Backup Withholding Sample Clauses

Backup Withholding. Federal law requires, for U.S. persons, a specified percentage of reportable interest, dividends, and proceeds from the sale of securities be withheld, unless you furnish a correct taxpayer identification number. To avoid this “backup withholding” complete and return the New Account Application, which includes the substitute W-9 Form, certifying that the taxpayer number you are furnishing is correct and that you are not subject to backup withholding. For most individuals, your taxpayer identification number and Social Security number are the same. Foreign persons claiming foreign status must complete the IRS W-8BEN Form (for joint foreign accounts, each owner submits a W-8BEN).

Backup Withholding. Seller represents that it and the transactions ------------------ contemplated herein are not subject to backup withholding or any other withholding provisions of the Internal Revenue Code (the "Code"). Seller agrees to provide Purchaser with appropriate proof certifying, as required by the Code and Treasury Regulations, that it is not subject to any backup withholding. Seller further agrees that its correct name, address, social security number or employer identification number and any other information required by the Code or IRS Treasury Regulations have been provided on the requisite forms.

Backup Withholding. What is backup withholding? Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called “backup withholding.” Payments that may be subject to backup withholding include interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding. You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.

Backup Withholding. We may ask you to certify your name and social security number to avoid potential backup withholding and to report interest income paid to you in connection with the Savings Account. In addition, we may also ask you to certify that you are not subject to backup withholding. If the Internal Revenue Service (“IRS”) notifies us that we do not have a correct social security number for you, we may be required to withhold and remit to the IRS a percentage of interest paid to the Savings Account.

Backup Withholding. Any amounts required by any governmental agencies to be withheld from any of the Deposit Liabilities (the “Withholding Obligations”) will be handled as follows: (a) Any Withholding Obligations required to be remitted to a governmental agency on or prior to the Closing Time will be withheld and remitted by Seller prior to the Closing Date. (b) Any Withholding Obligations with respect to interest payments posted on or before the Closing Time, which are not required to be remitted to a government agency until after the Closing Time, shall be remitted by Purchaser. At the Closing, Seller will remit to Purchaser all sums withheld by Seller pursuant to Withholding Obligations which funds are or may be required to be remitted to a governmental agency on or after the Closing Time. (c) Any Withholding Obligations with respect to interest payments posted after the Closing Time will be remitted by Purchaser. Purchaser shall also remit to the appropriate governmental agency, on or after the Closing Time, all sums previously remitted by Seller to Purchaser pursuant to the second sentence of paragraph (b) hereof. (d) Any penalties described on “B” notices from the IRS or any similar penalties that relate to Deposit Liabilities accruing prior to the Closing Time will be paid by Seller promptly upon receipt of the notice, provided such penalty assessment resulted from Seller’s acts, policies or omissions.

Backup Withholding. Payments made in connection with the Merger may be subject to “backup withholding” at a rate of 28%. Backup withholding generally applies if the holder (a) fails to furnish its social security number or other taxpayer identification number (“TIN”), (b) furnishes an incorrect TIN or (c) fails to provide a certified statement, signed under penalties of perjury, that the TIN provided is its correct number and that the holder is not subject to backup withholding. Backup withholding is not an additional tax and may be refunded by the IRS to the extent that it results in an overpayment of tax. Certain persons generally are entitled to exemption from backup withholding, including corporations. Each holder should consult with his or her own tax advisor as to his or her qualification for exemption from backup withholding and the procedure for obtaining such exemption. Surrendering holders may be able to prevent backup withholding by completing the accompanying IRS Form W-9 accompanying this Letter of Transmittal. To prevent a U.S. federal income withholding tax of 10% in respect of gross proceeds of the Merger Consideration (as described with respect to surrendering non-U.S. Holders below), U.S. Holders (as defined in—“Certain U.S. Federal Income Tax Consequences” of the proxy distributed to holders in connection with the Merger (the “Proxy”) must provide the Depositary with a completed Certification of Non-Foreign Status by completing the box entitled “Box B FIRPTA AFFIDAVIT”. Non-U.S. Holders (as defined in—“Certain U.S. Federal Income Tax Consequences” of the Proxy) receiving the Merger Consideration in the Merger could be subject to U.S. federal tax upon the sale of the Shares pursuant to the Merger under the Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) to the extent the Company is a “United States real property holding corporation” (“USRPHC”) (defined generally as any U.S. corporation if 50% or more of its assets consist of interests in real property located in the United States). Unless an exception to FIRPTA is applicable, upon the sale of shares of a USRPHC (i) U.S. federal income tax is due in respect of net gains, (ii) U.S. federal withholding tax of 10% is due in respect of gross proceeds, and (iii) certain filing requirements are imposed, in each case, in respect of such sale. Any amounts withheld in respect of gross proceeds that are in excess of the actual income tax due under FIRPTA are refundable by filing for a refund with the IRS...

