Common use of Set-Off of Withholding Taxes Clause in Contracts

Set-Off of Withholding Taxes. If the Company or any Surviving Person is required by applicable law to pay, and pays, Excluded Taxes on behalf of a Holder or beneficial owner of Securities, the Company may, at its option, set off or cause to be set off such Taxes against any payments of cash or Ordinary Shares on the Securities. For purposes of such a set-off, each Ordinary Share shall be deemed to have a value equal to the Closing Sale Price of the Ordinary Shares on the Conversion Date applicable to such Security.

Set-Off of Withholding Taxes. If the Company or any Surviving Person is required by applicable law to pay, and pays, Excluded Taxes on behalf of a Holder or beneficial owner of Securities, the Company may, at its option, set off or cause to be set off such Taxes against any payments of cash or Ordinary Shares delivery of ADSs or Reference Property on the Securities. For purposes of such a set-off, each Ordinary Share ADS shall be deemed to have a value equal to the Closing Sale Price of the Ordinary Shares ADSs on the Conversion Date applicable to such Security.