified copies of tax receipts evidencing payment by the Company or the Guarantor, as a result ofthe case may be, or in connection withif, the enforcement notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of the Notes, any Note Guarantee and/or any other payments by such document or instrumententity. (f) Whenever in this Indenture or the Securities, there is mentioned, in any context, the payment of amounts based upon the principal amount of the Securities or of principal, interest or any other amount payable under, or with respect to, any of the Securities or any Guarantee, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. (g) The obligations described under in this Section 2.5 will 4.10 shall survive any termination, defeasance or discharge of this the Indenture or any transfer by a Holder or beneficial owner of its Securities, and will apply apply, mutatis mutandis to any successor Person to any Payor and mutandis, to any jurisdiction in which such any successor Person to the Company or any Guarantor is then incorporated, organized or is otherwise resident or doing business for tax purposes or any political subdivision thereof or therein and such jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablewill be considered a Tax Jurisdiction.

Appears in 1 contract

Sources: Indenture (Amrize LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) Company under or with respect to the Notes or by any Note Guarantor under or with respect to its Subsidiary Guarantee will shall be made free and clear of and without withholding or deduction for or on account of any Taxes imposed unless the Company or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof the law by the relevant Taxing Authority. If a Payor the Company or any Guarantor, as the case may be, is so required to withhold or deduct any amount for for, or on account of of, Taxes from any payment made under or with respect to the Notes or any Note Guaranteethe Subsidiary Guarantees, as the case may be, the Company or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial Holder holder of Notes, including Additional Amounts, after such withholding or deduction (including any withholding or deduction attributable to in respect of Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, holder would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay ; provided that no Additional Amounts to a Holder or Beneficial Holder will be payable with respect to a payment made to a holder of Notes (to the extent any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial exceptions apply, an “Excluded Holder:”): (i1) Taxes imposed on with whom the Company or measured by net income (however denominated)such Guarantor, franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holdermay be, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for length, within the purposes meaning of the Income Tax Act) Act (Canada), at the time of making such payment; (2) who is subject to the Taxes in question by reason of its being connected at any time with the jurisdiction imposing such Taxes otherwise than by the mere acquisition or holding of the Notes or the receipt of payments thereunder or the enforcement of its rights thereunder; (3) who presents any Note for payment or of principal more than 60 days after the later of (iix) in respect the date on which payment first became due and (y) the date on which the full amount payable has been received by the Trustee and notice to that effect shall have been given to the Holders by the Trustee, except to the extent that the holder would have been entitled to such Additional Amounts on presenting such Note for payment on the last day of a debt the applicable 60-day period; (4) that is subject to such Taxes by reason of its failure to comply with any certification, identification, information, documentation or other obligation reporting requirement if compliance is required by law, regulation, administrative practice or any applicable treaty as a precondition to pay an amount to exemption from, or a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, reduction in the case rate of deduction or withholding of, such Taxes, but only to the foregoing clauses extent such holder was legally able to comply with such requirement(s); (i5) that is a fiduciary, a partnership or (ii)not the beneficial owner of any payment on a Note, if and to the non- arm’s length relationship arises extent that, as a result of an applicable tax treaty, no Additional Amounts would have been payable had the beneficiary, partner or beneficial owner owned the Notes directly (but only if there is no material cost or expense associated with transferring such Holder Notes to such beneficiary, partner or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under beneficial owner and no restriction on such transfer that is outside the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason control of such Holder beneficiary, partner or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerbeneficial owner); or (vii6) any combination of the foregoing items (i) through (vi)numbered clauses in this proviso. (cb) The Company or any Guarantor, as the case may be, will also: (1) make such withholding or deduction, in accordance with applicable law; (2) remit the full amount deducted or withheld to the relevant Taxing Authority, in accordance with applicable law; and (3) furnish to the Trustee or cause to be furnished to the Trustee, within 30 days after the date the payment of any Taxes is due under applicable law, certified copies of Tax receipts or other evidence of such payment by the Company or such Guarantor, as the case may be, in such form as provided in the normal course by the taxing authority imposing such Taxes and is reasonably available to the Company or such Guarantor, as the case may be. The Trustee shall make such evidence available to the Holders of the Notes upon request. If Additional Amounts are paid to a holder, and it is subsequently determined that such Person was not entitled to such Additional Amounts, then such Person shall promptly refund to the Company or such Guarantor, as the case may be, the amount of all such Additional Amounts previously paid to such Person. At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Company or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor will Company shall deliver to the Trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and specifying the amounts amount so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders holders on the payment date. (dc) The Payors, jointly Company and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, each Guarantor shall upon written request of any Holder or Beneficial holder of Notes (other than an Excluded Holder), reimburse each such Holder or Beneficial Holder holder for the amount of of: (i1) any Taxes so required to be withheld or deducted which are levied or imposed by a Relevant Taxing Jurisdiction on and payable paid by such Holder or Beneficial Holder in connection with holder as a result of payments made under or with respect to the Notes held by such Holder or Beneficial Holder and the Subsidiary Guarantees, as the case may be; and (ii2) any such Taxes so levied or imposed with respect to any reimbursement under the foregoing clause (i1) or this clause (ii), above so that the net amount received by such Holder or Beneficial Holder holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder the holder would have received if the Taxes giving rise to the reimbursement described in clauses clause (i1) and/or and (ii2) above had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause . (d) The Company or a Guarantor shall not extend to Taxes for which pay any present or future stamp, court, documentary or other similar Taxes, charges or levies that arise in any Taxing Jurisdiction from the applicable Holder execution, delivery or Beneficial Holder would not have been eligible to receive payment registration of, or enforcement of Additional Amounts hereunder by virtue of clauses rights under, the Notes, any Subsidiary Guarantees, this Indenture or any related document (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments“Documentary Taxes”). (e) In addition, the Payor will The obligation to pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties Additional Amounts (and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of associated reimbursement) and Documentary Taxes under the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder terms and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations conditions described under this Section 2.5 above will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agentsIndenture. Whenever in this Indenture refers tothere is mentioned, in any context, (i) the payment of principalprincipal (and premium, Premium (if any), (ii) and purchase prices in connection with a purchase of Notes, (iii) interest or (iv) any other amount payable under on or with respect to any Noteof the Notes, such reference mention shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described provided for in this Section 2.54.19 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. (f) The Company may redeem, at its option, in whole but not in part at any time, the Notes at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to the Redemption Date, if applicablethe Company determines and certifies to the Trustee immediately prior to the giving of the notice of redemption that the Company or any Guarantor has or will become obligated to pay, on the next date on which any amount would be payable with respect to the Notes or the Subsidiary Guarantees, any Additional Amounts in respect of the Notes as a result of any change in, or amendment to, the laws or regulations (or any rules promulgated thereunder) of any Taxing Jurisdiction, or any change in, or amendment to, any administrative or other official position regarding the application or interpretation of such laws, regulations or rules (including, without limitation, a ruling by a court of competent jurisdiction), which change or amendment is announced on or after the Issue Date; provided that the Company or such Guarantor determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to the Company or such Guarantor, not including substitution of the obligor under the Notes. (g) Notice of redemption shall be mailed at least 30 but not more than 60 days before the redemption date to each Holder of Notes at its registered address. (h) No such notice of redemption may be given pursuant to Section 4.19(g) above earlier than 90 days prior to the earliest date on which the Company or such Guarantor would but for such redemption be obligated to pay such Additional Amounts or later than 365 days after the Company or such Guarantor first becomes liable to pay any Additional Amounts as a result of any changes in or amendments to laws, regulations or official positions described above. At the time such notice is given, the Company’s or such Guarantor’s obligation to pay such Additional Amounts remains in effect. Prior to the publication of any notice of redemption pursuant to Section 4.19(g) above, the Company will deliver to the Trustee (a) an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Company so to redeem have occurred and (b) an opinion of legal counsel qualified under the laws of the relevant jurisdiction to the effect that the Company or such Guarantor has or will become obligated to pay such Additional Amounts as a result of such amendment or change as described above. Any redemption pursuant to Section 4.19(f) hereof must be made pursuant to the provisions of Sections 3.01 through 3.07 hereof unless otherwise provided for in Sections 4.19 (f), (g) and (h) hereof.

Appears in 1 contract

Sources: Indenture (BRP (Luxembourg) 4 S.a.r.l.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any a Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed any present or levied future taxes, levies, duties, fees, assessments or other governmental charges of whatever nature (including interest and penalties) (“Taxes”) imposed, levied, collected or assessed by or on behalf of any jurisdiction taxing authority within any jurisdiction, other than the United States, in which such Payor a Guarantor is organized, resident organized or carrying on engaged in business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof or taxing authority of any such jurisdiction) (each, a “Relevant Taxing Jurisdiction”), unless such Payor a Guarantor is required by the Taxing Jurisdiction to withhold or deduct Taxes by under its law or by the interpretation or administration thereof. If . (b) Subject to Section 4.22 (c) below, if a Payor Guarantor is so required to withhold or deduct or if a Guarantor is otherwise required to pay any amount for or on account of Taxes from imposed by a Taxing Jurisdiction which amount would otherwise be included in any payment made under or with respect to the Notes or any Note Guarantee, then such Payor, subject Guarantor will (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the exceptions set forth relevant Taxing Jurisdiction in Section 2.5(b)accordance with applicable law, will pay and each holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) shall receive such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount actually received in respect of such payment by each Holder or Beneficial Holder (after such any additional withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net incomein respect thereof) by each such person will not be less than the amount the Holder or Beneficial Holder, as the case may be, such person would have received if such Taxes had not been required withheld or deducted or paid. The Company or a Guarantor will make reasonable efforts to be obtain from the relevant Taxing Jurisdiction certified copies of tax receipts evidencing the payment to such Taxing Jurisdiction of any Taxes so withheld or deducteddeducted or paid. The Company or a Guarantor will furnish to a Holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note), within 60 days after the date the payment of any Tax so withheld or deducted is due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment by a Guarantor or, if such receipts are not obtainable, other evidence of such payment by a Guarantor. (bc) Notwithstanding Section 2.5(a), a Payor will not, however, pay No Additional Amounts will be paid to a Holder of a Note (or Beneficial Holder the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) with respect to any Tax which (i) would have not been imposed, payable or due but for the existence of any present or former connection between such person and the Taxing Jurisdiction other than the mere holding of such Note, or (ii) is imposed or withheld by reason of the following Taxes failure of such person to comply with certification, information or other requirements concerning such person if such compliance is required or imposed on by a statute, treaty or with respect regulation or administrative practice of the Taxing Jurisdiction as a precondition to exemption from all or part of such Tax. (d) If a Holder Guarantor fails to withhold or Beneficial Holder deduct or pay any amount required to be withheld or deducted from or paid under Section 4.22(b) above, then provided that reasonable supporting documentation is submitted by such person to the Company or such Guarantor, the Company and each Guarantor will, upon written request of a payment holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note), pay to such person an amount necessary for such person to receive (after any additional withholding or deduction in respect thereof) the amount of any Taxes which such Guarantor failed to withhold or deduct or pay, but which were directly paid by such person to the relevant Taxing Jurisdiction. Additionally, if a Guarantor is not required to withhold or deduct or pay any Taxes under Section 4.22(b) above, but a Holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) is required under the law of the applicable Taxing Jurisdiction to directly pay any Taxes (e.g., Self-Assessed Withholding Taxes for Canadian federal tax purposes), then subject to Section 4.22(c) above and provided that reasonable supporting documentation is submitted by such person to the Company or such Guarantor, the Company and each Guarantor will, upon written request of such person, reimburse such person an amount necessary for such person to receive (after any additional withholding or deduction in respect thereof) the amount of any Taxes which such Guarantor was not required to withhold or deduct or pay, but which were directly paid by such person to the relevant Taxing Jurisdiction. Any amount due to a Holder of a Note (or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws beneficial owner of, having a business office located or person ultimately entitled to obtain an interest in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereofNote) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (iSection 4.22(d) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay shall be considered an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi)Additional Amount. (ce) All obligations of each Guarantor to pay any Additional Amounts as described above in Section 4.22(b) are hereby fully and unconditionally guaranteed on an unsecured senior subordinated basis by the Company. The obligations of the Company described in this Section 4.22 (including without limitation those described in the immediately preceding sentence) shall be jointly and severally guaranteed by each Guarantor pursuant to the Note Guarantee. (f) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any a Note Guarantee is due and payable, if a Payor Guarantor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after payment, then the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor Company will deliver to the Trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders the Holder of a Note (or the beneficial owner of, or person ultimately entitled to obtain an interest in, such Note) on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for . Whenever in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomentioned, in any context, the payment of principalamounts based upon the principal of, Premium (premium, if any) and , interest or of any other amount payable under or with respect to any Note, Note such reference mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or indemnification payments as described would be payable in this Section 2.5respect thereof. (g) In addition, if applicablethe Company will pay any stamp, issue, registration, documentary, value added or other similar taxes or duties (including interest and penalties) due and payable in the United States or Canada (or any political subdivision or taxing authority of such jurisdiction), in respect of the creation, issue, offering, or execution of the Notes, the Note Guarantees, and any documentation with respect to the foregoing.

Appears in 1 contract

Sources: Indenture (Intertape Woven Products Services S.A. De C.V.)

Additional Amounts. (a) All payments and deliveries made by by, or on behalf of of, the Issuer Company or any Guarantor (each a “Payor”) successor to the Company under or with respect to this Indenture and the Notes or Notes, including, but not limited to, payments of principal (including, if applicable, the Repurchase Price, Tax Redemption Price and the Fundamental Change Repurchase Price), payments of interest and deliveries of ADSs (together with payment of cash in lieu of any Note Guarantee will fractional ADS) upon conversion of the Notes, shall be made free and clear of and without withholding or deduction for for, or on account of, any present or future taxes, duties, assessments or governmental charges of Taxes whatever nature imposed or levied by or on behalf of within any jurisdiction in which such Payor is organizedthe Company or any successor to the Company is, for tax purposes, organized or resident or carrying on doing business for tax purposes or from (a “Taxing Jurisdiction”) or through which such Payor payment is made or deemed made (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision or taxing authority thereof or therein) (together with each Taxing Jurisdiction, each, as applicable, a “Relevant Taxing Jurisdiction”), unless such Payor withholding or deduction is required to withhold or deduct Taxes by law or by regulation or governmental policy having the interpretation force of law. The Trustee shall be entitled to make any withholding or administration deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretations thereof. If The Company will provide the Trustee with sufficient information so as to enable the Trustee to determine whether or not it is obliged to make such a Payor withholding or deduction. In the event that any such withholding or deduction is so required to withhold required, the Company or deduct any amount for or on account of Taxes from any payment made under or with respect successor to the Notes or any Note Guarantee, such Payor, subject Company shall pay to the exceptions set forth in Section 2.5(b), will pay each beneficial owner such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder the beneficial owner after such withholding or deduction (including and after deducting any taxes on the Additional Amounts) shall equal the amounts that would have been received by such beneficial owner had no such withholding or deduction attributable to been required; provided that that no Additional Amounts payable hereunder shall be payable: (i) for or on account of: (A) any tax, duty, assessment or other governmental charge that would not have been imposed but excluding Taxes on net incomefor: (1) will not be less than the amount existence of any present or former connection between the Holder or Beneficial Holderbeneficial owner of such Note and the Relevant Taxing Jurisdiction, other than merely holding such Note or the receipt of payments thereunder, including, without limitation, such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein; (2) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the principal of (including the Repurchase Price, Tax Redemption Price and Fundamental Change Repurchase Price, if applicable) and interest on, such Note or the delivery of ADSs (together with payment of cash in lieu of any fractional ADS) upon conversion of such Note became due and payable pursuant to the terms thereof or was made or duly provided for; or (3) the failure of the Holder or beneficial owner to comply with a timely request from the Company or any successor of the Company, addressed to the Holder or beneficial owner, as the case may be, to provide certification, information, documents or other evidence concerning such H▇▇▇▇▇’s or beneficial owner’s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Taxing Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have received if such Taxes had not otherwise been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificatebeneficial owner; (ivB) any withholding Taxes imposed under FATCAestate, inheritance, gift, sale, transfer, excise, personal property or similar tax, assessment or other governmental charge; (vC) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedtax, or deemed as paid or creditedduty, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt assessment or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor governmental charge that is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other payable otherwise than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian by withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment from payments under or with respect to the Notes Notes; (D) any tax, assessment, withholding or deduction required by FATCA, any current or future Treasury Regulations or rulings promulgated thereunder, any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA or any Note Guarantee is due and payablelaw enacted by such other jurisdiction to give effect to such agreement, if a Payor will be obligated or any agreement with the U.S. Internal Revenue Service under FATCA; or (E) any combination of taxes, duties, assessments or other governmental charges referred to pay Additional Amounts in the preceding clauses (A), (B), (C) or (D); or (ii) with respect to any payment of the principal of (including the Repurchase Price, Tax Redemption Price and Fundamental Change Repurchase Price, if applicable) and interest on such Note or the delivery of ADSs (together with payment of cash in lieu of any fractional ADS) upon conversion of such Note to a Holder, if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment to the extent that such payment (unless such obligation would be required to pay Additional Amounts arises after be included in the 35th day prior to income under the date on which such payment is due and payable, in which case it will be promptly thereafter), laws of the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder Jurisdiction, for tax purposes, of a beneficiary or Beneficial Holder in connection with payments made under or settlor with respect to the Notes held by such Holder fiduciary, a partner or Beneficial Holder and (ii) any Taxes levied member of that partnership or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder a beneficial owner who would not have been eligible entitled to receive payment of such Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if had that beneficiary, settlor, partner, member or beneficial owner been the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsthereof. (eb) In addition, Any reference in this Indenture or the Payor will pay Notes in any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including context to the delivery of ADSs (together with payment of cash in lieu of any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect fractional ADS) upon conversion of the executionNotes or the payment of principal of (including the Repurchase Price and Fundamental Change Repurchase Price, issuance, registration or delivery of the Notesif applicable) and interest on, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any such Note, such reference shall be deemed to include any Additional Amounts, unless the payment of Additional Amounts or indemnification payments as described context requires otherwise, that may be payable with respect to that amount under the obligations referred to in this Section 2.5, if applicable‎Section 4.07. (c) The foregoing obligations shall survive termination or discharge of this Indenture.

Appears in 1 contract

Sources: Indenture (YY Inc.)

Additional Amounts. (a) All payments and deliveries made by by, or on behalf of of, the Issuer Company or any Guarantor (each a “Payor”) successor to the Company under or with respect to this Indenture and the Notes or Notes, including, but not limited to, payments of principal (including, if applicable, the Repurchase Price and the Fundamental Change Repurchase Price), payments of interest and deliveries of ADSs (together with payments of cash for any Note Guarantee will Fractional ADS) upon conversion of the Notes, shall be made free and clear of and without withholding or deduction for for, or on account of, any present or future taxes, duties, assessments or governmental charges of Taxes whatever nature imposed or levied by or on behalf of within any jurisdiction in which such Payor is organizedthe Company or any successor to the Company is, for tax purposes, organized or resident or carrying on doing business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, as applicable, a “Relevant Taxing Jurisdiction”) or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a “Relevant Jurisdiction,” and in each case, any political subdivision or taxing authority thereof or therein), unless such Payor withholding or deduction is required to withhold or deduct Taxes by law or by regulation or governmental policy having the force of law. The Trustee shall be entitled to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Section 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretation or administration thereof. If The Company will provide the Trustee with sufficient information so as to enable the Trustee to determine whether or not it is obliged to make such a Payor withholding or deduction. In the event that any such withholding or deduction is so required to withhold required, the Company or deduct any amount for or on account of Taxes from any payment made under or with respect successor to the Notes or any Note Guarantee, such Payor, subject Company shall pay to the exceptions set forth in Section 2.5(b), will pay each Holder such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder the beneficial owner after such withholding or deduction (including and after deducting any taxes on the Additional Amounts) shall equal the amounts that would have been received by such beneficial owner had no such withholding or deduction attributable to been required; provided that no Additional Amounts payable hereunder shall be payable: (i) for or on account of: (A) any tax, duty, assessment or other governmental charge that would not have been imposed but excluding Taxes on net incomefor: (1) will not be less than the amount existence of any present or former connection between the Holder or Beneficial Holderbeneficial owner of such Note and the Relevant Jurisdiction, other than merely holding such Note or the receipt of payments thereunder, including, without limitation, such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having had a permanent establishment therein; (2) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the principal of (including the Repurchase Price and Fundamental Change Repurchase Price, if applicable) and interest on, such Note or the delivery of ADSs (together with payment of cash for any Fractional ADS) upon conversion of such Note became due and payable pursuant to the terms thereof or was made or duly provided for; (3) the failure of the Holder or beneficial owner to comply with a timely request from the Company or any successor of the Company, addressed to the Holder or beneficial owner, as the case may be, to provide certification, information, documents or other evidence concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with the Relevant Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have received if otherwise been payable to such Taxes had Holder or beneficial owner; or (4) the presentation of such Note (in cases in which presentation is required) for payment in the Relevant Jurisdiction, unless such Note could not have been presented for payment elsewhere; (B) any estate, inheritance, gift, sale, transfer, excise, personal property or similar tax, assessment or other governmental charge; (C) any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding from payments under or with respect to the Notes; (D) any tax required to be withheld or deducted under Sections 1471 to 1474 of the Code (or any amended or successor versions of such Sections) (“FATCA”), any regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection with FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement; or (E) any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (A), (B), (C) or (D); or (ii) with respect to any payment of the principal of (including the Repurchase Price and Fundamental Change Repurchase Price, if applicable) and interest on such Note or the delivery of ADSs (together with payment of cash for any Fractional ADS) upon conversion of such Note to a Holder, if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment to the extent that such payment would be required to be included in the income under the laws of the Relevant Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a partner or member of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner, member or beneficial owner been the Holder thereof. (b) Any reference in this Indenture or the Notes in any context to the delivery of ADSs (together with payments of cash for any Fractional ADS) upon conversion of the Notes or the payment of principal of (including the Repurchase Price and Fundamental Change Repurchase Price, if applicable) and interest on, any Note or any other amount payable with respect to such Note, shall be deemed to include payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable with respect to that amount pursuant to this Section 4.07. (c) If the Company or its successor is required to make any deduction or withholding from any payments with respect to the Notes, it will deliver to the Trustee official tax receipts evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance termination or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableIndenture.

Appears in 1 contract

Sources: Indenture (Ctrip Com International LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer or any Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency provided, however, that in determining what withholding is required by law for U.S. federal income and withholding tax purposes, the Issuer and any Guarantor shall be entitled to treat any payments on or in respect of the Notes or any Note Guarantee as if the Notes or any Note Guarantee were issued by a U.S. person as defined in section 7701(a)(30) of the Code. If a Payor the Issuer or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including B-4 any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that no Additional Amounts will be payable with respect to payments made to any Holder or beneficial owner to the extent such Taxes are imposed by reason of (i) such Holder or beneficial owner being considered to be or to have been connected with a Relevant Taxing Jurisdiction, otherwise than by the acquisition, ownership, holding or disposition of the Notes, the enforcement of rights under the Notes or under any Note Guarantee or the receipt of payments in respect of the Notes or any Note Guarantee, or (ii) such Holder or beneficial owner not completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer or the Guarantors to make or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note or any Note Guarantee, a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments); provided, however, that for purposes of this obligation to pay Additional Amounts, the Issuer and any Guarantor shall be entitled, for U.S. federal income and withholding tax purposes, to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. Further, no Additional Amounts shall be payable with respect to a (i) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or Beneficial beneficial owner holding or owning, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote or (ii) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or any Guarantor. The Issuer or Guarantor (as applicable) will also make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or Guarantor (as applicable) will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. Wherever in the Indenture or the Notes or any Note Guarantee there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or the Notes, (3) interest or (4) any other amount payable on or with respect to any of the following Taxes imposed on Notes or with respect any Note Guarantee, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws ofwould be payable in respect thereof. The Issuer will pay any present stamp, having a business office located incourt or documentary taxes, or being a resident of the jurisdiction imposing such Tax any other excise, property or similar taxes, charges or levies (including any penalties, interest or other liabilities related thereto) which arise in Luxembourg or any political subdivision thereof) thereof or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holdertherein, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedexecution, or deemed as paid or credited, by or on account delivery and registration of any obligation Notes upon original issuance and initial resale of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payableother document or instrument referred to therein, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the enforcement of the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and herein or therein. If at any such time the Issuer changes its place of organization to outside of Luxembourg or there is a new issuer organized outside of Luxembourg, the Issuer or new issuer, as applicable, will pay any stamp, court or documentary taxes, or any other excise, property or simi- B-5 lar taxes, charges or duties imposed levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction in which the Issuer or new issuer is organized (or any political subdivision thereof or therein) and are payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Holders of the Notes in respect of the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) instrument referred to therein under any law, rule or regulation in effect at the time of such change. The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will section (“Additional Amounts”) to the Issuer or Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 1 contract

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All Unless otherwise provided pursuant to Section 301, all payments made by the Company or on the Company’s behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee series of Securities issued under this Indenture will be made free and clear of of, and without withholding or deduction for or on account of Taxes of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Government of Canada or any Note Guarantee province or territory thereof or by any department authority or political subdivision agency therein or thereof having power to tax (each, each a “Relevant Taxing Jurisdiction”), unless such Payor the Company is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. thereof by the Relevant Taxing Jurisdiction. (b) If a Payor is so required to withhold or deduct any amount for or on account of such Taxes is required by any Relevant Taxing Jurisdiction to be withheld or deducted from any payment made under or with respect to the Notes or any Note GuaranteeSecurities, such Payor, subject to the exceptions set forth in Section 2.5(b), Company will pay to each Holder of such Securities as additional interest such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial such Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding and after deducting any Taxes on net incomesuch Additional Amounts) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that the foregoing obligation to pay Additional Amounts to shall not apply to: (1) any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, the relevant Holder, if the relevant Holder is an estate, nominee, trust, partnership, limited liability company or Beneficial Holder with respect to corporation) and the Relevant Taxing Jurisdiction other than the receipt of such payment or the ownership or holding of or the execution, delivery, registration or enforcement of such Security; (2) any of payment made by the following Taxes imposed on Company under or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment such Securities to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of where such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does did not deal at arm’s length with the Company (for within the purposes meaning of the Income Tax Act (Canada) (the “Tax Act”)) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)relevant payment; (vi3) any Canadian withholding Taxes that are assessed or imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) the holder being a “specified non-resident shareholder,” (as defined in subsection 18(5) of the Tax Act) , of the Issuer payer of the payments or (ii) not dealing at arm’s length (for within the purposes meaning of the Tax Act) with a “specified non-resident shareholder” of such payer; (as defined in subsection 18(54) any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge; (5) any Taxes that are payable otherwise than by deduction or withholding from a payment of principal, premium, interest, or Additional Amounts on such Securities; (6) any Taxes that would not have been so imposed but for the presentation of such Securities (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent that the Holder thereof would have been entitled to Additional Amounts had the Securities been presented for payment on the last date during such 30 day period; (7) any Taxes that would not have been so imposed or would have been imposed at a lower rate if the Holder of such Securities had provided to the Company, any information, certification, documentation or evidence required under applicable law, rules, regulations or generally published administrative practice of the Tax Act) Relevant Taxing Jurisdiction for such Taxes not to be imposed or to be imposed at a lower rate; provided that such information, certification, documentation or evidence is required by the applicable law, rules, regulations or generally published administrative practice of the IssuerRelevant Taxing Jurisdiction as a precondition to exemption from or reduction in the requirement to deduct or withhold all or part of such Taxes and such information, certification, documentation or evidence is reasonably requested upon reasonable notice by the applicable payor; (8) any Taxes that were imposed on a fiduciary, partnership or other entity that is not the sole beneficial owner of the payment, if the laws of the Relevant Taxing Jurisdiction require the payment to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the holder; or (vii9) any Taxes that would not have been so imposed but for any combination of the foregoing items (i) through (vi)foregoing. (c) At least 30 calendar days prior In any event, no Additional Amounts will be payable under the provisions described above in respect of any Securities in excess of the Additional Amounts which would be required if, at all relevant times, the Holder of such Securities were a resident of the United States and a qualifying person for purposes of the Canada-U.S. Income Tax Convention (1980), as amended, including any protocols thereto. As a result of the limitation on the payment of Additional Amounts discussed in the preceding sentence, the Additional Amounts received by certain holders of any Securities will be less than the amount of Taxes withheld or deducted, and, accordingly, the net amount received by such holders will be less than the amount such holders would have received had there been no such withholding or deduction in respect of Taxes. (d) The Company will (i) make such withholding or deduction of Taxes as is required under applicable law or the interpretation or administration thereof by the Relevant Taxing Jurisdiction, (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law and (iii) furnish to the Trustee and the Securities Administrator reasonable evidence of the payment of any Taxes so deducted or withheld from each date on which Relevant Taxing Jurisdiction imposing such Taxes. (e) If the Company or the Guarantors are obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)Securities, the Payor will Company shall deliver to the Trustee Trustee, the Securities Administrator or any Paying Agent, an Officer’s Certificate stating the fact that such Additional Amounts will shall be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee to pay payment of such Additional Amounts to Holders of Securities on the payment date. (d) The Payors. Each such Officer’s Certificate shall be conclusively relied upon until receipt of a new Officer’s Certificate addressing such matters. To the extent permitted by law, jointly and severallyneither the Trustee, will indemnify and hold harmless nor the Holders and Beneficial Holders and, upon written request Securities Administrator shall have any obligation to determine or obtain knowledge of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of when Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments are paid or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentowed. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of Wherever in this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomentioned, in any context, the payment of principalprincipal (and premium, Premium (if any) and ), interest or any other amount payable under or with respect to any Notea debt security, such reference shall mention will be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or indemnification payments as described would be payable in this Section 2.5, if applicablerespect thereof.

Appears in 1 contract

Sources: Indenture (Mineracao Maraca Industria E Comercio S.A.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor an Issuer, Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors shall, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of the Notes, or by reason of the receipt of any payments in respect of any Notes or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of the Notes, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder 30-day period); (viii) any withholding or Beneficial Holder being organized under deduction in respect of any Taxes where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to the laws ofEuropean Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, having a business office located in2000 on the taxation of savings income or any law implementing or complying with, or being a resident introduced in order to conform to, any such Directive; (ix) any U.S. federal withholding Taxes or equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors, if the applicable withholding agent, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Trustee shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a Relevant Taxing Jurisdiction and payable by notice in accordance with Section 12.02 stating that such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if will be payable and describing the Payor had been required obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, Notes or any Note Guarantee or any other document or instrument referred to thereunder and any such taxesthereunder, charges or duties imposed by any Relevant Taxing Jurisdiction on (ii) the receipt of any payments made pursuant to under or with respect to, or enforcement of, the Notes or any Note Guarantee Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by such Issuer or Guarantor (as the case may be) of any Taxes imposed or levied by a result ofRelevant Taxing Jurisdiction, in accordance with the procedures described in Section 12.02, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or in connection withGuarantor to obtain such receipts, the enforcement same are not obtainable, such Issuer or Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuer and the Guarantors (and not otherwise in the possession of the NotesTrustee) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever this Indenture or the Notes refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note Guarantee and/or any other (including payments thereof made pursuant to a Guarantee), such document or instrumentreference includes the payment of Additional Amounts, if applicable. (f) The obligations described under this This Section 2.5 4.12 will survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever this Indenture refers to, including the Paying Agent) makes any payment on the Notes (or any Guarantee) and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (Ardagh Group S.A.)

