Common use of Internal Revenue Service Clause in Contracts

Internal Revenue Service. A. RDSI will process and provide, according to the Terms of this Agreement, the required Internal Revenue Service magnetic media or transmission reporting, as specified by the Internal Revenue Service. B. RDSI will make every reasonable effort to satisfy magnetic media or transmission reporting requirements set forth by the Internal Revenue Service and this Agreement. In an effort to satisfy and verify all Internal Revenue Service requirements RDSI will produce a magnetic media or transmission reporting test, to be forwarded to the Internal Revenue Service in December of each year for advance testing and verification by the Internal Revenue Service. C. In addition, if the Bank is levied a penalty by the Internal Revenue Service, based upon information provided the IRS by magnetic media as filed by RDSI, and it is determined that the penalty levied was not a result of erroneous input by the Bank, but from a magnetic media of transmission reporting error, the Banks shall be held harmless, and RDSI will assume responsibility to resolve the penalty with the Internal Revenue Service. If the penalty stands, Section VII, Limitation of Liability, shall be applied.

Internal Revenue Service. A. RDSI will process and provide, according to the Terms of this Agreement, the required Internal Revenue Service magnetic media or transmission reporting, as specified by the Internal Revenue Service. B. RDSI will make every reasonable effort to satisfy magnetic media or transmission reporting requirements set forth by the Internal Revenue Service and this Agreement. In an effort to satisfy and verify all Internal Revenue Service requirements RDSI will produce a magnetic media or transmission reporting test, to be forwarded to the Internal Revenue Service in December of each year for advance testing and verification by the Internal Revenue Service. C. In addition, if the Bank is levied a penalty by the Internal Revenue Service, based upon information provided the IRS by magnetic media as filed by RDSI, and it is determined that the penalty levied was not a result of erroneous input by the Bank, but from a magnetic media of transmission reporting error, the Banks Bank shall be held harmless, and RDSI will assume responsibility to resolve the penalty with the Internal Revenue Service. If the penalty stands, Section VII, . Limitation of Liability, shall be applied.. DATA PROCESSING AGREEMENT - TOWER FINANCIAL CORPORATION - PAGE SEVEN