Liability to tax Sample Clauses
The 'Liability to tax' clause defines which party is responsible for paying any taxes that arise in connection with the agreement. Typically, it clarifies whether taxes such as VAT, sales tax, or withholding tax are included in the contract price or must be paid separately by one of the parties. For example, it may specify that each party is responsible for its own income taxes, while the buyer must pay any applicable sales taxes. This clause ensures clarity and prevents disputes by allocating tax responsibilities upfront, thereby reducing the risk of unexpected financial obligations.
Liability to tax has not carried out or entered into any transaction and no other event has occurred in consequence of which (whether alone or together with any one or more transactions or events occurring before, on or after the date of this Agreement) any liability of the Company to Taxation has arisen or will arise (or would have arisen or would or might arise but for the availability of any relief, allowance, deduction or credit) other than profits tax on the actual income (not chargeable gains or deemed income) of the Company arising from transactions entered into in the ordinary course of business;
Liability to tax the Note Trustee shall have no responsibility whatsoever to the Issuer, any Noteholder or other Secured Creditors as regards any deficiency which might arise because the Note Trustee is subject to any Tax in respect of all or any of the Secured Property, the income therefrom or the proceeds thereof;
Liability to tax the Common Representative shall have no responsibility whatsoever to the Issuer, any holder of Covered Bonds, or any party to the Programme Documents as regards any deficiency which might arise because the Common Representative is subject to any Tax in respect of all or any of the Cover Pool Assets, the income therefrom or the proceeds thereof.
Liability to tax. If any sum payable by the Vendor under the preceding provisions of this article 7.5. is subject to payment of any Tax in the hands of the recipient (whether by deduction, withholding or direct assessment) such payment shall be increased to such amount as after deduction, withholding or payment of such Tax leaves clear in the hands of the recipient a net amount equal to the payment otherwise required to be made by the relevant provision.
Liability to tax. The Issuer shall promptly give notice to the Note Trustee:
(a) if it is required by law to effect a deduction or withholding of Tax in respect of any payment due in respect of any Notes listed on a recognised stock exchange (within the meaning of section 1005 of the Income Tax Act 2007); or
(b) if an Issuer Hedge Counterparty notifies the Issuer that it is required to make a deduction or withholding of Tax in respect of any payment due under the relevant Issuer Hedging Agreement, and in both cases take such action as may be required by the Note Trustee and the Issuer Security Trustee acting reasonably in respect thereof.
Liability to tax. It shall, upon becoming aware, promptly give notice to the Transaction Agent and the Issuer Security Trustee of the following:
(i) if it is required by law to effect a Tax Deduction in respect of any payment due in respect of any of the Senior Advances; or
(ii) if it would not be entitled to relief for Tax purposes in Ireland for any material amount (other than repayments of principal) which it is obliged to pay, or is treated as receiving for Tax purposes in Ireland under the Issuer Transaction Documents, and take such action as may be reasonably required by the Transaction Agent in respect thereof.
Liability to tax promptly give notice to the Trustee:
8.1 if it is required by law to effect a Tax Deduction in respect of any payment due in respect of the Notes; or
8.2 if it would not be entitled to relief for Tax purposes in Ireland for any material amount which it is obliged to pay, or is treated as receiving for Tax purposes in Ireland under the Transaction Documents; or
8.3 if it becomes liable to Tax in respect of its income or in respect of any of the Assigned Rights and take such action as may be required by the Trustee in respect thereof; and
Liability to tax promptly give notice to the Trustee:
8.1 if it is required by law to effect a Tax Deduction in respect of any payment due in respect of the Notes or the Residual Certificates; or
8.2 if it ceases to be taxable in accordance with Regulation 14 of the Taxation of Securitisation Company Regulations 2006 (SI 2006/3296), and take such action as may be required by the Trustee in respect thereof; and
Liability to tax. 14 7.7. Indemnities in respect of Tax Liabilities.................... 14
Liability to tax. It shall, upon becoming aware, promptly give notice to the Transaction Agent and the FleetCo Security Agent of the following: