Common use of Withholding and Reporting Requirements Clause in Contracts

Withholding and Reporting Requirements. The Liquidating Trust may withhold and pay to the appropriate Tax Authority all amounts required to be withheld pursuant to the Tax Code or any provision of any foreign, state or local tax law with respect to any payment or distribution to the Unitholders. All such amounts withheld and paid to the appropriate Tax Authority shall be treated as amounts distributed to such holders for all purposes of the Plan and this Liquidating Trust Agreement. To the extent an amount has been placed in escrow pending resolution of the need to withhold, and the Liquidating Trust determines that no withholding is required, such amounts shall be distributed to the Unitholders with respect to whom such amounts were previously withheld. The Liquidating Trust shall be authorized to collect such tax information from the Unitholders (including social security numbers or other tax identification information) as it in its sole discretion deems necessary to effectuate the Plan and this Liquidating Trust Agreement. To that end, the Liquidating Trust may send to Unitholders a written communication requesting that the Unitholder provide certain tax information and the specifics of their holdings to the extent the Liquidating Trust or any disbursing agent deems appropriate (including complet ing the appropriate Internal Revenue Service Form W-8 or Internal Revenue Service Form W-9, as applicable to each holder). The Liquidating Trust may refuse to make a distribution to any Unitholder that fails to furnish such information in a timely fashion, until such information is delivered; provided, however, that, upon the delivery of such information by a Unitholder, the Liquidating Trust shall make such distribution(s) to which the Unitholder is entitled, without interest; provided further that, if the holder fails to comply with such a request within one (1) year, (i) any pending distribution(s) allocated to such Unitholder shall be deemed an unclaimed distribution to be treated as the Liquidating Trust Board determines in its discretion; and (ii) the Liquidating Trust shall not be required to allocate any future distributions to such holder unless and until the holder provides the requested tax information; and provided further that, if the Liquidating Trust fails to withhold in respect of amounts rec eived or distributable with respect to any such holder and the Liquidating Trust is later held liable for the amount of such non-allocated future distributions, such holder shall reimburse the Liquidating Trust for such liability including interest, penalties, fines and other additional amounts with respect thereto. Notwithstanding the foregoing, each Unitholder that receives a distribution under the Plan shall have the sole and exclusive responsibility for the payment of any Taxes imposed by any governmental unit, including income, withholding and other Taxes, on account of such distribution.

Withholding and Reporting Requirements. In connection with this Plan, any Person issuing any instrument or making any distribution or payment in connection therewith, shall comply with all applicable withholding and reporting requirements imposed by any federal, state, or local taxing authority. In the case of a non-Cash distribution that is subject to withholding, the distributing party may require the intended recipient of such distribution to provide the withholding agent with an amount of Cash sufficient to satisfy such withholding tax as a condition to receiving such distribution or withhold an appropriate portion of such distributed property and either (i) sell such withheld property to generate Cash necessary to pay over the withholding tax (or reimburse the distributing party for any advance payment of the withholding tax) or (ii) pay the withholding tax using its own funds and retain such withheld property. The Liquidating Trust may withhold and pay distributing party shall have the right not to make a distribution under this Plan until its withholding or reporting obligation is satisfied pursuant to the appropriate Tax Authority all preceding sentences. Any amounts required to be withheld pursuant to the Tax Code or any provision of any foreign, state or local tax law with respect to any payment or distribution to the Unitholders. All such amounts withheld and paid to the appropriate Tax Authority this Plan shall be treated as amounts deemed to have been distributed to such holders and received by the applicable recipient for all purposes of the this Plan. Any party entitled to receive any property as an issuance or distribution under this Plan and this Liquidating Trust Agreement. To the extent an amount has been placed in escrow pending resolution of the need to withholdshall, and the Liquidating Trust determines that no withholding is requiredupon request, such amounts shall be distributed deliver to the Unitholders with respect to whom withholding agent or such amounts were previously withheld. The Liquidating Trust shall be authorized to collect such tax information from other Person designated by the Unitholders (including social security numbers Reorganized Debtors a Form W-8, Form W-9 and/or any other forms or other tax identification information) as it in its sole discretion deems necessary to effectuate the Plan and this Liquidating Trust Agreement. To that end, the Liquidating Trust may send to Unitholders a written communication requesting that the Unitholder provide certain tax information and the specifics of their holdings to the extent the Liquidating Trust or any disbursing agent deems appropriate (including complet ing the appropriate Internal Revenue Service Form W-8 or Internal Revenue Service Form W-9documents, as applicable applicable, requested by any Reorganized Debtor to each holder)reduce or eliminate any required federal, state, or local withholding. The Liquidating Trust may refuse If the party entitled to make a receive such property as an issuance or distribution to any Unitholder that fails to furnish such information in a timely fashion, until such information is delivered; provided, however, that, upon the delivery of such information by a Unitholder, the Liquidating Trust shall make such distribution(s) to which the Unitholder is entitled, without interest; provided further that, if the holder fails to comply with such a request within one (1) year, (i) any pending distribution(s) allocated to such Unitholder shall be deemed an unclaimed distribution to be treated as the Liquidating Trust Board determines in its discretion; and (ii) the Liquidating Trust shall not be required to allocate any future distributions to such holder unless and until the holder provides the requested tax information; and provided further that, if the Liquidating Trust fails to withhold in respect of amounts rec eived or distributable with respect to any such holder and request for a one hundred eighty (180) day period beginning on the Liquidating Trust date after the date such request is later held liable for made, the amount of such non-allocated future distributions, issuance or distribution shall irrevocably revert to the applicable Reorganized Debtor and any Claim in respect of such holder distribution under this Plan shall reimburse the Liquidating Trust for be discharged and forever barred from assertion against such liability including interest, penalties, fines and other additional amounts with respect theretoReorganized Debtor or its respective property. Notwithstanding the foregoingabove, each Unitholder holder of an Allowed Claim or Interest that receives is to receive a distribution under the this Plan shall have the sole and exclusive responsibility for the satisfaction and payment of any Taxes tax obligations imposed on such holder by any governmental unitGovernmental Unit, including income, withholding withholding, and other Taxestax obligations, on account of such distributionPlan Distribution.

