Common use of Change in Tax Law Clause in Contracts

Change in Tax Law. Upon the enactment of or change in (including, without limitation, a change in interpretation of) any applicable law (a) deducting or allowing the Mortgagor to deduct from the value of the Mortgaged Property for the purpose of taxation any lien or security interest thereon or (b) subjecting the Mortgagee to any tax (excluding income, franchise, estate, inheritance, transfer or similar entity taxes) or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this Mortgage, the Obligations or the Mortgagee (excluding income, franchise, estate, inheritance, transfer or similar entity taxes), and the result is to increase the taxes imposed upon or the cost to the Mortgagee of maintaining the Obligations, or to reduce the amount of any payments receivable hereunder, then, and in any such event, if the Mortgagee has received notice of such change from, or demand for payment of amounts arising from such change from, the relevant Governmental Authority, then the Mortgagor shall, upon the earlier to occur of (i) ten (10) Business Days after the Mortgagee delivers to the Mortgagor notice of Mortgagee's receipt of such notice or demand and (ii) the date such payment is due, or, if the Mortgagee has not received any notice or demand from a Governmental Authority, then the Mortgagor shall, on demand, pay to the Mortgagee additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to the Mortgagee and not reimbursed as set forth herein, or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then the Mortgagee may, within ten (10) Business Days after notice thereof require the Mortgagor to pay or reimburse the Mortgagee for payment of the lawful and non-usurious portion thereof. If the Mortgagor fails to pay such amounts within such time, then the Mortgagee may declare the Obligations immediately due and payable.

Change in Tax Law. Upon The Company may redeem, in whole, but not in part, all of the enactment of or change Series C Preference Shares, upon notice given as provided in (includingSection 7(h) herein, at a redemption price equal to US$25,000 per Series C Preference Share, plus declared and unpaid dividends, if any, to, but excluding, the Redemption Date, without limitationinterest on such unpaid dividends, if as a result of a Change in Tax Law there is, in the Company’s reasonable determination, a substantial probability that the Company or any Successor Company would become obligated to pay additional amounts on the next succeeding Dividend Payment Date with respect to the Series C 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 Successor Company (a “Tax Event”). As used herein, “Change in Tax Law” means (i) a change in or amendment to laws, regulations or rulings of any Relevant Taxing Jurisdiction, (ii) a change in the official application or interpretation ofof those laws, regulations or rulings, (iii) any applicable law (a) deducting execution of or allowing the Mortgagor amendment to deduct from the value of the Mortgaged Property for the purpose of any treaty affecting taxation to which any lien or security interest thereon Relevant Taxing Jurisdiction is party or (biv) subjecting a decision rendered by a court of competent jurisdiction in any Relevant Taxing Jurisdiction, whether or not such decision was rendered with respect to the Mortgagee to any tax (excluding income, franchise, estate, inheritance, transfer or similar entity taxes) or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxesCompany, in each case described in clauses (i)—(iv) above, occurring after June 4, 2020; provided that in the case of a Relevant Taxing Jurisdiction other than Bermuda in which a Successor Company is organized, such caseChange in Tax Law must occur after the date on which the Company consolidates, so merges or amalgamates (or engages in a similar transaction) with the Successor Company, or conveys, transfers or leases substantially all of its properties and assets to the Successor Company, as applicable. As used herein, “Relevant Taxing Jurisdiction” means (A) Bermuda or any political subdivision or governmental authority of or in Bermuda with the power to affect this Mortgagetax, (B) any jurisdiction from or through which the Company or its dividend disbursing agent is making payments on the Series C 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. Prior to any redemption upon a Tax Event, the Obligations or the Mortgagee (excluding income, franchise, estate, inheritance, transfer or similar entity taxes), Company shall file with its corporate records and the result is to increase the taxes imposed upon or the cost deliver to the Mortgagee transfer agent for the Series C Preference Shares a certificate signed by one of maintaining the Obligations, or to reduce Company’s officers confirming that a Tax Event has occurred and is continuing (as reasonably determined by the amount Company). The Company shall include a copy of this certificate with any payments receivable hereunder, then, and in any such event, if the Mortgagee has received notice of such change from, or demand for payment of amounts arising from such change from, the relevant Governmental Authority, then the Mortgagor shall, upon the earlier to occur of (i) ten (10) Business Days after the Mortgagee delivers to the Mortgagor notice of Mortgagee's receipt of such notice or demand and (ii) the date such payment is due, or, if the Mortgagee has not received any notice or demand from a Governmental Authority, then the Mortgagor shall, on demand, pay to the Mortgagee additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to the Mortgagee and not reimbursed as set forth herein, or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then the Mortgagee may, within ten (10) Business Days after notice thereof require the Mortgagor to pay or reimburse the Mortgagee for payment of the lawful and non-usurious portion thereof. If the Mortgagor fails to pay such amounts within such time, then the Mortgagee may declare the Obligations immediately due and payableredemption.

