Template:GMSLA 2010 12: Difference between revisions

Template:GMSLA 2010 12 (view source)

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 '''Withholding, gross up and provision of information''' <br>
 {{2010 GMSLA 12.1}}
+{{2010 GMSLA 12.2}}
-{{gmslaprov|12.2}} Except as otherwise agreed, if the paying {{gmslaprov|Party}} is so required to deduct or withhold, then that {{gmslaprov|Party}} ('''{{gmslaprov|Payer}}''') shall: <br>
-:(a) promptly notify the other {{gmslaprov|Party}} ('''{{gmslaprov|Recipient}}''') of such requirement; <br>
-:(b) pay or otherwise account for the full amount required to be deducted or withheld to the relevant authority; <br>
-:(c) upon written demand of {{gmslaprov|Recipient}}, forward to {{gmslaprov|Recipient}} documentation reasonably acceptable to {{gmslaprov|Recipient}}, evidencing such payment to such authorities; and <br>
-:(d) other than in respect of any payment made by {{gmslaprov|Lender}} to {{gmslaprov|Borrower}} under paragraph {{gmslaprov|6.3}}, pay to {{gmslaprov|Recipient}}, in addition to the payment to which {{gmslaprov|Recipient}} is otherwise entitled under this {{gmslaprov|Agreement}}, such additional amount as is necessary to ensure that the amount actually received by {{gmslaprov|Recipient}} (after taking account of such withholding or deduction) will equal the amount {{gmslaprov|Recipient}} would have received had no such deduction or withholding been required; provided {{gmslaprov|Payer}} will not be required to pay any additional amount to {{gmslaprov|Recipient}} under this sub paragraph (d) to the extent it would not be required to be paid but for the failure by {{gmslaprov|Recipient}} to comply with or perform any obligation under paragraph {{gmslaprov|12.3}}. <br>
 {{gmslaprov|12.3}} Each {{gmslaprov|Party}} agrees that it will upon written demand of the other {{gmslaprov|Party}} deliver to such other {{gmslaprov|Party}} (or to any government or other {{gmslaprov|Tax}}ing authority as such other {{gmslaprov|Party}} directs), any form or document and provide such other cooperation or assistance as may (in either case) reasonably be required in order to allow such other {{gmslaprov|Party}} to make a payment under this {{gmslaprov|Agreement}} without any deduction or withholding for or on account of any {{gmslaprov|Tax}} or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document, or the provision of such cooperation or assistance, would not materially prejudice the legal or commercial position of the {{gmslaprov|Party}} in receipt of such demand).  Any such form or document shall be accurate and completed in a manner reasonably satisfactory to such other {{gmslaprov|Party}} and shall be executed and delivered with any reasonably required certification by such date as is agreed between the Parties or, failing such agreement, as soon as reasonably practicable. <br>