Common use of Federal Income Tax Provisions Clause in Contracts

Federal Income Tax Provisions. If the Trust is treated as a partnership (rather than disregarded as a separate entity) for federal income tax purposes pursuant to Section 2.6, the following provisions shall apply: (a) A separate capital account (a "Capital Account") shall be established and maintained for each Certificateholder in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). No Certificateholder shall be entitled to interest on its Capital Account or any capital contribution made by such Holder to the Trust. (b) Upon termination of the Trust pursuant to Article IX, any amounts available for distribution to Holders shall be distributed to the Holders with positive Capital Account balances in accordance with such balances. For purposes of this Section 2.11(b), the Capital Account of each Holder shall be determined after all adjustments made in accordance with this Section 2.11 resulting from the Trust's operations and from all sales and dispositions of all or any part of the assets of the Trust. Any distributions pursuant to this Section 2.11(b) shall be made by the end of the Taxable Year in which the termination occurs (or, if later, within 90 days after the date of the termination). (c) No Certificateholder shall be required to restore any deficit balance in its Capital Account. Furthermore, no Holder shall be liable for the return of the Capital Account of, or of any capital contribution made to the Trust by, another Holder. (d) Profit and loss of the Trust for each Taxable Year shall be allocated to the Certificateholders in accordance with their respective Percentage Interests. (f) If a Holder receives in any Taxable Year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a negative balance in such Holder's Capital Account that exceeds the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain, as determined in accordance with Treasury Regulations Sections 1.704-2(g) and 1.704-2(i), such Holder shall be allocated specially for such Taxable Year (and, if necessary, later Taxable Years) items of income and gain in an amount and manner sufficient to eliminate such negative Capital Account balance as quickly as possible as provided in Treasury Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Holder in accordance with this Section 2.11(f), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Holder in an amount necessary to offset the income or gain previously allocated to such Holder under this Section 2.11(f). (g) Loss shall not be allocated to a Holder to the extent that such allocation would cause a deficit in such Holder's Capital Account (after reduction to reflect the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain. Any loss in excess of that limitation shall be allocated to all the Holders in accordance with their respective Percentage Interests. After the occurrence of an allocation of loss to a Holder in accordance with this Section 2.11(g), to the extent permitted by Treasury Regulations Section 1.704-1(b), profit shall be allocated to such Holder in an amount necessary to offset the loss previously allocated to such Holder under this Section 2.11(g). (h) If a Holder transfers any part or all of its Holdership Interest and the transferee is admitted as provided herein (a "Transferee Holder"), the distributive shares of the various items of profit and loss allocable among the Holders during such Taxable Year shall be allocated between the transferor and the Transferee Holder (at the election of the Holders (including the transferor, but excluding the Transferee Holder)) either (i) as if the Taxable Year had ended on the date of the transfer or (ii) based on the number of days of such Taxable Year that each was a Holder without regard to the results of Trust activities in the respective portions of such Taxable Year in which the transferor and Transferee Holder were Holders.

