TINs. The Buyer and the Seller each represent that its correct Taxpayer Identification Number ("TIN") assigned by the Internal Revenue Service ("IRS")or any other taxing authority is set forth in Schedule 1. Upon execution of this Agreement, the Buyer and Seller shall provide the Escrow Agent with a fully executed W-8 or W-9 IRS form, which shall include the Buyer's and Seller's TIN. In addition, all interest or other income earned under the Escrow Agreement shall be allocated and/or paid as directed in a joint written direction of the Buyer and the Seller and reported by the recipient to the Internal Revenue Service or any other taxing authority. Notwithstanding such written directions, Escrow Agent shall report and, as required withhold any taxes as it determines may be required by any law or regulation in effect at the time of the distribution. In the absence of timely direction, all proceeds of the Escrow Fund shall be retained in the Escrow Fund and reinvested from time to time by the Escrow Agent as provided in Section 2.2 hereof. In the event that any earnings remain undistributed at the end of any calendar year, Escrow Agent shall report to the Internal Revenue Service or such other authority such earnings as it deems appropriate or as required by any applicable law or regulation or, to the extent consistent therewith, as directed in writing by the Buyer and the Seller. In addition, Escrow Agent shall withhold any taxes it deems appropriate and shall remit such taxes to the appropriate authorities.
Appears in 3 contracts
Samples: A/R Escrow Agreement (National Investment Managers Inc.), Deposit Escrow Agreement (National Investment Managers Inc.), Indemnification Escrow Agreement (National Investment Managers Inc.)
TINs. The Buyer Purchaser and the Seller each represent that its correct Taxpayer Identification Number ("TIN") assigned by the Internal Revenue Service ("IRS")or any other taxing authority is set forth in Schedule 1on the signature page hereof. Upon execution of this Agreement, the Buyer Issuer and Seller Depositor shall provide the Escrow Agent with a fully executed W-8 or W-9 IRS ITS form, which shall include the BuyerIssuer's and Sellerthe Depositor's TIN. In addition, all All interest or other income earned under the Escrow Agreement shall be allocated and/or paid as directed in a joint written direction of the Buyer Issuer and the Seller Depositor and reported by the recipient to the Internal Revenue Service or any other taxing authority. Notwithstanding such written directions, Escrow Agent shall report and, as required withhold any taxes as it determines may be required by any law or regulation in effect at the time of the distribution. In the absence of timely direction, all proceeds of the Escrow Fund shall be retained in the Escrow Fund and reinvested from time to time by the Escrow Agent as provided in Section 2.2 hereof3. In the event that any earnings remain undistributed at the end of any calendar year, Escrow Agent shall report to the Internal Revenue Service or such other authority such earnings as it deems appropriate or as required by any applicable law or regulation or, to the extent consistent therewith, as directed in writing by the Buyer Issuer and the SellerDepositor. In addition, Escrow Agent shall withhold any taxes it deems appropriate and shall remit such taxes to the appropriate authorities.
Appears in 2 contracts
Samples: Subscription Escrow Agreement (Commonwealth Income & Growth Fund VI), Subscription Escrow Agreement (Commonwealth Income & Growth Fund VI)
TINs. The Buyer and the Seller each represent Assignee represents that its correct Taxpayer Identification Number ("TIN") assigned by the Internal Revenue Service ("IRS")or IRS") or any other taxing authority is set forth in Schedule 1. Upon execution of this Escrow Agreement, the Buyer and Seller Assignee shall provide the Escrow Agent with a fully executed W-8 or W-9 IRS form, which shall include the Buyer's and Sellersuch party's TIN. In addition, all interest or other income earned under the Escrow Agreement shall be allocated and/or paid as directed in a joint written direction of the Buyer and the Seller Assignee, as set forth herein, and reported by the recipient to the Internal Revenue Service IRS or any other taxing authority. Notwithstanding such written directions, the Escrow Agent shall report and, as required withhold any taxes as it determines may be required by any law or regulation in effect at the time of the distribution. In the absence of timely direction, all proceeds of the Share Escrow Fund or the Profit Escrow shall be retained in the Escrow Fund Property for the benefit of the Assignee and reinvested from time to time by the Escrow Agent as provided in Section 2.2 hereofthis Escrow Agreement. In the event that any earnings remain undistributed at the end of any calendar year, the Escrow Agent shall report to the Internal Revenue Service IRS or such other authority such earnings as it deems appropriate or as required by any applicable law or regulation or, to the extent consistent therewith, as directed in writing by the Buyer and the SellerAssignee. In addition, the Escrow Agent shall withhold any taxes it deems appropriate and shall remit such taxes to the appropriate authorities.
Appears in 2 contracts
Samples: Escrow Agreement (Matlinpatterson LLC), Escrow Agreement (Matlinpatterson LLC)