Common use of Payments and Taxes Accounts and Calculations Clause in Contracts

Payments and Taxes Accounts and Calculations. 8.1 NO SET-OFF OR COUNTERCLAIM; DISTRIBUTION TO THE BANKS All payments to be made by any Borrower under this Agreement shall be made in full, without any set-off or counterclaim whatsoever and, subject as provided in clause 8.5, free and clear of any deductions or withholdings, in Sterling (except for costs, charges or expenses which shall be payable in the currency in which they are incurred) on the due date to the account of the Facility Agent at such bank as the Facility Agent may from time to time specify for this purpose. Save where this Agreement provides for a payment to be made for the account of a particular Finance Party or Finance Parties, in which case the Facility Agent shall distribute the relevant payment to the relevant Finance Party or Finance Parties concerned, payments to be made by any Borrower under this Agreement shall be for the account of all the Banks and the Facility Agent shall forthwith distribute such payments in like funds as are received by the Facility Agent to the Banks rateably for the account of such Banks' respective Facility Offices in accordance with their Commitments or Contributions, as the case may be. 45 - 44 -