Federal Income Tax Provisions. If the Trust is treated as a partnership (rather than disregarded as a separate entity) for federal income tax purposes pursuant to Section 2.6, the following provisions shall apply: (a) A separate capital account (a "Capital Account") shall be established and maintained for each Certificateholder in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). No Certificateholder shall be entitled to interest on its Capital Account or any capital contribution made by such Holder to the Trust. (b) Upon termination of the Trust pursuant to Article IX, any amounts available for distribution to Holders shall be distributed to the Holders with positive Capital Account balances in accordance with such balances. For purposes of this Section 2.11(b), the Capital Account of each Holder shall be determined after all adjustments made in accordance with this Section 2.11 resulting from the Trust's operations and from all sales and dispositions of all or any part of the assets of the Trust. Any distributions pursuant to this Section 2.11(b) shall be made by the end of the Taxable Year in which the termination occurs (or, if later, within 90 days after the date of the termination). (c) No Certificateholder shall be required to restore any deficit balance in its Capital Account. Furthermore, no Holder shall be liable for the return of the Capital Account of, or of any capital contribution made to the Trust by, another Holder. (d) Profit and loss of the Trust for each Taxable Year shall be allocated to the Certificateholders in accordance with their respective Percentage Interests. 9 14 1 (f) If a Holder receives in any Taxable Year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(db)(2)(ii)(d) that causes or increases a negative balance in such Holder's Capital Account that exceeds the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain, as determined in accordance with Treasury Regulations Sections 1.704-2(g) and 1.704-2(i), such Holder shall be allocated specially for such Taxable Year (and, if necessary, later Taxable Years) items of income and gain in an amount and manner sufficient to eliminate such negative Capital Account balance as quickly as possible as provided in Treasury Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Holder in accordance with this Section 2.11(f), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Holder in an amount necessary to offset the income or gain previously allocated to such Holder under this Section 2.11(f). (g) Loss shall not be allocated to a Holder to the extent that such allocation would cause a deficit in such Holder's Capital Account (after reduction to reflect the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain. Any loss in excess of that limitation shall be allocated to all the Holders in accordance with their respective Percentage Interests. After the occurrence of an allocation of loss to a Holder in accordance with this Section 2.11(g), to the extent permitted by Treasury Regulations Section 1.704-1(b), profit shall be allocated to such Holder in an amount necessary to offset the loss previously allocated to such Holder under this Section 2.11(g). (h) If a Holder transfers any part or all of its Holdership Interest and the transferee is admitted as provided herein (a "Transferee Holder"), the distributive shares of the various items of profit and loss allocable among the Holders during such Taxable Year shall be allocated between the transferor and the Transferee Holder (at the election of the Holders (including the transferor, but excluding the Transferee Holder)) either (i) as if the Taxable Year had ended on the date of the transfer or (ii) based on the number of days of such Taxable Year that each was a Holder without regard to the results of Trust activities in the respective portions of such Taxable Year in which the transferor and Transferee Holder were Holders.

Federal Income Tax Provisions. If the Trust is treated as a partnership (rather than disregarded as a separate entity) for federal income tax purposes pursuant to Section 2.6, the following provisions shall apply: (a) A separate capital account (a "Capital Account") shall be established and maintained for each Certificateholder in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). No Certificateholder shall be entitled to interest on its Capital Account or any capital contribution made by such Holder to the Trust. (b) Upon termination of the Trust pursuant to Article IX, any amounts available for distribution to Holders shall be distributed to the Holders with positive Capital Account balances in accordance with such balances. For purposes of this Section 2.11(b), the Capital Account of each Holder shall be determined after all adjustments made in accordance with this Section 2.11 resulting from the Trust's operations and from all sales and dispositions of all or any part of the assets of the Trust. Any distributions pursuant to this Section 2.11(b) shall be made by the end of the Taxable Year in which the termination occurs (or, if later, within 90 days after the date of the termination). (c) No Certificateholder shall be required to restore any deficit balance in its Capital Account. Furthermore, no Holder shall be liable for the return of the Capital Account of, or of any capital contribution made to the Trust by, another Holder. (d) Profit and loss of the Trust for each Taxable Year shall be allocated to the Certificateholders in accordance with their respective Percentage Interests. (f) If a Holder receives in any Taxable Year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a negative balance in such Holder's Capital Account that exceeds the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain, as determined in accordance with Treasury Regulations Sections 1.704-2(g) and 1.704-2(i), such Holder shall be allocated specially for such Taxable Year (and, if necessary, later Taxable Years) items of income and gain in an amount and manner sufficient to eliminate such negative Capital Account balance as quickly as possible as provided in Treasury Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Holder in accordance with this Section 2.11(f), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Holder in an amount necessary to offset the income or gain previously allocated to such Holder under this Section 2.11(f). (g) Loss shall not be allocated to a Holder to the extent that such allocation would cause a deficit in such Holder's Capital Account (after reduction to reflect the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain. Any loss in excess of that limitation shall be allocated to all the other Holders in accordance with their respective Percentage InterestsInterests (to the extent permitted by this limitation). After the occurrence of an allocation of loss to a Holder in accordance with this Section 2.11(g), to the extent permitted by Treasury Regulations Section 1.704-1(b), profit shall be allocated to such Holder in an amount necessary to offset the loss previously allocated to such Holder under this Section 2.11(g). (h) If a Holder transfers any part or all of its Holdership Percentage Interest and the transferee is admitted as provided herein (a "Transferee Holder"), the distributive shares of the various items of profit and loss allocable among the Holders during such Taxable Year shall be allocated between the transferor and the Transferee Holder (at the election of the Holders (including the transferor, but excluding the Transferee Holder)) either (i) as if the Taxable Year had ended on the date of the transfer or (ii) based on the number of days of such Taxable Year that each was a Holder without regard to the results of Trust activities in the respective portions of such Taxable Year in which the transferor and Transferee Holder were Holders.

