Common use of Pledging Clause in Contracts

Pledging. The undersigned understands that under Section 408(e)(4) of the Internal Revenue Code of 1986, as amended, if the undersigned pledges any portion of the undersigned’s IRA as collateral for a loan, the amount so pledged will be treated as a distribution, and may be included in the undersigned’s gross income forthe taxable year in which the undersigned pledges the assets to the extent it represents earnings or be subject to excise taxes.

Pledging. The undersigned understands that under Section 408(e)(4) of the Internal Revenue Code of 1986, as amended, if the undersigned pledges any portion of the undersigned’s IRA as collateral for a loan, the amount so pledged will be treated as a distribution, and may be included in the undersigned’s gross income forthe for the taxable year in which the undersigned pledges the assets to the extent it represents earnings or be subject to excise taxes.

Pledging. The undersigned understands that under Section 408(e)(4) of the Internal Revenue Code of 1986, as amended, if the undersigned pledges any portion of the undersigned’s IRA XXX as collateral for a loan, the amount so pledged will be treated as a distribution, and may be included in the undersigned’s gross income forthe for the taxable year in which the undersigned pledges the assets to the extent it represents earnings or be subject to excise taxes.

Pledging. The undersigned understands that under Section 408(e)(4) of the Internal Revenue Code of 1986, as amended, if the undersigned pledges any portion of the undersigned’s IRA XXX as collateral for a fora loan, the amount so pledged will be treated as a distribution, and may be included in the undersigned’s gross income forthe for the taxable year in which the undersigned pledges the assets to the extent it represents earnings or be subject to excise taxes.