Related to Brand Amounts. Fantex shall be solely responsible for the payment of all taxes on the Brand Amounts. Participant shall be entitled to deduct and withhold any amounts required by applicable law to be deducted and withheld from any installment payment of the Brand Amount. To the extent that any such installment payment of the Brand Amount is made directly from the payor to Fantex and a withholding obligation is imposed on Participant and Participant has no ability to withhold or cause the payor to withhold from such Brand Amounts the required amounts, then Fantex shall make a payment to Participant (for remittance to the applicable taxing authority), within five (5) business days after receipt of such installment payment, equal to the amount that Participant would have been entitled to deduct and withhold hereunder had such installment payment been made by the payor to Participant and subsequently remitted by Participant to Fantex. Any such withheld amounts, or amounts paid by Fantex to Participant for remittance to the applicable taxing authorities, shall be treated as having been paid to Fantex. Participant shall not be required to indemnify or “gross up” Fantex for any such amounts withheld. Fantex will indemnify Participant for and hold it harmless from and against any taxes of Fantex which may be sought against, imposed upon or suffered by Participant or which Participant may incur as a result of Participant’s failure to deduct and withhold such taxes from any installment payment of the Brand Amount to be delivered under this Agreement.
Appears in 19 contracts
Samples: Brand Agreement, Fantex Brand Agreement (Fantex, Inc.), Fantex Brand Agreement (Fantex, Inc.)
Related to Brand Amounts. Fantex Vestible shall be solely responsible for the payment of all taxes on the Brand Amounts. Participant shall be entitled to deduct and withhold any amounts required by applicable law to be deducted and withheld from any installment payment of the Brand Amount. To the extent that any such installment payment of the Brand Amount is made directly from the payor to Fantex Vestible and a withholding obligation is imposed on Participant and Participant has no ability to withhold or cause the payor to withhold from such Brand Amounts the required amounts, then Fantex Vestible shall make a payment to Participant (for remittance to the applicable taxing authority), within five (5) business days after receipt of such installment payment, equal to the amount that Participant would have been entitled to deduct and withhold hereunder had such installment payment been made by the payor to Participant and subsequently remitted by Participant to FantexVestible. Any such withheld amounts, or amounts paid by Fantex Vestible to Participant for remittance to the applicable taxing authorities, shall be treated as having been paid to FantexVestible. Participant shall not be required to indemnify or “gross up” Fantex Vestible for any such amounts withheld. Fantex Vestible will indemnify Participant for and hold it harmless from and against any taxes of Fantex Vestible which may be sought against, imposed upon or suffered by Participant or which Participant may incur as a result of Participant’s failure to deduct and withhold such taxes from any installment payment of the Brand Amount to be delivered under this Agreement.
Appears in 3 contracts
Samples: Brand Agreement (Vestible Assets, LLC), Vestible Master Brand Agreement (Vestible Assets, LLC), Vestible Master Brand Agreement (Vestible Assets, LLC)