Additional Amounts. (a) All payments Payments made by or on behalf of the Issuer or any the Guarantor (each a “Payor”) under or with respect pursuant to the Notes Securities or any Note the Securities Guarantee will be made free and clear of and without withholding or deduction for taxes unless required by law. In the event of (x) any change that becomes effective after the date hereof in the laws of the U.K. or on account of Taxes imposed Bermuda or levied by or on behalf of any jurisdiction in which such Payor is organized, resident political subdivision or carrying on business for tax purposes taxing authority thereof or from or through which such Payor (or its agents) makes any payment on the Notes therein or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by change in the interpretation or administration thereof. If thereof or (y) a Payor failure by the Issuer to list and maintain a listing of the Securities on a "recognized stock exchange" (within the meaning of Section 841 of the U.K. Income and Corporation Taxes Act 1988) prior to the first date upon which interest is so required to withhold be paid hereunder (a "Listing Failure"), the effect of which is to require the withholding or deduct deduction by the Issuer or the Guarantor pursuant to the Securities or the Securities Guarantee, respectively, of any amount for taxes that would not have been required to be withheld or deducted absent such change or Listing Failure, as the case may be, the Issuer or the Guarantor will pay, to the extent it may then lawfully do so, such additional amounts ("Additional Amounts") as may be necessary in order that every net payment of the principal of and interest on the Securities, after deduction for withholding for or on account of Taxes from any payment made under future tax, assessment or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) other governmental charge will not be less than the amount provided for in the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required Securities to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notthen due and payable; provided, however, that the foregoing obligation to pay Additional Amounts to a Holder or Beneficial Holder with shall not apply in respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderof: (i) Taxes any tax, withholding, assessment or other governmental charge which would not have been imposed on but for (x) the existence of any present or measured by net income former connection between such holder (however denominated)or between a fiduciary, franchise Taxes and branch profits Taxessettlor, in each case (i) imposed as a result of such Holder beneficiary, member or Beneficial Holder being organized under the laws shareholder of, having or possessor of a business office located inpower over, such holder, if such holder is an estate, trust, partnership or being a resident of corporation) and the jurisdiction imposing such Tax (U.K. or Bermuda or any political subdivision thereofor taxing authority thereof including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (iiy) the presentation of a Security or a Securities Guarantee (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except for Additional Amounts with respect to Taxes that are Other Connection Taxeswould have been imposed had the holder presented the Security for payment within such 30-day period; (ii) in the case of a Holder any estate, inheritance, gift, sale, transfer or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligationpersonal property tax; (iii) Taxes attributable to such Holder any tax, assessment or Beneficial Holder’s other governmental charge that is withheld by reason of the failure to timely comply by the holder or the beneficial owner of the Security with a request from in writing of the Trustee Issuer or the Guarantor (which request shall be furnished to the Trustee) (x) to provide information concerning the nationality, residence or identity of the holder or such beneficial owner or (y) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (x) or (y), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing or domicile jurisdiction as a precondition to exemption from or reduction of all or part of such tax, assessment or other governmental charge; provided, however, that this clause (iii) shall not apply to limit the Issuer's or Guarantor's obligation to pay Additional Amounts if the completing and filing of the information described in subclause (x) or the declaration or other claim described in subclause (y) would be materially more onerous in form, in procedure or in substance of information disclosed, in comparison to the information reporting requirements imposed under U.S. tax exemption certificate;law with respect to Forms 1001, W-8 and W-9; or (iv) any withholding Taxes imposed under FATCA;tax, withholding, assessment or other governmental charge resulting from a Listing Failure with respect to any Security issued in the form of a Definitive Security pursuant to the terms of the Deposit Agreement and this Indenture; or (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account combination of any obligation of the Issuer under this Indenture items (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where), in the case of the foregoing clauses (i) or (ii), (iii) and (iv) above; nor shall Additional Amounts be paid with respect to any payment of the non- arm’s length relationship arises as a result principal of, or any interest on, any Security or Securities Guarantee to any holder who is not the sole beneficial owner of such Holder Security or Beneficial Holder Securities Guarantee or recipient having become is a party tofiduciary or partnership, received but only to the extent that a beneficial owner, a beneficiary or perfected a security interest under settlor with respect to a fiduciary or received a member of the partnership would not have been entitled to the payment of the Additional Amount had the beneficial owner, beneficiary, settlor or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason member of such Holder partnership received directly its beneficial or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) distributive share of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) payment. At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Securities is due and payable, if a Payor the Issuer or the Guarantor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor Issuer or the Guarantor will deliver to the Trustee an Officer’s 's Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for . Whenever in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomentioned, in any context, the payment of principalprincipal (and premium, Premium (if any) and ), Redemption Price, interest or any other amount payable under or with respect to any NoteSecurity, such reference mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or indemnification would be payable in respect thereof. (b) The Issuer or the Guarantor shall, upon written request of a Holder and provided that reasonable supporting documentation is provided, reimburse such Holder for the amount of any taxes levied or imposed by the U.K. or Bermuda and paid by such Holder as a result of any payment made under or with respect to the Securities or under the Securities Guarantee, but only to the extent that the Issuer or the Guarantor would have been obligated to pay Additional Amounts in respect of such taxes if such taxes had been imposed by withholding or deduction from payments as described made under or with respect to the Securities or the Securities Guarantee. (c) The Issuer shall pay any stamp, issue, registration, documentary, value added or other similar taxes and other duties (including interest and penalties) payable in this Section 2.5the U.K. or Bermuda and in the United States in respect of the creation, if applicableissue, offering, execution or enforcement of the Securities, the Securities Guarantee or any documentation with respect thereto.

Appears in 1 contract

Sources: Indenture (RSL Communications LTD)

Additional Amounts. With respect to any payments made by or on the behalf of the Issuer or a Guarantor in respect of the Notes or any Guarantee of the Notes, as applicable, the Issuer or such Guarantor will make all payments of principal of, premium, if any, and interest on (awhether on scheduled payment dates or upon acceleration) All and the Redemption Price, if any, payable in respect of any Note without deduction or withholding for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto (“Taxes”) imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which the Issuer or such Guarantor is incorporated or organized, engaged in business for tax purposes or otherwise resident for tax purposes, or any political subdivision thereof or taxing authority therein and any jurisdiction through which any payment is made on behalf of the Issuer or any Guarantor (including the jurisdiction of any Paying Agent) (each, a “Taxing Jurisdiction”), upon or as a result of such payments, unless required by law or by the official interpretation or administration thereof. To the extent that any such Taxes are so levied or imposed, the Issuer or such Guarantor will pay such additional amounts (“Additional Amounts”) in order that the net amount received by each Holder (including Additional Amounts), after withholding for or on account of such Taxes imposed upon or as a result of such payment, will not be less than the amount that would have been received had such taxes not been imposed or levied; except that no such Additional Amounts shall be payable with respect to a payment made to a Holder or beneficial owner of a Note: (1) to the extent that such Taxes are imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any fiscal or regulatory legislation, rules or practices adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States, with respect to the forgoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code (“FATCA”) and/or the UK’s International Tax Compliance Regulations 2015; or (2) to the extent that such Taxes would not have been so imposed, levied or assessed but for the existence of some connection between such Holder or beneficial owner of such Note and the Taxing Jurisdiction imposing such Taxes other than the mere holding or enforcement of such Note or receipt of payments thereunder; or (3) to the extent that such Taxes would not have been so imposed, levied or assessed but for the failure of the Holders or beneficial owners of such Note to comply with a reasonable written request by the Issuer (or its agent) to make a valid declaration of non-residence or any other claim or filing for exemption to which it is entitled (but only to the extent it is legally entitled to do so); or (4) that presents such Note for payment (where presentation is required) more than 30 days after the date on which such payment became due and payable or the date on which payment of the Note is duly provided for and notice is given to Holders, whichever occurs later, except to the extent that the Holder or beneficial owner of such Note would have been entitled to such Additional Amounts on presenting such Note on any date during such 30-day period; or (5) in the case of a payment made by or on behalf of the Issuer or any Guarantor (each a “Payor”) organized under the laws of the United States, any state thereof or with respect to the Notes or any Note Guarantee will be made free and clear District of and without withholding or deduction for or on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organizedColumbia, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated)United States withholding taxes, franchise Taxes and branch profits Taxes, in each case (i) imposed so long as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that withholding taxes are Other Connection Taxes; (ii) summarized in the case of a Holder or Beneficial Holderprospectus supplement, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or crediteddated September 5, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where2018, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed discussion under the caption “Certain Material Income Tax Act on any amount paid Consequences—United States Taxation” or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or such Guarantor (ii) not dealing at arm’s length (for the purposes pursuant to Section 1.06 of the Tax ActOriginal Indenture) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerprovides reasonable notice regarding potential United States withholding taxes and requests Holders and beneficial owners to provide applicable U.S. tax forms; or (vii6) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which above. As used herein and for purposes of the Indenture and the Notes, any payment under or with respect reference to the principal of and interest on the Notes or any Note Guarantee is due and payablethe Redemption Price, if any, shall be deemed to include a Payor will be obligated reference to pay any related Additional Amounts with payable in respect to of such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it amounts. The Issuer will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will also pay any stamp, issue, registration, court, documentation, excise or property taxes and any other similar taxes, charges and duties, levies (including any interest, interest and penalties and any similar liabilities with respect related thereto, ) imposed by any Relevant Taxing Jurisdiction at any time in respect of on the execution, issuancedelivery, registration or delivery enforcement of any of the Notes, any Note Guarantee the Guarantees, the Indenture or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumenttherein. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Third Supplemental Indenture (Willis Towers Watson PLC)

Additional Amounts. (a) All payments required to be made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or by any Note Guarantor under or with respect to a Guarantee (each of the Issuer or such Guarantor and, in each case, any successor thereof, making such payment, the “Payor”), will be made free and clear of of, and without withholding or deduction for or on account of, any taxes (which term, for purposes of Taxes this Section 2.15, also includes other governmental charges or, in each case, any related penalties and interest) imposed or levied by or on behalf of any jurisdiction in which such any Payor is organizedincorporated, organized or otherwise resident for tax purposes, or carrying on engaged in business for tax purposes purposes, or any jurisdiction from or through which payment is made by or on behalf of such Payor (Payor, or its agents) makes in each case any payment on the Notes or any Note Guarantee or any department or political subdivision or taxing authority or agency thereof or therein (each, each a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes such taxes by law or by the interpretation or administration thereof. regulation. (b) If a Payor is so required to withhold or deduct any amount for or on account of Taxes taxes imposed or levied by or on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note a Guarantee, as applicable, such Payor, subject Payor will be required to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each any Holder or Beneficial Holder (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that the foregoing obligation to pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderdoes not apply to: (i1) Taxes any taxes that would not have been so imposed on or measured by net income withheld but for the existence of any present or former connection between the relevant Holder or beneficial owner (however denominated)or between a fiduciary, franchise Taxes settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, partnership, company or corporation) and branch profits Taxesthe Relevant Taxing Jurisdiction, including such Holder or beneficial owner being a citizen, national or resident thereof, or being physically present or engaged in a trade or business therein or having a permanent establishment therein (other than, in each case (i) imposed as a result case, any connection arising solely from the acquisition, ownership or holding of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (any Note or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account Guarantee of any obligation Note, the receipt of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) any payments in respect of a debt such Note or other obligation to pay an amount to a Holder Guarantee or Beneficial Holder the exercise or recipient with whom the Payor is not dealing at arm’s length (for the purposes enforcement of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture such Note or any other Note DocumentGuarantee); (vi2) any Canadian withholding Taxes imposed under the Tax Act on any amount paid estate, inheritance, gift, sales, transfer, personal property or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; orsimilar taxes; (vii3) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date taxes which are payable otherwise than by withholding or deduction from payments made on which any payment under or with respect to the Notes or any Guarantee of the Notes ; (4) any taxes that would not have been so imposed or levied if such Holder or the beneficial owner of any Note Guarantee had complied with a reasonable written request by the Payor (made to the Holder at a time that would enable the Holder or beneficial owner acting reasonably to comply with such request) to make a declaration of nonresidence or any other claim or filing or satisfy certification, identification, information or reporting requirement for exemption from, or reduction in the rate of, withholding to which it is entitled, if such declaration of nonresidence or other claim, filing or requirement is required by the applicable law, treaty, regulation or official administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of withholding or deduction of, such taxes; (5) any taxes imposed or withheld on or with respect to a payment which could have been made without deduction or withholding if the beneficiary of the payment had presented the Note for payment (where presentation is required) within 30 days after the date on which such payment became due and payablepayable or the date on which payment thereof is duly provided for, if whichever is later (provided that notice of such payment is given to the Holder or beneficial owner), except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts had the Note been presented for payment on any day during the 30-day period); (6) any taxes imposed on or with respect to any payment made under or with respect to such Note or Guarantee to any Holder who is a fiduciary or partnership or any Person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of such Note; (7) any taxes payable under Sections 1471-1474 of the Code, as of the Issue Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any regulations or official interpretations thereof, any intergovernmental agreement entered into in connection therewith or any law or regulation adopted pursuant to any such intergovernmental agreement or any agreements entered into pursuant to Section 1471(b)(1) of the Code; (8) any U.S. federal withholding taxes imposed, withheld or deducted on any payment on or in respect of the Notes or any Guarantee of the Notes pursuant to applicable law; (9) any taxes imposed or withheld under the laws of the Netherlands pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021); or (10) any taxes imposed or levied by reason of any combination of clauses (1) through (9) above. (c) The Issuer and the Guarantors (as the case may be) will pay any present or future stamp, issue, registration, excise, property, court or documentary taxes, or similar taxes, charges or levies and interest, penalties and other reasonable expenses related thereto (referred to in this Section 2.15 as “stamp taxes”) that arise in or levied by any Relevant Taxing Jurisdiction on the execution, issuance, delivery, initial resale, registration, or enforcement of the Notes, this Indenture, the Guarantees or any other document or instrument in relation thereto (other than on a transfer or assignment of the Notes after the Issue Date). (d) The Payor will make or cause to be made any withholding or deduction required in respect of taxes, and remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction, in accordance with applicable law. The Payor will provide, within a reasonable time after the date the payment of any such taxes so deducted or withheld is made, to the Trustee with official receipts or other documentation evidencing the payment of the taxes so deducted or withheld. (e) If any Payor will be obligated to pay Additional Amounts under or with respect to such any payment made on the Notes or the Guarantees, the Payor will deliver to the Paying Agent with a copy to the Trustee on a date that is at least 30 days prior to the date of that payment (unless such the obligation to pay Additional Amounts arises after the 35th 45th day prior to the date on which such that payment is due and payabledate, in which case it will be the Payor shall notify the Paying Agent and the Trustee in writing promptly thereafter), ) a certificate stating the Payor will deliver to the Trustee an Officer’s Certificate stating fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will set forth such other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders or beneficial owners on the relevant payment date. The Payor shall also deliver a form of Additional Amounts notice that can be delivered to the registered Holders. (df) The PayorsWhenever in this Indenture, jointly and severallythe Notes or any Guarantee of the Notes there is mentioned, will indemnify and hold harmless in any context: (1) the Holders and Beneficial Holders and, upon written request payment of any Holder principal; (2) redemption prices or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder purchase prices in connection with payments made under a redemption or purchase of Notes; (3) the payment of interest; or (4) any other amount payable on or with respect to any of the Notes held by Notes, such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect reference will be deemed to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive include payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of as described under this Section 2.5(b) if the Payor had been required to withhold from such payments or 2.15 to the extent that, in such Holder or Beneficial Holder received context, Additional Amounts with are, were or would be payable in respect to such paymentsthereof. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (fg) The obligations described under this Section 2.5 2.15 will survive any termination, defeasance or discharge of this Indenture or any Guarantee and will apply mutatis mutandis to any jurisdiction in which any successor Person to any the Payor and to any jurisdiction in which such successor is incorporated, organized or is otherwise resident or doing business for tax purposes purposes, or engaged in for tax purposes, or any jurisdiction from or through which any payment under, or with respect to, the Notes or any Guarantee of the Notes is made by or on behalf of such successor or its respective agents. Whenever this Indenture refers toPayor, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under political subdivision or with respect governmental authority thereof or therein having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (FMC Corp)

Additional Amounts. (a) All payments made by or on behalf of the Issuer ▇▇▇▇▇ or any other Guarantor organized in Canada (each a “Payor”"Canadian Guarantor") under or with respect to the Notes or any Note its Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed any present or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”)future Taxes, unless such Payor Canadian Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor Canadian Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note its Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), Canadian Guarantor will pay such additional amounts (“"Additional Amounts”") as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial Holder holder of Notes (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, holder would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay ; provided that no Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or will be payable with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial holder of Notes (an "Excluded Holder: ") (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor Canadian Guarantor does not deal at arm’s 's length (for within the purposes meaning of the Income Tax ActAct (Canada)) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of that any such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount is deemed to be paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer credited or (ii) not dealing at arm’s length (for which is subject to Taxes by reason of its being connected with Canada or any province or territory thereof otherwise than by the purposes mere acquisition, holding or disposition of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) Notes or the receipt of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items payments thereunder. Canadian Guarantor will also (i) through make such withholding or deduction and (vi). (cii) At least 30 calendar days prior to each date on which any payment under remit the full amount deducted or with respect withheld to the Notes or any Note Guarantee is due and payable, if a Payor relevant authority in accordance with applicable law. ▇▇▇▇▇ will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver furnish to the Trustee an Officer’s Certificate stating within 30 days after the date of the payment of any Taxes due pursuant to applicable law a certification that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, has been made. ▇▇▇▇▇ will indemnify and hold harmless the Holders each holder of Notes (other than an Excluded Holder), and Beneficial Holders and, upon written request of any Holder or Beneficial holder of Notes (other than an Excluded Holder), reimburse each such Holder or Beneficial Holder holder for the amount of (i) any Taxes so levied or imposed by a Relevant Taxing Jurisdiction and payable paid by such Holder or Beneficial Holder in connection with holder as a result of payments made under or with respect to the Notes held by such Holder or Beneficial Holder and a Canadian Guarantor Guarantee; (ii) any liability (including penalties, interest and expense) arising therefrom or with respect thereto, and (iii) any such Taxes so levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), ) so that the net amount received by such Holder or Beneficial Holder holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder the holder would have received if the Taxes giving rise to the on such reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.ARTICLE FIVE

Appears in 1 contract

Sources: Indenture (Moore Wallace Inc)

Additional Amounts. (a) All payments made by the Issuer on this Note, and all payments made by Bermuda Holdings pursuant to the Guarantee, shall be made without deduction or withholding, for or on behalf account of, any and all present and future taxes, duties, assessments, or governmental charges of whatever nature unless the Issuer deduction or withholding of such taxes, duties, assessments or governmental charges is then required by law. If any Guarantor (each a “Payor”) under deduction or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed any present or levied by future taxes, assessments or on behalf other governmental charges of any jurisdiction in which such Payor is organizedthe United Kingdom, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Bermuda or any Note Guarantee relevant jurisdiction or any department or political subdivision or taxing authority thereof or therein (each, a “the "Relevant Taxing Jurisdiction”), unless such Payor is ") shall at any time be required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment any amounts to be paid by each Holder the Issuer under this Note or Beneficial Holder after such withholding Bermuda Holdings under the Guarantee, the Issuer or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial HolderBermuda Holdings, as the case may be, would have received if such Taxes had not been required shall pay or cause to be so withheld or deducted. paid such additional amounts (b"Additional Amounts") Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to as may be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, necessary in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so order that the net amount amounts received by such Holder or Beneficial Holder a holder of this Note after such reimbursement will deduction or withholding shall be not be less than the net amount such Holder or Beneficial Holder would have received if amounts specified in this Note to which the Taxes giving rise to the reimbursement described holder of this Note is _________________________ 1. To be included in clauses (i) and/or (ii) had Senior Notes which are not been imposedExchange Notes. 2. To be included in Exchange Notes. entitled; provided, however, that the indemnification Issuer or reimbursement obligations provided for in this clause (d) Bermuda Holdings, as applicable, shall not extend be required to Taxes make any payment of Additional Amounts for or on account of: (a) any tax, assessment or other governmental charge which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses imposed but for (i) through the existence of any present or former - connection between such holder (viior between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder, if such holder is an estate, nominee, trust, partnership or corporation), otherwise than merely by the holding of this Note or the receipt of amounts payable in respect of this Note, and any Relevant Jurisdiction or such holder being subject to the jurisdiction of any Relevant Jurisdiction, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having had a permanent establishment therein or (ii) the presentation of Section 2.5(bthis Note (where -- presentation is required) if for payment on a date more than 30 days after the Payor had been required to withhold from date on which such payments payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except to the extent such Holder or Beneficial Holder received that the holder would have been entitled to Additional Amounts had this Note been presented on the last day of such period of 30 days; (b) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the holder of this Note or, if different, the beneficial owner of the interest payable on this Note with a timely request of the Issuer addressed to such holder or beneficial owner to provide information, documents or other evidence concerning the nationality, residence, identity or connection with the taxing jurisdiction of such holder or beneficial owner which is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or governmental charge; (c) payments in respect of Definitive Senior Notes issued at the request of the holder (including on or after the occurrence of an Event of Default); or (d) any combination of items (a), (b) and (c) above; nor shall Additional Amounts be paid with respect to any payment of the principal of, or any interest on, this Note to any holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that a beneficiary or settlor with respect to such payments. (e) In additionfiduciary or member of such partnership or beneficial owner would not have been entitled to any Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge holder of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Indenture (Terra Nova Bermuda Holding LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer Company or any Guarantor (each a “Payor”) under or with in respect to of the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or levied by or on behalf of any jurisdiction in which such Payor the Company or any Guarantor is organized, organized or is a resident or carrying on business for tax purposes purposes, or from or any other jurisdiction through which such Payor (or its agents) makes any payment on payments under the Notes are made by or on behalf of the Company or any Note Guarantee Guarantor, or any department or political subdivision thereof thereof, having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes Company or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial HolderGuarantor, as the case may be, is compelled by law to deduct or withhold such taxes, duties, assessments, or governmental charges. In such event, the Company or any Guarantor, as the case may be, will make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts receivable by Holders of Notes after such withholding or deduction shall equal the respective amounts of principal and interest which would have received if been receivable in respect of the Notes in the absence of such Taxes had not been required to be so withheld withholding or deducted. deduction (b) Notwithstanding Section 2.5(a“Additional Amounts”), a Payor will not, however, pay . No such Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to shall be withheld or deducted from a payment to a Holder or Beneficial Holderpayable: (i) Taxes imposed to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or measured by net income (however denominated), franchise Taxes and branch profits Taxes, governmental charges in each case (i) imposed as a result respect of such Note by reason of the existence of any present or former connection between such Holder (or Beneficial between a fiduciary, settlor, beneficiary, member or shareholder of such Holder, if such Holder is an estate, a trust, a partnership, a limited liability company or a corporation) or beneficial owner and the Relevant Jurisdiction, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member or shareholder) or beneficial owner being organized under the laws of, or having been a citizen or resident thereof or being or having been engaged in a trade or business office located inor present therein or having, or being having had, a resident permanent establishment therein, other than the mere holding of the jurisdiction imposing such Tax (Note or any political subdivision thereof) or (ii) that are Other Connection Taxesenforcement of rights and the receipt of payments with respect to the Note; (ii) in respect of Notes surrendered (if surrender is required) more than 30 days after the case of a Relevant Date except to the extent that the Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect Note would have been entitled to an applicable interest in an Indenture Obligation pursuant to a law in effect such Additional Amounts, on surrender of such Note for payment on the date on which last day of such Holder or Beneficial Holder acquires such interest in the Indenture Obligationperiod of 30 days; (iii) Taxes attributable in respect of any tax, duty, assessment or other governmental charge imposed on a Note presented for payment by or on behalf of a Holder who would have been able to avoid that withholding or deduction by presenting the relevant Note to another paying agent; (iv) in respect of any tax, duty, assessment or other governmental charge imposed or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of this Indenture (or any amended or successor version), current or future U.S. Treasury Regulations issued thereunder or any official interpretation thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code; (v) to, or to a third party on behalf of, a Holder who is liable for such taxes, duties, assessments or Beneficial other governmental charges by reason of such Holder’s failure to comply with any certification, identification or other reporting requirement concerning nationality, residence, identity or connection with the Relevant Jurisdiction, if (1) compliance is required by the Relevant Jurisdiction, as a request from precondition to, exemption from, or reduction in the Trustee rate of, the tax, duty, assessment or other governmental charge and (2) the Company or any Guarantor has given the holders or such third party, as applicable, written notice that they will be required to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedsuch certification, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt identification or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)requirement; (vi) in respect of any Canadian estate, inheritance, gift, sales, transfer, capital gains, excise or personal property or similar tax, duty, assessment or governmental charge; (vii) in respect of any tax, duty, assessment or other governmental charge which is payable other than by deduction or withholding Taxes imposed under from payments of principal of or interest on the Tax Act on Note or by direct payment by the Company or any amount paid Guarantor in respect of claims made against the Company or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the IssuerGuarantor; or (viiviii) in respect of any combination of the foregoing items above. No Additional Amounts shall be paid with respect to any payment on a Note 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 the Relevant Jurisdiction to be included in the income, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in a limited liability company or a beneficial owner who would not have been entitled to the Additional Amounts had that beneficiary, settlor, member or beneficial owner been the Holder. The notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically provided above, neither the Company nor any Guarantor shall be required to make a payment with respect to any tax, duty, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. (ib) through (vi)All references to “Company” in this section include any entity that replaces and becomes a substitute for the Company, in each case as a result of a substitution or replacement that occurs pursuant to the terms of this Indenture. (c) At least 30 calendar days prior to each date on which any payment under or In the event that Additional Amounts actually paid with respect to the Notes described above are based on rates of deduction or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after withholding of withholding taxes in excess of the 35th day prior appropriate rate applicable to the date on which Holder of such payment Notes, and, as a result thereof such Holder is due entitled to make claim for a refund or credit of such excess from the authority imposing the withholding tax, then the Holder shall, by accepting the Notes, be deemed to have assigned and payabletransferred all right, in which case it will be promptly thereafter)title, the Payor will deliver and interest to any such claim for a refund or credit of such excess to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment dateCompany. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder Any reference in this Indenture or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or in respect of the Notes by the Company will be deemed also to refer to any Additional Amount, unless the context requires otherwise, that may be payable with respect to any Note, such reference shall include that amount under the payment of Additional Amounts or indemnification payments as described obligations referred to in this Section 2.5, if applicableSection.

Appears in 1 contract

Sources: Indenture (Natura &Co Holding S.A.)

Additional Amounts. (a1) All payments of principal, premium, interest and Registration Default Damages (if any) in respect of each Note and the Subsidiary Guarantees shall be made free and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf within any jurisdiction where each of the Issuer Company or any Guarantor the Subsidiary Guarantors (each a “Payor”) under is organized or with respect otherwise considered by a taxing authority to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction a resident for or on account of Taxes imposed or levied by or on behalf of tax purposes, any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such the Payor (or its agents) makes any a payment on the Notes Notes, or in each case, any Note Guarantee political organization or any department governmental authority thereof or political subdivision thereof therein having the power to tax (each, a the “Relevant Taxing Tax Jurisdiction”)) in respect of any payments under the Notes, unless such Payor withholding or deduction is required to withhold or deduct Taxes by law or by regulation or governmental authority having the interpretation force of law. In the event that any such withholding or administration thereof. If a Payor deduction in respect of principal, premium, interest or Registration Default Damages is so required to withhold required, the Company or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note GuaranteeSubsidiary Guarantors, such Payoras the case may be, subject to the exceptions set forth in Section 2.5(b), will shall pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received will result in respect of such payment receipt by each Holder of any Note of such amounts as would have been received by such Holder with respect to such Note or Beneficial Holder after Subsidiary Guarantee, as applicable, had no such withholding or deduction been required, except that no Additional Amounts shall be payable for or on account of: (including i) any tax, duty, assessment or other governmental charge that would not have been imposed but for (A) the existence of any present or former connection between such Holder (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership, limited liability company or corporation) and the Relevant Tax Jurisdiction other than solely by the holding of Notes or by the receipt of principal or interest in respect of the Notes, including, without limitation, such holder (or such fiduciary, settler, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein; (B) the presentation of a Note (where presentation is required) for payment on a date more than 30 days after (x) the date on which such payment became due and payable or (y) the date on which payment thereof is duly provided for, whichever occurs later (in either case (x) or (y), except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented for such 30-day period); or (ii) any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other governmental charge; or (iii) any tax, duty, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of the Note to comply with a reasonable and timely request of the payor addressed to the Holder to provide information, documents or other evidence concerning the nationality, residence or identity of the Holder or such beneficial owner which is required by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; (iv) any tax, duty, assessment or other governmental charge that is payable otherwise than by any deduction or withholding from any payment of the principal of, or any premium or interest on, a Note; (v) any tax, duty, assessment or other governmental charge required to be deducted or withheld by any paying agent from any payment of the principal of, or any premium or interest on, a Note, if such payment can be made alternatively at the Holder’s option without such deduction or withholding by any other paying agent available to such holder at the same time; or (vi) any combination of the above. (2) The Payor will provide to the Trustee and Paying Agent with the official acknowledgment of the Relevant Tax Authority or, if such acknowledgment is not available, a certified copy thereof, evidencing payment of the withholding taxes within 30 days after payment thereof. Copies of such receipts shall be provided to Holders requesting such copies. (3) Whenever there is mentioned in any context, the payment of principal, premium, interest or Registration Default Damages, in respect of any Note or the net proceeds received on the sale or exchange of any Note, such mention shall be deemed to include the payment of Additional Amounts provided for this Section 4.22 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to this Indenture. (4) The Company (or failing which, any Subsidiary Guarantor), will pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar levies which arise in any jurisdiction from the execution, delivery, enforcement or registration of the Notes or the Subsidiary Guarantees of any other document or instrument referred to therein (other than a transfer of the Notes), excluding any such taxes, charges or similar levies imposed by any jurisdiction that is not a Relevant Tax Jurisdiction, except those resulting from, or required to be paid in connection with, the enforcement of the Notes or the Subsidiary Guarantees following the occurrence of any Event of Default with respect to the Notes. (5) The Payor will (i) make any required withholding or deduction attributable and (ii) remit the full amount deducted or withheld to Additional Amounts payable hereunder but excluding the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes on net incomeso deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copy to each Holder of a Note. The Payor will attach to each certified copy a certificate stating (x) will not be less than that the amount of withholding Taxes evidenced by the Holder or Beneficial Holdercertified copy was paid in connection with payments in respect of the principal amount of Notes then outstanding and (y) the amount of such withholding Taxes paid per US$1,000, as the case may be, principal amount of the Notes. (6) If a Payor conducts business in any jurisdiction (an “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction and, as a result, is required by the law of such Additional Taxing Jurisdiction to deduct or withhold any amount on account of taxes imposed by such Additional Taxing Jurisdiction from payments under the Notes or the relevant Subsidiary Guarantee, as the case may be, which would not have received if such Taxes had not been required to be so deducted or withheld or deducted. (b) Notwithstanding Section 2.5(a)but for such conduct of business in such Additional Taxing Jurisdiction, a Payor will not, however, pay the Additional Amounts provision described in Section 4.22(1) shall be considered to a Holder apply to such Holders as if references in such provision to “Taxes” included taxes imposed by way of deduction or Beneficial Holder with respect to withholding by any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax Additional Taxing Jurisdiction (or any political subdivision thereof) thereof or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vitaxing authority therein). (c7) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Subsidiary Guarantee, as the case may be, is due and payablepayable (unless such obligation to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter), if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless payment, such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and payable, the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders of Notes on the payment date. Each such Officers’ Certificate shall be relied upon until receipt of a further Officers’ Certificate addressing such matters. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) 8) The obligations described under this Section 2.5 4.22 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in which any successor Person to any a Payor and to any jurisdiction in which such successor is organized or is otherwise resident any political subdivision or doing business for tax purposes taxing authority or any jurisdiction from agency thereof or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Indenture (Hong Kong Television Network LTD)