Federal Income Tax Provisions. If the Trust is treated as a partnership (rather than disregarded as a separate entity) for federal income tax purposes pursuant to Section 2.6, the following provisions shall apply: (a) A separate capital account (a "Capital Account") shall be established and maintained for each Certificateholder Holder in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). No Certificateholder Holder shall be entitled to interest on its Capital Account or any capital contribution made by such Holder to the Trust. (b) Upon termination of the Trust pursuant to Article IX, any amounts available for distribution to Holders shall be distributed to the Holders with positive Capital Account balances in accordance with such balances. For purposes of this Section 2.11(b2.10(b), the Capital Account of each Holder shall be determined after all adjustments made in accordance with this Section 2.11 2.10 resulting from the Trust's operations and from all sales and dispositions of all or any part of the assets of the Trust. Any distributions pursuant to this Section 2.11(b2.10(b) shall be made by the end of the Taxable Year taxable year in which the termination occurs (or, if later, within 90 days after the date of the termination). (c) No Certificateholder Holder shall be required to restore any deficit balance in its Capital Account. Furthermore, no Holder shall be liable for the return of the Capital Account of, or of any capital contribution made to the Trust by, another Holder. (d) Profit Interest payments on the Certificates at the Certificate rate (including interest on amounts previously due on the Certificates but not yet distributed) shall be treated as "guaranteed payments" under Section 707(c) of the Code. (e) Except as provided in Section 2.10(h), profit and loss of the Trust for each Taxable Year taxable year shall be allocated to the Certificateholders in accordance with their respective Percentage InterestsDepositor. (fg) If a Holder receives in any Taxable Year taxable year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a negative balance in such Holder's Capital Account that exceeds the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain, as determined in accordance with Treasury Regulations Sections 1.704-2(g) and 1.704-2(i), such Holder shall be allocated specially for such Taxable Year taxable year (and, if necessary, later Taxable Yearstaxable years) items of income and gain in an amount and manner sufficient to eliminate such negative Capital Account balance as quickly as possible as provided in Treasury Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Holder in accordance with this Section 2.11(f2.10(g), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Holder in an amount necessary to offset the income or gain previously allocated to such Holder under this Section 2.11(f2.10(g). (gh) Loss shall not be allocated first to a Holder the Depositor, but only to the extent that such allocation would not cause a deficit in such Holderthe Depositor's Capital Account (after reduction to reflect the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed in excess of the sum of such Holderthe Depositor's shares share of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain. Any loss in excess of that limitation shall be allocated to all the Holders Certificateholders in accordance with their respective Percentage Interests. After the occurrence of an allocation of loss to a Holder in accordance with this Section 2.11(g2.10(h), to the extent permitted by Treasury Regulations Section 1.704-1(b), profit shall be allocated to such Holder in an amount necessary to offset the loss previously allocated to such Holder under this Section 2.11(g2.10(h). (hi) If a Holder transfers any part or all of its Holdership Interest and the transferee is admitted as provided herein (a "Transferee Holder"), the distributive shares of the various items of profit and loss allocable among the Holders during such Taxable Year taxable year shall be allocated between the transferor and the Transferee Holder (at the election of the Holders (including the transferor, but excluding the Transferee Holder)) either (i) as if the Taxable Year taxable year had ended on the date of the transfer or (ii) based on the number of days of such Taxable Year taxable year that each was a Holder without regard to the results of Trust activities in the respective portions of such Taxable Year taxable year in which the transferor and Transferee Holder were Holders.

