Common use of BACK-UP WITHHOLDING Clause in Contracts

BACK-UP WITHHOLDING. Under the Federal income tax law, a person surrendering Starwood Units must provide the Agents with his correct taxpayer identification number ("TIN") on Substitute Form W-9 below unless an exemption applies. If the correct TIN is not provided, a $50 penalty may be imposed by the Internal Revenue Service and payments made in exchange for the surrendered Starwood Units may be subject to back-up withholding of that rate provided by the Federal income tax law (such rate being at the date of the Units Exchange Rights Agreement, 31%). The TIN that must be provided is that of the registered holder of the Starwood Units. The TIN for an individual is his social security number.

BACK-UP WITHHOLDING. Under the Federal income tax law, a person surrendering Starwood Units must provide the Agents with his correct taxpayer identification number ("TIN") on Substitute Form W-9 below unless an exemption applies. If the correct TIN is not provided, a $50 penalty may be imposed by the Internal Revenue Service and payments made in exchange for the surrendered Starwood Units may be subject to back-up withholding of that rate provided by the Federal income tax law (such rate being at the date of the Units Exchange Rights Agreement, 31%). The TIN that must be provided is that of the registered holder of the Starwood Units. The TIN for an individual is his social security number.