Additional Amounts. (ai) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for for, or on account of, any present or future tax, duty, levy, assessment or other governmental charge, including any related interest, penalties or additions to tax ("Taxes") unless the withholding or deduction of such Taxes is then required by law or by the official interpretation or administration thereof. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction under the laws of which the Issuer or any Guarantor is then incorporated or organized or in which such Payor the Issuer or any Guarantor is organized, resident or carrying on engaged in business for tax purposes or resident for tax purposes or any political subdivision or governmental authority thereof or therein having power to tax or (2) any jurisdiction from or through which such Payor (payment is made by or its agents) makes any payment on behalf of the Notes Issuer or any Note Guarantee Guarantor (including, without limitation, the jurisdiction of any paying agent for the Notes) or any department or political subdivision thereof or therein (each, a “Relevant Taxing "Tax Jurisdiction”), unless such Payor is ") will at any time be required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes be made from any payment payments made under or with respect to the Notes or any Note Guarantee, such Payorincluding, subject to without limitation, payments of principal, redemption price, interest or premium, then the exceptions set forth in Section 2.5(b)Issuer or the relevant Guarantor, as applicable, will pay such additional amounts (“the "Additional Amounts”") as may be necessary such in order that the net amount amounts received in with respect of to such payment payments by each Holder or Beneficial Holder of Notes after such withholding or deduction (including any such withholding or deduction attributable from such Additional Amounts) will equal the respective amounts that would have been received with respect to such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: (1) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any actual or deemed present or former connection between the Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over the relevant Holder, if the relevant Holder is an estate, nominee, trust, partnership, limited liability company or corporation) or the Beneficial Owner of Notes and the relevant Tax Jurisdiction (including, without limitation, being or having been a citizen, resident or national thereof or being or having been present or engaged in a trade or business therein or having or having had a permanent establishment therein), other than connections arising from the acquisition or holding of such Note or a Guarantee, the exercise or enforcement of rights under such Note or under a Guarantee or the receipt of any payments with respect to such Note or a Guarantee; (2) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where Notes are in the form of certificated Notes and presentation is required) more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period); (3) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes imposed on transfers; (4) any Taxes payable hereunder but excluding other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Guarantee; (5) any Taxes on net income) will not be less than to the amount extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial Holderbeneficial owner of Notes to comply with any reasonable written request of the Issuer addressed to the Holder or beneficial owner and made at least sixty (60) days before any such withholding or deduction would be payable to satisfy any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction, as a precondition to exemption from or reduction in the rate of deduction or withholding of, Taxes imposed by such Tax Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally eligible to provide such certification or documentation; (6) any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code, as of the Issue Date (or any amended or successor version of such sections), any regulations promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or (7) any combination of items (1) through (6) above. Such Additional Amounts will also not be payable where, had the beneficial owner of the applicable Note been the holder of such Note, it would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (7) inclusive above. (ii) In addition to the foregoing, the Issuer and the Guarantors, as the case may be, would have received if such Taxes had not been required will also pay and indemnify the Holder for any present or future stamp, issue, registration, court or documentary Taxes, or any other excise or property Taxes, charges or similar levies (including penalties, interest and any other reasonable expenses related thereto) which are levied by any Tax Jurisdiction on the execution, delivery, issuance, sale, enforcement or registration of the Notes, this Indenture, any Guarantee or any other document or instrument referred to be so withheld therein, or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder the receipt of any payments with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: thereto, (i) Taxes imposed on or measured by net income (however denominated)limited, franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) solely in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable taxes attributable to or for the account receipt of such Holder or Beneficial Holder any payments with respect thereto, to an applicable interest any such taxes imposed in an Indenture Obligation pursuant to a law in effect on the date on which such Holder Tax Jurisdiction that are not excluded under clauses (1) through (3) or Beneficial Holder acquires such interest in the Indenture Obligation;(5) through (6) above or any combination thereof). (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of If the Issuer or (ii) not dealing at arm’s length (for any Guarantor, as the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payablecase may be, if a Payor becomes aware that it will be obligated to pay Additional Amounts with respect to such any payment under or with respect to any series of Notes or any related Guarantee, each of the Issuer or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless such the obligation to pay Additional Amounts arises after the 35th day less than 30 days prior to the date on which such that payment is due and payabledate, in which case it will be the Issuer or the relevant Guarantor shall notify the Trustee promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s 's Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer's Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. The Trustee shall be entitled to rely solely on such Officer's Certificate as conclusive proof that such payments are necessary. (div) The PayorsIssuer or the relevant Guarantor will make all withholdings and deductions required by Applicable Law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with Applicable Law. The Issuer or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor will furnish to the Trustee (or to a Holder or beneficial owner upon written request), jointly and severallywithin a reasonable time after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding such entity's efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the Trustee) by such entity. Upon reasonable request, copies of Tax receipts or other evidence of payments, as the case may be, will indemnify and hold harmless be made available by the Trustee to the Holders and Beneficial Holders andor beneficial owners of the Notes. (v) Whenever in this Indenture there is mentioned, in any context, the payment of amounts based upon written request the principal amount of the Notes or of principal, interest or of any Holder or Beneficial Holderother amount payable under, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to to, any of the Notes held by or any Guarantee, such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect mention shall be deemed to any reimbursement under include mention of the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent that, in such Holder or Beneficial Holder received context, Additional Amounts with are, were or would be payable in respect to such paymentsthereof. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (fvi) The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture Indenture, and any transfer by a Holder or beneficial owner of its Notes, and will apply apply, mutatis mutandis mutandis, to any jurisdiction under the laws of which any successor Person to the Issuer or any Payor and to any jurisdiction Guarantor is incorporated or organized or in which such any successor Person to the Issuer or any Guarantor is organized or is otherwise resident or doing engaged in business for tax purposes or resident for tax purposes (and any political subdivision or governmental authority thereof or therein having power to tax) and any jurisdiction from or through which payment is made by or on behalf of such successor or its respective agents. Whenever this Indenture refers to, in any context, Person on the payment of principal, Premium (if any) and interest Notes or any other amount payable under Guarantee and any political subdivision thereof or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Indenture (International Game Technology PLC)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor an Issuer, Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors shall, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of the Notes, or by reason of the receipt of any payments in respect of any Notes or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of the Notes, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder 30-day period); (viii) any withholding or Beneficial Holder being organized under deduction in respect of any Taxes where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to the laws ofEuropean Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meetings of November 26 and 27, having a business office located in2000 on the taxation of savings income or any law implementing or complying with, or being a resident introduced in order to conform to, any such Directive; (ix) any U.S. federal withholding Taxes or equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors, if the applicable withholding agent, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly Trustee and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Paying Agent shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a Relevant Taxing Jurisdiction and payable by notice in accordance with Section 12.02 stating that such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if will be payable and describing the Payor had been required obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, Notes or any Note Guarantee or any other document or instrument referred to thereunder and any such taxesthereunder, charges or duties imposed by any Relevant Taxing Jurisdiction on (ii) the receipt of any payments made pursuant to under or with respect to, or enforcement of, the Notes or any Note Guarantee Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by such Issuer or Guarantor (as the case may be) of any Taxes imposed or levied by a result ofRelevant Taxing Jurisdiction, in accordance with the procedures described in Section 12.02, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or in connection withGuarantor to obtain such receipts, the enforcement same are not obtainable, such Issuer or Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuer and the Guarantors (and not otherwise in the possession of the NotesTrustee) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever this Indenture or the Notes refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note Guarantee and/or any other (including payments thereof made pursuant to a Guarantee), such document or instrumentreference includes the payment of Additional Amounts, if applicable. (f) The obligations described under this This Section 2.5 4.12 will survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever this Indenture refers to, including the Paying Agent) makes any payment on the Notes (or any Guarantee) and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (Ardagh Group S.A.)

Additional Amounts. (a) All payments made in respect of the Notes or any Guarantee by or on behalf of the Issuer Issuer, any Guarantor, or any Guarantor successor thereto (each each, a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of of, and without withholding or deduction for for, or on account of, any present or future taxes, levies, duties, imposts, assessments or other governmental charges, including any interest, additions to tax and penalties related thereto (collectively, “Taxes”), unless such withholding or deduction is required by applicable law. If any Payor, or any other applicable withholding agent, is required to withhold or deduct any amount in respect of Taxes any payment made in respect of the Notes or any Guarantee with respect to any Tax imposed or levied by or on behalf of any jurisdiction in which such any Payor is is, at any time, organized, resident or carrying on doing business for tax purposes purposes, or any jurisdiction from or through which such any Payor or any paying agent (or its agentson behalf of any Payor) makes any payment payments on the Notes or any Note Guarantee or Guarantee, or, in each case, any department governmental authority or political subdivision thereof or therein having the power to tax (each, a “Relevant Taxing Tax Jurisdiction”), unless such the Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payorwill, subject to the exceptions and limitations set forth in Section 2.5(b)below, will pay such additional amounts (“Additional Amounts”) as may be are necessary such so that the net payment received by a beneficial owner of the Notes (including any Additional Amounts), after withholding or deduction for any Taxes of any Relevant Tax Jurisdiction (including in respect of any Additional Amounts) will equal the amount such beneficial owner would have received in respect of such payment by each Holder or Beneficial Holder after had no such withholding or deduction (including withholding or deduction attributable been required. A Payor’s obligation to pay Additional Amounts payable shall not apply: (a) to any Taxes that are imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: i. being or having been engaged in a trade or business in the Relevant Tax Jurisdiction or having or having had a permanent establishment in the Relevant Tax Jurisdiction; or ii. having any other current or former connection with the Relevant Tax Jurisdiction (other than a connection arising solely as a result of the acquisition, ownership or disposition of the Notes or a beneficial interest therein, the receipt of any payment in respect of a Note or any Guarantee or the enforcement of any rights hereunder but excluding Taxes on net income) will not be less than or thereunder), including being or having been a citizen or resident of the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted.Relevant Tax Jurisdiction; (b) Notwithstanding Section 2.5(ato any Taxes that are imposed or withheld because the holder or beneficial owner failed to accurately comply with a request from a Payor to meet certification, identification or information or other reporting requirements concerning the nationality, residence or identity of the holder or beneficial owner of the Notes or otherwise establish any available exemption from or reduction in the rate of deduction or withholding of, such Taxes (if such holder or beneficial owner is legally eligible to satisfy such requirements, exemptions or reductions), in each case, if compliance with such action is required as a precondition to exemption from, or reduction in, such Tax by a Relevant Tax Jurisdiction; (c) to any Taxes that are imposed other than by withholding or deduction by a Payor will not, however, pay Additional Amounts to or other applicable withholding agent in respect of a Holder or Beneficial Holder payment with respect to the Notes or any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder:Guarantee; (id) to any estate, inheritance, gift, sales, transfer, wealth or similar Taxes; (e) to any Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) that are imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant amount is first made available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes30-day period); (iif) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes that are imposed on payment on the Notes or Guarantees under the Income Tax Act on any amount paid or credited, or deemed (Canada) as paid or credited, by or on account a result of any obligation of the Issuer under this Indenture (i) to a Holder the holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is beneficial owner not dealing at arm’s length (for the purposes of the Income Tax ActAct (Canada)) with the Issuer at the time of such payment (other than whereis made, in the case of the foregoing clauses (i) or (ii), ) the non- arm’s length relationship arises as a result of such Holder holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) beneficial owner being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Income Tax ActAct (Canada)) of the Issuer at the time of payment or (ii) not dealing at arm’s length (for the purposes of the Income Tax ActAct (Canada)) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Income Tax ActAct (Canada)) of the IssuerIssuer at the time of payment, as applicable; (g) to any Tax imposed pursuant to current Sections 1471 through 1474 of the Code (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to current Section 1471(b) of the Code (or any amended or successor version described above), or any intergovernmental agreements, treaties, conventions or similar agreements (and any related laws, regulations or administrative guidance) implementing the foregoing; (h) to any Taxes that are imposed on or with respect to any payment by or on behalf of the Issuer or any Guarantor to the holder if such holder is a fiduciary, partnership, limited liability company or person other than the sole beneficial owner of such payment to the extent that, had the sole beneficial owner of such Note been the holder and had such Taxes been imposed on the sole beneficial owner, no Additional Amounts in respect of such Taxes would have been payable as a result of clauses (a)-(g) or (i) of this Section 4.19; or (viii) to any combination of the foregoing above items (i) through the foregoing Taxes described in clauses (via)-(i). , “Excluded Taxes”). For purposes of this Section 4.19, including clause (c) above, any Tax imposed pursuant to Regulation 803 of the Income Tax Act (Canada) shall be treated as a Tax withheld by an applicable withholding agent even though such tax is payable directly by the holder or beneficial owner. At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate officers’ certificate of the Issuer stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee (or the applicable paying agent) to pay such Additional Amounts to Holders holders on the payment date. (d) . The Payorsapplicable Payor, jointly and severallyif it is the applicable withholding agent, will indemnify make any required withholding or deduction and hold harmless remit the Holders and Beneficial Holders full amount deducted or withheld to the Relevant Tax Jurisdiction in accordance with applicable law. The Issuer will provide the Trustees (and, upon written request request, any holders or beneficial owners of any Holder the Notes) with official receipts or Beneficial Holder, reimburse such Holder or Beneficial Holder for other documentation evidencing the amount payment of (i) any the Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if are paid. The Issuer and the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor Guarantors will pay and indemnify each holder of Notes for any present or future stamp, court, issue, registrationregistration or documentary Taxes or any other excise, court, documentation, excise property or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed Taxes that are levied by any Relevant Taxing Tax Jurisdiction at any time from the execution, delivery, enforcement or registration of the Notes (other than in respect of a transfer of a Note, to someone other than the executionIssuer or its Affiliates, issuance, registration or delivery that occurs after the sale of such Note to an investor pursuant to the offering of the Notes), any Note Guarantee the Guarantees, this Indenture or any other document or instrument referred to thereunder and any such taxesin relation thereof, charges or duties imposed by any Relevant Taxing Jurisdiction on the receipt of any payments made pursuant with respect to the Notes or any Note Guarantee (limited, solely in the case of Taxes attributable to the receipt of any payments with respect thereto, to any such Taxes levied by a Relevant Tax Jurisdiction that are not excluded under clauses (a), (b) and (d) through (h) or as any combination thereof). Whenever in this Indenture there is mentioned in any context: the payment of principal, redemption prices or purchase prices in connection with a result ofredemption or purchase of Notes, interest, or in connection with, the enforcement any other amount payable with respect to any of the NotesNotes or any Guarantee, any Note Guarantee and/or any other such document reference shall be deemed to include payment of Additional Amounts as described under this Section 4.19 to the extent that, in such context, Additional Amounts are, were or instrument. (f) would be payable in respect thereof. The obligations described under this Section 2.5 4.19 will survive any termination, defeasance or discharge of this Indenture Indenture, and any transfer by a holder or beneficial owner of its Notes and will apply mutatis mutandis to any successor Person Person, to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Indenture (Akumin Inc.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future taxes, duties, levies, imposts, assessments or similar governmental charges (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Payor the Issuer or Guarantor making the relevant payment is incorporated, organized, resident or carrying on established (including in a free zone), engaged in business for tax purposes or resident for tax purposes, or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee the Guarantees is made by or on behalf of the Issuer or any department Guarantor, or any political subdivision or authority or agency thereof or therein having the power to tax (each, a “Relevant Taxing Jurisdiction”), unless the withholding or deduction of such Payor Taxes is required by law. In the event that the Issuer or a Guarantor making such payment (including any successor entity) (each, a “Payor”) is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of any such Taxes imposed or levied by or on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guaranteethe Guarantees, such Payor, subject to the exceptions set forth in Section 2.5(b), will Payor shall pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial Holder of the Notes after such withholding or deduction (including any such withholding or deduction attributable to from such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will shall be not be less than the amount the that such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) . Notwithstanding Section 2.5(a)the foregoing, a Payor will not, however, pay no such Additional Amounts shall be payable to a Holder of any Note in respect or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderaccount of: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (ia) any Taxes that are imposed or levied or imposed by a Relevant Taxing Jurisdiction and payable by such reason of an actual or deemed present or former connection of the Holder or Beneficial Holder in connection with payments made under beneficial owner of any Note (or with respect to a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the Notes held by such relevant Holder or Beneficial beneficial owner, if the relevant Holder and or beneficial owner is an estate, nominee, trust, partnership, limited liability company or corporation) with such Relevant Taxing Jurisdiction (iiincluding, but not limited to, citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a place of business or a place of management present or deemed present within the Relevant Taxing Jurisdiction) other than the mere receipt or holding of any Note or solely by reason of the receipt of payments thereunder; (a) any Taxes levied that are imposed or imposed withheld by reason of the failure of the Holder or beneficial owner of any Note to comply with respect the Payor’s written request addressed to any reimbursement under the foregoing clause Holder (iincluding to such Holder on behalf of the beneficial owner) or this clause the beneficial owner, providing at least 30 calendar days’ notice, to provide such reasonable documentation or information concerning nationality, tax residence, identity, tax status or beneficial owner status (ii)within the meaning of the laws of the Relevant Taxing Jurisdiction) or connection with the Relevant Taxing Jurisdiction, so that or to make any declaration or similar claim or satisfy any other reporting requirement relating to such matters, which the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been beneficial owner is required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In additionprovide, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, whether imposed by any statute, treaty, regulation or administrative practice, in each such case by the Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction at any time (including, without limitation, a certification that the Holder or beneficial owner is not resident in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.Jurisdiction); (fb) The obligations described under this Section 2.5 will survive any terminationestate, defeasance inheritance, gift, sales, capital gains, excise, wealth, net worth, transfer, personal property or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.similar Taxes;

Appears in 1 contract

Sources: Indenture (AIR Global PLC)

Additional Amounts. (a) This Section 3 will apply only in the event ------------------ that the Company becomes, or a successor to the Company is, a corporation organized or existing under the laws of England and Wales. All payments made by or the Company on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any this Senior Note Guarantee will be made free without deduction or withholding, for or on account of, any and clear all present or future taxes, duties, assessments, or governmental charges of and without whatever nature unless the deduction or withholding of such taxes, duties, assessments or governmental charges is then required by law. If any deduction or withholding for or on account of Taxes imposed any present or levied by future taxes, assessments or on behalf other governmental charges of the United Kingdom (or any political subdivision or taxing authority thereof or therein) shall at any time be required in respect of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required amounts to withhold or deduct Taxes by law or be paid by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made Company under or with respect to this Senior Note, the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), Company will pay or cause to be paid such additional amounts (“"Additional Amounts”") as may be necessary such in order that the net amount amounts received in respect by a holder of such payment by each Holder or Beneficial Holder this Senior Note after such deduction or withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will shall be not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required amounts specified in this Senior Note to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes holder of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor this Senior Note is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposedentitled; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) Company shall not extend be required to Taxes make any payment of Additional Amounts for which or on account of: (a) any tax, assessment or other governmental charge to the applicable Holder extent such tax, assessment or Beneficial Holder other governmental charge would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses imposed but for (i) through the existence of any present or former connection between such holder (viior between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder, if such holder is an estate, nominee, trust, partnership or corporation), other than the holding of this Senior Note or the receipt of amounts payable in respect of this Senior Note and the United Kingdom or any political subdivision or taxing authority thereof or therein, including, without limitation, such holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of Section 2.5(bthis Senior Note (where presentation is required) if for payment on a date more than 30 days after the Payor had been required to withhold from date on which such payments payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except to the extent such Holder or Beneficial Holder received that the holder would have been entitled to Additional Amounts had this Senior Note been presented on the last day of such period of 30 days; (b) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the holder of this Senior Note or, if different, the beneficial owner of the interest payable on this Senior Note, with a timely request of the Company addressed to such holder or beneficial owner to provide information, documents or other evidence concerning the nationality, residence, identity or connection with the taxing jurisdiction of such holder or beneficial owner which is required or imposed by a statute, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or governmental charge; (c) any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or other governmental charge; (d) any tax, assessment or other governmental charge which is collectible otherwise than by withholding from payments of principal amount, redemption amount, Change of Control Payment or interest with respect to such payments.a Senior Note or withholding from the proceeds of a sale or exchange of a Senior Note; (e) In additionany tax, the Payor will pay any stamp, issue, registration, court, documentation, excise assessment or other similar taxesgovernmental charge required to be withheld by any Paying Agent from any payment of principal amount, charges and dutiesredemption amount, including any interest, penalties and any similar liabilities Change of Control Payment or interest with respect theretoto a Senior Note, imposed if such payment can be made without such withholding by any Relevant Taxing Jurisdiction at any time in respect of other Paying Agent located inside the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument.United States; (f) The obligations described under this Section 2.5 will survive any terminationtax, defeasance assessment or discharge other governmental charge imposed on a holder that is not the beneficial owner of this Indenture and will apply mutatis mutandis a Senior Note to any successor Person the extent that the beneficial owner would not have been entitled to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principalany such Additional Amounts had the beneficial owner directly held the Senior Note; (g) any combination of items (a), Premium (if anyb), (c), (d), (e) and interest or any other amount payable under or (f) above; nor shall Additional Amounts be paid with respect to any payment of the principal of, or any interest on, this Senior Note to any holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent that a beneficiary or settlor would not have been entitled to any Additional Amounts had such beneficiary or settlor been the holder of this Senior Note, such reference . All references to principal amount or interest on the Senior Notes in the Indenture or the Senior Notes shall include the payment of any Additional Amounts or indemnification payments as described in payable to the Company pursuant to this Section 2.5, if applicable3.

Appears in 1 contract

Sources: Indenture (NTL Inc /De/)

Additional Amounts. (a) All payments made by or on behalf of Except as provided below, the Issuer Company or any Guarantor (each a “Payor”) under or with respect to shall make all payments of principal and interest on the Notes or any Note Guarantee will be made free and clear of and Securities without withholding or deduction for or on account of Taxes imposed any present or levied by future taxes, duties, assessments, fees, levies or on behalf other governmental charges of any nature and any fines, penalties or interest related thereto (collectively, “Taxes”) imposed by Brazil or the jurisdiction in which such Payor the Paying Agent or any Guarantor is organized, resident or carrying on business for tax purposes organized or from or through which such Payor (payment is made, or its agents) makes in each case, any payment on the Notes or any Note Guarantee or any department or political subdivision thereof or governmental authority of those jurisdictions having the power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor . If the Company or any Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any such Taxes, except as provided below, the Company or such Guarantor shall pay the Holders any additional amounts necessary to ensure that they receive the same amount as they would have received without such withholding or deduction (“Additional Amounts”). The Company or any Guarantor shall not, however, pay any Additional Amounts in connection with any Tax that is imposed due to or in respect of any of the following: (i) the Holder or beneficial owner has some connection (present or former) with the Taxing Jurisdiction other than merely holding the Securities or receiving principal or interest payments on the Securities (such as, without limitation, citizenship, nationality, residence, domicile, or existence of a business, a permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within the Taxing Jurisdiction); (ii) any Tax imposed on, or measured by, net income; (iii) the failure of a Holder to comply with a request by the Company or any Guarantor to satisfy any certification, identification or other reporting requirements, imposed as a precondition to exemption from or reduction in the rate of such tax by statute, treaty, regulation or administrative practices, concerning nationality, residence or connection with a Taxing Jurisdiction; provided that at least 30 days prior to the first payment date with respect to which compliance with such certification, identification or other reporting requirement is required, the Holder has been notified by the Company or the Paying Agent that such compliance is required; (iv) if, where presentation is required, the Holder has failed to present its Securities within 30 days after the date such payment was due and payable or such payment was provided for, whichever is later; (v) where any Tax is imposed on a payment on the Securities and is required to be made pursuant to Council Directive 2003/48/EC of the Council of the European Union on the taxation of income in the form of interest payments (or any European Union Directive otherwise implementing the conclusions of the ECOFIN Council Meeting of 26 and 27 November 2000) or any law implementing or complying with, or introduced in order to conform to, any such Directive; (vi) if, where presentation is required, the Holder or beneficial owner could avoid any tax, duty, assessment or other governmental charge by presenting the relevant Securities for payment to, another paying agent located in a member state of the European Union; (vii) any estate, inheritance, gift, sales, transfer, personal property or on account of Taxes other similar taxes; and (viii) any Tax which is payable otherwise than by deduction or withholding from any payment payments made under or with respect to the Notes Securities. (b) The Company or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts Guarantor shall also (“Additional Amounts”i) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after make such withholding or deduction and (including withholding ii) remit the full amount withheld or deduction attributable deducted to Additional Amounts payable hereunder but excluding Taxes on net income) will the relevant taxing authority in accordance with applicable law. Following written request from the Trustee, the Company shall furnish to the Trustee, as soon as practicable after the date of payment of any such Taxes, certified copies of tax receipts or, if such receipts are not be less than obtainable, documentation reasonably satisfactory to the amount Trustee evidencing such payment by the Company or such Guarantor. Upon written request from any Holder to the Trustee, copies of such receipts or Beneficial Holderother documentation, as the case may be, would have received if such Taxes had not been required shall be made available to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) . At least 30 calendar days 10 Business Days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Securities is due and payable, if a Payor will be the Company or any Guarantor is obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor will Company or any Guarantor shall deliver to the Trustee an Officer’s Certificate officers’ certificate stating that such Additional Amounts will be payable and payable, the amounts so payable and will set setting forth such other information necessary to enable as the Trustee to pay such Additional Amounts to Holders on the payment datemay reasonably require for tax purposes. (dc) The PayorsCompany or any Guarantor shall, jointly and severallyupon the written request of any Holder, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant any Taxing Jurisdiction (other than any such Taxes for which the Holder would not have been entitled to receive Additional Amounts pursuant to any of the conditions described in the second paragraph of this Section 10.12, or Taxes that result from the gross negligence or unreasonable delay of such Holder) so imposed on, and payable by paid by, such Holder as a result of any payment of principal or Beneficial Holder in connection with payments made under or with respect to interest on the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii)Securities, so that the net amount received by such Holder or Beneficial Holder after such reimbursement will would not be less than the net amount such Holder or Beneficial the Holder would have received if the such Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that imposed or levied and so paid. Holders shall be obligated to provide reasonable documentation and to cooperate with the indemnification or reimbursement obligations provided for Company in this clause connection with the foregoing. (d) The Company or any Guarantor shall not extend to Taxes pay any stamp, administrative, court, documentary, excise or similar taxes arising in a Taxing Jurisdiction in connection with the Securities and shall indemnify the Holders for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder any such taxes paid by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsHolders. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee If European Council Directive 2003/48/EC or any other document Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 is brought into force and the Company is otherwise using a paying agent located in a member state of the European Union, the Company shall use reasonable efforts to maintain a paying agent in a European Union member state that will not be obliged to withhold or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made deduct tax pursuant to the Notes Directive; provided that the Company shall not be required to maintain any such paying agent if doing so would be detrimental to the Company or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentGuarantor. (f) All references to principal, interest or other amounts payable on the Securities shall be deemed to include any Additional Amounts payable by the Company or any Guarantor under the Securities or this Indenture. The foregoing obligations described under this Section 2.5 will shall survive any termination, defeasance or discharge of the Securities and this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableIndenture.

