Template:Nutshell Pledge GMSLA 12: Difference between revisions

{{gmslaprov|12.1}}. '''{{gmslaprov|Withholding, gross up and provision of information}}''': Payments under this {{gmslaprov|Agreement}} must be made without {{gmslaprov|Tax}} deduction unless it is required by {{gmslaprov|Applicable Law}}. <br>

{{gmslaprov|12.2}} if the paying {{gmslaprov|Party}} is required to deduct {{gmslaprov|Tax}}, it must: <br>

:(a) promptly notify the '''{{gmslaprov|Recipient}}'''; <br>

:(b) pay the full {{gmslaprov|Tax}} amount required to the relevant authority; <br>

:(c) provide the {{gmslaprov|Recipient}} with evidence of such payment to such authorities; and <br>

:(d) other than for {{gmslaprov|manufactured payments in respect of Non-Cash Collateral}}, [[gross up]] the payment so the {{gmslaprov|Recipient}} receives what it would have received had the deduction not been required; provided {{gmslaprov|Payer}} need not gross up any amount if it would not have had to deduct had {{gmslaprov|Recipient}} provided information required  under paragraph {{gmslaprov|12.3}}. <br>  

{{gmslaprov|12.3}} Each {{gmslaprov|Party}} must upon written demand deliver to the other {{gmslaprov|Party}} any tax documents and otherwise assist as the other {{gmslaprov|Party}} [[reasonably]] requires to enable it to make payments with as little [[Withholding tax|withholding]] or deduction as possible (as long as doing so would not materially prejudice its legal or commercial position). Any documents must be accurate, complete, on time and appropriately certified to the receiving {{gmslaprov|Party}}’s reasonable satisfaction. <br>

{{gmslaprov|12.4}} '''{{gmslaprov|Stamp Tax}}''': {{gmslaprov|Borrower}} must promptly account for any {{gmslaprov|Stamp Tax}} chargeable on any transaction effected under this Agreement (that would not be chargeable but for {{gmslaprov|Lender}}’s failure to comply with its obligations under this {{gmslaprov|Agreement}}). <br>

{{gmslaprov|12.5}} {{gmslaprov|Borrower}} [[indemnifies]] {{gmraprov|Lender}} against liabilities it suffers because {{gmraprov|Borrower}} failed to comply with paragraph {{gmslaprov|12.4}}. <br>

{{gmslaprov|12.6}} '''{{gmslaprov|Sales Tax}}'''. All sums payable under this {{gmslaprov|Agreement}} are exclusive of {{gmslaprov|Sales Tax}}es and the relevant {{gmslaprov|Party}} must in each case pay applicable {{gmslaprov|Sales Tax}} by upon receipt of an suitable invoice. <br>

{{subst:Nutshell GMSLA 12.7}}