Common use of Underwithholding Clause in Contracts

Underwithholding. 7.1 Where the T2CB establishes that it should have withheld an amount from payments made to the Client and such amounts were not withheld, the T2CB may either withhold from future payments made to the Client or satisfy the tax from property that it holds in custody for the Client or property over which it has control. The rights of the T2CB pursuant to this Article 7 may be exercised only if and to the extent that there are insufficient funds in the Deposit to reimburse the T2CB or the T2CB is not entitled to access the funds in the Deposit.

Underwithholding. 7.1 Where the T2CB T4CB establishes that it should have withheld an amount from payments made to the Client and such amounts were not withheld, the T2CB T4CB may either withhold from future payments made to the Client or satisfy the tax from property that it holds in custody for the Client or property over which it has control. The rights of the T2CB T4CB pursuant to this Article 7 may be exercised only if and to the extent that there are insufficient funds in the Deposit to reimburse the T2CB T4CB or the T2CB T4CB is not entitled to access the funds in the Deposit.

Underwithholding. 7.1 Where the T2CB T3CB establishes that it should have withheld an amount from payments made to the Client and such amounts were not withheld, the T2CB T3CB may either withhold from future payments made to the Client or satisfy the tax from property that it holds in custody for the Client or property over which it has control. The rights of the T2CB T3CB pursuant to this Article 7 may be exercised only if and to the extent that there are insufficient funds in the Deposit to reimburse the T2CB T3CB or the T2CB T3CB is not entitled to access the funds in the Deposit.