Appears in 1 contract

Sources: Indenture (Net Servicos De Comunicacao S A)

Additional Amounts. (a) All payments and deliveries made by or on behalf the Company under the Notes, including, but not limited to, payments of principal (including, if applicable, the Issuer or Redemption Price, the Repurchase Price and the Fundamental Change Repurchase Price), payments of Special Interest, if any, and payments of cash and/or deliveries of Ordinary Shares (together with payments of cash in lieu of any Guarantor (each a “Payor”fractional Ordinary Share) under or with respect to the Notes or any Note Guarantee will upon conversion, shall be made free and clear of and without withholding or deduction for for, or on account of, any present or future taxes, duties, assessments or governmental charges of Taxes imposed whatever nature (“Taxes”) imposed, levied, collected, withheld or levied assessed by or on behalf of within Israel, or any other jurisdiction in which such Payor the Company is organized, or is deemed to be organized or resident or carrying on business for tax purposes or from or through which such Payor (payments or its agents) makes any payment deliveries by or on behalf of the Company with respect to the Notes are made or deemed made or by or within any Note Guarantee or any department or political subdivision thereof or any taxing authority therein or thereof having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor withholding or deduction is required to withhold by law. In the event that any such Taxes imposed or deduct Taxes levied by law or by the interpretation or administration thereof. If on behalf of a Payor is so Relevant Taxing Jurisdiction are required to withhold be withheld or deduct deducted from any amount for payments or deliveries (other than withheld or deducted for, or on account of, any Taxes in connection with any payments of Taxes from cash and/or deliveries of Ordinary Shares, together with payments of cash for any payment fractional Ordinary Share, upon conversion of the Notes) made by the Company or the Paying Agent under or with respect the Notes, the Company shall pay to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay each Holder such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including and after deducting any Taxes on the Additional Amounts) shall equal the amounts that would have been received had no such withholding or deduction attributable to been required; provided that no Additional Amounts payable hereunder but excluding Taxes on net income) will not shall be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderpayable: (i) for or on account of: (A) any Taxes that would not have been imposed on but for: (1) the existence of any present or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result former connection between the Holder or beneficial owner of such Note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, the relevant Holder or Beneficial beneficial owner, if the relevant Holder being organized or beneficial owner is an estate, nominee, trust, partnership, limited liability company or corporation) and the Relevant Taxing Jurisdiction, other than merely holding or enforcing rights under such Note or the laws of, having a business office located in, or being a resident receipt of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxespayments thereunder; (ii2) the presentation of such Note (in cases in which presentation is required) more than 30 days after the Relevant Date, except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Note for payment on any date during such 30-day period; or (3) during a Redemption Period (in connection with the payment of the Redemption Price) or in connection with a Repurchase Notice or Fundamental Change Repurchase Notice, the failure of the Holder (or, in the case of a Holder Global Note, the relevant beneficial owner) to provide, upon the Company’s request set forth in the relevant Redemption Notice, Repurchase Notice or Beneficial Fundamental Change Repurchase Notice, as applicable, certification, information, documents or other evidence concerning such Holder’s or beneficial owner’s nationality, withholding Taxes imposed on amounts payable to or residence (including a “Declaration of Status for the account of Israeli Income Tax Purposes” by such Holder or Beneficial Holder beneficial owner that is not an Israeli tax resident upon the payment of the Redemption Price, Repurchase Price or Fundamental Change Repurchase Price, as applicable, hereunder) or identity under the laws or regulations of a Relevant Taxing Jurisdiction in order to make any declaration of non-residence substantiating eligibility for an exemption from. or reduction in the rate of, withholding tax with respect to an applicable interest such Relevant Taxing Jurisdiction, in an Indenture Obligation pursuant each case, solely at the time of redemption or repurchase, if and to a law in effect on the date on which extent that such Holder or Beneficial Holder acquires beneficial owner is legally able to comply with such interest request and due and timely compliance with such request is required by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction in the Indenture Obligation; (iii) Taxes attributable order to eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificatebeneficial owner upon such redemption or repurchase; (ivB) any withholding Taxes imposed under FATCAwithheld or deducted in connection with any payments of cash and deliveries of Ordinary Shares, if any, together with payments of cash for any fractional Ordinary Share, upon conversion of the Notes; (vC) any Canadian withholding Taxes imposed under the Tax Act on any amount paid estate, inheritance, gift, use, sales, transfer, excise, personal property or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)similar Tax; (viD) any Canadian Tax that is payable otherwise than by withholding Taxes imposed under the Tax Act on any amount paid or credited, deduction from payments or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment deliveries under or with respect to the Notes Notes; (E) any tax, assessment, withholding or deduction required by Sections 1471 through 1474 of the United States Internal Revenue Code of 1986, as amended (or any amended or successor version of such Sections) (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA, any intergovernmental agreement between the United States and any other jurisdiction to implement the foregoing or any law enacted by such other jurisdiction to give effect to such agreement, or any agreement with the U.S. Internal Revenue Service under FATCA; (F) any Tax imposed in connection with a Note Guarantee presented for payment (where presentation is due required for payment) by or on behalf of a Holder or beneficial owner who would have been able to avoid such tax, assessment or governmental charge by presenting the relevant Note to, or otherwise accepting payment from, another paying agent; or (G) any combination of taxes referred to in the preceding clauses (A), (B), (C), (D), (E) and payable, if a Payor will be obligated to pay Additional Amounts (F); or (ii) with respect to any payment of the principal of (including the Redemption Price, Repurchase Price and the Fundamental Change Repurchase Price, if applicable) and Special Interest, if any, on such Note to any Person who is a fiduciary, partnership or Person other than the sole beneficial owner of that payment (unless such to the extent no Additional Amounts would have been payable had the beneficial owner been the Holder thereof. Notwithstanding the foregoing, the limitations on the Company’s obligation to pay Additional Amounts arises after set forth in Section 4.10(a)(i)(A)(3) shall not apply if the 35th day prior provision of any certification, identification, information, documentation or other reporting requirement described in Section 4.10(a)(i)(A)(3) would be materially more onerous, in form, in procedure or in substance of information disclosed, to a Holder or beneficial owner of a Note than comparable information or other reporting requirements imposed under U.S. tax law, regulations and administrative practice (such as U.S. Internal Revenue Service Forms W-8BEN-E and W-9), provided that for the purposes of this paragraph, the provision of a “Declaration of Status for Israeli Income Tax Purposes” by a Holder or beneficial owner solely in connection with any redemption, repurchase or Fundamental Change repurchase of a Note shall not be considered materially more onerous than comparable information or other reporting requirements under U.S. tax law, regulations and administrative practice (such as U.S. Internal Revenue Service Forms W-8BEN-E and W-9). Notwithstanding anything to the date on which such payment contrary contained in this Indenture, no Holder or beneficial owner of a Note shall have any obligation to establish eligibility for a reduced (or zero) withholding tax rate under any income tax treaty in order to receive Additional Amounts. (b) If the Company is due and payable, in which case it will be promptly thereafter)required to make any deduction or withholding from any payments or deliveries with respect to the Notes, the Payor will Company shall deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and official tax receipts evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted or, if official receipts are not obtainable, other documentation evidencing the payment of the amounts so withheld or deducted. Copies of such receipts or other documentation shall be made available to Holders of the Notes upon request. (c) Whenever there is mentioned in any context the payment of principal of (including the Redemption Price, Repurchase Price and the Fundamental Change Repurchase Price, if applicable), or the payment of Special Interest, if any, on any Note or any other amount payable with respect to such Note (including Defaulted Amounts and will set forth any interest payable thereon), such other information necessary mention shall be deemed to enable the Trustee to pay such include payment of Additional Amounts provided for in this Indenture to Holders on the payment dateextent that, in such context, Additional Amounts are, were or would be payable in respect thereof. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of Company shall promptly pay when due any Holder present or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any future stamp, issue, registration, court, documentation, court or documentary taxes or any other excise or other similar property taxes, charges and duties, including any interest, penalties and any or similar liabilities with respect thereto, imposed by levies that arise in any Relevant Taxing Jurisdiction at any time in respect of from the execution, issuance, delivery or registration or delivery of the Notes, any each Note Guarantee or any other document or instrument referred to thereunder and any such herein or therein, except for taxes, charges or duties imposed similar levies resulting from any transfer of Notes other than the initial sale by any Relevant Taxing Jurisdiction on any the Initial Purchasers as contemplated in this Indenture and except as provided in Section 2.06, Section 14.02(d) and Section 14.02(e). (e) All payments and deliveries made pursuant under or with respect to the Notes transactions contemplated herein are exclusive of VAT and, accordingly, if VAT is or any Note Guarantee or as a result ofbecomes due, or in connection with, then the enforcement of Company must pay all such VAT to the Notes, any Note Guarantee and/or any other such document or instrumentrelevant tax authorities. (f) The obligations described under this Pursuant to Section 2.5 4.11, the Company will survive seek a ruling from the Israeli Tax Authority that would permit the Company upon conversion of the Notes to make any terminationpayments of cash and deliveries of Ordinary Shares, defeasance together with payments of cash for any fractional Ordinary Share, without withholding or discharge deduction for any Israeli Taxes. If the Company reasonably determines that it is reasonably likely that it will be required by law to withhold or deduct Taxes in connection with any such payments of this Indenture cash or deliveries of Ordinary Shares, together with payments of cash for any fractional Ordinary Share, the Company will be obligated to take all reasonable measures available to it to mitigate the risk of withholding, and will apply mutatis mutandis if Israeli withholding were to any successor Person be imposed, to any Payor minimize the amount of such withholding, provided, however, that such obligation shall not require the Company to settle the conversion of the aggregate principal amount of the Notes other than for a cash, and to any jurisdiction the Company may elect in its sole discretion the manner in which it will settle the conversion of the premium. In particular, if the Company reasonably determines that (x) there is a reasonable likelihood that the Company will be required by law to withhold or deduct Taxes in connection with any payments of cash and deliveries of Ordinary Shares, together with payments of cash for any fractional Ordinary Share, and (y) such successor is organized requirement will be eliminated or is otherwise resident or doing business reduced by the provision by a beneficial owner eligible to make the Non-Israeli Tax Residency Representation of a “Declaration of Status for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium Israeli Income Tax Purposes” (if any) and interest or any other amount payable duly completed certification or documentation, the collection of which a reasonable procedure (as determined in our reasonable judgment) may be implemented at the time that such written request is made) (the “Tax Status Documentation”), the Company will be obligated to mitigate such withholding or deduction by (i) processing the conversion outside of The Depository Trust Company’s “ATOP” platform (or its successor) and instead following alternative conversion procedures set out under or with respect Section 14.02(b) so as to any Note, permit collection of such reference shall include Tax Status Documentation and (ii) timely (as set forth in such alternative procedures) providing our written request to the payment converting beneficial owner to provide a duly completed Tax Status Documentation prior to the close of Additional Amounts or indemnification payments as described in this Section 2.5business on the Business Day immediately preceding the applicable scheduled Settlement Date for such conversion, if applicableand to the extent that such beneficial owner is legally able to comply with such request.

Appears in 1 contract

Sources: Indenture (Check Point Software Technologies LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes a Note, or any a Guarantor under or with respect to a Note Guarantee will Guarantee, shall be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter, “Taxes”), unless any such Taxes are required to be withheld or deducted under applicable law. If any Taxes imposed or levied by or on behalf of the government of The Netherlands or any other jurisdiction in which such Payor the Issuer or any Guarantor is organized, organized or is a resident or carrying on does business for tax purposes or from within or through which such Payor (payment is made by or its agents) makes any payment on behalf of the Notes Issuer or any Note Guarantee Guarantor (including the jurisdiction of any Paying Agent) or any department or political subdivision or taxing authority or agency thereof or therein (each, any of the aforementioned being a “Relevant Taxing Jurisdiction”), unless such Payor is ) will at any time be required to withhold be withheld or deduct Taxes deducted by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes applicable withholding agent from any payment made under or with respect to the Notes a Note or any a Note Guarantee, or if a beneficial owner actually pays any such PayorTaxes where the Issuer, subject Guarantor or any other applicable withholding agent has failed to withhold or deduct Taxes required to be withheld or deducted from any payment made under or with respect to a Note or a Note Guarantee, the exceptions set forth in Section 2.5(b)Issuer or the relevant Guarantor, will as applicable, shall pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect by each beneficial owner of such payment by each Holder or Beneficial Holder Note after such withholding or deduction by the applicable withholding agent of such Taxes (including any such deduction or withholding or deduction attributable to of any Taxes in respect of such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, such beneficial owner would have received if such Taxes had not been required to be so withheld or deducted; provided, however, that notwithstanding the foregoing, Additional Amounts will not be paid: (1) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed, deducted or withheld but for the existence of any present or former connection between the Holder or beneficial owner of a Note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, the Holder or beneficial owner of such Note, if the Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and the relevant Taxing Jurisdiction (other than the receipt of such payment or the acquisition, ownership, holding or disposition of, or the execution, delivery, registration or enforcement of, such Note or Note Guarantee); (2) subject to subsection (e) of this Section 4.12, with respect to any estate, inheritance, gift, sales, transfer or similar tax; (3) subject to subsection (e) of this Section 4.12, with respect to any Taxes payable otherwise than by deduction or withholding from payments under or with respect to such Note or Note Guarantee; (4) to the extent such Taxes would not have been imposed, deducted or withheld if the Holder or beneficial owner of the Note or beneficial owner of any payment on such Note had (i) made a declaration of non-residence, or any other claim or filing for exemption, to which it is entitled or (ii) complied with (to the extent legally eligible to do so) any certification, identification, information, documentation or other reporting requirement concerning the nationality, residence, identity or connection with the relevant Taxing Jurisdiction of such Holder or beneficial owner of such Note or any payment on such Note (provided that (x) such declaration of nonresidence or other claim or filing for exemption or such compliance is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of the imposition, deduction or withholding of, such Taxes and (y) at least 45 days prior to the first payment date with respect to which such declaration of nonresidence or other claim or filing for exemption or such compliance is required under the applicable law of the Taxing Jurisdiction, the relevant Holder at that time has been notified in writing by the Issuer, any Guarantor or any other Person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption or such compliance is required to be made); (5) to the extent such Taxes would not have been imposed, deducted or withheld if the beneficiary of the payment had presented the Note for payment within 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); and (6) any combination of items (1) through (5) above. The foregoing provisions shall survive any termination or discharge of this Indenture and shall apply mutatis mutandis to any successor Person to the Issuer or any Guarantor and any Taxing Jurisdiction with respect to any such Person. (b) Notwithstanding Section 2.5(a)The Issuer or the applicable Guarantor, a Payor will notif it is the applicable withholding agent, howevershall make any applicable withholding or deduction required by law and remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Issuer or the applicable Guarantor shall furnish to the Trustee, pay Additional Amounts to a Holder within 30 days after the date the payment of any Taxes deducted or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation is due pursuant to a law in effect on the date on which applicable law, certified copies of tax receipts or, if such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable tax receipts are not reasonably available to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or Guarantor, such other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time documentation that provides reasonable evidence of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for such Guarantor. Copies of such receipts or other documentation shall be made available by the purposes of Issuer to the Tax Act) with a “specified non-resident shareholder” (Holders or the Paying Agent, as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi)applicable, upon request. (c) At least 30 calendar days prior to each date on which any payment under or with respect to the any Notes or any Note Guarantee is due and payable, if a Payor the Issuer or any Guarantor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor will Issuer or such Guarantor shall deliver to the Trustee and the Paying Agent an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders of such Notes on the payment date. Notwithstanding the foregoing, if the obligation to pay Additional Amounts arises after the 30th day prior to any such date, the Issuer or the applicable Guarantor shall deliver to the Trustee and the Paying Agent an Officers’ Certificate as described in the preceding sentence and shall pay such Additional Amounts promptly after such obligation arises. The Trustee and the Paying Agent shall be entitled but shall not be obligated to rely on each Officers’ Certificate until receipt of a further Officers’ Certificate addressing such matters. (d) The PayorsIn addition to the foregoing, jointly the Issuer and severallythe Guarantors shall pay any present or future stamp, will indemnify and hold harmless the Holders and Beneficial Holders andcourt or documentary Taxes or any other excise, upon written request of property or similar Taxes that arise in any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to from the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stampexecution, issue, registrationdelivery, court, documentation, excise enforcement or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, this Indenture, any Note Guarantee or any other document or instrument referred to thereunder in relation thereto, and the Issuer and the Guarantors shall indemnify the Holders of the Notes for any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made Taxes paid by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableHolders.

Appears in 1 contract

Sources: Indenture (LKQ Corp)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer or any Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency provided, however, that in determining what withholding is required by law for U.S. federal income and withholding tax purposes, the Issuer and any Guarantor shall be entitled to treat any payments on or in respect of the Notes or any Note Guarantee as if the Notes or any Note Guarantee were issued by a U.S. person as defined in section 7701(a)(30) of the Code. If a Payor the Issuer or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that no Additional Amounts will be payable with respect to payments made to any Holder or beneficial owner to the extent such Taxes are imposed by reason of (i) its being or having been connected with a Relevant Taxing Jurisdiction, otherwise than by the acquisition, ownership, holding or disposition of the Notes, the enforcement of the rights under the Notes or under any Note Guarantee or the receipt of payments in respect of the Notes or any Note Guarantee, or (ii) such Holder or beneficial owner not cooperating with the Issuer or the Guarantors in completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer or the Guarantors to pay or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note or any Note Guarantee, a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments); provided, however, that for purposes of this obligation to pay Additional Amounts, the Issuer and any Guarantor shall be entitled, for U.S. federal income and withholding tax purposes, to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. B-4 Table of Contents Further, no Additional Amounts shall be payable with respect to a (i) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or Beneficial beneficial owner holding or owning, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote or (ii) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or any Guarantor. The Issuer or Guarantor (as applicable) will also make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or Guarantor (as applicable) will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. Wherever in the Indenture or the Notes there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or the Notes, (3) interest or (4) any other amount payable on or with respect to any of the following Taxes imposed on or with respect Notes, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws ofwould be payable in respect thereof. The Issuer will pay any present stamp, having a business office located incourt or documentary taxes, or being a resident of the jurisdiction imposing such Tax any other excise, property or similar taxes, charges or levies (including any penalties, interest or other liabilities related thereto) which arise in Luxembourg (or any political subdivision thereofthereof or therein) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, delivery and registration or delivery of Notes upon original issuance and initial resale of the Notes, any Note Guarantee Notes or any other document or instrument referred to thereunder and therein. If at any such time the Issuer changes its place of organization to outside of Luxembourg or there is a new issuer organized outside of Luxembourg, the Issuer or new issuer, as applicable, will pay any stamp, court or documentary taxes, or any other excise, property or similar taxes, charges or duties imposed levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction in which the Issuer or new issuer is organized (or any political subdivision thereof or therein) and are payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Holders of the Notes in respect of the Notes or any Note Guarantee other document or as a result ofinstrument referred to therein under any law, rule or regulation in effect at the time of such change, or in connection with, the enforcement of the Notes, Notes or any Note Guarantee and/or any such other such document or instrument. (f) . The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will section (“Additional Amounts”) to the Issuer or Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 1 contract

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes is made, or any Note Guarantee political subdivision or governmental authority thereof or therein having the power to tax or (3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident for tax purposes, or any department or political subdivision or governmental authority thereof or therein having the power to tax (each, each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer or any Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency provided, however, that in determining what withholding is required by law for U.S. federal income and withholding tax purposes, the Issuer and any Guarantor shall be entitled to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. If a Payor the Issuer or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes Notes, the Issuer or any Note Guaranteesuch Guarantor, such Payor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that no Additional Amounts will be payable with respect to payments made to any Holder or beneficial owner to the extent such Taxes are imposed by reason of (i) its being or having been connected with the Relevant Taxing Jurisdiction or any political subdivision or governmental authority thereof or therein having the power to tax, otherwise than by the acquisition, ownership, holding, disposition or enforcement of the Notes or the receipt of payments thereunder, or (ii) such Holder or beneficial owner not cooperating with the Issuer or the Guarantors in completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer or the Guarantors to pay or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments); provided, however, that for purposes of this obligation to pay Additional Amounts, the Issuer and any Guarantor shall be entitled, for U.S. federal income and withholding tax purposes, to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. Further, no Additional Amounts shall be payable with respect to a (i) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or Beneficial beneficial owner holding or owning, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Issuer or any B-3 Guarantor entitled to vote or (ii) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or any Guarantor. The Issuer will also make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer will furnish to the Trustee, within 30 days after the date the payment of any Taxes is due under applicable law, certified copies of tax receipts evidencing such payment by the Issuer. Wherever in the Indenture or the Notes there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or the Notes, (3) interest or (4) any other amount payable on or with respect to any of the following Taxes imposed on or with respect Notes, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws ofwould be payable in respect thereof. The Issuer will pay any present stamp, having a business office located incourt or documentary taxes, or being a resident of the jurisdiction imposing such Tax any other excise, property or similar taxes, charges or levies (including any penalties, interest or other liabilities related thereto) which arise in Luxembourg (or any political subdivision thereofthereof or therein) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, delivery and registration or delivery of Notes upon original issuance and initial resale of the Notes, any Note Guarantee Notes or any other document or instrument referred to thereunder and therein. If at any such time the Issuer changes its place of organization to outside of Luxembourg or there is a new issuer organized outside of Luxembourg, the Issuer or new issuer, as applicable, will pay any stamp, court or documentary taxes, or any other excise, property or similar taxes, charges or duties imposed levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction in which the Issuer or new issuer is organized (or any political subdivision thereof or therein) and are payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Holders of the Notes in respect of the Notes or any Note Guarantee other document or as a result ofinstrument referred to therein under any law, rule or regulation in effect at the time of such change, or in connection with, the enforcement of the Notes, Notes or any Note Guarantee and/or any such other such document or instrument. (f) . The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will section (“Additional Amounts”) to the Issuer or Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 1 contract

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All Subject to the exceptions identified below, any and all payments made by the Company to or on behalf for the account of each Holder of the Issuer or Notes (including any Guarantor (each a “Payor”premium paid upon redemption of the Notes) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of of, and without any deduction or withholding regarding, any present or future Taxes, unless the withholding or deduction for of such Taxes is required by law. If the Company or on account of Taxes imposed SPCC has the option to directly pay the withholding Tax, such that no withholding or levied deduction would be required, the Company or SPCC may do so. If the Company or SPCC shall be required by or on behalf law of any jurisdiction in which such Payor is organized, resident Taxing Jurisdiction to deduct or carrying on business for tax purposes or withhold any Taxes from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of any sum payable under the Notes then, (i) it shall assume payment of such payment by each Holder or Beneficial Holder after such withholding or deduction withholding; (including withholding or deduction attributable ii) the sum payable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, of the Notes shall be increased as necessary by an amount (an “Additional Amount”) so that after making all required deductions and withholdings for Taxes the case may be, Holder of the Notes receives an amount equal to the sum it would have received if had no such Taxes had not deductions or withholdings been required made; (iii) the Company or SPCC shall make such deductions or withholdings in accordance with applicable law; and (iv) the Company or SPCC shall pay the full amount, deducted or withheld to be so withheld or deductedthe applicable tax authority in accordance with applicable law. (b) Notwithstanding Section 2.5(a)the foregoing, a Payor the Company or SPCC will not, however, not pay Additional Amounts to a Holder or Beneficial Holder assume payment of any withholding of Taxes with respect to any Holder of Notes for or solely on account of any of the following following: (A) any Taxes imposed solely because at any time there is or was any connection between the Holder or beneficial owner of a Note and a Taxing Jurisdiction (other than the mere receipt of a payment or the acquisition, ownership or holding of a Note or the mere exercise or enforcement of rights under a Note or the Indenture) including but not limited to such Holder or beneficial owner (i) being or having been a citizen, national or resident thereof, (ii) maintaining or having maintained an office, permanent establishment or branch subject to taxation therein or (iii) being or having been present or engaged in a trade or business therein; (B) any Taxes payable other other than by deduction or withholding from payments on the Notes; (C) any estate, inheritance, gift, excise, transfer, personal property, use, sales or similar Tax (not including any Peruvian value-added tax payable) imposed with respect to the Notes; (D) any Taxes imposed solely because the Holder or beneficial owner fails to comply with any certification, identification, information, documentation or other reporting requirement concerning the nationality, residence or identity of the Holder or beneficial owner or connection of the Holder or beneficial owner with a Taxing Jurisdiction if compliance is required by law or regulation of the Taxing Jurisdiction or by an applicable income tax treaty to which a Taxing Jurisdiction is a party, as a precondition to exemption from, or reduction in the rate of, the Tax, and the Company has given the Holders of Notes at least 30 days’ notice prior to the first payment date with respect to which such certification, identification, information, documentation or reporting requirement is required to the effect that Holders will be required to provide such certification, identification, information, documentation or reporting requirement; (E) any Taxes with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a Note presented for payment to a Holder or Beneficial Holder: more than thirty (i30) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on days after the date on which the payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders of Notes, whichever occurs later, except to the extent that the Holder of such Holder or Beneficial Holder acquires Note would have been entitled to such interest in the Indenture ObligationAdditional Amounts on presenting such Note for payment on any date during such 30-day period; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (ivF) any withholding Taxes imposed under pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) (commonly known as the Foreign Account Tax Compliance Act, or “FATCA”), any successor law or regulation implementing or complying with, or introduced in order to conform to, FATCA, any official interpretation thereof, any intergovernmental agreement entered into in connection with the implementation of FATCA or any agreement entered into pursuant to Section 1471(b)(1) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of FATCA; (vG) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or payment on account of any obligation of the Issuer under this Indenture (i) a Note to a Holder thereof that is a fiduciary or Beneficial Holder partnership (including an entity treated as a partnership for tax purposes) or recipient a person other than the sole beneficial owner of any such payment, but only to the extent that a beneficiary or settlor with which respect to such fiduciary, a member of such a partnership or the Payor does not deal at arm’s length (for the purposes beneficial owner of the Tax Act) at payment would not have been entitled to the time of making such payment Additional Amounts had the beneficiary, settlor, member or (ii) in respect of a debt or other obligation to pay an amount to a beneficial owner been the Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document);Note; and (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (viiH) any combination of the foregoing items (i) through (vi)foregoing. (c) At least 30 calendar days prior The Company will also pay any stamp, administrative, court, documentary, excise or similar Taxes arising in a relevant Taxing Jurisdiction in connection with the Notes and will indemnify the Holders for any such Taxes paid by Holders. The Company will provide the Trustee with documentation evidencing the payment of Taxes in respect of which the Company or SPCC has paid any Additional Amount or the assumption of the payment of any withholding of Taxes. The Company will make copies of such documentation available to each date the Holders of the Notes upon written request. The Trustee shall conclusively rely on which such documentation and shall have no duty to investigate, verify or monitor the payment, withholding or remittance of any such Taxes or Additional Amounts. In addition, the Company or SPCC will pay any Peruvian value added tax that may be imposed on a payment under or of interest on the Notes. (d) In the event that Additional Amounts actually paid with respect to the Notes pursuant to this Section 2.8 are based on rates of deduction or withholding of Taxes in excess of the appropriate rate applicable to the Holder of such Notes, and as a result thereof such Holder is entitled to make a claim for a refund or credit of such excess from the authority imposing such withholding Tax, then such Holder shall, by accepting such Notes, be deemed to have assigned and transferred all right, title and interest to any Note Guarantee is due and payablesuch claim for a refund or credit of such excess to the Company. However, if a Payor by making such assignment, the Holder makes no representation or warranty that the Company will be obligated entitled to pay Additional Amounts receive such claim for a refund or credit and incurs no other obligation with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsthereto. (e) In additionThe Company, the Payor through SPCC, will pay promptly when due any present or future stamp, issue, registration, court, documentation, court or documentary taxes or any excise or other similar property taxes, charges and duties, including or similar levies that arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of jurisdiction from the execution, issuancedelivery, registration or delivery enforcement of the Notes, any each Note Guarantee or any other document or instrument referred to thereunder and in the Indenture or such Note, excluding any such taxes, charges or duties similar levies imposed by any Relevant jurisdiction that is not a Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result ofexcept those resulting from, or required to be paid in connection with, the enforcement of the Notes, any such Note Guarantee and/or or any other such document or instrumentinstrument after the occurrence and during the continuance of any Event of Default. (f) The obligations described under this Section 2.5 will survive Company, through SPCC, intends to assume the withholding of any terminationPeruvian taxes and duties from interest on, defeasance and other applicable payments on or discharge with respect to, the Notes at a rate of this Indenture and will apply mutatis mutandis to any successor Person to any Payor 4.99% as applicable and to any jurisdiction in which such successor is organized pay Additional Amounts or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, to assume the payment of any such withholding, subject to the conditions above, with respect thereto for so long as the Notes are held through DTC or its nominee. (g) Any reference in the Indenture or the Notes to principal, Premium (if any) and premium, interest or any other amount payable under or in respect of the Notes by the Company will be deemed also to refer to any Additional Amount that may be payable with respect to any Note, such reference shall include that amount under the payment of Additional Amounts or indemnification payments as described obligations referred to in this Section 2.52.8. (h) The Trustee shall have no responsibility or duty to determine whether any Additional Amounts are payable or owed, if applicableor whether any Taxes have been paid, withheld, remitted or otherwise satisfied by the Company or any Holder.

Appears in 1 contract

Sources: Seventh Supplemental Indenture (Southern Copper Corp/)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) makes under or with respect to the Notes or any Note Guarantee that the Guarantors make under or with respect to the Guarantees will be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Guarantor is due and payableincorporated, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payableorganized, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which any payment on the Notes is made (including the jurisdiction of any Paying Agent) or by such successor or its respective agents. Whenever this Indenture refers to, within any political subdivision or governmental authority of or in any contextof the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless the Issuer or such Guarantor, as the case may be, is required to withhold or deduct Taxes by law. If any amounts for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction are required to be withheld or deducted from any payment of principal, Premium (if any) and interest or any other amount payable made under or with respect to the Notes or any NoteGuarantee, the Issuer or the Guarantor, as the case may be, will pay additional amounts (“Additional Amounts”) as may be necessary to ensure that the net amount received after such reference shall include withholding or deduction (including any withholding or deduction in respect of any Additional Amounts) will not be less than the payment of amount that would have been received if such Taxes had not been withheld or deducted. (b) Notwithstanding the foregoing, neither the Issuer nor any Guarantor will, however, be required to pay Additional Amounts in respect or indemnification on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction, including, without limitation, the holder or beneficial owner being, or having been, a citizen, national, or resident, being, or having been, engaged in a trade or business, or having or having had a permanent establishment in a Relevant Taxing Jurisdiction (but not including, in each case, any connection arising from the mere receipt, ownership, holding or disposition of Notes, or by reason of the receipt of any payments in respect of any Note or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the holder or beneficial owner of Notes, following the Issuer’s or Guarantor’s written request addressed the relevant holder or beneficial owner made at a time that would enable the holder or beneficial owner acting reasonably to comply with such request, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as described a precondition to exemption from, or reduction in this Section 2.5the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by the Issuer or Guarantor to the holder if applicablesuch holder is a fiduciary, partnership, limited liability company or person other than the sole beneficial owner of such payment to the extent that Taxes would not have been imposed on such payment had such holder been the sole beneficial owner of such Note; (vi) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required in order to receive payment) more than 30 calendar days after the relevant payment is first made available to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 calendar days’ period); (vii) any Taxes withheld or deducted on or in respect of any Note pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (commonly referred to as “FATCA”), any treaty, law, regulation or other official guidance enacted by any jurisdiction implementing FATCA, any agreement between either of the Issuer, any Guarantor or any other person and the United States or a Relevant Taxing Jurisdiction implementing FATCA, or any law of any jurisdiction implementing an intergovernmental agreement entered into between the Relevant Taxing Jurisdiction and the United States with respect to FATCA; (viii) any combination of items (i) through (vii) above.

Appears in 1 contract

Sources: Indenture (Danaos Corp)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) Company under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of the Government of Canada or of any jurisdiction in which such Payor is organized, resident province or carrying on business for territory thereof or by any authority or agency therein or thereof having power to tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a hereinafter “Relevant Taxing JurisdictionTaxes”), unless such Payor the Company is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor the Company is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note GuaranteeNotes, such Payor, subject to the exceptions set forth in Section 2.5(b), Company will pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment by each Holder or Beneficial Holder owner of a beneficial interest in a Global Note (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, owner of a beneficial interest in a Global Note would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts will be payable with respect to a payment made to a Holder or Beneficial Holder with respect to any owner of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from beneficial interest in a payment to a Holder or Beneficial Global Note (an “Excluded Holder: ”) (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor Company does not deal at arm’s 's length (for within the purposes meaning of the Income Tax ActAct (Canada)) at the time of making such payment payment, or (ii) in respect which is subject to such Taxes by reason of a debt its being connected with Canada or other obligation to pay an amount to a Holder any province or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes territory thereof otherwise than solely by reason of the Tax ActHolder's activity in connection with purchasing the Notes, by the mere holding of Notes or by reason of the receipt of payments thereunder. The Company will also (a) at make such withholding or deduction and (b) remit the time full amount deducted or withheld to the relevant authority in accordance with applicable law. The Company will furnish the Holders of the Notes, within 30 days after the date the payment of any Taxes is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by the Company. The Company will upon written request of each Holder (other than where, in the case of the foregoing clauses (i) or (iian Excluded Holder), reimburse each such Holder or owner of a beneficial interest in a Global Note, for the non- arm’s length relationship arises amount of (x) any Taxes so levied or imposed and paid by such Holder or owner of a beneficial interest in a Global Note as a result of payments made under or with respect to the Notes, and (y) any Taxes so levied or imposed with respect to any reimbursement under the foregoing Clause (x) but excluding any such Taxes on such H▇▇▇▇▇'s net income so that the net amount received by such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest (net of payments made under or with respect to the Notes) after such reimbursement will not be less than the net amount the Holder would have received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding if Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) reimbursement had not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) been imposed. At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor the Company will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor Company will deliver to the Trustee an Officer’s Officers' Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for . Whenever in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes Indenture or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers tomentioned, in any context, the payment of principalprincipal of, Premium (premium, if any) and , Redemption Price, Purchase Price, interest or any other amount payable under or with respect to any Note, such reference mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or indemnification payments as described would be payable in respect thereof. The obligations of the Company under this Section 2.5, if applicable1008 shall survive the termination of this Indenture and the payment of all amounts under or with respect to the Notes.

