Common use of Grossing Clause in Contracts

Grossing. up If at any time any law requires (or is interpreted to require) the Borrower to make any deduction or withholding from any payment, or to change the rate or manner in which any required deduction or withholding is made, the Borrower will promptly notify the Paying Agent and, simultaneously with making that payment, will pay to the Paying Agent whatever additional amount (after taking into account any additional Taxes on, or deductions or withholdings from, or restrictions or conditions on, that additional amount) is necessary to ensure that, after making the deduction or withholding, the Paying Agent and the Banks and the Swap Banks receive a net sum equal to the sum which they would have received had no deduction or withholding been made.

Grossing. up If at any time any law requires (or is interpreted to require) the Borrower to make any deduction or withholding from any payment, or to change the rate or manner in which any required deduction or withholding is made, the Borrower will promptly notify the Paying Agent and, simultaneously with making that payment, will pay to the Paying Agent whatever additional amount (after taking into account any additional Taxes on, or deductions or withholdings from, or restrictions or conditions on, that additional amount) is necessary to ensure that, after making the deduction or withholding, the Paying Agent and the Banks and the Swap Banks receive a net sum equal to the sum which they would have received had no deduction or withholding been made.