Change in Tax Law. Upon the enactment of or change in (including, without limitation, including a change in interpretation of) any applicable law (a) deducting or allowing the Mortgagor to deduct from the value of the Mortgaged Property for the purpose of taxation any lien or security interest thereon or (b) subjecting the Mortgagee to any tax (excluding income, franchise, estate, inheritance, transfer or similar entity taxes) ), or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this Mortgage, the Obligations or the Mortgagee (excluding income, franchise, estate, inheritance, transfer or similar entity taxes), ) and the result is to increase the taxes imposed upon or the cost to the Mortgagee of maintaining the Obligations, or to reduce the amount of any payments receivable hereunder, then, and in any such event, if the Mortgagee has received notice of such change from, or demand for payment of amounts arising from such change from, the relevant Governmental Authority, then the Mortgagor shall, upon the earlier to occur of (i) ten (10) Business Days after the Mortgagee delivers to the Mortgagor notice of Mortgagee's receipt of such notice or demand demand, and (ii) the date such payment is due, or, if the Mortgagee has not received any notice or demand from a Governmental Authority, then the Mortgagor shall, on demand, pay to the Mortgagee additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to the Mortgagee and not reimbursed as set forth herein, or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then the Mortgagee may, within ten (10) Business Days after notice thereof may require the Mortgagor to pay or reimburse the Mortgagee for payment of the lawful and non-usurious portion thereof within ten (10) Business Days after notice thereof. If the Mortgagor fails to pay such amounts within such time, then the Mortgagee may declare the Obligations immediately due and payable.

Change in Tax Law. Upon the enactment of or change in (including, without limitation, a change in interpretation of) any applicable law (a) deducting or allowing the Mortgagor to deduct from the value of the Mortgaged Property for the purpose of taxation any lien or security interest thereon or (b) subjecting the Mortgagee to any tax (excluding income, franchise, estate, inheritance, transfer or similar entity taxes) ), or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this Mortgage, the Obligations or the Mortgagee (excluding income, franchise, estate, inheritance, transfer or similar entity taxes), ) and the result is to increase the taxes imposed upon or the cost to the Mortgagee of maintaining the Obligations, or to reduce the amount of any payments receivable hereunder, then, and in any such event, if the Mortgagee has received notice of such change from, or demand for payment of amounts arising from such change from, the relevant Governmental Authority, then the Mortgagor shall, upon the earlier to occur of (i) ten (10) Business Days after the Mortgagee delivers to the Mortgagor notice of Mortgagee's receipt of such notice or demand and (ii) the date such payment is due, or, if the Mortgagee has not received any notice or demand from a Governmental Authority, then the Mortgagor shall, on demand, pay to the Mortgagee additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to the Mortgagee and not reimbursed as set forth herein, or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then the Mortgagee may, within ten (10) Business Days after notice thereof thereof, require the Mortgagor to pay or reimburse the Mortgagee for payment of the lawful and non-usurious portion thereof. If the Mortgagor fails to pay such amounts within such time, then the Mortgagee may declare the Obligations immediately due and payable.

Change in Tax Law. Upon the enactment of or change in (including, without limitation, a change in interpretation of) any applicable law (a) deducting or allowing the Mortgagor to deduct from the value of the Mortgaged Property for the purpose of taxation any lien or security interest thereon or (b) subjecting the Mortgagee to any tax (excluding income, franchise, estate, inheritance, transfer or similar entity taxes) or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this Mortgage, the Obligations or the Mortgagee (excluding income, franchise, estate, inheritance, transfer or similar entity taxes), and the result is to increase the taxes imposed upon or the cost to the Mortgagee of maintaining the Obligations, or to reduce the amount of any payments receivable hereunder, then, and in any such event, if the Mortgagee has received notice of such change from, or demand for payment of amounts arising from such change from, the relevant Governmental Authority, then the Mortgagor shall, upon the earlier to occur of (i) ten (10) Business Days after the Mortgagee delivers to the Mortgagor notice of Mortgagee's receipt of such notice or demand and (ii) the date such payment is due, or, if the Mortgagee has not received any notice or demand from a Governmental Authority, then the Mortgagor shall, on demand, pay to the Mortgagee additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to the Mortgagee and not reimbursed as set forth herein, or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then the Mortgagee may, within ten (10) Business Days after notice thereof require require, the Mortgagor to pay or reimburse the Mortgagee for payment of the lawful and non-usurious portion thereof. If the Mortgagor fails to pay such amounts within such time, then the Mortgagee may declare the Obligations immediately due and payable.