Appears in 1 contract

Sources: Indenture (Tembec Industries Inc)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer or any Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency provided, however, that in determining what withholding is required by law for U.S. federal income and withholding tax purposes, the Issuer and any Guarantor shall be entitled to treat any payments on or in respect of the Notes or any Note Guarantee as if the Notes or any Note Guarantee were issued by a U.S. person as defined in section 7701(a)(30) of the Code. If a Payor the Issuer or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including B-4 any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that no Additional Amounts will be payable with respect to payments made to any Holder or beneficial owner to the extent such Taxes are imposed by reason of (i) such Holder or beneficial owner being considered to be or to have been connected with a Relevant Taxing Jurisdiction, otherwise than by the acquisition, ownership, holding or disposition of the Notes, the enforcement of rights under the Notes or under any Note Guarantee or the receipt of payments in respect of the Notes or any Note Guarantee, or (ii) such Holder or beneficial owner not completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer or the Guarantors to make or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note or any Note Guarantee, a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments); provided, however, that for purposes of this obligation to pay Additional Amounts, the Issuer and any Guarantor shall be entitled, for U.S. federal income and withholding tax purposes, to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. Further, no Additional Amounts shall be payable with respect to a (i) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or Beneficial beneficial owner holding or owning, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote or (ii) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or any Guarantor. The Issuer or Guarantor (as applicable) will also make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or Guarantor (as applicable) will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. Wherever in the Indenture or the Notes or any Note Guarantee there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or the Notes, (3) interest or (4) any other amount payable on or with respect to any of the following Taxes imposed on Notes or with respect any Note Guarantee, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws ofwould be payable in respect thereof. The Issuer will pay any present stamp, having a business office located incourt or documentary taxes, or being a resident of any other excise, property or similar taxes, charges or levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction imposing such Tax (United States or any political subdivision thereof) thereof or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holdertherein, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedexecution, or deemed as paid or credited, by or on account delivery and registration of any obligation Notes upon original issuance and initial resale of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payableother document or instrument referred to therein, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the enforcement of the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and herein or therein. If at any such time the Issuer changes its place of organization to outside of the United States or there is a new issuer organized outside of the United States, the Issuer or new issuer, as applicable, will pay any stamp, court or documentary taxes, or any other excise, B-5 property or similar taxes, charges or duties imposed levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction in which the Issuer or new issuer is organized (or any political subdivision thereof or therein) and are payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Holders of the Notes in respect of the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) instrument referred to therein under any law, rule or regulation in effect at the time of such change. The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will section (“Additional Amounts”) to the Issuer or any Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 1 contract

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All payments made Any and all present and future taxes in any jurisdiction that are assessed based on any acts, contracts and transactions associated with the issuance of and subscription for the Series III Notes shall be exclusively borne by or on behalf of the Issuer or Company. The Company shall pay the outstanding principal amount, and any Guarantor (each a “Payor”) under or interest with respect to the Notes or thereto, of this Series III Note without any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of, any taxes, duties, assessments, liens, withholding or transfer expenses, whether in force as of Taxes imposed the date of subscription or levied established at any time in the future by any authority in Argentina, irrespective of the origin or on behalf cause thereof. Accordingly, in the event that as a result of legal or regulatory requirements, or due to the interpretation of any jurisdiction such legal or regulatory requirements, the Company is under an obligation to pay or withhold any such amounts, the Company shall make any such payments or withholdings at its own expense, in which such Payor is organizeda manner that, resident after any and all withholdings or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on deductions so are made, the Notes or any Holder of this Series III Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by receives the interpretation or administration thereof. If a Payor is so required to withhold or deduct any same amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount it would have received in respect of such payment by each Holder or Beneficial Holder after if no such withholding or deduction (including withholding or deduction attributable to had been made. Notwithstanding the foregoing, no Additional Amounts payable hereunder but excluding Taxes on net incomeshall be paid by the Company (i) will not be less than the amount to the Holder of this Series III Note if covered by the provisions of Title VI of the Argentine Income Tax Act (Ley de Impuesto a las Ganancias) – except for entities governed by the provisions of Act No. 21,526 of Financial Entities (Ley No. 21,526 de Entidades Financieras) (the “Financial Institutions Act”) – in connection with income tax payable by them; (ii) in connection with the tax on credits and debits into bank accounts of any nature held with entities governed by the provisions of the Financial Institutions Act; (iii) where the Company is mandated by law to make a withholding and/or deduction by reason of, or Beneficial Holderon account of, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. personal assets tax (bLey de Impuesto sobre los Bienes Personales); (iv) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes tax, assessment or other governmental charges imposed on or with respect to a Holder levied over successions, inheritance, estate, legacy, donation, sale, transfer or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: similar taxes; (iv) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) where any such withholding and/or deduction is imposed as a result of failure by the Holder of this Series III Note, or any other Person, to comply with any information reporting requirements under applicable law – including, without limitation, laws, executive orders, resolutions, written instructions from the Argentine Federal Public Income Administration (Administración Federal de Ingresos Públicos) and/or international treaties to which Argentina is a party — whether or not such Holder of this Series III Note or Beneficial Person has the legal capacity to comply with such requirements: information, documents, statements or other certificates pursuant to the conditions required under applicable law with respect to the nationality, residence, identity, legal nature or relationship with Argentina of any such Holder being organized under the laws of, having a business office located inof this Series III Note or Person, or being other material information required or imposed by applicable laws as a resident condition precedent or a requirement to eliminate and/or reduce such deductions and/or withholdings due to a tax, duty, assessment or other governmental charges of whatever nature imposed, so long as the jurisdiction imposing compliance with any such Tax requirements is commercially reasonable; (vi) when any such withholdings and/or deductions result from a connection between the Holder of this Series III Note and Argentina (or any of its political subdivision thereofsubdivisions or authorities), other than solely holding this Series III Note, the right to demand compliance or payment under this Series III Note, or payments of principal, interests and/or other amounts under this Series III Note; (vii) for any tax, duty, assessment or (ii) that are Other Connection Taxes; (ii) other governmental charges of whatever nature imposed or levied and payable in a manner different from withholding or deduction of the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder payments made with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; this Series III Note; and/or (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (ivviii) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account combination of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination above. If the Holders of the foregoing items (i) through (vi). (c) At least 30 calendar days prior Series III Notes do not furnish all of, or part of, the information, documents or other forms of evidence duly required by the Company pursuant to each date on applicable regulations, including, without limitation, laws, decrees, resolutions, written instructions from the Argentine Federal Public Income Administration and/or international treaties to which Argentina is a party, the Company shall not pay any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after Holder’s or Holders’, as applicable, Series III Notes and shall withhold or deduct the 35th day prior to the date on which such payment is due and payablemaximum amount required by Argentine law, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend burden placed on the relevant Holders to Taxes for which comply with these requirements is commercially reasonable and that the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect Company has given notice to such paymentsHolders at least 30 days in advance that they must comply with these requirements. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Indenture (Grupo Financiero Galicia Sa)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) makes under or with respect to the Notes or any Note Guarantee will shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor the Issuer is organized, resident or carrying on doing business for tax purposes or from or through which such Payor it (or its agents, including the Paying Agent) makes any payment on the Notes this Note or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor the Issuer or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor the Issuer or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to this Note, the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor The Issuer will not, however, pay Additional Amounts to a Holder in respect or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderaccount of: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Person’s in whose name a Note is registered on the Registrar’s books (each case such Person, a “ Holder”) or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (i) imposed as a result other than the mere receipt, ownership, holding or disposition of such Holder or Beneficial Holder being organized under the laws of, having a business office located inthis Note, or being a resident by reason of the jurisdiction imposing such Tax (receipt of any payments in respect of any Notes, or the exercise or enforcement of rights under any political subdivision thereof) or (ii) that are Other Connection TaxesNotes); (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of this Note, following the Issuer’s written request addressed to the Holder received Additional Amounts or beneficial owner, to comply with respect to such payments. (e) In additionany certification, the Payor will pay any stampidentification, issue, registration, court, documentation, excise information or other similar taxesreporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), charges and dutieswhether required by statute, including any interesttreaty, penalties and any similar liabilities with respect theretoregulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by any the Relevant Taxing Jurisdiction at any time (including, without limitation, a certification that the Holder or beneficial owner is not resident in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.Jurisdiction);

Appears in 1 contract

Sources: Indenture (Ardagh Group S.A.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer Company or any Guarantor (each a “Payor”) successor to the Company under or with respect to the Notes or any Note Guarantee Notes, including delivery of ADSs upon conversion, will be made free and clear net of and without a withholding or deduction for or on account tax rate of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized10.5575% (the “Base Rate”). Accordingly, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Company or any Note Guarantee or any department or political subdivision thereof (eachsuccessor, a “Relevant Taxing Jurisdiction”), unless such Payor is required to withhold or deduct Taxes by law or by as the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b)case may be, will pay to the holder of each Note such additional amounts (“Additional Amounts”) as may be necessary such on all payments made by the Company or any successor to it under or with respect to the Notes, including delivery of ADSs, to ensure that the net amount received by the Holder (after deducting any taxes on the Additional Amounts) shall equal the amount which would have been received by such Holder had withholding or deduction of tax at the Base Rate not been required. In addition, if withholding or deduction for, or on account of, any other present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or within India or any other jurisdiction in which the Company or any successor are organized or resident for tax purposes or through which payment is made by or on behalf of the Company or by or within any jurisdiction as a result of the Company’s or its successor’s becoming a fiscally transparent entity with respect to any holder (through merger, consolidation or otherwise) (or any political subdivision or taxing authority of or in any of the foregoing) (each, as applicable, a “Relevant Jurisdiction”) is required by law or by regulation or governmental policy having the force of law on any payments made by the Company or any successor to it under or with respect to the Notes, including payments upon redemption of the Notes or on delivery of ADSs upon conversion, the Company shall pay to the Holder of each Note such payment excess additional amounts (“Excess Additional Amounts”) as may be necessary to ensure that the net amount received by each Holder or Beneficial the Holder after such additional withholding or deduction (including and after deducting any taxes on the Excess Additional Amounts) shall equal the amounts which would have been received by such Holder had no such additional withholding or deduction attributable to been required, except that no Excess Additional Amounts payable hereunder shall be payable: Table of Contents (a) for or on account of: (1) any tax, duty, assessment or other governmental charge that would not have been imposed but excluding Taxes on net incomefor: (A) will not be less than the amount existence of any present or former connection between the Holder or Beneficial Holderbeneficial owner of such Note, and the Relevant Jurisdiction other than merely holding such Note or the receipt of payments or the exercise of rights and obligations thereunder, including, without limitation, such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein; (B) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the principal of and interest on such Note became due and payable pursuant to the terms thereof or was made or duly provided for; or (C) the failure of the Holder or beneficial owner to comply with a timely request from the Company or any successor, addressed to the Holder or beneficial owner, as the case may be, to provide information concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with the Relevant Jurisdiction, if and to the extent that due and timely compliance with such request is required by law, regulation or administrative practice of the Relevant Jurisdiction to reduce or eliminate any withholding or deduction as to which Excess Additional Amounts would have received if otherwise been payable to such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii2) in the case of a Holder any estate, inheritance, gift, sale, transfer, capital gains, excise, personal property or Beneficial Holdersimilar tax, withholding Taxes imposed on amounts payable to assessment or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligationother governmental charge; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv3) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedtax, or deemed as paid or creditedduty, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt assessment or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor governmental charge that is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other payable otherwise than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian by withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment from payments under or with respect to the Notes Notes; or (4) any combination of taxes, duties, assessments or any Note Guarantee is due and payableother governmental charges referred to in the preceding clauses (1), if a Payor will be obligated to pay Additional Amounts (2) or (3); (b) with respect to any payment of the principal of, or interest on, such Note to its Holder, if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of any payment to the extent that such payment (unless would be required to be included in the income under the laws of the Relevant Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to such obligation to pay Excess Additional Amounts arises after had that beneficiary, settlor, partner or beneficial owner been the 35th day prior Holder thereof. Table of Contents (c) Whenever there is mentioned in any context the payment of principal of, or interest or any delivery on, any Note, such mention shall be deemed to include payment of Additional Amounts and Excess Additional Amounts provided for in the Indenture to the date on which such payment is due and payableextent that, in which case it will be promptly thereafter)such context, the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will and Excess Additional Amounts are, were or would be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment datein respect thereof. (d) The PayorsNotwithstanding the foregoing Sections 5.06(a), jointly 5.06(b) and severally5.06(c), will indemnify any Additional Amount and hold harmless Excess Additional Amount shall be subject to the Holders and Beneficial Holders and, upon written request condition that it not cause the “all-in-cost” of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect by the Company pursuant to the Notes held by such Holder or Beneficial Holder and (ii) Indenture to violate any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and dutieslaw, including any interest, penalties and any similar liabilities limit on the “all-in-cost” prescribed by the RBI for external commercial borrowings with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect an average maturity period of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentmore than five years. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: First Supplemental Indenture (Sterlite Industries (India) LTD)

Additional Amounts. (a) All payments made by or on behalf the Company in respect of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will shall be made free and clear of of, and without deduction or withholding or deduction for or on account of Taxes any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed or levied by or on behalf the authorities of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”Withholding Taxes), unless such Payor the Company is required to withhold or deduct Taxes compelled by law to deduct or by withhold such taxes, duties, assessments, or governmental charges. In such event, the interpretation Company shall make such deduction or administration thereof. If a Payor is withholding, make payment of the amount so required to withhold deducted or deduct any amount for or on account of Taxes from any payment made under or with respect withheld to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will appropriate governmental authority and forthwith pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received amounts receivable by the holders of the Notes after such deduction or withholding shall equal the payment which would have been receivable in respect of the Notes in the absence of such payment by each Holder deduction or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required withholding. The Company shall cause to be so withheld or deducted. (b) Notwithstanding Section 2.5(a)delivered, a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than whereor, in the case of notes held by an institution that is holding the foregoing clauses Notes on behalf of a beneficial owner, to use its best efforts to cause the institution to deliver, to the Paying Agent all forms necessary to ensure that a minimal rate of withholding applies to all payments by the Company in respect of the Notes to the holders or beneficial holders of the Notes, such as an IRS Form W-8IMY and any attached IRS Form W-8BEN, or a statement of withholding or allocation, as necessary. Notwithstanding the foregoing, no such Additional Amounts shall be payable: (i) or (ii), the non- arm’s length relationship arises as a result of if such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment imposed but for (A) a present or former connection between the jurisdiction imposing the tax or any political subdivision or taxing authority thereof or therein and the holder or beneficial holder of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold relevant Note including, without limitation, a connection arising from such payments holder or to the extent beneficial holder having been a citizen, domiciliary, or resident of such Holder jurisdiction or Beneficial Holder received Additional Amounts with respect to such payments. (e) In additionpolitical subdivision or taxing authority, the Payor will pay any stampbeing organized in such jurisdiction or such political subdivision or taxing authority, issueor having had a permanent establishment, registration, court, documentation, excise branch or other similar taxesfixed place of business therein (but excluding a connection arising solely from such holder or beneficial holder having executed, charges and dutiesdelivered, including any interestperformed its obligations or received payment under the Fiscal Agency Agreement or this Note), penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect or (B) the failure of the execution, issuance, registration holder or delivery beneficial holder of the Notesrelevant Note to comply with any reasonable certification, any Note Guarantee identification or other reporting requirement (or such certifications, identifications or reporting proving to be false or incorrect) concerning the nationality, residence, identity or connection with such jurisdiction, or any other document political subdivision or instrument referred to thereunder and any taxing authority thereof or therein, of such taxesholder or beneficial holder, charges or duties imposed if compliance is required by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes such jurisdiction, or any Note Guarantee political subdivision or taxing authority thereof or therein, as a result of, precondition to exemption from such deduction or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.withholding or

Appears in 1 contract

Sources: Fiscal Agency Agreement (Thirty Eight Hundred Fund LLC)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed any present or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”)future Taxes, unless such Payor is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”) from any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b)stated below, will pay such additional amounts (“Additional Amounts”) as may be necessary such that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a A Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following to: (1) Canadian withholding Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) Act at the time of making such payment (other than where the non-arm’s length relationship arises as a result of the exercise or enforcement of rights under any Notes or any Note Guarantee); (ii2) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient person with whom the applicable Payor is not dealing at arm’s length within the meaning of the Tax Act (for other than where the purposes non-arm’s length relationship arises as a result of the exercise or enforcement of rights under any Notes or any Note Guarantee); (3) any Canadian withholding Taxes imposed on a payment or deemed payment to a Holder or Beneficial Holder by reason of such Holder or Beneficial Holder being a “specified shareholder” of the Issuer (within the meaning of subsection 18(5) of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or crediteddeemed payment, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) Act with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) Issuer at the time of payment or deemed payment (other than where the Holder or Beneficial Holder is a “specified shareholder,” or does not deal at arm’s length with a “specified shareholder,” as a result of the Issuerexercise or enforcement of rights under any Notes or any Note Guarantee); (4) Taxes giving rise to such Additional Amounts that would not have been imposed but for the existence of any present or former connection between such Holder (or the Beneficial Holder of, or person ultimately entitled to obtain an interest in, such Notes, including a fiduciary, settler, beneficiary, member, partner, shareholder or other equity interest owner of, or possessor of power over, such Holder or Beneficial Holder, if such Holder or Beneficial Holder is an estate, trust, partnership, limited liability company, corporation or other entity) and the Relevant Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, the Relevant Taxing Jurisdiction but not including any connection resulting solely from the acquisition, ownership, or disposition of Notes, the receipt of payments thereunder and/or the exercise or enforcement of rights under any Notes or any Note Guarantee); (5) Taxes giving rise to such Additional Amounts that would not have been imposed but for the failure of such Holder or Beneficial Holder, to the extent such Holder or Beneficial Holder is legally eligible to do so, to timely satisfy any certification, identification, information, documentation or other reporting requirements concerning such Holder’s or Beneficial Holder’s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction or arm’s length relationship with the Payor or otherwise establish the right to the benefit of an exemption from, or reduction in the rate of, withholding or deduction, if such compliance is required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or Beneficial Holder is not resident in the Relevant Taxing Jurisdiction); (6) any estate, inheritance, gift, sales, transfer, personal property, excise or any similar Taxes or assessment; (7) any Taxes that were imposed with respect to any payment on a Note to any Holder who is a fiduciary or partnership or person other than the sole beneficial owner of such payment and to the extent the Taxes giving rise to such Additional Amounts would not have been imposed on such payment had the Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Note; (8) Taxes imposed on, or deducted or withheld from, payments in respect of the Notes if such payments could have been made without such imposition, deduction or withholding of such Taxes had such Notes been presented for payment (where presentation is required) within 30 days after the date on which such payments or such Notes became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent such Holder or Beneficial Holder would have been entitled to such Additional Amounts had such Notes been presented on the last day of such 30 day period); (9) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Note Guarantee; (10) any Taxes that are imposed or withheld as a result of the presentation of any Note for payment by or on behalf of a Holder or Beneficial Holder who would have been able to avoid such withholding or deduction by presenting the relevant Note to another paying agent; (11) any Taxes imposed under FATCA; or (vii12) any combination of the foregoing items subclauses (i1) through (vi11). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders and/or Beneficial Holders on the payment date. (d) The Payors, jointly and severally, Issuer will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of the Notes for the amount of any Holder Taxes under Regulation 803 of the Tax Act, or Beneficial Holderany similar or successor provision (other than Taxes described in subclauses (1) through (12) above (but including, reimburse notwithstanding subclause (9), any Taxes payable pursuant to Regulation 803 of the Tax Act) or Taxes arising by reason of a transfer of the Note to a person resident in Canada with whom the transferor does not deal at arm’s length for the purposes of the Tax Act except where such non-arm’s length relationship arises as a result of the exercise or enforcement of rights under any Notes or any Note Guarantee) levied or imposed on and paid by such a Holder or Beneficial Holder for the amount as a result of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsNote Guarantee. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration registration, delivery or delivery enforcement of the NotesNotes (other than on or in connection with a transfer of the Notes other than the initial sale by an Initial Purchaser), any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentinstrument (limited, solely in the case of taxes, charges or duties attributable to any payments with respect thereto, to any such taxes, charges or duties imposed in a Relevant Taxing Jurisdiction that are not excluded under Sections 4.21(b)(5) through (8) and (10) and (11)). (f) The obligations described under this Section 2.5 4.21 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (premium, if any) and , interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5hereunder, if applicable.

Appears in 1 contract

Sources: Indenture (GFL Environmental Holdings Inc.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Payor any Issuer is organized, organized or is a resident or carrying on business for tax purposes or from or through which such Payor (or its agents) any of the foregoing makes any payment on the Notes or any Note Guarantee by or within any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor an Issuer is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note GuaranteeNotes, such Payor, subject to the exceptions set forth in Section 2.5(b), Issuer will pay such additional amounts in cash (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder of the Notes after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net incomehereunder) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a)the foregoing, a Payor none of the Issuers will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any beneficial owner of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial HolderNotes: (i) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed on but for the Holder’s or measured beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction (other than a connection arising by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident reason of the jurisdiction imposing such Tax (acquisition, ownership, holding or Disposition of the Notes or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under any political subdivision thereof) Notes or (ii) that are Other Connection Taxesthe Indenture); (ii) in to the case extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of a the Holder or Beneficial beneficial owner of Notes, following any Issuer’s written request addressed to the Holder, withholding Taxes imposed on amounts payable to or for the account of extent such Holder or Beneficial Holder beneficial owner is legally entitled to do so, to comply with respect any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to an applicable interest exemption from, or reduction in an Indenture Obligation pursuant to the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a law in effect on certification that the date on which such Holder or Beneficial Holder acquires such interest beneficial owner is not resident in the Indenture ObligationRelevant Taxing Jurisdiction); (iii) Taxes attributable in respect of any Tax imposed or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of the indenture (or any amended or successor version of such Holder sections that is substantively comparable), current or Beneficial Holder’s failure future Treasury Regulations issued thereunder or any official interpretation thereof, any agreement entered into pursuant to comply with a request from Section 1471(b)(1) of the Trustee to provide a tax exemption certificateCode as of the date of the indenture (or any amended or successor version described above), and any intergovernmental agreement (or related governmental regulations, rules or official administrative practices) implementing the foregoing; (iv) with respect to any withholding Taxes imposed under FATCAestate, inheritance, gift, sales, transfer or personal property tax or any similar Taxes; (v) any Canadian withholding Taxes imposed under if such Holder is a fiduciary or partnership or person other than the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time sole beneficial owner of such payment (other than whereand the Taxes giving rise to such Additional Amounts would not have been imposed on such payment had such Holder been the beneficiary, in partner or sole beneficial owner, as the case of the foregoing clauses (i) or (ii)may be, the non- arm’s length relationship arises as a result of such Holder Note (but only if there is no material cost or Beneficial Holder expense associated with transferring such Note to such beneficiary, partner or recipient having become a party tosole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, received partner or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Documentsole beneficial owner); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if extent the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder such Additional Amounts would not have been eligible to receive payment imposed but for the presentation by the holder of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include where presentation is required, for payment on a date more than 30 days after the date on which payment of Additional Amounts became due and payable or indemnification payments as described in this Section 2.5, if applicable.the date on which payment thereof is duly provided for whichever occurs later; and

Appears in 1 contract

Sources: Indenture (Difl Us Ii LLC)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or by or on behalf of any Note of the Subsidiary Guarantors under or with respect to its Subsidiary Guarantee will be made free and clear of and without withholding or deduction for for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction in which such Payor the Issuer or any Subsidiary Guarantor, is organizedthen incorporated, resident or carrying on doing business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof or therein or (2) any jurisdiction from or through which payment is made or any department or political subdivision thereof or therein (each, a “Relevant Taxing Tax Jurisdiction”), unless such Payor is will at any time be required to withhold or deduct Taxes be made from any payments made by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account behalf of Taxes from any payment made the Issuer under or with respect to the Notes or by or on behalf of any Note of the Subsidiary Guarantors under or with respect to any Subsidiary Guarantee, such Payorincluding payments of principal, subject to redemption price, purchase price, interest or premium, the exceptions set forth in Section 2.5(b)Issuer or the relevant Subsidiary Guarantor, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary such in order that the net amount amounts received in respect of such payment payments by each Holder or Beneficial Holder holder after such withholding or deduction (including any such deduction or withholding in respect of such Additional Amounts) will equal the respective amounts which would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: (1) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the holder or the beneficial owner of the Notes and the relevant Tax Jurisdiction (other than solely from the mere acquisition, ownership, holding or disposition of such Note, the enforcement of rights under such Note or under a Subsidiary Guarantee and/or the receipt of any payments in respect of such Note or a Subsidiary Guarantee); (2) any Taxes, to the extent such Taxes would not have been imposed but for the failure of the holder or the beneficial owner of the Notes, following the Issuer’s written request to the holder, at least 30 days before any such withholding or deduction attributable would be payable, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the holder or the beneficial owner is legally entitled to provide such certification or documentation; (3) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the note been presented on the last day of such 30 day period); (4) any estate, inheritance, gift, sales, transfer, personal property or similar tax or assessment; (5) any Taxes payable hereunder but excluding Taxes otherwise than by deduction or withholding from payments made under or with respect to any Note or Subsidiary Guarantee; or (6) any combination of the above items. In addition to the foregoing, the Issuer and the Subsidiary Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and other liabilities related thereto) which are levied by any jurisdiction on net income) will not be less than the amount execution, delivery, issuance, or registration of any of the Holder Notes, the Indenture, any Subsidiary Guarantee, or Beneficial Holderany other document or instrument referred to therein, or the receipt of any payments with respect to, or enforcement of, the Notes or any Subsidiary Guarantee (such sum being recoverable from the Issuer as a liquidated sum payable as a debt). If the Issuer or any Subsidiary Guarantor, as the case may be, would have received if such Taxes had not been required becomes aware that it will be obligated to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Subsidiary Guarantee, the Issuer or the relevant Subsidiary Guarantor, as the case may be, will deliver to the Trustee on a date which is due and payable, if a Payor will be obligated at least 30 days prior to pay Additional Amounts with respect to such the date of that payment (unless such the obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such that payment is due and payabledate, in which case it will be the Issuer or the relevant Subsidiary Guarantor shall notify the Trustee promptly thereafter), ) notice stating the Payor will deliver to the Trustee an Officer’s Certificate stating fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The notice must also set forth such any other information reasonably necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders holders on the relevant payment date. . The Issuer or the relevant Subsidiary Guarantor will provide the Trustee with documentation evidencing the payment of Additional Amounts. The Issuer or the relevant Subsidiary Guarantor will make all withholdings and deductions (dwithin the time period and in the minimum amount) required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Payors, jointly and severally, Issuer or the relevant Subsidiary Guarantor will indemnify and hold harmless use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the Holders and Beneficial Holders and, upon written request payment of any Holder Taxes so deducted or Beneficial Holderwithheld. The Issuer or the relevant Subsidiary Guarantor will furnish to the Trustee (or to a holder upon request), reimburse within a reasonable time after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Subsidiary Guarantor, as the case may be, or if, notwithstanding such Holder or Beneficial Holder for entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to Trustee) by such entity. Whenever in the Indenture there is mentioned, in any context, the payment of amounts based upon the principal amount of (i) the Notes or of principal, interest or of any Taxes levied or imposed by a Relevant Taxing Jurisdiction and other amount payable by such Holder or Beneficial Holder in connection with payments made under under, or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notesto, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to of the Notes or any Note Guarantee or as a result ofSubsidiary Guarantee, or in connection withsuch mention shall be deemed to include the payment of Additional Amounts, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) if applicable. The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this the Indenture and will apply apply, mutatis mutandis to any successor Person to any Payor and mutandis, to any jurisdiction in which such any successor Person to the Issuer or any Subsidiary Guarantor is organized incorporated, or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which any payment on the Notes is made by or on behalf of such successor person (or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anySubsidiary Guarantee) and interest any department or any other amount payable under political subdivision thereof or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Indenture (Mariner, LLC)

Additional Amounts. (a) All payments made by of principal of and premium, if any, interest and any other amounts on, or on behalf in respect of, the Securities of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will series shall be made free and clear of and without withholding or deduction for at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges of Taxes whatever nature imposed or levied by or on behalf of Bermuda or any other jurisdiction in which such Payor the Company is organized, organized or otherwise considered to be a resident or carrying on business for tax purposes purposes, or any other jurisdiction from which or through which such Payor (or its agents) makes any a payment on the Notes or any Note Guarantee or any department or political subdivision thereof Securities is made by the Company (each, a “Relevant "Taxing Jurisdiction”)") or any political subdivision or taxing authority thereof or therein, unless such Payor is taxes, fees, duties, assessments or governmental charges are required to withhold be withheld or deduct Taxes deducted by law (i) the laws (or any regulations or ruling promulgated thereunder) of a Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or (ii) an official position regarding the application, administration, interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by the interpretation a taxing authority in a Taxing Jurisdiction or administration any political subdivision thereof). If a Payor withholding or deduction at source is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to required, the Notes or any Note Guarantee, such PayorCompany shall, subject to the certain limitations and exceptions set forth in Section 2.5(b)below, will pay to the Holder of any such additional amounts (“Security such Additional Amounts”) Amounts as may be necessary so that every net payment of principal, premium, if any, interest or any other amount made to such that the net amount received in respect of such payment by each Holder or Beneficial Holder Holder, after such withholding or deduction (including any such withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will from such additional amounts), shall not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if provided for in such Taxes had not been required Security and this Indenture to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is then due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) Company shall not extend be required to Taxes make payment of such Additional Amounts for or on account of: (a) any tax, fee, duty, assessment or governmental charge of whatever nature which the applicable Holder or Beneficial Holder would not have been eligible imposed but for the fact that such Holder: (A) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the relevant Taxing Jurisdiction or any political subdivision thereof or otherwise had some connection with the relevant Taxing Jurisdiction other than by reason of the mere ownership of, or receipt of payment under, or enforcement of rights with respect to, such Security; (B) presented such Security, where presentation is required, for payment in the relevant Taxing Jurisdiction or any political subdivision thereof, unless such Security could not have been presented for payment elsewhere; or (C) presented such Security, where presentation is required, more than thirty (30) days after the date on which the payment in respect of such Security first became due and payable or provided for, whichever is later, except to receive the extent that the Holder would have been entitled to such Additional Amounts if it had presented such Security for payment on any day within such period of thirty (30) days; (b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; (c) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of such Security to comply with any reasonable request by the Company addressed to the Holder within 90 days of such request (A) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (B) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (A) or (B), is required or imposed by statute, treaty, regulation or administrative practice of the relevant Taxing Jurisdiction or any political subdivision thereof as a precondition to exemption from all or part of such tax, assessment or other governmental charge; (d) any withholding or deduction required to be made pursuant to any EU Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meetings of 26-27 November 2000, 3 June 2003 or any law implementing or complying with, or introduced in order to confirm to, such EU Directive; or (e) any combination of items (a), (b), (c) and (d); nor shall Additional Amounts be paid with respect to any payment of the principal of, or premium, if any, interest or any other amounts on, any such Security to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such Security to the extent such payment would be required by the laws of the relevant Taxing Jurisdiction (or any political subdivision or relevant taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the Holder of the Security. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium, interest or any other amounts on, or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts hereunder provided by virtue the terms of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments series established hereby or pursuant hereto to the extent that, in such Holder or Beneficial Holder received context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of Additional Amounts in those provisions hereof where such express mention is not made. Except as otherwise provided in or pursuant to this Indenture or the related Board Resolution of the applicable series, at least 10 days prior to the first Interest Payment Date with respect to a series of Securities (or if the Securities of such payments. (e) In additionseries shall not bear interest prior to Maturity, the Payor first day on which a payment of principal is made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned Officer's Certificate, the Company shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if other than the Trustee, an Officer's Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, interest or any other amounts on the Securities of such series shall be made to Holders of Securities of such series without withholding for or on account of any tax, fee, duty, assessment or other governmental charge described in this Section 4.4. If any such withholding shall be required, then such Officer's Certificate shall specify by Taxing Jurisdiction the amount, if any, required to be withheld on such payments to such Holders of Securities and the Company agrees to pay to the Trustee or such Paying Agent the Additional Amounts required by this Section 4.4. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer's Certificate furnished pursuant to this Section 4.4. The Company will make any required withholding or deduction and remit the full amount deducted or withheld to the relevant Taxing Jurisdiction in accordance with applicable law. The Company will furnish to the Holders, within 60 days after the date the payment of any taxes so deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing such payment by the Company or, if such receipts are not obtainable, other evidence of such payments by the Company reasonably satisfactory to the Holders. The Company shall promptly pay when due any present or future stamp, issue, registration, court, documentation, court or documentary taxes or any other excise or other similar property taxes, charges and duties, including or similar levies that arise in any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of from the execution, issuancedelivery, or registration or delivery of the Notes, any Note Guarantee Security or any other document or instrument referred relating to thereunder the issuance thereof or the receipt of any payments with respect to the Securities. The Company shall indemnify and make whole the Holders of Securities for any such present or future stamp, court or documentary taxes or any other excise or property taxes, charges or duties imposed similar levies payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or Company as a result of, or provided in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 4.4 that are paid by such Holders. The foregoing obligations will survive any termination, defeasance or discharge of this the Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any successor to the Company is organized or is otherwise resident any political subdivision or doing business for tax purposes taxing authority or any jurisdiction from agency thereof or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Subordinated Indenture (Aspen Insurance Holdings LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes a Note, or any a Guarantor under or with respect to a Note Guarantee will Guarantee, shall be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter, “Taxes”), unless any such Taxes are required to be withheld or deducted under applicable law. If any Taxes imposed or levied by or on behalf of the government of Italy or any other jurisdiction in which such Payor the Issuer or any Guarantor is organized, organized or is a resident or carrying on does business for tax purposes or from within or through which such Payor (payment is made by or its agents) makes any payment on behalf of the Notes Issuer or any Note Guarantee Guarantor (including the jurisdiction of any Paying Agent) or any department or political subdivision or taxing authority or agency thereof or therein (each, any of the aforementioned being a “Relevant Taxing Jurisdiction”), unless such Payor is ) will at any time be required to withhold be withheld or deduct Taxes deducted by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes applicable withholding agent from any payment made under or with respect to the Notes a Note or any a Note Guarantee, or if a beneficial owner actually pays any such PayorTaxes where the Issuer, subject Guarantor or any other applicable withholding agent has failed to withhold or deduct Taxes required to be withheld or deducted from any payment made under or with respect to a Note or a Note Guarantee, the exceptions set forth in Section 2.5(b)Issuer or the relevant Guarantor, will as applicable, shall pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect by each beneficial owner of such payment by each Holder or Beneficial Holder Note after such withholding or deduction by the applicable withholding agent of such Taxes (including any such deduction or withholding or deduction attributable to of any Taxes in respect of such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, such beneficial owner would have received if such Taxes had not been required to be so withheld or deducted; provided, however, that notwithstanding the foregoing, Additional Amounts will not be paid: (1) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed, deducted or withheld but for the existence of any present or former connection between the Holder or beneficial owner of a Note (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, the Holder or beneficial owner of such Note, if the Holder or beneficial owner is an estate, nominee, trust, partnership or corporation) and the relevant Taxing Jurisdiction (other than the receipt of such payment or the acquisition, ownership, holding or disposition of, or the execution, delivery, registration or enforcement of, such Note or Note Guarantee); (2) subject to subsection (e) of this Section 4.12, with respect to any estate, inheritance, gift, sales, transfer or similar tax; (3) subject to subsection (e) of this Section 4.12, with respect to any Taxes payable otherwise than by deduction or withholding from payments under or with respect to such Note or Note Guarantee; (4) to the extent such Taxes would not have been imposed, deducted or withheld if the Holder or beneficial owner of the Note or beneficial owner of any payment on such Note had (i) made a declaration of non-residence, or any other claim or filing for exemption, to which it is entitled or (ii) complied with (to the extent legally eligible to do so) any certification, identification, information, documentation or other reporting requirement concerning the nationality, residence, identity or connection with the relevant Taxing Jurisdiction of such Holder or beneficial owner of such Note or any payment on such Note (provided that (x) such declaration of nonresidence or other claim or filing for exemption or such compliance is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of the imposition, deduction or withholding of, such Taxes and (y) at least 45 days prior to the first payment date with respect to which such declaration of nonresidence or other claim or filing for exemption or such compliance is required under the applicable law of the Taxing Jurisdiction, the relevant Holder at that time has been notified in writing by the Issuer, any Guarantor or any other person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption or such compliance is required to be made); (5) to the extent such Taxes would not have been imposed, deducted or withheld if the beneficiary of the payment had presented the Note for payment within 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); (6) in the case of any Italian withholding tax imposed pursuant to Italian Legislative Decree No. 239 of April 1, 1996, to the extent such Taxes are imposed with respect to a payment to a non-Italian resident legal entity or a non-Italian resident individual as a result of such entity or individual not being a resident of or established in a jurisdiction that allows for a satisfactory exchange of information with Italy and that is included in the White List at the payment date; (7) with respect to any Italian withholding tax imposed with respect to a payment to an Italian resident legal entity or Italian resident individual pursuant to Article 7 of Italian Legislative Decree No. 461 of November 21, 1997; and (8) any combination of items (1) through (7) above. The foregoing provisions shall survive any termination or discharge of this Indenture and shall apply mutatis mutandis to any successor Person to the Issuer or any Guarantor and any Taxing Jurisdiction with respect to any such Person. (b) Notwithstanding Section 2.5(a)The Issuer or the applicable Guarantor, a Payor will notif it is the applicable withholding agent, howevershall make any applicable withholding or deduction required by law and remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Issuer or the applicable Guarantor shall furnish to the Trustee, pay Additional Amounts to a Holder within 30 days after the date the payment of any Taxes deducted or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation is due pursuant to a law in effect on the date on which applicable law, certified copies of tax receipts or, if such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable tax receipts are not reasonably available to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or Guarantor, such other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time documentation that provides reasonable evidence of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for such Guarantor. Copies of such receipts or other documentation shall be made available by the purposes of Issuer to the Tax Act) with a “specified non-resident shareholder” (Holders or the Paying Agent, as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi)applicable, upon request. (c) At least 30 calendar days prior to each date on which any payment under or with respect to the any Notes or any Note Guarantee is due and payable, if a Payor the Issuer or any Guarantor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter)payment, the Payor will Issuer or such Guarantor shall deliver to the Trustee and the Paying Agent an Officer’s Officers’ Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee Paying Agents to pay such Additional Amounts to Holders of such Notes on the payment date. Notwithstanding the foregoing, if the obligation to pay Additional Amounts arises after the 30th day prior to any such date, the Issuer or the applicable Guarantor shall deliver to the Trustee and the Paying Agent an Officers’ Certificate as described in the preceding sentence and shall pay such Additional Amounts promptly after such obligation arises. The Trustee and the Paying Agent shall be entitled but shall not be obligated to rely on each Officers’ Certificate until receipt of a further Officers’ Certificate addressing such matters. (d) The PayorsIn addition to the foregoing, jointly the Issuer and severallythe Guarantors shall pay any present or future stamp, will indemnify and hold harmless the Holders and Beneficial Holders andcourt or documentary Taxes or any other excise, upon written request of property or similar Taxes that arise in any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to from the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stampexecution, issue, registrationdelivery, court, documentation, excise enforcement or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, this Indenture, any Note Guarantee or any other document or instrument referred to thereunder in relation thereto, and the Issuer and the Guarantors shall indemnify the Holders of the Notes for any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made Taxes paid by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableHolders.

Appears in 1 contract

Sources: Indenture (LKQ Corp)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) Company under or with respect to the Notes (or by any Note Guarantee will Guarantor with respect to any Guarantee) shall be made free and clear of and without withholding or deduction for for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter “Taxes”) unless the withholding or deduction of such Taxes is then required by law (as determined by the Company or any Guarantor, as applicable). If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of the government of the Republic of ▇▇▇▇▇▇▇▇ Islands or any political subdivision or any authority or agency therein or thereof having power to tax, or any other jurisdiction in which the Company (including any successor entity) or such Payor Guarantor is organized, organized or is otherwise resident or carrying on business for tax purposes purposes, or any jurisdiction from or through which such Payor payment is made (or its agentsincluding, without limitation, the jurisdiction of each paying agent) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, each a “Relevant Taxing Specified Tax Jurisdiction”), unless such Payor is will at any time be required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes be made from any payment payments made under or with respect to the Notes or any Note Guaranteethe Guarantees, such Payor, subject to the exceptions set forth in Section 2.5(b), will Company and the Guarantors shall pay such additional amounts (the “Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment payments by each a Holder or Beneficial Holder (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will shall not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that the foregoing obligation to pay Additional Amounts to a does not apply to: 1. any Taxes that would not have been so imposed but for the Holder or Beneficial Holder beneficial owner of the Notes having any present or former connection with the Specified Tax Jurisdiction (other than the mere acquisition, ownership, holding, enforcement or receipt of payment in respect of the Notes); 2. any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge; 3. any Taxes payable other than by deduction or withholding from payments under, or with respect to to, the Notes; 4. any Taxes imposed as a result of the following failure of the Holder or beneficial owner of the Notes to complete, execute and deliver to the Company any form or document to the extent applicable to such Holder or beneficial owner that may be required by law or by reason of administration of such law and which is reasonably requested in writing to be delivered to the Company in order to enable the Company to make payments on the Notes without deduction or withholding for Taxes, or with deduction or withholding of a lesser amount, which form or document will be delivered within 60 days of a written request therefor by the Company; 5. any Taxes that would not have been so imposed but for the beneficiary of the payment having presented a Note for payment (in cases in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); 6. any Taxes imposed on or with respect to any payment by the Company to the Holder if such Holder is a Holder fiduciary or Beneficial Holder partnership or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result Person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment would not have been entitled to Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or Note; or 7. any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, U.S. federal withholding Taxes imposed on amounts payable pursuant to FATCA; 8. any combination of clauses (1) through (7) above. (b) If the Company or for the account of such Holder or Beneficial Holder any Guarantor becomes aware that it will be obligated to pay Additional Amounts with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due the Guarantees, the Company will deliver to the Trustee and payable, if a Payor will be obligated Paying Agent at least 30 days prior to pay Additional Amounts with respect to such the date of that payment (unless such the obligation to pay Additional Amounts arises after the 35th 30th day prior to that payment date, in which case the Company will notify the Trustee and Paying Agent promptly thereafter but in no event later than two Business Days prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee of payment) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount so payable and will payable. The Officer’s Certificate shall also set forth such any other information determined by the Company or any Guarantor to be necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders on the relevant payment date. The Trustee and Paying Agent will be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Company will provide the Trustee and Paying Agent with documentation evidencing the payment of Additional Amounts. (c) The Company will make all withholdings and deductions required by law and will remit the full amount deducted or withheld to the relevant governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Company will provide the Trustee and Paying Agent with an official receipt or, if official receipts are not obtainable, other documentation evidencing the payment of the Taxes so withheld or deducted. Upon request, copies of those receipts or other documentation, as the case may be, will be made available by the Trustee and Paying Agent to the Holders of the Notes. (d) The Payors, jointly and severally, will indemnify and hold harmless Whenever in the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) Base Indenture or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Fourteenth Supplemental Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor there is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers toreferenced, in any context, the payment of amounts based upon the principal amount of the Notes or of principal, Premium (if any) and interest or any other amount payable under, or with respect to, the Notes or the Guarantees, such reference shall be deemed to include payment of Additional Amounts as described under this Section 8.01 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. (e) The Company will indemnify a Holder, within 10 Business Days after written demand therefor, for the full amount of any Taxes paid by such Holder to a governmental authority of a Specified Tax Jurisdiction, on or with respect to any Note, such reference shall include payment by on or account of any obligation of the payment Company to withhold or deduct an amount on account of Taxes for which the Company would have been obliged to pay Additional Amounts hereunder and any penalties, interest and reasonable expenses arising therefrom or indemnification with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Company by a Holder will be conclusive absent manifest error. (f) The Company will pay any present or future stamp, court or documentary taxes or any other excise or property taxes, charges or similar levies that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement or registration of the Notes, the Indenture or any other document or instrument in relation thereof, or the receipt of any payments as described in this Section 2.5with respect to the Notes, if applicableand the Company will indemnify the Holders for any such taxes paid by such Holders.

Appears in 1 contract

Sources: Supplemental Indenture (Atlas Corp.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes this Note or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If either Issuer, a Payor Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes this Note or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes, after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors will, however, pay Additional Amounts in respect or on account of: (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of this Note, or by reason of the receipt of any payments in respect of any Notes or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of this Note, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to this Note or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had this Note been presented on the last day of such Holder 30-day period); (viii) any U.S. federal withholding Taxes or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viiix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors, if the applicable withholding agents, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes this Note or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to this Note or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly Trustee and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request Paying Agent shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a notice in accordance with Section 12.02 of any Holder or Beneficial Holder, reimburse the Indenture stating that such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if will be payable and describing the Payor had been required obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration of this Note or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and thereunder, or (ii) the receipt of any payments under or with respect to, or enforcement of, this Note or any Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by such taxes, charges Issuer or duties such Guarantor (as the case may be) of any Taxes imposed or levied by any a Relevant Taxing Jurisdiction on Jurisdiction, in accordance with the procedures described in Section 12.02 of the Indenture, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or Guarantor to obtain such receipts, the same are not obtainable, such Issuer or such Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuers and the Guarantors (and not otherwise in the possession of the Trustee) to enable the determination of the amount of any withholding taxes attributable to any particular Holder(s). (e) Whenever the Indenture or this Note refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to this or any other Note (including payments thereof made pursuant to a Guarantee), such reference includes the Notes or any Note Guarantee or as a result ofpayment of Additional Amounts, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrumentif applicable. (f) The obligations described under this Section 2.5 This paragraph 2 will survive any termination, defeasance or discharge of this the Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever , including the Paying Agent) makes any payment on this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under Note (or with respect any Guarantee) and any department, political subdivision or governmental authority of or in any of the foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (Ardagh Group S.A.)

Additional Amounts. If specified pursuant to Section 3.1, (ai) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) Issuers under or with respect to the Notes of any Series or any Note of the Guarantors with respect to any Guarantee will shall be made free and clear of and without withholding or deduction for for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and any other additions thereto) (“Taxes”) unless the withholding or deduction of such Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is then required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes in any applicable jurisdiction or political subdivision thereof. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction in which the Issuers or any Note Guarantor is then organized, engaged in business for tax purposes or resident for tax purposes or any political subdivision thereof or therein having the power to tax or (2) any jurisdiction from or through which payment is made by or on behalf of the Issuers or any Guarantor or any political subdivision thereof or therein having the power to tax (each, a “Tax Jurisdiction”) shall at any time be required to be made from any payments made by the Issuers under or with respect to the Notes or any of the Guarantors with respect to any Guarantee, such Payorthe Issuers or relevant Guarantor, subject as applicable, shall pay to each Holder of Notes that are outstanding on the exceptions set forth in Section 2.5(b)date of the required payment, will pay such additional amounts (“Additional Amounts”) as may be necessary such so that the net amount received in respect of such payment payments by each Holder or Beneficial Holder after such withholding withholding, deduction or deduction imposition (including withholding any such withholding, deduction or deduction attributable to imposition from such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will shall not be less than the amount the each Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, pay that no Additional Amounts to a Holder or Beneficial Holder shall be payable with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderto: (iA) Taxes imposed on or measured by the overall net income of a Holder; (however denominated), franchise Taxes and branch profits B) any Taxes, in each case to the extent such Taxes would not have been imposed but for the Holder not dealing at arm’s length (iwithin the meaning of the Income Tax Act (Canada)) with the Issuer at the time of making such payment; (C) any Taxes, to the extent such Taxes would not have been imposed as a result of such but for the Holder or Beneficial beneficial owner of the Notes being or having been a “10-percent shareholder” of any of the Issuers or Guarantors as defined in section 871(h)(3) of the Code, or any successor provision; (D) any Taxes, to the extent such Taxes would not have been imposed but for the Holder being organized under an Offshore Associate of an Issuer; (E) any Taxes, to the laws ofextent such Taxes would not have been imposed but for the application of section 126 of the Australian Tax Act; (F) any Taxes that would not have been imposed had that Holder provided the Issuers with its Australian business number, tax file number or details of any relevant exemption; (G) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any present or former connection between the Holder or the beneficial owner of the Notes and the relevant Tax Jurisdiction including, for greater certainty and without limitation, being or having been a business office located incitizen, resident or national thereof, or being or having been present or engaged in a resident trade or business therein or maintaining a permanent establishment or other physical presence in or otherwise having some connection with the relevant Tax Jurisdiction (other than the mere acquisition, ownership, holding or disposition of such Note, the jurisdiction imposing enforcement of rights under such Tax (Note or under a Guarantee or the receipt of any political subdivision thereof) payments in respect of such Note or (ii) that are Other Connection Taxesa Guarantee); (iiH) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or beneficial owner of Notes, to comply in a timely fashion with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from, or reduction in the case rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest beneficial owner is not resident in the Indenture ObligationTax Jurisdiction); (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (ivI) any withholding Taxes imposed under FATCA; (vJ) any Canadian withholding Taxes imposed under estate, inheritance, gift, sales, transfer, added value or personal property tax or any similar Taxes; (K) if such Holder is a fiduciary or partnership or person other than the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time sole beneficial owner of such payment (other than whereand the Taxes giving rise to such Additional Amounts would not have been imposed on such payment had such holder been the beneficiary, in partner or sole beneficial owner, as the case of the foregoing clauses (i) or (ii)may be, the non- arm’s length relationship arises as a result of such Holder Note (but only if there is no material cost or Beneficial Holder expense associated with transferring such Note to such beneficiary, partner or recipient having become a party tosole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, received partner or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Documentsole beneficial owner); (viL) any Canadian withholding to the extent the Taxes giving rise to such Additional Amounts would not have been imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (but for the purposes presentation by the Holder of any Note, where presentation is required, for payment on a date more than 30 days after the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of date on which payment became due and payable or the Tax Act) of the Issuerdate on which payment thereof is duly provided for, whichever occurs later; or (viiM) any combination of the foregoing items (i) through (viabove clauses in this Section 10.5(i). (cii) The Issuers, the Guarantors or the Trustee or Trustees, as applicable, will make any required withholding or deduction and remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. Upon request, the Issuers or the Guarantors will provide the Trustee or Trustees with official receipts or other documentation evidencing the payment of the Taxes with respect to which Additional Amounts are paid. (iii) The Issuers and the Guarantors shall indemnify and hold harmless each Holder of Notes that are outstanding on the date of the required payment from all Taxes (other than Taxes excluded under this Section 10.5). (iv) In addition to the foregoing, the Issuers and the Guarantors shall also pay and indemnify each Holder for any present or future stamp, issue, registration, added value, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and any other liabilities related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture, any Guarantee or any other document referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes or any Guarantee. (v) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if the Issuers or a Payor will be Guarantor become obligated to pay Additional Amounts with respect to such payment, the Issuers or relevant Guarantor, as applicable, shall deliver to the Trustee or Trustees an Officer’s Certificate stating the fact that such Additional Amounts shall be payable, and the amounts so payable and shall set forth such other information as is necessary to enable the Trustee or Trustees to pay such Additional Amounts to the Holders of the Notes on the payment date (unless such the obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such that payment is due and payabledate, in which case it will be the Issuers or relevant Guarantor shall notify the Trustee or Trustees promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (dvi) The PayorsWhenever in this Indenture there is mentioned, jointly and severally, will indemnify and hold harmless in any context: (A) the Holders and Beneficial Holders and, payment of amounts based upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the principal amount of the Notes, (iB) any Taxes levied or imposed by a Relevant Taxing Jurisdiction the payment of principal (and payable by such Holder or Beneficial Holder premium, if any), (C) purchase prices in connection with payments made a repurchase of Notes, (D) interest and additional interest, if any, or (E) any other amount payable under or with respect to any of the Notes held by or any Guarantee, such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect mention shall be deemed to any reimbursement under include mention of the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations payment of Additional Amounts provided for in this clause (d) shall not extend section to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of extent that, in such context, Additional Amounts hereunder by virtue of clauses (i) through are, were or would be payable in respect thereof. (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The above obligations described under this Section 2.5 will shall survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized transfer by a Holder or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, beneficial owner of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableNotes.

Appears in 1 contract

Sources: Indenture (Brookfield Infrastructure Partners L.P.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Surviving Entity make under or with respect to the Notes and that the Guarantors make under or any Note Guarantee will with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charges (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Payor the Issuer, any Guarantor or any Surviving Entity is organizedincorporated, organized or otherwise resident or carrying on business for tax purposes or from or through which such Payor (or its agents) any of the foregoing makes any payment on the Notes or any Note Guarantee by or within any department or political subdivision thereof or governmental authority of or in any of the foregoing having the power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor the withholding or deduction is then required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If the Issuer, a Payor Guarantor or any Surviving Entity is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes Notes, the Issuer, the Guarantor or any Note Guaranteesuch Surviving Entity, such Payoras the case may be, subject to the exceptions set forth in Section 2.5(b), will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will be not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(athe foregoing, none of the Issuer, the Guarantors or any Surviving Entity shall pay any Additional Amounts to the extent that the Taxes are imposed, levied or withheld: (i) by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt or holding of Notes or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under any Notes, this Indenture or any Guarantee); or (ii) by reason of the failure of the Holder or beneficial owner of Notes, following the Issuer’s written request addressed to the Holder or beneficial owner or otherwise made available to the Holder or beneficial owner (and made at a time that would enable the Holder or beneficial owner acting reasonably to comply with that request) to comply with any certification, identification, information or other reporting requirements relating to such matters, whether required or imposed by statute, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a Payor will notcertification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (c) Notwithstanding the provisions of clause (a) of this Section 4.12, however, the Issuer’s and the Guarantors’ obligations to pay Additional Amounts to a Holder in respect of Taxes shall not apply in respect or Beneficial Holder on account of: (i) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (ii) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes; (iii) any of the following Taxes Tax imposed on or with respect to any payment by the Issuer or a Guarantor to the Holder if such Holder is a fiduciary or Beneficial Holder partnership or required to be withheld or deducted from a person other than the sole beneficial owner of such payment to a Holder or Beneficial Holder: (i) the extent that Taxes would not have been imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result such payment had such Holder been the sole beneficial owner of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificateNote; (iv) any withholding Taxes Tax that is imposed under FATCAon or levied by reason of the presentation (where presentation is required in order to receive payment) of such Notes for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent that the beneficial owner or Holder thereof would have been entitled to Additional Amounts had the Notes been presented for payment on any date during such 30 day period; (v) any Canadian withholding Taxes Tax imposed under Sections 1471 through 1474 of the Tax Act on Code as of the Issue Date (or any amount paid amended or creditedsuccessor provision that is substantively comparable and not more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 147l(b) of the Code as of the Issue Date (or any amended or successor provision that is substantively comparable and not materially more onerous to comply with), or deemed as paid any fiscal or creditedregulatory legislation, by rules or on account practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of any obligation such Sections of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)Code; (vi) any Canadian withholding Taxes Tax that is imposed under the Tax Act or levied on any amount paid or credited, or deemed as paid or credited, by any with respect to a Note presented for payment on behalf of a Holder or Beneficial Holder beneficial owner who would have been able to avoid such withholding or recipient deduction by reason of such Holder or Beneficial Holder or recipient (i) being presenting the relevant Note to another Paying Agent in a “specified non-resident shareholder” (as defined in subsection 18(5) member state of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the IssuerEuropean Union; or (vii) any combination withholding or deduction in respect of any Taxes imposed by the foregoing items United States or any jurisdiction therein. (d) The Issuer, the Guarantors and any Surviving Entity shall (i) through make such withholding or deduction of Taxes required by applicable law and (vi)ii) remit the full amount of Taxes so deducted or withheld to the relevant taxing Authority in accordance with all applicable laws. (ce) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuer, any Guarantor or any Surviving Entity shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will be promptly thereafter), the Payor will Issuer shall deliver to the Trustee and Paying Agent an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information (other than the identities of Holders and beneficial owners) necessary to enable the Trustee or Paying Agent, as the case may be, to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders beneficial owners on the relevant payment date. The Issuer will provide the Trustee with documentation reasonably satisfactory to the Trustee evidencing payment of such Additional Amounts. The Issuer shall promptly publish a notice in accordance with Section 13.02 stating that such Additional Amounts will be payable and describing its obligations to pay such amounts. Upon request, the Issuer, the Guarantors or any Surviving Entity shall furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing the payment by the Issuer, the Guarantors or such Surviving Entity (as the case may be) of any Taxes imposed or levied by a Relevant Taxing Jurisdiction. If, notwithstanding the efforts of the Issuer, the Guarantors or such Surviving Entity to obtain such receipts, the same are not obtainable, then the Issuer, the Guarantors or such Surviving Entity shall promptly provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or Holder of such payment by the Issuer, the Guarantors or such Surviving Entity. If the Issuer or Guarantors or any Surviving Entity conducts business in any jurisdiction (an “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction and, upon written request as a result, is required by the law of such Additional Taxing Jurisdiction to withhold or deduct any Holder amount on account of the Taxes imposed by such Additional Taxing Jurisdiction from payment under the Notes or Beneficial Holderany Guarantee, reimburse as the case may be, which would not have been required to be so withheld or deducted but for such Holder conduct of business in such Additional Taxing Jurisdiction, paragraph (a) of this Section 4.12 shall apply as if references in such paragraph to “Taxes” included Taxes imposed by way of withholding or Beneficial Holder for deduction by any such Additional Taxing Jurisdiction (or any political subdivision thereof or therein). In addition, the amount of Issuer, the Guarantors and any Surviving Entity shall pay (i) any Taxes levied present or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any future stamp, issue, registration, court, court documentation, excise or property Taxes or other similar taxes, charges and dutiesTaxes, including any interest, interest and penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuanceissue, delivery or registration or delivery of the Notes, any Note Guarantee the Guarantees, this Indenture or any other document or instrument referred to thereunder and any such taxes, charges or duties Taxes imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or jurisdiction as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or the Guarantees, this Indenture or any other such document or instrumentinstrument following the occurrence of any Event of Default with respect to the Notes, and (ii) any stamp, court, or documentary Taxes (or similar charges or levies) imposed with respect to the receipt of any payments with respect to the Notes or the Guarantees. The Issuer, Guarantors and/or any Surviving Entity shall not, however, be responsible for such amounts that are imposed on or result from a sale or other transfer or disposition by a Holder or beneficial owner of a Note. (f) The obligations described under this Section 2.5 will preceding provisions shall survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such any successor person to the Issuer or Guarantor is organized organized, incorporated or is otherwise resident for Tax purposes and any political subdivision or doing business for tax purposes taxing Authority or any jurisdiction from agency thereof or through which payment is made by such successor or its respective agents. therein. (g) Whenever this Indenture refers to, in any context, the payment of principal, Premium (premium, if any) and , interest or any other amount payable under or with respect to any NoteNote (including payments thereof made pursuant to any Guarantee), such reference shall include includes the payment of Additional Amounts or indemnification payments as described in this Section 2.5Amounts, if applicable.

Appears in 1 contract

Sources: Indenture (Sunbelt Rentals Holdings, Inc.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes Securities or any Note Guarantee will that the Guarantors make under or with respect to the Guaranties shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of (1) any political subdivision or Governmental Authority thereof or therein having power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes Securities or the relevant Guaranty is made on behalf of the Issuers or any Note Guarantee Guarantor, or any department or political subdivision or Governmental Authority thereof or therein having the power to tax, or (each3) any other jurisdiction in which the Issuers or any Guarantor is organized or resident, or any political or Governmental Authority thereof or therein having the power to tax (each of clauses (1), (2) and (3), a “Relevant Taxing Jurisdiction”), unless the Issuers or such Payor Guarantor, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If the Issuers or a Payor Guarantor is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes Securities, the Issuers or any Note Guaranteethe Guarantor, such Payoras the case may be, shall, subject to the exceptions set forth in Section 2.5(b2.19(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder of the Securities after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net incomehereunder) will shall not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNeither the Issuers nor any Guarantor will, however, be required to pay Additional Amounts to a Holder or Beneficial beneficial owner of a Security: (1) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the Holder’s or beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction (other than the acquisition, ownership, holding or disposition of a Security or by reason of the receipt of payments thereunder or under any Guaranty or the exercise or enforcement of rights under any Securities or this Indenture or under any Guaranty); (2) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of the Holder or beneficial owner of Securities, following the Issuers’ written request addressed to the Holder, to the extent such Holder or beneficial owner is legally entitled to do so, to comply with any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (3) with respect to any estate, inheritance, gift, sales, transfer or personal property tax or any similar Taxes (other than stamp, issue, registration, court, documentation, excise or other similar Taxes referred to in Section 2.19(f)); (4) if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment and the following Taxes giving rise to such Additional Amounts would not have been imposed on such payment had such Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Security (but only if there is no material cost or expense associated with transferring such Security to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or sole beneficial owner); (5) with respect to a Holder any Taxes that are payable otherwise than by deduction or Beneficial Holder withholding from payments on, or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws respect of, having a business office located in, the applicable Security or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection TaxesGuaranty; (ii6) in the case of a Holder or Beneficial Holder, withholding with respect to any Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on beneficial owner at the date on which time such Holder or Beneficial Holder acquires becomes a party to this Indenture, except to the extent that such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; transferor or assignor (ivif any) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedwas entitled, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making assignment, to receive Additional Amounts with respect to such payment or (ii) in respect of a debt or other obligation Taxes pursuant to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (iiSection 2.19(a), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document);; and (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act7) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) respect to any combination of the foregoing items (i) through (vi)listed above. (c) The Issuers and the Guarantors will (1) make such withholding or deduction required by applicable law and (2) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Issuers and the Guarantors will provide to the Trustee either a certified copy of tax receipts evidencing such payment or, if such tax receipts are not reasonably available to the Issuers or such Guarantor, such other documentation that provides reasonable evidence of such payment by the Issuers or such Guarantor. (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee Securities is due and payable, if a Payor will the Issuers or the Guarantors shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Securities is due and payable, in which case it will shall be promptly thereafter), the Payor will Issuers shall deliver to the Trustee an Officer’s Officers’ Certificate stating that such Additional Amounts will shall be payable and the amounts so payable and will shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. The Issuers and the Guarantors shall promptly publish a notice in accordance with Section 12.2 stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. (de) The PayorsIssuers and the Guarantors, jointly and severally, will shall indemnify and hold harmless the Holders and Beneficial Holders of Securities, and, upon written request of any Holder or Beneficial Holderof Securities, reimburse such Holder or Beneficial Holder for the amount of (i1) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes Securities held by such Holder or Beneficial Holder any Guaranties; and (ii2) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i1) or this clause (ii2), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will shall not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i1) and/or (ii2) had not been imposed; provided, however, that the indemnification or reimbursement obligations obligation provided for in this clause (dSection 2.19(e) shall not extend to Taxes imposed for which the applicable eligible Holder or Beneficial Holder of the Securities would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (ef) In additionThe Issuers and the Guarantors shall pay and jointly and severally shall indemnify and hold harmless the Holders of Securities, and upon written request of any Holder of Securities, reimburse such Holder for the Payor will pay amount of any present or future stamp, issue, any present or future stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, interest and penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuanceissue, registration or delivery of the Notes, Securities or any Note Guarantee Guaranties or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or jurisdiction as a result of, or in connection with, the enforcement of the Notes, Securities or any Note Guarantee Guaranty and/or any other such document or instrument. (f) . The obligations described under provisions of this Section 2.5 will 2.19 shall survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to the Issuers or any Payor Guarantor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (premium, if any) and , interest or any other amount payable under or with respect to any NoteSecurity, such reference shall include includes the payment of Additional Amounts or indemnification payments as described in this Section 2.5hereunder, if applicable.

Appears in 1 contract

Sources: Indenture (FriendFinder Networks Inc.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes this Note or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If either Issuer, a Payor Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes this Note or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes, after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Indenture (Ardagh Group S.A.)