Federal Income Tax Provisions. If the Trust is treated as a partnership (rather than disregarded as a separate entity) for federal income tax purposes pursuant to Section 2.6, the following provisions shall apply: (a) A separate capital account (a "Capital Account") shall be established and maintained for each Certificateholder in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). No Certificateholder shall be entitled to interest on its Capital Account or any capital contribution made by such Holder to the Trust. (b) Upon termination of the Trust pursuant to Article IX, any amounts available for distribution to Holders shall be distributed to the Holders with positive Capital Account balances in accordance with such balances. For purposes of this Section 2.11(b), the Capital Account of each Holder shall be determined after all adjustments made in accordance with this Section 2.11 resulting from the Trust's operations and from all sales and dispositions of all or any part of the assets of the Trust. Any distributions pursuant to this Section 2.11(b) shall be made by the end of the Taxable Year in which the termination occurs (or, if later, within 90 days after the date of the termination). (c) No Certificateholder shall be required to restore any deficit balance in its Capital Account. Furthermore, no Holder shall be liable for the return of the Capital Account of, or of any capital contribution made to the Trust by, another Holder. (d) Profit and loss of the Trust for each Taxable Year shall be allocated to the Certificateholders in accordance with their respective Percentage Interests. (e) 9 14 allocated among the Holders in accordance with Treasury Regulations Section 1.704-2(i)(4) and the ordering rules contained in Treasury Regulations Section 1.704-2(j). A Holder's "interest in partnership profits" for purposes of determining its share of the nonrecourse liabilities of the Trust within the meaning of Treasury Regulations Section 1.752-3(a)(3) shall be such Holder's Percentage Interest. (f) If a Holder receives in any Taxable Year an adjustment, allocation, or distribution described in subparagraphs (4), (5), or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) that causes or increases a negative balance in such Holder's Capital Account that exceeds the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain, as determined in accordance with Treasury Regulations Sections 1.704-2(g) and 1.704-2(i), such Holder shall be allocated specially for such Taxable Year (and, if necessary, later Taxable Years) items of income and gain in an amount and manner sufficient to eliminate such negative Capital Account balance as quickly as possible as provided in Treasury Regulations Section 1.704-1(b)(2)(ii)(d). After the occurrence of an allocation of income or gain to a Holder in accordance with this Section 2.11(f), to the extent permitted by Regulations Section 1.704-1(b), items of expense or loss shall be allocated to such Holder in an amount necessary to offset the income or gain previously allocated to such Holder under this Section 2.11(f). (g) Loss shall not be allocated to a Holder to the extent that such allocation would cause a deficit in such Holder's Capital Account (after reduction to reflect the items described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) to exceed the sum of such Holder's shares of Trust Minimum Gain and Holder Nonrecourse Debt Minimum Gain. Any loss in excess of that limitation shall be allocated to all the Holders in accordance with their respective Percentage Interests. After the occurrence of an allocation of loss to a Holder in accordance with this Section 2.11(g), to the extent permitted by Treasury Regulations Section 1.704-1(b), profit shall be allocated to such Holder in an amount necessary to offset the loss previously allocated to such Holder under this Section 2.11(g). (h) If a Holder transfers any part or all of its Holdership Interest and the transferee is admitted as provided herein (a "Transferee Holder"), the distributive shares of the various items of profit and loss allocable among the Holders during such Taxable Year shall be allocated between the transferor and the Transferee Holder (at the election of the Holders (including the transferor, but excluding the Transferee Holder)) either (i) as if the Taxable Year had ended on the date of the transfer or (ii) based on the number of days of such Taxable Year that each was a Holder without regard to the results of Trust activities in the respective portions of such Taxable Year in which the transferor and Transferee Holder were Holders.