Common use of Swiss Tax Ruling Clause in Contracts

Swiss Tax Ruling. AnyIf the Swiss Borrower grantinggrants a security interest over real estate located in Switzerland it shall obtain subsequent to the Amendment No. 2 Effective Date (but within a reasonable time frame) or, in the case of a Person that becomes athe Swiss Borrower after the Amendment No. 2 Effective Date, subsequent to the date such Person becomes athe Swiss Borrower (but within a reasonable time frame) (a) a ruling from the tax authority of the Canton where the relevant Swiss real estate is located confirming that the payment of interests under this Agreement shall not be subject to federal, cantonal, and municipal direct taxes levied at source in Switzerland as per Article 51 § 1 lit. d and Article 94 of the Swiss Federal Direct Tax Act of December 14, 1990 and as per Article 21 § 2 lit. a and Article 35 § 1 lit. e of the Swiss Federal Harmonization Direct Tax Act of December 14, 1990, but only to the extent and limited to the interests paid by the Swiss BorrowersBorrower in connection with the Swiss Revolving Loans and which are secured by the relevant Swiss real estate mortgage, and (b) a ruling from the tax authority of the Canton of seat of the relevant Swiss Borrower confirming that the aforesaid direct taxes levied at source may be solely ruled with the Canton where the relevant Swiss real estate is located. The Swiss BorrowersBorrower further acknowledgeacknowledges that the gross-up mechanism provided for under Section 2.15 shall apply with respect to any such direct taxes levied at source.

Swiss Tax Ruling. AnyIf If the Swiss Borrower grantinggrants grants a security interest over real estate located in Switzerland it shall obtain subsequent to the Amendment No. 2 210 Effective Date (but within a reasonable time frame) or, in the case of a Person that becomes athe the Swiss Borrower after the Amendment No. 2 210 Effective Date, subsequent to the date such Person becomes athe the Swiss Borrower (but within a reasonable time frame) (a) a ruling from the tax authority of the Canton where the relevant Swiss real estate is located confirming that the payment of interests under this Agreement shall not be subject to federal, cantonal, and municipal direct taxes levied at source in Switzerland as per Article 51 § 1 lit. d and Article 94 of the Swiss Federal Direct Tax Act of December 14, 1990 and as per Article 21 § 2 lit. a and Article 35 § 1 lit. e of the Swiss Federal Harmonization Direct Tax Act of December 14, 1990, but only to the extent and limited to the interests paid by the Swiss BorrowersBorrower Borrower in connection with the Swiss Revolving Loans and which are secured by the relevant Swiss real estate mortgage, and (b) a ruling from the tax authority of the Canton of seat of the relevant Swiss Borrower confirming that the aforesaid direct taxes levied at source may be solely ruled with the Canton where the relevant Swiss real estate is located. The Swiss BorrowersBorrower Borrower further acknowledgeacknowledges acknowledges that the gross-up mechanism provided for under Section 2.15 shall apply with respect to any such direct taxes levied at source.

Swiss Tax Ruling. AnyIf If the Swiss Borrower grantinggrants grants a security interest over real estate located in Switzerland it shall obtain subsequent to the Amendment No. 2 Effective Date (but within a reasonable time frame) or, in the case of a Person that becomes athe the Swiss Borrower after the Amendment No. 2 Effective Date, subsequent to the date such Person becomes athe the Swiss Borrower (but within a reasonable time frame) (a) a ruling from the tax authority of the Canton where the relevant Swiss real estate is located confirming that the payment of interests under this Agreement shall not be subject to federal, cantonal, and municipal direct taxes levied at source in Switzerland as per Article 51 § 1 lit. d and Article 94 of the Swiss Federal Direct Tax Act of December 14, 1990 and as per Article 21 § 2 lit. a and Article 35 § 1 lit. e of the Swiss Federal Harmonization Direct Tax Act of December 14, 1990, but only to the extent and limited to the interests paid by the Swiss BorrowersBorrower Borrower in connection with the Swiss Revolving Loans and which are secured by the relevant Swiss real estate mortgage, and (b) a ruling from the tax authority of the Canton of seat of the relevant Swiss Borrower confirming that the aforesaid direct taxes levied at source may be solely ruled with the Canton where the relevant Swiss real estate is located. The Swiss BorrowersBorrower Borrower further acknowledgeacknowledges acknowledges that the gross-up mechanism provided for under Section 2.15 shall apply with respect to any such direct taxes levied at source.

Swiss Tax Ruling. AnyIf the Any Swiss Borrower grantinggrants granting a security interest over real estate located in Switzerland it shall obtain subsequent to the Amendment No. 2 Effective Date (but within a reasonable time frame) or, in the case of a Person that becomes athe a 356 1125931.03I-XXXXX000000000.05E-CHISR01A - MSW Swiss Borrower after the Amendment No. 2 Effective Date, subsequent to the date such Person becomes athe a Swiss Borrower (but within a reasonable time frame) (a) a ruling from the tax authority of the Canton where the relevant Swiss real estate is located confirming that the payment of interests under this Agreement shall not be subject to federal, cantonal, and municipal direct taxes levied at source in Switzerland as per Article 51 § 1 lit. d and Article 94 of the Swiss Federal Direct Tax Act of December 14, 1990 and as per Article 21 § 2 lit. a and Article 35 § 1 lit. e of the Swiss Federal Harmonization Direct Tax Act of December 14, 1990, but only to the extent and limited to the interests paid by the Swiss BorrowersBorrower Borrowers in connection with the Swiss Revolving Loans and which are secured by the relevant Swiss real estate mortgage, and (b) a ruling from the tax authority of the Canton of seat of the relevant Swiss Borrower confirming that the aforesaid direct taxes levied at source may be solely ruled with the Canton where the relevant Swiss real estate is located. The Swiss BorrowersBorrower Borrowers further acknowledgeacknowledges acknowledge that the gross-up mechanism provided for under Section 2.15 shall apply with respect to any such direct taxes levied at source.

Swiss Tax Ruling. AnyIf the TheAny Swiss Borrower grantinggrants granting a security interest over real estate located in Switzerland it shall obtain subsequent to the Amendment Closing DateAmendment No. 2 Effective Date (but within a reasonable time frame) or, in the case of a Person that becomes athe a Swiss Borrower after the Amendment No. 2 Effective Date, subsequent to the date such Person becomes athe a Swiss Borrower (but within a reasonable time frame) (a) a ruling from the Wallis cantonal tax authority of the Canton where the relevant Swiss real estate is located confirming that the payment of interests under this Agreement shall not be subject to federal, cantonal, and municipal direct taxes levied at source in Switzerland as per Article 51 § 1 lit. d and Article 94 of the Swiss Federal Direct Tax Act of December 14, 1990 and as per Article 21 § 2 lit. a and Article 35 § 1 lit. e of the Swiss Federal Harmonization Direct Tax Act of December 14, 1990, but only to the extent and limited to the interests paid by the Swiss BorrowersBorrower BorrowerBorrowers in connection with the Swiss Revolving Loans LoanLoans and which are secured by the relevant Swiss real estate mortgagemortgage in an amount of CHF 60 million, and (b) a ruling from the Zurich cantonal tax authority of the Canton of seat of the relevant Swiss Borrower confirming that the aforesaid direct taxes levied at source may be solely ruled with the Canton where the relevant Swiss real estate is located. The Swiss BorrowersBorrower BorrowerBorrowers further acknowledgeacknowledges acknowledgesacknowledge that the gross-up mechanism provided for under Section 2.15 shall apply with respect to any such direct taxes levied at source.