Deduction or Withholding for Tax. All payments made by a borrower, who participates in Pershing’s non-purpose credit program, shall be made without any deduction or withholding for or on account of any tax imposed by any laws, other than US state or federal laws, applicable to any payment under this agreement (“Local Laws”). The undersigned shall indemnify Pershing against any tax levied or imposed upon Pershing by Local Laws in respect of any payment under this agreement in the event such tax is not otherwise paid.
Appears in 4 contracts
Samples: Fully Disclosed Clearing Agreement, Fully Disclosed Clearing Agreement (Gleacher & Company, Inc.), Fully Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.)
Deduction or Withholding for Tax. All payments made by a borrower, who participates in Pershing’s non-purpose credit program, shall be made without any deduction or withholding for or on account of any tax imposed by any laws, other than US state or federal laws, applicable to any payment under this agreement (“Local Laws”). The undersigned shall indemnify Pershing against any tax levied or imposed upon Pershing by Local Laws in respect of any payment under this agreement in the event such tax is not otherwise paid.. Pg. 7
Appears in 1 contract
Samples: Fully Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.)