Backup Withholding. Federal law requires us to have a correct Taxpayer Identification Number (TIN) for every account, and the Internal Revenue Service (IRS) requires you to certify to us whether you are subject to backup withholding. If you are subject to backup withholding, you do not furnish us with the correct TIN, you do not properly certify that you are not subject to backup withholding, or if the IRS notifies us that we do not have a correct TIN for your Account, we may close the Account. Amounts withheld are reported to the IRS as federal income tax withheld, and will be reflected on your year-end 1099-INT Interest Income Statement. You will not be eligible to apply for a new Business Savings Account until ninety (90) days after the date of closure.

Backup Withholding. Federal law requires us to have a correct Social Security Number (SSN) on every account, and the Internal Revenue Service (IRS) requires you to certify to us whether you are subject to backup withholding. If you are subject to backup withholding, you do not furnish us with the correct SSN, you do not properly certify that you are not subject to backup withholding, or if the IRS notifies us that we do not have a correct SSN for your Account, we may close the Account. Amounts withheld are reported to the IRS as federal income tax withheld, and will be reflected on your year-end 1099-INT Interest Income Statement. You will not be eligible to apply for a new Savings Account until ninety (90) days after the date of closure.

Backup Withholding. The parties acknowledge that a backup withholding of 24% of the vendors payment, as required by the Internal Revenue Service, will be withheld when incorrect or unverifiable vendor name and/or tax identification number is provided to VDSS.

Backup Withholding. Each unitholder may be subject to U.S. federal backup withholding on payments made pursuant to the Merger, unless such holder provides the Exchange Agent with proof of its exemption from backup withholding or furnishes the Exchange Agent with its taxpayer identification number (“TIN”), certified under penalties of perjury, and otherwise complies with all applicable requirements of the backup withholding rules. Unitholders should use the enclosed IRS Form W-9 for this purpose. If the units are registered in more than one name or are not registered in the name of the actual owner, consult the enclosed IRS Form W-9 instructions for additional guidance on which TIN to report. Failure to provide the information on the IRS Form W-9 may subject the surrendering unitholder to backup withholding at a rate of 24% on the payment of any cash. The surrendering unitholder must write “applied for” in the space for the TIN if a TIN has not been issued and the unitholder has applied for a number or intends to apply for a number in the near future. If a unitholder has applied for a TIN and the Exchange Agent is not provided with a TIN before payment is made, the Exchange Agent may withhold 24% on all payments to such surrendering unitholder of any cash consideration due with respect to such unitholder’s former units. Please review the enclosed IRS Form W-9 instructions for additional details of what TIN to give the Exchange Agent. Exempt unitholders (including, among others, all corporations and certain foreign individuals) are not subject to these backup withholding requirements. To prevent possible erroneous backup withholding, an exempt unitholder should indicate its exempt status on IRS Form W-9. See the enclosed IRS Form W-9 instructions for additional instructions. In order for a nonresident alien or foreign entity to qualify as exempt from U.S. federal backup withholding, such person must submit an appropriate IRS Form W-8 signed under penalties of perjury attesting to such exempt status. The appropriate IRS Form W-8 can be obtained at xxx.xxx.xxx.