Common use of Short-Term Loans Clause in Contracts

Short-Term Loans. Even though compensation is reduced by the hypothetical US income tax, it may be necessary for NTL DIGITAL US INC to withhold actual US or local taxes as applicable, and to remit these taxes to the proper US and local taxing authorities. In order to ease the expatriate's cash flow burden, the expatriate in such cases will receive a loan equal to the local and/or US taxes withheld, with the approval of NTL DIGITAL US INC. This loan will, to the extent possible, be remitted to the expatriate at the same time that the salary check is issued. The total loan will be settled in the following year at the time the Year-End US or local tax reconciliation is prepared.