Common use of Determine Whether an Account Held by an NFFE Is a U.S. Account Clause in Contracts

Determine Whether an Account Held by an NFFE Is a U.S. Account. With respect to an Account Holder of a Preexisting Entity Account that is not identified as either a U.S. Person or a Financial Institution, the Reporting Bermuda Financial Institution must identify (i) whether the Account Holder has Controlling Persons, (ii) whether the Account Holder is a Passive NFFE, and (iii) whether any of the Controlling Persons of the Account Holder is a U.S. citizen or resident. In making these determinations the Reporting Bermuda Financial Institution must follow the guidance in subparagraphs D(4)(a) through D(4)(d) of this section in the order most appropriate under the circumstances. a) For purposes of determining the Controlling Persons of an Account Holder, a Reporting Bermuda Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures. b) For purposes of determining whether the Account Holder is a Passive NFFE, the Reporting Bermuda Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFFE. c) For purposes of determining whether a Controlling Person of a Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting Bermuda Financial Institution may rely on: (1) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that does not exceed $1,000,000; or (2) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder or such Controlling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that exceeds $1,000,000. d) If any Controlling Person of a Passive NFFE is a U.S. citizen or resident, the account shall be treated as a U.S. Account.

Determine Whether an Account Held by an NFFE Is a U.S. Account. With respect to an Account Holder of a Preexisting Entity Account that is not identified as either a U.S. Person or a Financial Institution, the Reporting Bermuda Austrian Financial Institution must identify (i) whether the Account Holder has Controlling Persons, (ii) whether the Account Holder is a Passive NFFE, and (iii) whether any of the Controlling Persons of the Account Holder is a U.S. citizen or resident. In making these determinations the Reporting Bermuda Austrian Financial Institution must follow the guidance in subparagraphs D(4)(a) through D(4)(d) of this section in the order most appropriate under the circumstances. a) For purposes of determining the Controlling Persons of an Account Holder, a Reporting Bermuda Austrian Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures. b) For purposes of determining whether the Account Holder is a Passive NFFE, the Reporting Bermuda Austrian Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFFE. c) For purposes of determining whether a Controlling Person of a Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting Bermuda Austrian Financial Institution may rely on: (1) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that does not exceed $1,000,000; or (2) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder or such Controlling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that exceeds $1,000,000. d) If any Controlling Person of a Passive NFFE is a U.S. citizen or resident, the account shall be treated as a U.S. Account.

Determine Whether an Account Held by an NFFE Is a U.S. Account. With respect to an Account Holder of a Preexisting Entity Account that is not identified iden- tified as either a U.S. Person or a Financial Institution, the Reporting Bermuda Financial Swiss Xxxxx- cial Institution must identify (i) whether the Account Holder entity has Controlling Persons, (ii) whether the Account Holder entity is a Passive NFFE, and (iii) whether any of the Controlling Persons Per- sons of the Account Holder entity is a U.S. citizen or residentresident of the United States. In making these determinations de- terminations the Reporting Bermuda Swiss Financial Institution must should follow the guidance in subparagraphs D(4)(asub-paragraphs (a) through D(4)(d(d) of this section paragraph in the order most appropriate under the circumstances. a) For purposes of determining the Controlling Persons of an Account Holderentity, a Reporting Bermuda Swiss Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures. b) For purposes of determining whether the Account Holder entity is a Passive NFFE, the Reporting Bermuda Swiss Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably reasona- xxx determine that the Account Holder entity is an Active NFFE. c) For purposes of determining whether a Controlling Person of a Passive Pas- sive NFFE is a U.S. citizen or resident of the United States for tax purposes, a Reporting Bermuda Swiss Financial Institution may rely on: (1) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that does not exceed $1,000,000; or (2) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder or such Controlling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that exceeds $1,000,000. d) If any Controlling Person of a Passive NFFE is a U.S. citizen or residentresident of the United States, the account shall be treated as a U.S. Account.

Determine Whether an Account Held by an NFFE Is a U.S. Account. With respect to an Account Holder of a Preexisting Entity Account that is not identified as either a U.S. Person or a Financial Institution, the Reporting Bermuda HKSAR Financial Institution must identify (i) whether the Account Holder has Controlling Persons, (ii) whether the Account Holder is a Passive NFFE, and (iii) whether any of the Controlling Persons of the Account Holder is a U.S. citizen or resident. In making these determinations the Reporting Bermuda HKSAR Financial Institution must follow the guidance in subparagraphs D(4)(a) through D(4)(d) of this section in the order most appropriate under the circumstances. a) For purposes of determining the Controlling Persons of an Account Holder, a Reporting Bermuda HKSAR Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures. b) For purposes of determining whether the Account Holder is a Passive NFFE, the Reporting Bermuda HKSAR Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFFE. c) For purposes of determining whether a Controlling Person of a Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting Bermuda HKSAR Financial Institution may rely on: (1) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that does not exceed $1,000,000; or (2) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder or such Controlling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that exceeds $1,000,000. d) If any Controlling Person of a Passive NFFE is a U.S. citizen or resident, the account shall be treated as a U.S. Account.

Determine Whether an Account Held by an NFFE Is a U.S. Account. With respect to an Account Holder of a Preexisting Entity Account that is not identified as either a U.S. Person or a Financial Institution, the Reporting Bermuda Chilean Financial Institution must identify (i) whether the Account Holder has Controlling Persons, (ii) whether the Account Holder is a Passive NFFE, and (iii) whether any of the Controlling Persons of the Account Holder is a U.S. citizen or resident. In making these determinations the Reporting Bermuda Chilean Financial Institution must follow the guidance in subparagraphs D(4)(a) through D(4)(d) of this section in the order most appropriate under the circumstances. a) For purposes of determining the Controlling Persons of an Account Holder, a Reporting Bermuda Chilean Financial Institution may rely on information collected and maintained pursuant to AML/KYC Procedures. b) For purposes of determining whether the Account Holder is a Passive NFFE, the Reporting Bermuda Chilean Financial Institution must obtain a self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the Account Holder is an Active NFFE. c) For purposes of determining whether a Controlling Person of a Passive NFFE is a U.S. citizen or resident for tax purposes, a Reporting Bermuda Chilean Financial Institution may rely on: (1) Information collected and maintained pursuant to AML/KYC Procedures in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that does not exceed $1,000,000; or (2) A self-certification (which may be on an IRS Form W-8 or W-9, or on a similar agreed form) from the Account Holder or such Controlling Person in the case of a Preexisting Entity Account held by one or more NFFEs with an account balance or value that exceeds $1,000,000. d) If any Controlling Person of a Passive NFFE is a U.S. citizen or resident, the account shall be treated as a U.S. Account.