Common use of Agreed Tax Treatment Clause in Contracts

Agreed Tax Treatment. Each Holder of Trust Preferred Securities agrees, by acceptance of Trust Preferred Securities, and each Owner agrees, by acceptance of a beneficial interest in Trust Preferred Securities, to treat for all United States Federal, state and local income tax purposes (i) the Issuer Trust as one or more grantor trusts or agency arrangements, (ii) itself as the owner of an undivided beneficial interest in the Corresponding Assets for the related Series of Trust Preferred Securities, (iii) in the case of Normal APEX, the fair market value of the $1,000 principal amount of Notes corresponding to one Normal APEX as $1,000 and the fair market value of 1/100th fractional interest in a Stock Purchase Contract corresponding to one Normal APEX as $0 at the time of initial purchase and to allocate the issue price of Normal APEX consistently therewith, (iv) the Notes as indebtedness of the Depositor, and (v) the stated interest on the Notes as ordinary interest income that is includible in the Holder’s or Owner’s gross income at the time the interest is paid or accrued in accordance with the Holder’s or Owner’s regular method of tax accounting and otherwise to treat the Notes as described in the Prospectus, each except to the extent a different treatment is specifically required by the IRS pursuant to a final determination.

Agreed Tax Treatment. Each Holder of Trust Preferred Securities agrees, by acceptance of Trust Preferred Securities, and each Owner agrees, by acceptance of a beneficial interest in Trust Preferred Securities, to treat for all United States Federal, state and local income tax purposes (i) the Issuer Trust as one or more grantor trusts or agency arrangements, (ii) itself as the owner of an undivided beneficial interest in the Corresponding Assets for the related Series of Trust Preferred Securities, (iii) in the case of Normal APEXPPS, the fair market value of the $1,000 principal amount of Notes corresponding to one Normal APEX PPS as $1,000 and the fair market value of 1/100th fractional interest in a Stock Purchase Contract corresponding to one Normal APEX PPS as $0 at the time of initial purchase and to allocate the issue price of Normal APEX PPS consistently therewith, (iv) the Notes as indebtedness of the Depositor, and (v) the stated interest on the Notes as ordinary interest income that is includible in the Holder’s or Owner’s gross income at the time the interest is paid or accrued in accordance with the Holder’s or Owner’s regular method of tax accounting and otherwise to treat the Notes as described in the Prospectus, each except to the extent a different treatment is specifically required by the IRS Internal Revenue Service pursuant to a final determination.

Agreed Tax Treatment. Each Holder of Trust Preferred Securities agrees, by acceptance of Trust Preferred Securities, and each Owner agrees, by acceptance of a beneficial interest in Trust Preferred Securities, to treat for all United States Federal, state and local income tax purposes (i) the Issuer Trust as one or more grantor trusts or agency arrangements, (ii) itself as the owner of an undivided beneficial interest in the Corresponding Assets for the related Series of Trust Preferred Securities, (iii) in the case of Normal APEXPPS, the fair market value of the 1/40th interest in $1,000 principal amount of Notes corresponding to one Normal APEX PPS as $1,000 25 and the fair market value of 1/100th 1/4,000th fractional interest in a Stock Purchase Contract corresponding to one Normal APEX PPS as $0 at the time of initial purchase and to allocate the issue price of Normal APEX PPS consistently therewith, (iv) the Notes as indebtedness of the Depositor, and (v) the stated interest on the Notes as ordinary interest income that is includible in the Holder’s or Owner’s gross income at the time the interest is paid or accrued in accordance with the Holder’s or Owner’s regular method of tax accounting and otherwise to treat the Notes as described in the Prospectus, each except to the extent a different treatment is specifically required by the IRS pursuant to a final determination.