Additional Amounts. (a) All Any payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) Issuers under or with respect to the Notes or any Note Guarantee will shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge of whatever nature imposed or levied by or on behalf of Mexico or of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof or by any authority or agency therein or thereof having power to tax (each, a “Relevant Taxing Jurisdiction”hereinafter "Taxes"), unless such Payor either Issuer is required to withhold or deduct Taxes by law law, rule or regulation or by the interpretation or administration thereof. If a Payor either Issuer is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note GuaranteeNotes, such Payor, subject to then the exceptions set forth in Section 2.5(b), will Issuers shall pay such additional amounts (“"Additional Amounts”") as may be necessary such necessary, so that the net amount received in respect on the respective due dates of such payment amounts by each Holder or Beneficial Holder (including Additional Amounts) after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the such Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding clause (a) of this Section 2.5(a)4.21, a Payor will not, however, pay no such Additional Amounts to a Holder or Beneficial Holder shall be payable with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderto: (i) any Taxes which are imposed on on, or measured by net income deducted or withheld from, payments made to the Holder or beneficial owner of a Note because of the existence of any present or former connection between the Holder or beneficial owner of the Notes (however denominated)or between a fiduciary, franchise Taxes and branch profits Taxessettlor, in each case (i) imposed as beneficiary, member of, or possessor of a result of power over, such Holder or Beneficial beneficial owner, if such Holder being organized under or beneficial owner is an estate, a trust or a partnership) and Mexico, except for a connection relating to or otherwise arising from the laws mere ownership of, having a business office located inor receipt of payment under, such Note or being a resident the exercise of rights under such Note or the jurisdiction imposing such Tax Indenture (personally or any political subdivision thereof) or (ii) that are Other Connection Taxesthrough the Trustee); (ii) in any Taxes that are imposed on, or withheld or deducted from, payments made to the case Holder or beneficial owner of a Holder Note to the extent such Taxes would not have been so imposed, deducted or Beneficial Holder, withholding Taxes imposed on amounts payable to or withheld but for the account of failure by such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which beneficial owner of such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure Note to comply with a request from any certification, identification, information, documentation or other reporting requirement concerning the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid nationality, residence or credited, or deemed as paid or credited, by or on account of any obligation identity of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time beneficial owner of such payment Note if (other than where, in the case of the foregoing clauses (i1) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee compliance is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied required or imposed by a Relevant Taxing Jurisdiction statute, treaty, regulation, ruling or administrative practice in order to make any claim for exemption from, or reduction in the rate of, the imposition, withholding or deduction of any Taxes; and payable by such Holder or Beneficial Holder in connection with payments made under or (2) at least 60 days prior to the first payment date with respect to which the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or Issuers shall apply this clause (ii), so the Issuers shall have notified such Holders or beneficial owners of the Notes in writing that such Holders and beneficial owners of the net amount received by Notes will be required to provide such Holder information or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposeddocumentation; provided, however, that the indemnification or reimbursement obligations provided for Issuers' obligation to pay Additional Amounts shall apply and the limitations set forth in this clause (dii) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) apply if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect beneficial owner of the executionNotes as the case may be, issuance, registration satisfies the certification or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as reporting requirement described in this Section 2.5, if applicable.clause (ii) within 30 days of the payment date unless CR US has already

Appears in 1 contract

Sources: Indenture (Club Regina Resorts Inc)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) Company under or with respect to the Notes Notes, or by any of the Guarantors under or with respect to any Note Guarantee Guarantee, will be made free and clear of of, and without withholding or deduction for or on account of, any Tax, unless the withholding or deduction of such Tax is then required by law. If any deduction or withholding by any applicable withholding agent for or on account of any Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof or therein) (eacha) in which the Company or any Guarantor is at any time incorporated or organized, engaged in business for tax purposes or resident for tax purposes or (b) from or through which payment is made by or on behalf of the Company or any Guarantor (including the jurisdiction of any paying agent), will at any time be required to be made in respect of any payments made by the Company under or with respect to the Notes or any of the Guarantors under or with respect to any Note Guarantee, including payments of principal, redemption price, purchase price, interest or premium (each such jurisdiction (or any department or political subdivision thereof or therein) referred to in (a) or (b) above, a “Relevant Taxing Tax Jurisdiction”), unless then the Company or the relevant Guarantor, as applicable, will pay such Payor Additional Amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments after such withholding, deduction or imposition (including any such withholding, deduction or imposition in respect of any such Additional Amounts) will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: (1) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any actual or deemed (pursuant to applicable Tax law of the relevant Tax Jurisdiction, such as, if applicable, a connection of a partnership that is attributed to the partners/beneficial owners) present or former connection between the holder or the beneficial owner of a Note and the relevant Tax Jurisdiction (including being a resident of such jurisdiction for Tax purposes or holding a note in securities deposit with a bank in such jurisdiction), other than the ownership or disposition of such Note, the enforcement of rights under such Note or under a Note Guarantee or the receipt of any payments in respect of such Note or a Note Guarantee; (2) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment more than 30 days after the relevant payment is first made available for payment to the holder (except to the extent that the holder or beneficial owner would otherwise have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period); (3) any Taxes that are payable otherwise than by deduction or withholding from a payment on or with respect to the Notes or any Note Guarantee; (4) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (5) any Taxes, to the extent such Taxes are imposed or withheld by reason of the failure of the holder or beneficial owner of Notes to comply with any reasonable written request of the Company addressed to the holder or beneficial owner and made at least 45 days before any such withholding or deduction would be payable to satisfy any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to withhold exemption from, or deduct reduction in the rate of deduction or withholding of, Taxes by law or imposed by the interpretation Tax Jurisdiction (including, without limitation, a certification that the holder or administration thereofbeneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the holder or beneficial owner is legally eligible to provide such certification or documentation; (6) any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the Code as of the date of this Indenture (or any amended or successor version that is substantively comparable), any regulations promulgated thereunder or any other official interpretations thereof or any intergovernmental agreements, treaties, or conventions (and any related law, regulation or official administrative guidance) implementing the foregoing; (7) any Dutch Taxes that are imposed or withheld pursuant to the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021) as a result of a holder or beneficial owner of Notes being affiliated (gelieerd) (within the meaning of the Dutch Withholding Tax Act 2021 as published in the Official Gazette (Staatsblad) Stb. 2019, 513 of 27 December 2019) with the Company; or (8) any combination of items (1) through (7) above. (b) In addition to the foregoing, the Company and the Guarantors will also pay the holder any present or future stamp, issue, registration, court or documentary Taxes, or any other excise or property Taxes, charges or similar levies (including penalties, additions to tax, interest and any other reasonable expenses related thereto) which are levied by any Tax Jurisdiction on the execution, delivery, issuance, or registration of any of the Notes, this Indenture, any Note Guarantee or any other document or instrument referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes or any Note Guarantee (other than any such taxes or similar charges or levies that are excluded under clauses (1), (2) or (4) through (7) above). (c) If a Payor is so required the Company or any Guarantor, as the case may be, becomes aware that it will be obligated to withhold or deduct any amount for or on account of Taxes from pay Additional Amounts with respect to any payment made under or with respect to the Notes or any Note Guarantee, such Payor, subject to each of the exceptions set forth in Section 2.5(b), will pay such additional amounts (“Additional Amounts”) as may be necessary such that Company or the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holderrelevant Guarantor, as the case may be, would have received if such Taxes had not been required will deliver to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide and Paying Agent on a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal date that is at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each the date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such of that payment (unless such the obligation to pay Additional Amounts arises after the 35th day less than 45 days prior to the date on which such that payment is due and payabledate, in which case it will be the Company or the relevant Guarantor shall notify the Trustee and Paying Agent promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer’s Certificate(s) must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders holders on the relevant payment date. The Trustee and Paying Agent shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. (d) The PayorsCompany or the relevant Guarantor, jointly and severallyif it is the applicable withholding agent, will indemnify make all withholdings and hold harmless deductions required by law and will remit the Holders full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Company or the relevant Guarantor will be entitled to request from the Trustee or Paying Agent documents reasonably required to apply any applicable withholding tax exemption or preferential rate, in particular certificates of residency issued by respective Tax authority and Beneficial Holders and, upon written request similar documents. The Company or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Holder Taxes so deducted or Beneficial Holderwithheld. The Company or the relevant Guarantor will furnish to the Trustee or to a holder upon reasonable written request, reimburse such Holder or Beneficial Holder for within a reasonable time after the amount date the payment of (i) any Taxes levied so deducted or imposed withheld is made, certified copies of Tax receipts evidencing payment by the Company or a Relevant Taxing Jurisdiction and payable Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other reasonable evidence of payments by such Holder entity. Upon reasonable request, copies of Tax receipts or Beneficial Holder in connection with payments other evidence of payments, as the case may be, will be made under or with respect to available by the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect Company to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsholder. (e) In additionWhenever in this Indenture there is mentioned, in any context, the Payor will pay payment of amounts based upon the principal amount of the Notes or of principal, interest or of any stampother amount payable under, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notesto, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to of the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement such mention shall be deemed to include mention of the Notespayment of Additional Amounts to the extent that, any Note Guarantee and/or any other in such document context, Additional Amounts are, were or instrumentwould be payable in respect thereof. (f) The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture Indenture, any transfer by a holder or beneficial owner of its Notes, and will apply apply, mutatis mutandis mutandis, to any successor Person to the Company or any Payor Guarantor and to any jurisdiction in which such any successor Person to the Company or any Guarantor is organized incorporated or is otherwise organized, engaged in business for tax purposes or resident or doing business for tax purposes or any jurisdiction from or through which any payment on the Notes (or any Note Guarantee) is made by or on behalf of such successor Person, and any department or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest political subdivision thereof or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Indenture (Diversey Holdings, Ltd.)

Additional Amounts. Except as otherwise provided by Section 3.01 with respect to any series of Securities: (a) All payments of principal and interest in respect of the Securities of any series and/or the Guarantees will be made free and clear of, and without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed, levied, collected, withheld or assessed by or on behalf of Canada, Hong Kong, the PRC or any other jurisdiction in which the Guarantor or the Issuer (or any successor to the Guarantor or the Issuer) is tax resident, in each case including any political subdivision, territory or possession thereof, any authority therein having power to tax or any area subject to its jurisdiction, or any jurisdiction from or through which any payment is made by or on behalf of the Issuer or any the Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), ) unless such Payor is Taxes are required to withhold or deduct Taxes by law to be withheld or by the interpretation or administration thereofdeducted. If a Payor is any deduction or withholding for any present or future Taxes of the applicable Relevant Taxing Jurisdiction shall at any time be so required to withhold required, the Guarantor or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note GuaranteeIssuer, such Payoras the case may be, subject to the exceptions set forth in Section 2.5(b), will shall pay such additional amounts (“Additional Amounts”) as may be necessary will result (after deduction of such that the net amount received Taxes and any additional Taxes payable in respect of such payment Additional Amounts) in receipt by each Holder of any Security of such amounts as would have been received by such Holder with respect to such Security or Beneficial Holder after the Guarantee, as applicable, had no such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notrequired; provided, however, pay that no Additional Amounts to a Holder or Beneficial Holder with shall be payable in respect to of any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial HolderSecurity: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder (or Beneficial Holder or recipient to a third party on behalf of a Holder) who is liable to such Taxes in respect of such Security by reason of his having some connection with which the Payor does not deal at arm’s length (for Relevant Taxing Jurisdiction other than the purposes mere holding of the Tax Act) at the time of making such payment or Security; (ii) in respect which is surrendered (where required to be surrendered) more than 30 days after the Relevant Date, except to the extent that the Holder of a debt or other obligation it would have been entitled to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time such Additional Amounts on surrender of such Security for payment (other than where, in on the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result last day of such Holder or Beneficial Holder or recipient having become a party toperiod of 30 days, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); where “Relevant Date” means whichever is the later of (viA) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is first becomes due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(bB) if the Payor had full amount payable has not been required received by the Trustee on or prior to withhold from such payments or due date, the date on which, the full amount having been so received, notice to that effect shall have been given to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect Holders of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.Securities;

Appears in 1 contract

Sources: Indenture (CNOOC Finance (2013) Ltd.)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) Issuers make under or with respect to the Notes or any Note Guarantee will that the Guarantors make under or with respect to the Guarantees shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied on such payments by or on behalf of any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which such Payor any Issuer or Guarantor is organized, resident or carrying on doing business for tax purposes or from or through which such Payor any of the foregoing (or its agents, including the Paying Agent) makes any payment on the Notes or by or within any Note Guarantee or any department or department, political subdivision thereof or governmental authority of or in any of the foregoing having power to tax (each, a “Relevant Taxing Jurisdiction”), unless such Payor Issuer or Guarantor or other applicable withholding agent, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If either Issuer, a Payor Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes imposed or levied on behalf of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note Guarantee, such PayorIssuer or Guarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will shall pay such additional amounts (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder beneficial owner of the Notes after such withholding or deduction (including any withholding or deduction attributable to in respect of any Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will notNone of the Issuers or Guarantors shall, however, pay Additional Amounts in respect or on account of: ​ ​ (i) any Taxes, to the extent such Taxes are imposed or levied by a Relevant Taxing Jurisdiction by reason of the Holder’s or beneficial owner’s present or former connection with such Relevant Taxing Jurisdiction (other than the mere receipt, ownership, holding or disposition of the Notes, or by reason of the receipt of any payments in respect of any Notes or any Guarantee, or the exercise or enforcement of rights under any Notes or any Guarantee); (ii) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or Beneficial beneficial owner of the Notes, following the Issuers’ written request addressed to the Holder or beneficial owner, to comply with any certification, identification, information or other reporting requirements (to the extent such holder or beneficial owner is legally eligible to do so), whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Relevant Taxing Jurisdiction); (iii) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes; (iv) any Tax which is payable otherwise than by deduction or withholding from payments made under or with respect to the Notes or any Guarantee; (v) any Tax imposed on or with respect to any payment by any of the following Issuers or Guarantors to the Holder if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment to the extent that such Taxes would not have been imposed on such payment had such beneficial owner been the holder of such Note; (vi) any Tax that is imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment made to a Holder or Beneficial Holder:beneficial owner who would have been able to avoid such withholding or deduction by presenting the relevant Notes to another paying agent in a member state of the European Union or the United Kingdom; (ivii) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits any Taxes, in each case (i) to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such Holder 30-day period); (viii) any U.S. federal withholding Taxes or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident equivalent thereof imposed pursuant to Sections 1471 through 1474 of the jurisdiction imposing such Tax Internal Revenue Code of 1986 as of the August 2019 Issue Date (or any political subdivision thereof) amended or (ii) successor version that are Other Connection Taxes; (ii) in the case of a Holder is substantively comparable and not materially more onerous to comply with), any current or Beneficial Holder, withholding Taxes imposed on amounts payable to future regulations promulgated thereunder or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation other official administrative interpretations thereof and any agreements entered into pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iiicurrent Section 1471(b)(1) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture Internal Revenue Code of 1986 as of the August 2019 Issue Date (i) to a Holder or Beneficial Holder any amended or recipient with which the Payor does not deal at arm’s length successor version described above), and including (for the purposes avoidance of the Tax Actdoubt) at the time of making any intergovernmental agreements (and any law, regulation, rule or practice implementing any such payment or (iiintergovernmental agreement) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuerforegoing; or (viiix) any combination of the foregoing items (i) through (vi)foregoing. (c) The Issuers and the Guarantors, if the applicable withholding agents, shall (i) make such withholding or deduction as is required by applicable law and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. ​ ​ (d) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuers or any Guarantor shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes or any Guarantee is due and payable, in which case it will be promptly thereafter), the Payor will Issuers shall deliver to the Trustee Trustee, with a copy to the Paying Agent, an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee Paying Agent to pay such Additional Amounts to the Holders on the payment date. (d) . The Payors, jointly Trustee and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse Paying Agent shall be entitled to rely solely on such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by Officer’s Certificate as conclusive proof that such payments are necessary. The Issuers shall promptly publish a Relevant Taxing Jurisdiction and payable by notice in accordance with Section 12.02 stating that such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if will be payable and describing the Payor had been required obligation to withhold from pay such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) amounts. In addition, the Payor will Issuers or any Guarantor, as the case may be, shall pay any present or future stamp, issueissuance, registration, court, documentationdocumentary, excise or property taxes or other similar taxes, charges and duties, including any including, without limitation, interest, penalties and any other similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of (i) the execution, issuanceissue, delivery or registration or delivery of the Notes, Notes or any Note Guarantee or any other document or instrument referred to thereunder and any such taxesthereunder, charges or duties imposed by any Relevant Taxing Jurisdiction on (ii) the receipt of any payments made pursuant to under or with respect to, or enforcement of, the Notes or any Note Guarantee Guarantee. Upon written request, any of the Issuers or a Guarantor will furnish to the Trustee or a Holder within a reasonable time certified copies of tax receipts evidencing any payment by such Issuer or Guarantor (as the case may be) of any Taxes imposed or levied by a result ofRelevant Taxing Jurisdiction, in accordance with the procedures described in Section 12.02, in such form as provided in the normal course by the taxing authority imposing such Taxes. If, notwithstanding the efforts of such Issuer or in connection withGuarantor to obtain such receipts, the enforcement same are not obtainable, such Issuer or Guarantor will provide the Trustee or such Holder with other evidence reasonably satisfactory to the Trustee or holder of such payments by such Issuer or Guarantor. If requested by the Trustee, the Issuers and (to the extent necessary) any Guarantors will provide to the Trustee such information as may be reasonably available to such Issuer and the Guarantors (and not otherwise in the possession of the NotesTrustee) to enable determination of the amount of any withholding Taxes attributable to any particular Holder(s). (e) Whenever this Indenture or the Notes refers to, in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note Guarantee and/or any other (including payments thereof made pursuant to a Guarantee), such document or instrumentreference includes the payment of Additional Amounts, if applicable. (f) The obligations described under this This Section 2.5 4.12 will survive any termination, defeasance or discharge of this Indenture and will shall apply mutatis mutandis to any jurisdiction (other than the United States, any state thereof or the District of Columbia) in which any successor Person to any Payor and to any jurisdiction in which such successor of the Issuers or Guarantors is organized or is otherwise organized, resident or doing business for tax purposes or any jurisdiction from or through which payment is made by any such successor person (or its respective agents. Whenever this Indenture refers to, including the Paying Agent) makes any payment on the Notes (or any Guarantee) and any department, political subdivision or governmental authority of or in any context, of the payment of principal, Premium (if any) and interest or any other amount payable under or with respect foregoing having the power to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletax.

Appears in 1 contract

Sources: Indenture (Ardagh Group S.A.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer or any Guarantor is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency provided, however, that in determining what withholding is required by law for U.S. federal income and withholding tax purposes, the Issuer and any Guarantor shall be entitled to treat any payments on or in respect of the Notes or any Note Guarantee as if the Notes or any Note Guarantee were issued by a U.S. person as defined in section 7701(a)(30) of the Code. If a Payor the Issuer or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the such A-4 Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not; provided, however, that no Additional Amounts will be payable with respect to payments made to any Holder or beneficial owner to the extent such Taxes are imposed by reason of (i) such Holder or beneficial owner being considered to be or to have been connected with a Relevant Taxing Jurisdiction, otherwise than by the acquisition, ownership, holding or disposition of the Notes, the enforcement of rights under the Notes or under any Note Guarantee or the receipt of payments in respect of the Notes or any Note Guarantee, or (ii) such Holder or beneficial owner not completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer or the Guarantors to make or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note or any Note Guarantee, a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments); provided, however, that for purposes of this obligation to pay Additional Amounts, the Issuer and any Guarantor shall be entitled, for U.S. federal income and withholding tax purposes, to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. Further, no Additional Amounts shall be payable with respect to a (i) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or Beneficial beneficial owner holding or owning, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote or (ii) any Tax imposed by the United States or any political subdivision or governmental authority thereof or therein on interest by reason of any Holder or beneficial owner being a controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or any Guarantor. The Issuer or Guarantor (as applicable) will also make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or Guarantor (as applicable) will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. Wherever in the Indenture or the Notes or any Note Guarantee there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or the Notes, (3) interest or (4) any other amount payable on or with respect to any of the following Taxes imposed on Notes or with respect any Note Guarantee, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result of such Holder context, Additional Amounts are, were or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of would be payable in respect thereof. which arise in the jurisdiction imposing such Tax in which the Issuer or new issuer is organized (or any political subdivision thereofthereof or therein) or (ii) that and are Other Connection Taxes; (ii) in payable by the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation Holders of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee Notes or any other document or instrument referred to thereunder and therein under any law, rule or regulation in effect at the time of such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) change. The foregoing obligations described under this Section 2.5 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will section (“Additional Amounts”) to the Issuer or any Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 1 contract

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) makes under or with respect to the Notes or any Note Guarantee will shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Payor the Issuer is organized, organized or is a resident or carrying on business for tax purposes or from or through which such Payor (or its agents) the Issuer makes any payment on the Notes or any Note Guarantee by or within any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor the Issuer is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor the Issuer is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note GuaranteeNotes, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer shall pay such additional amounts in cash (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net incomehereunder) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a)the foregoing, a Payor will not, however, the Issuer shall pay no Additional Amounts to a Holder or Beneficial Holder with respect to beneficial owner of any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial HolderNote: (i) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed on but for the Holder’s or measured beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction (other than a connection arising by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident reason of the jurisdiction imposing such Tax (acquisitions, ownership, holding or disposition of Notes or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under any political subdivision thereof) Notes or (ii) that are Other Connection Taxesthis Indenture); (ii) in to the case extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of a the Holder or Beneficial beneficial owner of Notes, following the Issuer’s written request addressed to the Holder, withholding Taxes imposed on amounts payable to or for the account of extent such Holder or Beneficial Holder beneficial owner is legally entitled to do so, to comply with respect any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to an applicable interest exemption from, or reduction in an Indenture Obligation pursuant to the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a law in effect on certification that the date on which such Holder or Beneficial Holder acquires such interest beneficial owner is not resident in the Indenture ObligationRelevant Taxing Jurisdiction); (iii) Taxes attributable with respect to such Holder any estate, inheritance, gift, sales, transfer or Beneficial Holder’s failure to comply with a request from the Trustee to provide a personal property tax exemption certificateor any similar Taxes; (iv) any withholding if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment and the Taxes giving rise to such Additional Amounts would not have been imposed under FATCAon such payment had such Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Note (but only if there is no material cost or expense associated with transferring such Note to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or sole beneficial owner); (v) any Canadian withholding to the extent the Taxes giving rise to such Additional Amounts would not have been imposed under but for the Tax Act on any amount paid or credited, or deemed as paid or credited, presentation by or on account the Holder of any obligation of Note, where presentation is required, for payment on a date more than 30 days after the Issuer under this Indenture (i) to a Holder date on which payment became due and payable or Beneficial Holder or recipient with the date on which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor thereof is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than whereduly provided for, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)whichever occurs later; (vi) with respect to any Canadian withholding Taxes or deduction that is imposed under on a payment to an individual and that is required to be made pursuant to the Tax Act European Council Directive on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003 or any amount paid law implementing or creditedcomplying with, or deemed introduced in order to conform to, such directive (the “EU Savings Tax Directive”) or is required to be made pursuant to the Agreement between the European Community and the Swiss Confederation dated as paid of October 26, 2004 providing for measures equivalent to those laid down in the EU Savings Tax Directive (the “EU-Swiss Savings Tax Agreement”) or creditedany law or other governmental regulation implementing or complying with, by any Holder or Beneficial Holder or recipient by reason of introduced in order to conform to, such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issueragreement; orand (vii) with respect to any combination of the foregoing items listed above. The Issuer shall (iA) through make such withholding or deduction of Taxes required by applicable law and (vi)B) remit the full amount of Taxes so deducted or withheld to the relevant Taxing Authority in accordance with all applicable laws. The Issuer shall make reasonable best efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Issuer shall provide to the Trustee, within a reasonable time after the date the payment of any Taxes so deducted or withheld is due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment or, if such tax receipts are not reasonably available to the Issuer, such other documentation that provides reasonable evidence of such payment by the Issuer. (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuer shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will be promptly thereafter), the Payor will Issuer shall deliver to the Trustee an Officer’s Officers’ Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the Trustee to pay such Additional Amounts to the Holders on the payment date. The Issuer shall promptly publish a notice in accordance with Section 13.02 stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. In addition, the Issuer shall pay any present or future stamp, issue, registration, court documentation, excise or other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction in respect of the execution, issue, registration or delivery of the Notes or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any jurisdiction as a result of, or in connection with, the enforcement of the Notes and/or any other such document or instrument. (d) The Payorsforegoing provisions shall survive any termination, jointly defeasance or discharge of this Indenture and severallyshall apply mutatis mutandis to any jurisdiction in which any Surviving Entity (as defined in Section 5.01(b)(i)) is organized or resident for tax purposes or any political subdivision or taxing authority or agency thereof or therein or any jurisdiction from or through which payment is made by such Surviving Entity. (e) Whenever this Indenture or the Notes refer to, will in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note, such reference shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described hereunder, to the extent that in such context Additional Amounts or indemnification payments are, were or would be payable in respect thereof pursuant to this Section 4.12. (f) The Issuer shall indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder Holder; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will shall not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; , provided, however, that the indemnification or reimbursement obligations obligation provided for in this clause paragraph (df) shall not extend to Taxes imposed for which the applicable eligible Holder or Beneficial Holder of the Notes would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

Appears in 1 contract

Sources: Indenture (Digicel Group LTD)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for for, or on account of, any present or future tax, duty, levy, assessment or other governmental charge, including any related interest, penalties or additions to tax (“Taxes”) unless the withholding or deduction of such Taxes is then required by law or by the official interpretation or administration thereof. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction under the laws of which the Issuer or any Guarantor is then incorporated or organized or in which such Payor the Issuer or any Guarantor is organized, resident or carrying on engaged in business for tax purposes or resident for tax purposes or any political subdivision or governmental authority thereof or therein having power to tax or (2) any jurisdiction from or through which such Payor (payment is made by or its agents) makes any payment on behalf of the Notes Issuer or any Note Guarantee Guarantor (including, without limitation, the jurisdiction of any paying agent for the Notes) or any department or political subdivision thereof or therein (each, a “Relevant Taxing Tax Jurisdiction”), unless such Payor is ) will at any time be required to withhold or deduct Taxes by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account of Taxes be made from any payment payments made under or with respect to the Notes or any Note Guarantee, such Payorincluding, subject to without limitation, payments of principal, redemption price, interest or premium, then the exceptions set forth in Section 2.5(b)Issuer or the relevant Guarantor, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary such in order that the net amount amounts received in respect of such payment payments by each Holder or Beneficial Holder holder of Notes after such withholding or deduction (including any such withholding or deduction attributable from such Additional Amounts) will equal the respective amounts that would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: (1) any Taxes, to the extent such Taxes would not have been imposed but for the existence of any actual or deemed present or former connection between the holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over the relevant holder, if the relevant holder is an estate, nominee, trust, partnership, limited liability company or corporation) or the Beneficial Owner of Notes and the relevant Tax Jurisdiction (including, without limitation, being or having been a citizen, resident or national thereof or being or having been present or engaged in a trade or business therein or having or having had a permanent establishment therein), other than connections arising from the acquisition or holding of such Note or a Guarantee, the exercise or enforcement of rights under such Note or under a Guarantee or the receipt of any payments in respect of such Note or a Guarantee; (2) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where Notes are in the form of certificated Notes and presentation is required) more than 30 days after the relevant payment is first made available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period); (3) any estate, inheritance, gift, sales, transfer, personal property or similar Taxes imposed on transfers; (4) any Taxes payable hereunder other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Guarantee; (5) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the holder or beneficial owner of Notes to comply with any reasonable written request of the Issuer addressed to the holder or beneficial owner and made at least sixty (60) days before any such withholding or deduction would be payable to satisfy any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by such Tax Jurisdiction (including, without limitation, a certification that the holder or beneficial owner is not resident in the Tax Jurisdiction), but excluding in each case, only to the extent the holder or beneficial owner is legally eligible to provide such certification or documentation; (6) any Taxes on net incomethat are imposed or withheld pursuant to Sections 1471 through 1474 of the Code, as of the Issue Date (or any amended or successor version of such sections), any regulations promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or (7) any combination of items (1) through (6) above. Such Additional Amounts will also not be less than payable where, had the amount beneficial owner of the Holder or Beneficial Holderapplicable Note been the holder of such Note, it would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (7) inclusive above. (b) In addition to the foregoing, the Issuer and the Guarantors, as the case may be, would have received if such Taxes had not been required will also pay and indemnify the holder for any present or future stamp, issue, registration, court or documentary Taxes, or any other excise or property Taxes, charges or similar levies (including penalties, interest and any other reasonable expenses related thereto) which are levied by any Tax Jurisdiction on the execution, delivery, issuance, sale, enforcement or registration of the Notes, this Indenture, any Guarantee or any other document or instrument referred to be so withheld therein, or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder the receipt of any payments with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: thereto, (i) Taxes imposed on or measured by net income (however denominated)limited, franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) solely in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable taxes attributable to or for the account receipt of such Holder or Beneficial Holder any payments with respect thereto, to an applicable interest any such taxes imposed in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed Tax Jurisdiction that are not excluded under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i1) through (3) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i5) through (vi6) above, or any combination thereof). (c) At least 30 calendar days prior to each date on which any payment under or with respect to If the Notes Issuer or any Note Guarantee is due and payableGuarantor, if a Payor as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect to such any payment under or with respect to any series of Notes or any related Guarantee, each of the Issuer or the relevant Guarantor, as the case may be, will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless such the obligation to pay Additional Amounts arises after the 35th day less than 30 days prior to the date on which such that payment is due and payabledate, in which case it will be the Issuer or the relevant Guarantor shall notify the Trustee promptly thereafter), the Payor will deliver to the Trustee ) an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will payable. The Officer’s Certificate must also set forth such any other information reasonably necessary to enable the Trustee Paying Agent to pay such Additional Amounts to Holders holders on the relevant payment date. The Trustee shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary. (d) The PayorsIssuer or the relevant Guarantor will make all withholdings and deductions required by Applicable Law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with Applicable Law. The Issuer or the relevant Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Guarantor will furnish to the Trustee (or to a holder or beneficial owner upon written request), jointly and severallywithin a reasonable time after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the Trustee) by such entity. Upon reasonable request, copies of Tax receipts or other evidence of payments, as the case may be, will indemnify and hold harmless be made available by the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect Trustee to the Notes held by such Holder holders or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under beneficial owners of the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsNotes. (e) In additionWhenever in this Indenture there is mentioned, in any context, the Payor will pay payment of amounts based upon the principal amount of the Notes or of principal, interest or of any stampother amount payable under, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notesto, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to of the Notes or any Note Guarantee or as a result ofGuarantee, or in connection with, the enforcement such mention shall be deemed to include mention of the Notespayment of Additional Amounts to the extent that, any Note Guarantee and/or any other in such document context, Additional Amounts are, were or instrumentwould be payable in respect thereof. (f) The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture Indenture, and any transfer by a holder or beneficial owner of its Notes, and will apply apply, mutatis mutandis mutandis, to any jurisdiction under the laws of which any successor Person to the Issuer or any Payor and to any jurisdiction Guarantor is incorporated or organized or in which such any successor Person to the Issuer or any Guarantor is organized or is otherwise resident or doing engaged in business for tax purposes or resident for tax purposes (and any political subdivision or governmental authority thereof or therein having power to tax) and any jurisdiction from or through which payment is made by or on behalf of such successor or its respective agents. Whenever this Indenture refers to, in any context, Person on the payment of principal, Premium (if any) and interest Notes or any other amount payable under Guarantee and any political subdivision thereof or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicabletherein.

