Non-Foreign Person Status Clause Samples
The Non-Foreign Person Status clause is used to confirm that a party involved in a transaction is not a foreign person as defined by relevant tax laws, typically for U.S. federal tax purposes. In practice, this clause often requires the party to provide a certification, such as an IRS Form W-9, to establish their status as a U.S. person and avoid withholding obligations. Its core function is to ensure compliance with tax regulations and to protect the other party from potential tax withholding liabilities that could arise if payments are made to a foreign person.
Non-Foreign Person Status. Debtor is not a “foreign person” within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”), Sections 1445 and 7701; that is, Debtor is not a nonresident alien, foreign corporation, foreign partnership, foreign trust or foreign estate as those terms are defined in the Code and any regulations promulgated thereunder.
Non-Foreign Person Status. Seller is not a “foreign person” under Section 1445(f) of the Internal Revenue Code of 1986, as amended, and is not subject to withholding under Idaho laws. Seller, and the owners of Seller, are not prohibited or restricted persons under any executive order.
Non-Foreign Person Status. Borrower is not a “foreign person” within the meaning of Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended.