Common use of Imposition of Back-Up Withholding Clause in Contracts

Imposition of Back-Up Withholding. At the time you open your Account, you will provide us with a tax identification number (“TIN”), which you certify as correct under penalty of perjury. In accordance with prevailing law, we will use that number to report any interest earned on your Account to the Internal Revenue Service (IRS). If you fail to provide us with a TIN, you do not provide the correct TIN, or you fail to certify the TIN, you may be subject to back-up withholding. You may also be subject to back-up withholding if the IRS notifies us that the furnished TIN is incorrect, you are notified by the IRS that you are subject to back-up withholding for failing to report all interest and dividend payments on your tax return, or you failed to certify to us that you are not subject to back-up withholding. If you are subject to back-up withholding, we are required to withhold and pay to the IRS a percentage of any payment of interest on your Account. If we do back-up withhold and later you are no longer subject to back-up withholding, you may have to contact the IRS to obtain a refund of the money withheld.

Imposition of Back-Up Withholding. At the time you open your Accountaccount, you will provide us with a tax identification number Taxpayer Identification Number (“TIN”), which you certify as correct under penalty of perjury. (Most individuals use their Social Security Number as their TIN.) In accordance with prevailing law, we will use that number to report any interest earned earned, including any gifts or bonuses you may receive on your Account account to the Internal Revenue Service (IRS). If you fail to provide us with a TIN, you do not provide the correct TIN, or you fail to certify the TIN, you may be subject to back-up withholding. You may also be subject to back-up withholding if the IRS notifies us that the furnished TIN is incorrect, you are notified by the IRS that you are subject to back-up withholding and penalties for failing to report all interest and dividend payments on your tax return, or you failed to certify to us that you are not subject to back-up withholding. If you are subject to back-up withholding, we are required to withhold and pay to the IRS a percentage of any payment of interest on your Accountaccount. If we do back-up withhold withholding and later you are no longer subject to back-up withholding, you may have to contact the IRS to obtain a refund of the money withheld. We may close or restrict your account in accordance with our established procedures if we do not receive your correct TIN in a timely manner.