Change in Tax Law. Upon the enactment of or change in (including, without limitation, a change in interpretation of) any applicable law (a) deducting or allowing the Mortgagor Grantor to deduct from the value of the Mortgaged Trust Property for the purpose of taxation any lien or security interest thereon or (b) subjecting the Mortgagee Beneficiary to any tax (excluding income, franchise, estate, inheritance, transfer or similar entity taxes) or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this MortgageDeed of Trust, the Obligations or the Mortgagee Beneficiary (but excluding income, franchise, estate, inheritance, transfer or similar entity taxes), and the result is to increase the taxes imposed upon or the cost to the Mortgagee Beneficiary of maintaining the Obligations, or to reduce the amount of any payments receivable hereunder, then, and in any such event, if the Mortgagee Beneficiary has received notice of such change from, or demand for payment of amounts arising from such change from, the relevant Governmental Authority, then the Mortgagor Grantor shall, upon the earlier to occur of (i) ten (10) Business Days after the Mortgagee Beneficiary delivers to the Mortgagor Grantor notice of MortgageeBeneficiary's receipt of such notice or demand and (ii) the date such payment is due, or, if the Mortgagee Beneficiary has not received any notice or demand from a Governmental Authority, then the Mortgagor Grantor shall, on demand, pay to the Mortgagee Beneficiary additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to the Mortgagee Beneficiary and not reimbursed as set forth herein, or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then the Mortgagee Beneficiary may, within ten (10) Business Days after notice thereof thereof, require the Mortgagor Grantor to pay or reimburse the Mortgagee Beneficiary for payment of the lawful and non-usurious portion thereof. If the Mortgagor Grantor fails to pay such amounts within such time, then the Mortgagee Beneficiary may declare the Obligations immediately due and payable.

Change in Tax Law. Upon the enactment of or change in (including, without limitation, a change in interpretation of) any applicable law (a) deducting or allowing the Mortgagor Grantor to deduct from the value of the Mortgaged Trust Property for the purpose of taxation any lien or security interest thereon or (b) subjecting the Mortgagee Beneficiary to any tax (excluding income, franchise, estate, inheritance, transfer or similar entity taxes) or changing the basis of taxation of mortgages, deeds of trust, or other liens or debts secured thereby, or the manner of collection of such taxes, in each such case, so as to affect this MortgageDeed of Trust, the Obligations or the Mortgagee Beneficiary (but excluding income, franchise, estate, inheritance, transfer or similar entity taxes), and the result is to increase the taxes imposed upon or the cost to the Mortgagee Beneficiary of maintaining the Obligations, or to reduce the amount of any payments receivable hereunder, then, and in any such event, if the Mortgagee Beneficiary has received notice of such change from, or demand for payment of amounts arising from such change from, the relevant Governmental Authority, then the Mortgagor Grantor shall, upon the earlier to occur of (i) ten (10) Business Days after the Mortgagee Beneficiary delivers to the Mortgagor Grantor notice of MortgageeBeneficiary's receipt of such notice or demand and (ii) the date such payment is due, or, if the Mortgagee Beneficiary has not received any notice or demand from a Governmental Authority, then the Mortgagor Grantor shall, on demand, pay to the Mortgagee Beneficiary additional amounts to compensate for such increased costs or reduced amounts, provided that if any such payment or reimbursement shall be unlawful, or taxable to the Mortgagee Beneficiary and not reimbursed as set forth herein, or would constitute usury or render the Obligations wholly or partially usurious under applicable law, then the Mortgagee Beneficiary may, within ten (10) Business Days days after notice thereof thereof, require the Mortgagor Grantor to pay or reimburse the Mortgagee Beneficiary for payment of the lawful and non-usurious portion thereof. If the Mortgagor Grantor fails to pay such amounts within such time, then the Mortgagee Beneficiary may declare the Obligations immediately due and payable.