EFTA01353297.pdf

entitled to deduct the amount of such tax from the Repurchase Price as adjusted in accordance with the Pricing Rate Adjustment or, within ten days of the demand of Seller to make the relevant payment. Buyer shall reimburse Seller in respect of the amount required to be paid by it. Seller tax shall, upon demand by Buyer, provide Buyer with appropriate evidence of the amount of deducted and paid to the Italian tax authorities as Buyer may reasonably require to obtain any tax relief under any applicable tax treaty or to obtain any tax credit in respect of its income in the country in which it b resident or out of which it is acting. (by Should Buyer be - (i) resident in a country with which Italy has entered into a double tax treaty which recognises the Italian tax authorities right to exchange information with the tax authorities of such country; or (ii) a supranational entity. no withholding tax shall apply pursuant to Article 26bis of Presidential Decree oo. 600 of 29th September. 1973. 6. 4:onstruetion of Bay/Sell Back Armes Transactions in Domestic The provisions of the Buy/Sell Rack Annex shall apply to Buy/Sell Back Purchased Securities as if — (a) references to Buy./Sell Back Transactions shall be construed as references to Buy/Sell Back Transactions in Domestic Purchased Securities; and (b) rerigtigtes to Purchased Securities shall be construed as references to Domestic Purchased Securities. 7. Income fay Mike's otherwise agreed (i) paragraph 5 of the Agreement shall apply without modification in respect of any payment of Income in respect of Italian Bonds which could be received without a withholding or deduction on account of Italian tax being made at source by an owner of such Italian Bonds which is a body corporate resident in Italy or in one of the jurisdictions listed in Decree of the Minister of Finance of the Republic of Italy dated 4th September. 1996 issued pursuant to Legislative Decree no. 239 of 1st April, 1996 having an appropriate double tax treaty with Italy (whether or not either of the panics is such a body corporate); (ii) paragraph 5 of the Agreement shall be modified, in its application to any payment of Income in respect of Italian Bonds other than such a payment falling within subparagraph (i) aboee, by deducting from the amount required to be transferred or credited under that paragraph an amount equal to any amount which would, on the assumption that Buyer owned the Italian Bonds at the relevant Income Payment Date. be withheld or deducted at source on account of Italian tax; (iii) in relation to Buy/Sell Back Transactions in Italian Bonds, the amount "IR" in the formula for computing the Sell Back Prim pursuant to paragraph 2(iii)(y) of the Buy/Sell Annex shall be calculated on the same basis as the amount required to be transferred or credited pursuant to paragraph 5 is calculated in accordance with subparagraphs (i) and (ii) above: (iv) without prejudice to the provisions set out in the final sentence of subparagraph AM above, neither party shall be obliged to deliver or transfer to the other. or to account to the other for, any tax credits or refunds to which it may become entitled in respect of Income on Italian Bonds: and 41 Confidential CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0037620 CONFIDENTIAL SDNY_GM_00183804 EFTA01353297