Exceptions
Exceptions means a payee that the withholding agent may treat as a NFFE that is a QI, WP, or WT. Additionally, the termexcepted NFFEmeans, with respect to the payment, a NFFE described in paragraphs (c)(1)(i) through (vii) of this section to the extent the withholding agent may treat the NFFE as the beneficial owner of the payment.