Withholding and Reporting Requirements. The Liquidating Creditor Trust may withhold and pay to the appropriate Tax Authority all amounts required to be withheld pursuant to the Tax Code or any provision of any foreign, state or local tax law with respect to any payment or distribution to the Unitholders. All such amounts withheld and paid to the appropriate Tax Authority shall be treated as amounts distributed to such holders for all purposes of the Plan and this Liquidating Creditor Trust Agreement. To the extent an amount has been placed in escrow pending resolution of the need to withhold, and the Liquidating Creditor Trust determines that no withholding is required, such amounts shall be distributed to the Unitholders with respect to whom such amounts were previously withheld. The Liquidating Creditor Trust shall be authorized to collect such tax information from the Unitholders (including social security numbers or other tax identification information) as it in its sole discretion deems necessary to effectuate the Plan and this Liquidating Creditor Trust Agreement. To that end, the Liquidating Creditor Trust may shall send to Unitholders each Unitholder a written communication requesting that the Unitholder provide certain tax information and the specifics of their holdings to the extent the Liquidating Creditor Trust or any disbursing agent such Disbursing Agent deems appropriate (including complet ing completing the appropriate Internal Revenue Service Form W-8 or Internal Revenue Service Form W-9, as applicable to each holder). The Liquidating Creditor Trust may refuse to make a distribution to any Unitholder that fails to furnish such information in a timely fashion, until such information is delivered; provided, however, that, upon the delivery of such information by a Unitholder, the Liquidating Creditor Trust shall make such distribution(s) to which the Unitholder is entitled, without interest; provided further that, if the holder fails to comply with such a request within one (1) year, during which time the Creditor Trust has made reasonable efforts to follow up on such request, (i) any pending distribution(s) allocated to such Unitholder shall be deemed an unclaimed distribution to be treated as the Liquidating Creditor Trust Board determines in its discretion; and (ii) the Liquidating Creditor Trust shall not be required to allocate any future distributions to such holder unless and until the holder provides the requested tax information; and provided further that, if the Liquidating Creditor Trust fails to withhold in respect of amounts rec eived received or distributable with respect to any such holder and the Liquidating Creditor Trust is later held liable for the amount of such non-allocated future distributionswithholding, such holder shall reimburse the Liquidating Creditor Trust for such liability including interest, penalties, fines and other additional amounts with respect thereto. Notwithstanding the foregoing, each Unitholder that receives a distribution under the Plan shall have the sole and exclusive responsibility for the payment of any Taxes imposed by any governmental unit, including income, withholding and other Taxes, on account of such distribution.distribution.‌