Common use of Federal Income Tax Treatment of the Trust Clause in Contracts

Federal Income Tax Treatment of the Trust. (a) For so long as the Trust has one Certificateholder for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated under Section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes, the Certificateholder will be treated as (i) owning all assets owned by the Trust, (ii) having incurred all liabilities incurred by the Trust, and (iii) all transactions between the Trust and the Certificateholder will be disregarded. (b) In the event that the Trust has two or more Certificateholders for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two or more Certificateholders, this Agreement may need to be amended, in accordance with Section 12.01 herein, and appropriate provisions may need to be added so as to provide for treatment of the Trust as a partnership. (c) The Owner Trustee shall have no obligation or liability for its failure to treat the Trust as a partnership prior to the earlier of its receipt of notice or its having actual knowledge that the Trust has more than a single equity owner. (d) Neither the Owner Trustee nor any Certificateholder will, under any circumstances, file a Form 8832, or any successor form, on behalf of the Trust.

Federal Income Tax Treatment of the Trust. (a) For so long as the Trust has one Certificateholder a single owner for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated under Section section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes, the Certificateholder will be treated as (i) owning all assets owned by the Trust, (ii) having incurred all liabilities incurred by the Trust, and (iii) all transactions between the Trust and the Certificateholder will be disregarded. (b) In the event that the Trust has two or more Certificateholders equity owners for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two or more Certificateholdersequity owners, this Agreement may need to be amended, in accordance with Section 12.01 11.1 herein, and appropriate provisions may need to be added so as to provide for treatment of the Trust as a partnership. (c) The Except as set forth in Article V, the Owner Trustee shall have no obligation or liability to file tax filings for its failure to treat the Trust as a partnership prior to the earlier of its receipt of notice or its having actual knowledge that the Trust has more than a single equity ownerTrust. (d) Neither the Owner Trustee nor any Certificateholder will, under any circumstances, file a Form 8832, or any successor form, on behalf of the Trust.

Federal Income Tax Treatment of the Trust. (a) For so long as the Trust has one Certificateholder for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated under Section section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder Certificateholders for all federal income tax purposes. Accordingly, for federal income tax purposes, the Certificateholder Certificateholders will be treated as (i) owning all assets owned by the Trust, (ii) having incurred all liabilities incurred by the Trust, and (iii) all transactions between the Trust and the Certificateholder Certificateholders will be disregarded. (b) In the event that the Trust has two or more Certificateholders for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two or more Certificateholders, this Agreement may need to be amended, in accordance with Section 12.01 herein, and appropriate provisions may need to be added so as to provide for treatment of the Trust as a partnership. (c) The Owner Trustee shall have no obligation or liability for its failure to treat the Trust as a partnership prior to the earlier of its receipt of notice or its having actual knowledge that the Trust has more than a single equity owner. (d) Neither the Owner Trustee nor any Certificateholder will, under any circumstances, file a Form 8832, or any successor form, on behalf of the Trust.