Election of REMIC Status. The parties intend that each Trust REMIC shall constitute, and that the affairs of each Trust REMIC shall be conducted so as to qualify each Trust REMIC as a REMIC. In such manner as may be required by the Code, the Trustee shall elect to treat each Trust REMIC as a REMIC and make the appropriate designations in accordance with Section 2.03 hereof on the federal income tax return of each Trust REMIC for its first taxable year, in accordance with the REMIC Provisions. The Trustee, on behalf of the Trust, shall make all other elections that may be required for the qualification of each Trust REMIC as a REMIC under federal or state law.
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Samples: Trust Agreement (Banc of America Funding 2008-R3 Trust), Trust Agreement (Banc of America Funding 2008-R3 Trust)
Election of REMIC Status. The parties intend that each the Trust REMIC shall constitute, and that the affairs of each the Trust REMIC shall be conducted so as to qualify each Trust REMIC as it as, a REMIC. In such manner as may be required by the Code, the Trustee Trustee, on behalf of the Trust, shall elect to treat each the Trust REMIC as a REMIC and make the appropriate designations in accordance with Section 2.03 hereof on the federal income tax return of each the Trust REMIC for its first taxable year, in accordance with the REMIC Provisions. The Trustee, on behalf of the Trust, shall make all other tax elections that may be required for the qualification of each the Trust REMIC as a REMIC under applicable federal or state law.
Appears in 2 contracts
Samples: Trust Agreement (Lehman Structured Securities Corp), Trust Agreement (Lehman Structured Securities Corp)
Election of REMIC Status. The parties intend that each the Trust REMIC shall constitute, and that the affairs of each the Trust REMIC shall be conducted so as to qualify each the Trust REMIC as a REMIC. In such manner as may be required by the Code, the Trustee shall elect to treat each the Trust REMIC as a REMIC and make the appropriate designations in accordance with Section 2.03 hereof on the federal income tax return of each the Trust REMIC for its first taxable year, in accordance with the REMIC Provisions. The Trustee, on behalf of the Trust, shall make all other elections that may be required for the qualification of each the Trust REMIC as a REMIC under federal federal, state or state local law.
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