Appears in 1 contract

Sources: Indenture (International Game Technology PLC)

Additional Amounts. (a) All If the Company consolidates with, or merges with or into any other Person, or sells, conveys, transfers or leases all or substantially all of its property and assets to another Person and the resulting, surviving or transferee Person is not organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia (such Person or any successor thereto, the “Surviving Entity”), then all payments and deliveries made by, or on behalf of the Surviving Entity under or with respect to the Notes, including, but not limited to, payments of principal (including, if applicable, the Redemption Price or the Fundamental Change Repurchase Price), payments of interest and deliveries of cash, Common Stock or other Reference Property (together with payment of cash in lieu of any fractional shares of Common Stock) upon conversion, 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 (“Taxes”) imposed or levied by or within any non-U.S. jurisdiction in which the Surviving Entity is, for tax purposes, organized or resident or doing business or through which payment is made or deemed made by or on behalf of the Issuer Surviving Entity for purposes of the tax law of such jurisdiction (or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for or on account of Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee or any department or political subdivision or taxing authority thereof or therein) (each, as applicable, a “Relevant Taxing Jurisdiction”), unless such Payor withholding or deduction is required to withhold or deduct Taxes by law or by regulation or governmental policy having the interpretation force of law. In the event that any such withholding or administration thereof. If a Payor deduction is so required required, the Surviving Entity shall pay to withhold or deduct any amount for or on account a Holder of Taxes from any payment made under or with respect to the Notes or any each Note Guarantee, such Payor, subject to the exceptions set forth in Section 2.5(b), will pay such additional amounts (the “Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of by such payment by each Holder or Beneficial Holder after such withholding or deduction (including and after deducting any Taxes imposed or levied by a Relevant Taxing Jurisdiction on the Additional Amounts) shall equal the amounts that would have been received by such Holders had no such withholding or deduction attributable to been required; provided that no Additional Amounts will be payable hereunder but excluding Taxes for or on net income) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holderaccount of: (i) Any Taxes to the extent such Taxes would not have been imposed on but for: (1) the existence of any present or measured by net income former connection between the Holder or beneficial owner of such Note and the Relevant Taxing Jurisdiction, including, without limitation, being or having been a national, domiciliary or resident of such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein, (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed other than a connection arising solely as a result of the ownership of such Notes, the receipt of any payment or the enforcement of any rights thereunder); (2) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later of the date on which the payment of the principal of (including the Redemption Price or the Fundamental Change Repurchase Price, if applicable) and interest on such Note or the delivery of cash, Common Stock and other Reference Property (together with payment of cash in lieu of any fractional shares of Common Stock) upon conversion of such Note became due and payable pursuant to the terms thereof or the date on which such payment or delivery was made or duly provided for, except to the extent that the Holder or beneficial owner would have been entitled to the payment of the Additional Amounts had such Note been presented for payment on the last day of such 30-day period; or (3) the failure of the Holder or such beneficial owners to the extent they were legally entitled to do so, to comply with a timely request from the Surviving Entity to provide certification, information, documents or other evidence concerning such Holder’s or such beneficial owners’ nationality, residence, identity or connection with the Relevant Taxing Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation, treaty or administrative practice of the Relevant Taxing Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxesbeneficial owners; (ii) in the case of a Holder any estate, inheritance, gift, sale, transfer, excise, personal property or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligationsimilar Taxes; (iii) any Taxes attributable to the extent such Holder or Beneficial Holder’s failure to comply with a request Taxes result from the Trustee presentation of any Note for payment (where presentation is required for payment) and the payment can be made without such withholding or deduction by the presentation of the Note for payment to provide a tax exemption certificateat least one other Paying Agent; (iv) any Taxes that are payable otherwise than by deduction or withholding Taxes imposed from payments under FATCAor with respect to the Notes; (v) any Canadian withholding Taxes Tax that would not have been imposed under the Tax Act on any amount paid or creditedbut for a change in law, regulation, or deemed as paid administrative or creditedjudicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, by or on account of any obligation of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)whichever occurs later; (vi) any Canadian withholding Taxes imposed under required by sections 1471 through 1474 of the Tax Act on United States Internal Revenue Code of 1986, as amended (“FATCA”), any amount paid current or creditedfuture Treasury Regulations or rulings promulgated thereunder, any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA or any law enacted by such other jurisdiction to give effect to such agreement, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of agreement with the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the IssuerU.S. Internal Revenue Service under FATCA; or (vii) any combination of Taxes referred to in the foregoing items preceding clauses (i) through (vi). (cb) At least 30 calendar days prior Furthermore, Additional Amounts shall not be paid for any Taxes with respect to each date on which any payment of the principal of (including the Redemption Price or the Fundamental Change Repurchase Price, if applicable) and interest on such Note or the delivery of cash, Common Stock or other Reference Property (together with payment of cash in lieu of any fractional shares of Common Stock) upon conversion of such Note to a Holder, if the Holder is a fiduciary, partnership or Person other than the sole beneficial owner of that payment to the extent that such payment would be required to be included in the income under the laws of the Relevant Taxing Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a partner or member of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner, member or beneficial owner been the Holder thereof. (c) Any reference in this Indenture or the Notes in any context to the delivery of cash, Common Stock or other Reference Property (together with payment of cash in lieu of any fractional shares of Common Stock) upon conversion of any Note or the payment of principal of (including the Redemption Price or the Fundamental Change Repurchase Price, if applicable) and interest on, any Note or any Note Guarantee is due and payable, if a Payor will be obligated to pay Additional Amounts other amount payable with respect to such Note, shall be deemed to include payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such of Additional Amounts to Holders on the payment dateextent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to this ‎Section 4.07. (d) Each Holder entitled to any Additional Amounts shall cooperate with the Surviving Entity and the Trustee in providing any information or documentation reasonably requested by the Surviving Entity or the Trustee to confirm the identity and/or tax status of such Holder and any affected beneficial owner (to the extent necessary to establish such Holder’s entitlement to Additional Amounts) and to assist the Surviving Entity or Trustee in determining the applicable withholding tax rate and the amount of Additional Amounts payable in respect thereof. The Payors, jointly Company shall furnish to the Trustee documentation reasonably satisfactory to the Trustee evidencing the payment of any Taxes so deducted or withheld and severally, will indemnify and hold harmless the amount of any Additional Amounts payable thereon. Copies of such documentation shall be made available by the Trustee to the relevant Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such paymentsTrustee. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will ‎Section 4.07 shall survive any termination, defeasance termination or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized transfer by a Holder or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or beneficial owner of its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicableNotes.

Appears in 1 contract

Sources: Indenture (GAIN Capital Holdings, Inc.)

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes or any Note Guarantee and the Coupons will be made free and clear of and without withholding or deduction for or on account of any present or future Taxes unless such withholding or deduction of such Taxes is required by law (including any taxing authority’s interpretation or administration thereof). If any deduction or withholding for or on account of any Taxes imposed or levied by or on behalf of any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes Tax Jurisdiction will at any payment on the Notes or any Note Guarantee or any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor is time be required to withhold or deduct Taxes be made from any payments made by law or by the interpretation or administration thereof. If a Payor is so required to withhold or deduct any amount for or on account behalf of Taxes from any payment made the Issuer under or with respect to the Notes or any Note GuaranteeCoupons, such Payorincluding payments of principal, subject to redemption premium or interest, the exceptions set forth in Section 2.5(b), Issuer will pay such additional amounts (the “Additional Amounts”) as may be necessary such in order that the net amount amounts received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including shall equal the respective amounts which would otherwise have been receivable in respect of the Notes or Coupons in the absence of such withholding or deduction attributable to deduction; except that no Additional Amounts payable hereunder but excluding shall be payable: (a) to or for a Noteholder or Couponholder (or a fiduciary, settlor, beneficiary, member, partner or shareholder of, or possessor of power over the relevant Noteholder or Couponholder, if the relevant Noteholder or Couponholder is an estate, nominee, trust, partnership, limited liability company or corporation or any collective vehicle where tax is imposed or allocated to its owners) who is liable for such Taxes in respect of such Note or Coupon by reason of having or having had some present or former connection with the relevant Tax Jurisdiction (including, without limitation, being resident for tax purposes, or being a citizen or resident or national of, or carrying on net incomea business or maintaining a permanent establishment in, or being physically present in, the Tax Jurisdiction) will not be less in which such Taxes are imposed other than the amount mere acquisition, holding or enforcement (following an Event of Default) of such Note or Coupon or the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted.receipt of any payment in respect thereof; or (b) Notwithstanding Section 2.5(a), a Payor will not, however, pay Additional Amounts to a Holder or Beneficial Holder with respect to any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident of the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in the case of a Holder or Beneficial Holder, withholding Taxes imposed on amounts payable to or for the account a Noteholder or Couponholder in respect of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation any Tax (other than any Taxes pursuant to a law in effect on Decree No. 239 or Italian Legislative Decree No. 461 of 21 November 1997, as amended or supplemented from time to time (“Decree No. 461”)) that is imposed or withheld by reason of the date on which such Holder failure by the Noteholder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure Couponholder, to comply with a reasonable written request from of the Trustee applicable withholding agent addressed to the Noteholder or Couponholder, after reasonable notice (at least 30 days before any such withholding or deduction is payable): (1) to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under certification, information, documents or other evidence concerning the Tax Act on any amount paid nationality, residence or credited, or deemed as paid or credited, by or on account of any obligation identity of the Issuer under this Indenture Noteholder or Couponholder or (i2) to a Holder make any declaration or Beneficial Holder similar claim or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making satisfy any other reporting requirement relating to such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than wherematters, which, in the case of the foregoing clauses (i1) or (ii2) (or both), is required by a statute, treaty, regulation or administrative practice of the non- arm’s length relationship arises relevant Tax Jurisdiction as a result precondition to exemption from, or reduction in the rate of deduction or withholding of, all or part of such Holder Tax but only to the extent the Noteholder or Beneficial Holder Couponholder is legally entitled to provide such certification or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document);documentation; or (vic) in respect of any Canadian Note or Coupon presented for payment (where presentation is required) more than 30 days after the Relevant Date except to the extent that a Noteholder or Couponholder would have been entitled to an Additional Amount on presenting the same for payment on such thirtieth day; or (d) in respect of any Note or Coupon presented for payment (where presentation is required) by or on behalf of a Noteholder or Couponholder not resident for tax purposes in a White List State; or (e) in respect of any Taxes that are payable otherwise than by deduction or withholding from a payment with respect to the Notes or Coupon; or (f) in respect of any estate, inheritance, gift, sales, transfer, personal property or similar Tax or excise Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) transfer of the Tax ActNotes or Coupon; or (g) in respect of any Taxes to the extent such Taxes are for or on account of imposta sostitutiva pursuant to Decree No. 239 and any related implementing regulations, and pursuant to Decree No. 461 and any related implementing regulations, except where the procedures required under Decree 239/1996, in order to benefit from an exemption, have not been complied with due only to the actions or omissions of the Issuer or (ii) not dealing at arm’s length (its agents. For the avoidance of doubt, no Additional Amounts shall be payable with respect to Taxes to the extent such Taxes are on account of imposta sostitutiva if the Noteholder or Couponholder becomes subject to imposta sostitutiva after the Issue Date by reason of amendments to the list of countries which allow for the purposes a satisfactory exchange of information with Italy, currently provided for by Italian Ministerial Decree dated 4 September 1996, as subsequently amended, or by reason of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5approval of the ministerial Decree to be issued under art. 11 par.4 let c) of Decree No. 239, as subsequently amended or superseded, providing for a new list of countries which allow for a satisfactory exchange of information with Italy, whereby such Noteholders or Couponholder country of residence does not appear on the Tax Act) of aforesaid amended or new list (the Issuer“White List”); or (viih) to a Noteholder that is a fiduciary, partnership or person other than the sole beneficial owner to the extent that a payment would be required to be included in the income under the tax laws of a relevant Tax Jurisdiction of a beneficiary or settlor with respect to the fiduciary, or a partner of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner or beneficial owner been the Noteholder thereof; or (i) in respect of any Taxes that are imposed or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date of the Information Memorandum (or any amended or successor version of such sections that is substantively comparable and not materially more onerous to comply with), any regulations promulgated thereunder, any official interpretations thereof, any similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or (j) any combination of the foregoing items (a) through (i) above. Notwithstanding any other provision of these Conditions, any amounts to be paid on the Notes and Coupons by or on behalf of the Issuer will be paid net of any deduction or withholding imposed or required pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (vior any regulations thereunder or any official interpretations thereof) or an intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any fiscal or regulatory legislation, rules or practices implementing such an intergovernmental agreement) (any such withholding or deduction, a “FATCA Withholding”). . Neither the Issuer nor any other person will be required to pay additional amounts on account of any FATCA Withholding. In addition to the foregoing, the Issuer will also bear and pay any present or future stamp, issue, registration, court or documentary Taxes, or any other excise, property or similar Taxes, which are levied on the execution, delivery, issuance, registration or enforcement (cfollowing an Event of Default) At least 30 calendar days prior of the Notes or Coupons, the Trust Deed or any other document or instrument referred to therein (other than in each date on which case, (A) in connection with a transfer of the Notes or Coupons after this issuance of the Notes or Coupons other than the initial resale or (B) to the extent that such stamp, issue, registration court or documentary Taxes, or any other excise, property or similar Taxes become payable upon a voluntary registration made by the Noteholder if such registration is not required by any applicable law or not necessary to enforce the rights or obligations of any Noteholder or Couponholder in relation to the Notes, the Coupons, the Trust Deed or any other document or instrument referred to therein). If the Issuer becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes or any Note Guarantee is due and payableCoupons, if the Issuer will deliver to the Trustee (with a Payor will be obligated copy to pay Additional Amounts with respect the Principal Paying Agent) on a date at least 30 days prior to such the date of payment (unless such the obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such that payment is due and payabledate, in which case it will be the Issuer shall notify the Trustee promptly thereafter), ) an officer’s certificate stating the Payor will deliver to the Trustee an Officer’s Certificate stating fact that such Additional Amounts will be payable and the amounts amount estimated to be so payable and will set forth payable. The Trustee shall be entitled to rely solely on such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so officer’s certificate as conclusive proof that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) are necessary. The above obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture the Trust Deed and will apply apply, mutatis mutandis mutandis, to any successor Person person to the Issuer. Any references in these Conditions of the Notes or in the Trust Deed to any Payor and amounts in respect of the Notes shall be deemed also to refer to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described which may be payable in this Section 2.5, if applicable.respect thereof. As used herein:

Appears in 1 contract

Sources: Trust Deed

Additional Amounts. (a) All payments made by or on behalf of the Issuer or any Guarantor (each a “Payor”) under or with respect to the Notes under the Indenture or pursuant to any Note Guarantee will must be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of (1) the United States, Germany, Luxembourg, the United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax, (2) any jurisdiction in which such Payor is organized, resident or carrying on business for tax purposes or from or through which such Payor (or its agents) makes any payment on the Notes or any Note Guarantee is made, or any department or political subdivision or governmental authority thereof or therein having the power to tax or (each3) any other jurisdiction in which the payor is organized or otherwise considered to be a resident or engaged in business for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each a “Relevant Taxing Jurisdiction”), collectively, “Taxes,” unless such Payor the Issuer, any Guarantor or other applicable withholding agent is required to withhold or deduct Taxes by law or by the interpretation or administration thereofthereof by the relevant government authority or agency provided, however, that in determining what withholding is required by law for U.S. federal income and withholding tax purposes, the Issuer, a Guarantor or other applicable withholding agent shall be entitled to treat any payments on or in respect of the Notes or any Note Guarantee as if the Notes or any Note Guarantee were issued by a U.S. person as defined in section 7701(a)(30) of the Code. If a Payor the Issuer, any Guarantor or other applicable withholding agent is so required to withhold or deduct any amount for or on account of Taxes from any payment made under or with respect to the Notes or any Note Guarantee, the Issuer or such PayorGuarantor, subject to as the exceptions set forth in Section 2.5(b)case may be, will be required to pay such additional amounts (amount — “Additional Amounts”) ” — as may be necessary such so that the net amount (including Additional Amounts) received in respect of such payment by each Holder or Beneficial Holder beneficial owner after such withholding or deduction (including any withholding or deduction attributable to on such Additional Amounts payable hereunder but excluding Taxes on net incomeAmounts) will not be less than the amount the Holder or Beneficial Holder, as the case may be, such beneficial owner would have received if such Taxes had not been required to be so withheld or deducted. ; provided, A-4 however, that no Additional Amounts will be payable with respect to payments made to any beneficial owner to the extent such Taxes are imposed by reason of (bi) Notwithstanding Section 2.5(a)such beneficial owner being considered to be or to have been connected with a Relevant Taxing Jurisdiction, otherwise than by the acquisition, ownership, holding or disposition of the Notes, the enforcement of rights under the Notes or under any Note Guarantee or the receipt of payments in respect of the Notes or any Note Guarantee, or (ii) such beneficial owner not completing any procedural formalities that it is legally eligible to complete and are necessary for the Issuer, a Payor will notGuarantor or other applicable withholding agent to make or obtain authorization to make payments without such Taxes (including, without limitation, providing prior to the receipt of any payment on or in respect of a Note or any Note Guarantee, a complete, correct and executed IRS Form W-8 or W-9 or successor form, as applicable, with all appropriate attachments); provided, however, that for purposes of this obligation to pay Additional Amounts, the Issuer, a Guarantor or other applicable withholding agent shall be entitled, for U.S. federal income and withholding tax purposes, to treat any payments on or in respect of the Notes as if the Notes were issued by a U.S. person as defined in section 7701(a)(30) of the Code. Further, no Additional Amounts shall be payable with respect to (i) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner holding or owning, actually or constructively, 10% or more of the total combined voting power of all classes of stock of the Issuer or any Guarantor entitled to vote or (ii) any Tax imposed on interest by the United States or any political subdivision or governmental authority thereof or therein by reason of any beneficial owner being a Holder controlled foreign corporation that is a related person within the meaning of Section 864(d)(4) of the Code with respect to the Issuer or Beneficial Holder any Guarantor. The Issuer or Guarantor (as applicable) required to withhold any Taxes will make such withholding or deduction and remit the full amount deducted or withheld to the relevant authority as and when required in accordance with applicable law. The Issuer or Guarantor (as applicable) will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment by the Issuer or Guarantor (as applicable) of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and will provide such certified copies to the Trustee. Wherever in the Indenture or the Notes or any Note Guarantee there are mentioned, in any context, (1) the payment of principal, (2) purchase prices in connection with a purchase of Notes under the Indenture or the Notes, (3) interest or (4) any other amount payable on or with respect to any of the following Taxes imposed on Notes or with respect any Note Guarantee, such reference shall be deemed to a Holder or Beneficial Holder or required include payment of Additional Amounts as described under this heading to be withheld or deducted from a payment to a Holder or Beneficial Holder: (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxesthe extent that, in each case (i) imposed as a result such context, Additional Amounts are, were or would be payable in respect thereof. documentation evidencing the payment of such Holder Additional Amounts. Copies of such documentation shall be made available to the Holders upon request. The Issuer will pay any present stamp, court or Beneficial Holder being organized under the laws of, having a business office located indocumentary taxes, or being a resident of the jurisdiction imposing such Tax any other excise, property or similar taxes, charges or levies (including any penalties, interest or other liabilities related thereto) which arise in Luxembourg or any political subdivision thereof) or (ii) that are Other Connection Taxes; (ii) in governmental authority thereof or therein having the case of a Holder or Beneficial Holderpower to tax, withholding Taxes imposed on amounts payable to or for the account of such Holder or Beneficial Holder with respect to an applicable interest in an Indenture Obligation pursuant to a law in effect on the date on which such Holder or Beneficial Holder acquires such interest in the Indenture Obligation; (iii) Taxes attributable to such Holder or Beneficial Holder’s failure to comply with a request from the Trustee to provide a tax exemption certificate; (iv) any withholding Taxes imposed under FATCA; (v) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or creditedexecution, or deemed as paid or credited, by or on account delivery and registration of any obligation Notes upon original issuance and initial resale of the Issuer under this Indenture (i) to a Holder or Beneficial Holder or recipient with which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than where, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document); (vi) any Canadian withholding Taxes imposed under the Tax Act on any amount paid or credited, or deemed as paid or credited, by any Holder or Beneficial Holder or recipient by reason of such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer; or (vii) any combination of the foregoing items (i) through (vi). (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will be obligated other document or instrument referred to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th day prior to the date on which such payment is due and payable, in which case it will be promptly thereafter), the Payor will deliver to the Trustee an Officer’s Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the payment date. (d) The Payors, jointly and severally, will indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder therein or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or any payment with respect to to, or enforcement of, the Notes held by such Holder or Beneficial Holder and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; provided, however, that the indemnification or reimbursement obligations provided for in this clause (d) shall not extend to Taxes for which the applicable Holder or Beneficial Holder would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and herein or therein. If at any such time the Issuer changes its place of organization to outside of Luxembourg or there is a new issuer organized outside of Luxembourg, the Issuer or new issuer, as applicable, will pay any stamp, court or documentary taxes, or any other excise, property or similar taxes, charges or duties imposed levies (including any penalties, interest or other liabilities related thereto) which arise in the jurisdiction in which the Issuer or new issuer is organized (or any political subdivision thereof or therein) and are payable by any Relevant Taxing Jurisdiction on any payments made pursuant to the Holders of the Notes in respect of the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) instrument referred to therein under any law, rule or regulation in effect at the time of such change or thereafter. The foregoing obligations described under in this Section 2.5 Paragraph 2 will survive any termination, defeasance or discharge of the Indenture. References in this Indenture and will Paragraph 2 to the Issuer or any Guarantor shall apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if anysuccessor(s) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicablethereto.

Appears in 1 contract

Sources: Indenture (Fresenius Medical Care AG & Co. KGaA)

Additional Amounts. (a) All payments made by or on behalf of that the Issuer or any Guarantor (each a “Payor”) makes under or with respect to the Notes or any Note Guarantee will shall be made free and clear of and without withholding or deduction for or on account of Taxes any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other similar liabilities related thereto) of whatever nature (collectively, “Taxes”) imposed or levied by or on behalf of any jurisdiction in which such Payor the Issuer is organized, organized or is a resident or carrying on business for tax purposes or from or through which such Payor (or its agents) the Issuer makes any payment on the Notes or any Note Guarantee by or within any department or political subdivision thereof (each, a “Relevant Taxing Jurisdiction”), unless such Payor the Issuer is required to withhold or deduct Taxes by law or by the interpretation or administration thereofof law. If a Payor the Issuer is so required to withhold or deduct any amount for or on account of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes or any Note GuaranteeNotes, such Payor, subject to the exceptions set forth in Section 2.5(b), will Issuer shall pay such additional amounts in cash (“Additional Amounts”) as may be necessary such to ensure that the net amount received in respect of such payment by each Holder or Beneficial Holder after such withholding or deduction (including withholding or deduction attributable to Additional Amounts payable hereunder but excluding Taxes on net incomehereunder) will not be less than the amount the Holder or Beneficial Holder, as the case may be, would have received if such Taxes had not been required to be so withheld or deducted. (b) Notwithstanding Section 2.5(a)the foregoing, a Payor will not, however, the Issuer shall pay no Additional Amounts to a Holder or Beneficial Holder with respect to beneficial owner of any of the following Taxes imposed on or with respect to a Holder or Beneficial Holder or required to be withheld or deducted from a payment to a Holder or Beneficial HolderNote: (i) to the extent the Taxes giving rise to such Additional Amounts would not have been imposed on but for the Holder’s or measured beneficial owner’s present or former connection with the Relevant Taxing Jurisdiction (other than a connection arising by net income (however denominated), franchise Taxes and branch profits Taxes, in each case (i) imposed as a result of such Holder or Beneficial Holder being organized under the laws of, having a business office located in, or being a resident reason of the jurisdiction imposing such Tax (acquisition, ownership, holding or disposition of Notes or by reason of the receipt of payments thereunder or the exercise or enforcement of rights under any political subdivision thereof) Notes or (ii) that are Other Connection Taxesthe Indenture); (ii) in to the case extent the Taxes giving rise to such Additional Amounts would not have been imposed but for the failure of a the Holder or Beneficial beneficial owner of Notes, following the Issuer’s written request addressed to the Holder, withholding Taxes imposed on amounts payable to or for the account of extent such Holder or Beneficial Holder beneficial owner is legally entitled to do so, to comply with respect any certification, identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Relevant Taxing Jurisdiction, as a precondition to an applicable interest exemption from, or reduction in an Indenture Obligation pursuant to the rate of deduction or withholding of, Taxes imposed by the Relevant Taxing Jurisdiction (including, without limitation, a law in effect on certification that the date on which such Holder or Beneficial Holder acquires such interest beneficial owner is not resident in the Indenture ObligationRelevant Taxing Jurisdiction); (iii) Taxes attributable with respect to such Holder any estate, inheritance, gift, sales, transfer or Beneficial Holder’s failure to comply with a request from the Trustee to provide a personal property tax exemption certificateor any similar Taxes; (iv) any withholding if such Holder is a fiduciary or partnership or Person other than the sole beneficial owner of such payment and the Taxes giving rise to such Additional Amounts would not have been imposed under FATCAon such payment had such Holder been the beneficiary, partner or sole beneficial owner, as the case may be, of such Note (but only if there is no material cost or expense associated with transferring such Note to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary, partner or sole beneficial owner); (v) any Canadian withholding to the extent the Taxes giving rise to such Additional Amounts would not have been imposed under but for the Tax Act on any amount paid or credited, or deemed as paid or credited, presentation by or on account the Holder of any obligation of Note, where presentation is required, for payment on a date more than 30 days after the Issuer under this Indenture (i) to a Holder date on which payment became due and payable or Beneficial Holder or recipient with the date on which the Payor does not deal at arm’s length (for the purposes of the Tax Act) at the time of making such payment or (ii) in respect of a debt or other obligation to pay an amount to a Holder or Beneficial Holder or recipient with whom the Payor thereof is not dealing at arm’s length (for the purposes of the Tax Act) at the time of such payment (other than whereduly provided for, in the case of the foregoing clauses (i) or (ii), the non- arm’s length relationship arises as a result of such Holder or Beneficial Holder or recipient having become a party to, received or perfected a security interest under or received or enforced any rights under this Indenture or any other Note Document)whichever occurs later; (vi) with respect to any Canadian withholding Taxes or deduction that is imposed under on a payment to an individual and that is required to be made pursuant to the Tax Act European Council Directive on the taxation of savings income which was adopted by the ECOFIN Council on June 3, 2003 or any amount paid law implementing or creditedcomplying with, or deemed as paid introduced in order to conform to, such directive (the “EU Savings Tax Directive”) or creditedis required to be made pursuant to the Agreement between the European Community and the Swiss Confederation dated of October 26, by 2004 providing for measures equivalent to those laid down in the EU Savings Tax Directive (the “EU-Swiss Savings Tax Agreement”) or any Holder law or Beneficial Holder other governmental regulation implementing or recipient by reason of complying with, or introduced in order to conform to, such Holder or Beneficial Holder or recipient (i) being a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issuer or (ii) not dealing at arm’s length (for the purposes of the Tax Act) with a “specified non-resident shareholder” (as defined in subsection 18(5) of the Tax Act) of the Issueragreement; orand (vii) with respect to any combination of the foregoing items listed above. The Issuer shall (iA) through make such withholding or deduction of Taxes required by applicable law and (vi)B) remit the full amount of Taxes so deducted or withheld to the relevant Taxing Authority in accordance with all applicable laws. The Issuer shall make reasonable best efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes. The Issuer shall provide to the Trustee, within a reasonable time after the date the payment of any Taxes so deducted or withheld are due pursuant to applicable law, either a certified copy of tax receipts evidencing such payment or, if such tax receipts are not reasonably available to the Issuer, such other documentation that provides reasonable evidence of such payment by the Issuer. (c) At least 30 calendar days prior to each date on which any payment under or with respect to the Notes or any Note Guarantee is due and payable, if a Payor will the Issuer shall be obligated to pay Additional Amounts with respect to such payment (unless such obligation to pay Additional Amounts arises after the 35th 30th day prior to the date on which such payment under or with respect to the Notes is due and payable, in which case it will be promptly thereafter), the Payor will Issuer shall deliver to the Trustee and Paying Agent an Officer’s Officers’ Certificate stating that such Additional Amounts will be payable and the amounts so payable and will set setting forth such other information as is necessary to enable the such Trustee and Paying Agent to pay such Additional Amounts to the Holders on the payment date. The Issuer shall promptly publish a notice in accordance with Section 13.02 stating that such Additional Amounts will be payable and describing the obligation to pay such amounts. In addition, the Issuer, shall pay any present or future stamp, issue, registration, court documentation, excise or other similar taxes, charges and duties, including interest and penalties with respect thereto, imposed by any Relevant Taxing Jurisdiction in respect of the execution, issue, registration or delivery of the Notes or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any jurisdiction as a result of, or in connection with, the enforcement of the Notes and/or any other such document or instrument. (d) The Payorsforegoing provisions shall survive any termination, jointly defeasance or discharge of the indenture and severallyshall apply mutatis mutandis to any jurisdiction in which any Surviving Entity (as defined in Section 5.01(b)(i)) is organized or resident for tax purposes or any political subdivision or taxing authority or agency thereof or therein or any jurisdiction from or through which payment is made by such Surviving Entity. (e) Whenever the Indenture or the Notes refer to, will in any context, the payment of principal, premium, if any, interest or any other amount payable under or with respect to any Note, such reference shall be deemed to include mention of the payment of Additional Amounts or indemnification payments as described hereunder, to the extent that in such context Additional Amounts or indemnification payments are, were or would be payable in respect thereof pursuant to Section 4.12 of the Indenture. The Issuer shall indemnify and hold harmless the Holders and Beneficial Holders and, upon written request of any Holder or Beneficial Holder, reimburse such Holder or Beneficial Holder for the amount of (i) any Taxes levied or imposed by a Relevant Taxing Jurisdiction and payable by such Holder or Beneficial Holder in connection with payments made under or with respect to the Notes held by such Holder or Beneficial Holder Holder; and (ii) any Taxes levied or imposed with respect to any reimbursement under the foregoing clause (i) or this clause (ii), so that the net amount received by such Holder or Beneficial Holder after such reimbursement will shall not be less than the net amount such Holder or Beneficial Holder would have received if the Taxes giving rise to the reimbursement described in clauses (i) and/or (ii) had not been imposed; , provided, however, that the indemnification or reimbursement obligations obligation provided for in this clause paragraph (dg) shall not extend to Taxes imposed for which the applicable eligible Holder or Beneficial Holder of the Notes would not have been eligible to receive payment of Additional Amounts hereunder by virtue of clauses (i) through (vii) of Section 2.5(b) if the Payor had been required to withhold from such payments or to the extent such Holder or Beneficial Holder received Additional Amounts with respect to such payments. (e) In addition, the Payor will pay any stamp, issue, registration, court, documentation, excise or other similar taxes, charges and duties, including any interest, penalties and any similar liabilities with respect thereto, imposed by any Relevant Taxing Jurisdiction at any time in respect of the execution, issuance, registration or delivery of the Notes, any Note Guarantee or any other document or instrument referred to thereunder and any such taxes, charges or duties imposed by any Relevant Taxing Jurisdiction on any payments made pursuant to the Notes or any Note Guarantee or as a result of, or in connection with, the enforcement of the Notes, any Note Guarantee and/or any other such document or instrument. (f) The obligations described under this Section 2.5 will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any successor Person to any Payor and to any jurisdiction in which such successor is organized or is otherwise resident or doing business for tax purposes or any jurisdiction from or through which payment is made by such successor or its respective agents. Whenever this Indenture refers to, in any context, the payment of principal, Premium (if any) and interest or any other amount payable under or with respect to any Note, such reference shall include the payment of Additional Amounts or indemnification payments as described in this Section 2.5, if applicable.

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Sources: Indenture (Digicel Group LTD)