Common use of Excluded Payments Clause in Contracts

Excluded Payments. Clause 8.4(a) does not apply to any tax assessed on the Bank under the laws of any jurisdiction in which: (i) the Bank is incorporated or, if different, the jurisdiction (or jurisdictions) in which it is treated as resident for tax purposes; or (ii) the Bank's Facility Office is located in respect of amounts received or receivable in that jurisdiction, if that tax is imposed on or calculated by reference to the net income received or receivable by the Bank. However, any payment deemed to be received or receivable, including any amount treated as income but not actually received by the Bank, such as a Tax Deduction, will not be treated as net income received or receivable for this purpose.

Excluded Payments. Clause 8.4(a‎7.4(a) does not apply to any tax assessed on the Bank Lender under the laws of any jurisdiction in which: (i) the Bank Lender is incorporated or, if different, the jurisdiction (or jurisdictions) in which it is treated as resident for tax purposes; or (ii) the Bank's Lender’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, if that tax is imposed on or calculated by reference to the net income received or receivable by the BankLender. However, any payment deemed to be received or receivable, including any amount treated as income but not actually received by the BankLender, such as a Tax Deduction, will not be treated as net income received or receivable for this purpose.