No Deduction or Withholding. (a) The Bank must make all payments under this Agreement without any deduction or withholding for or on account of tax, unless a deduction or withholding is required by law (a Tax Deduction). (b) If the Bank is required by law to make a Tax Deduction, the amount of the payment due from the Bank will be increased to an amount which (after making the Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.
Appears in 3 contracts
Sources: Export Credit Guarantee Recourse Agreement, Export Credit Guarantee Recourse Agreement, Export Credit Guarantee Recourse Agreement