Federal Income Tax Provisions. (a) The Issuing Entity will be wholly owned by the Certificateholder, which as of the Closing Date is the Depositor. The Depositor has made an election to be treated as a “real estate investment trust” (a “REIT”) under Section 856 of the Code. As such, the Depositor, as the sole Certificateholder, will be regarded as (i) owning all assets owned by the Issuing Entity and (ii) having incurred all liabilities incurred by the Issuing Entity, and all transactions between the Issuing Entity and the Depositor will be disregarded.
Appears in 5 contracts
Samples: Trust Agreement (Accredited Mortgage Loan REIT Trust), Trust Agreement (Accredited Mortgage Loan REIT Trust), Trust Agreement (Accredited Mortgage Loan Trust 2006-2)
Federal Income Tax Provisions. (a) [The Issuing Entity will be wholly owned by the Certificateholder, which as of the Closing Date is the Depositor. The Depositor has made an election to be treated as a “real estate investment trust” (a “REIT”) under Section 856 of the Code. As such, the Depositor, as the sole Certificateholder, will be regarded as (i) owning all assets owned by the Issuing Entity and (ii) having incurred all liabilities incurred by the Issuing Entity, and all transactions between the Issuing Entity and the Depositor will be disregarded.
Appears in 4 contracts
Samples: Trust Agreement (NovaStar Certificates Financing LLC), Trust Agreement (NovaStar Certificates Financing CORP), Trust Agreement (NovaStar Certificates Financing LLC)