Belgian Withholding Tax on the Convertible Bonds Sample Clauses

Belgian Withholding Tax on the Convertible Bonds. Interest paid or attributed to the Bondholders on the Convertible Bonds made by or on behalf of the Issuer is as a rule subject to Belgian withholding tax at a rate of 27%, subject to such relief as may be available under applicable domestic provisions and tax treaties concluded by Belgium. For Belgian income tax purposes, interest includes: (i) periodic interest income; (ii) amounts paid by the Issuer in excess of the issue price (upon full or partial redemption, whether or not at maturity, or upon purchase by the Issuer) and (iii) if the Convertible Bonds qualify as fixed income securities pursuant to Article 2, § 1, 8° Belgian Income Tax Code 1992 ("ITC 1992"), in case of a sale of the Convertible Bonds to any third party, excluding the Issuer, the pro rata of accrued interest corresponding to the detention period. Interest also includes the value of the existing Ordinary shares or the Cash Alternative Amount received by the Bondholder upon Conversion up to an amount equal to the difference between the total value received upon Conversion and the issue price of the Convertible Bond. The value of the new Ordinary Shares received upon Conversion does not give rise to interest for Belgian tax purposes. If, upon exercise by a Bondholder of its Conversion Right, the Issuer opts for a Cash Settlement or for the delivery of existing Ordinary Shares, that Bondholder (unless it has the benefit of an exemption from withholding tax) will thus be subject to a withholding tax that would not have arisen if the Issuer had merely issued new Ordinary Shares pursuant to that conversion.