Gross Up for Taxes. If Borrower shall be required by Applicable Law to withhold or deduct any Taxes from or in respect of any sum payable under this Agreement or any of the other Loan Documents, (a) the sum payable to Agent or such Lender shall be increased as may be necessary so that, after making all required withholding or deductions, Agent or such Lender (as the case may be) receives an amount equal to the sum it would have received had no such withholding or deductions been made, (b) Borrower shall make such withholding or deductions, and (c) Borrower shall pay the full amount withheld or deducted to the relevant taxation authority or other authority in accordance with Applicable Law.
Appears in 4 contracts
Sources: Financing Agreement (Emerge Interactive Inc), Loan and Security Agreement (Toms Foods Inc), Loan and Security Agreement (Metromedia International Group Inc)
Gross Up for Taxes. If Borrower shall be required by Applicable Law to withhold or deduct any Taxes taxes from or in respect of any sum payable under this Agreement or any of the other Loan Documents, (a) the sum payable to Agent or such Lender shall be increased as may be necessary so that, after making all required withholding or deductions, Agent or such Lender (as the case may be) receives an amount equal to the sum it would have received had no such withholding or deductions been made, (b) Borrower shall make such withholding or deductions, and (c) Borrower shall pay the full amount withheld or deducted to the relevant taxation authority or other authority in accordance with Applicable Law.
Appears in 1 contract
Sources: Revolving Credit, Term Loan and Security Agreement (Aaf McQuay Inc)
Gross Up for Taxes. If Borrower Borrowers shall be required by Applicable Law to withhold or deduct any Taxes from or in respect of any sum payable under this Agreement or any of the other Loan DIP Financing Documents, (a) the sum payable to Agent Agents or such Lender shall be increased as may be necessary so that, after making all required withholding or deductions, Agent Agents or such Lender (as the case may be) receives an amount equal to the sum it would have received had no such withholding or deductions been made, (b) Borrower Borrowers shall make such withholding or deductions, and (c) Borrower Borrowers shall pay the full amount withheld or deducted to the relevant taxation authority or other authority in accordance with Applicable Law.
Appears in 1 contract
Gross Up for Taxes. If Borrower Borrowers shall be required by Applicable Law to withhold or deduct any Taxes from or in respect of any sum payable under this Agreement or any of the other Loan DocumentsFinancing Agreements, (a) the sum payable to Agent Agents or such Lender shall be increased as may be necessary so that, after making all required withholding or deductions, Agent Agents or such Lender (as the case may be) receives an amount equal to the sum it would have received had no such withholding or deductions been made, (b) Borrower Borrowers shall make such withholding or deductions, and (c) Borrower Borrowers shall pay the full amount withheld or deducted to the relevant taxation authority or other authority in accordance with Applicable Law.
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