Common use of Further Understanding Clause in Contracts

Further Understanding. A. The Foundation is not subject to any interest withholding requirements and pursuant to Internal Revenue Service (IRS) regulations does not need to file an exemption certificate. The Financial Institution shall not issue an IRS Form 1099 to the Foundation on any interest earned and paid on IOLTA accounts to the Foundation. Financial Institutions should use the Foundation’s taxpayer identification number: 00-0000000 for any reports to taxing authorities. B. This Participation Certification constitutes a commitment to abide by the requirements set forth herein governing the approval and termination of approval status for Financial Institutions pursuant to Rule 43. C. The Foundation, the State Bar, and Financial Institution understand that confidential information will be shared among these parties and the parties shall use the confidential information solely for the purposes contemplated by Rule 43 regulations and the requirements set forth herein and shall not disclose confidential information to any third party except as necessary under the Arizona IOLTA program requirements. D. The Foundation, the State Bar, and Financial Institution agree to maintain appropriate administrative, technical and physical safeguards for all confidential information in accordance with applicable law.

Further Understanding. A. The Foundation is not subject to any interest withholding requirements and pursuant to Internal Revenue Service (IRS) regulations does not need to file an exemption certificate. The Financial Institution shall not issue an IRS Form 1099 to the Foundation on any interest earned and paid on IOLTA accounts to the Foundation. Financial Institutions should use the Foundation’s taxpayer identification number: 00-0000000 for any reports to taxing authorities. B. This Participation Certification constitutes a commitment to abide by the requirements set forth herein governing the approval and termination of approval status for Financial Institutions pursuant to Rule 43. C. The Foundation, the State Bar, and Financial Institution understand that confidential information will be shared among these parties and the parties shall use the confidential information solely for the purposes contemplated by Rule 43 regulations and the requirements set forth herein herein, and shall not disclose confidential information to any third party except as necessary under the Arizona IOLTA program requirements. D. The Foundation, the State Bar, and Financial Institution agree to maintain appropriate administrative, technical and physical safeguards for all confidential information in accordance with applicable law.