Grantor Trust Status. No provision in this Agreement shall be construed to xxxxx Xxxxxxx Mac, the Trustee or any other Person authority to act in any manner which would cause a PC Pool not to be treated as a grantor trust for federal income tax purposes.
Grantor Trust Status. If the Prospectus related to a Trust provides that such Trust is to be treated as a fixed investment (i.e., grantor) trust for federal income tax purposes, its powers shall be limited in accordance with the restrictions imposed on such trusts by Treas. Reg. Section 301.7701-4.”
(w) The following sections are hereby added:
Grantor Trust Status. The Trust is intended to be -------------------- treated as a fixed investment (i.e., grantor) trust for income tax purposes, and its powers shall be limited in accordance with the restrictions imposed on such trusts by Treas. Reg. Section 301.7701-4.
Grantor Trust Status. The Trustee shall perform its duties hereunder so as to maintain the status of the Trust as a grantor trust under the Grantor Trust Provisions. The Trustee shall not knowingly take (or cause the Trust to take) any action or fail to take (or fail to cause to be taken) any action that, under the Grantor Trust Provisions, if taken or not taken, as the case may be, could adversely affect the status of the Trust as a grantor trust under the Grantor Trust Provisions (any such adverse effect on grantor trust status, an “Adverse Grantor Trust Event”), unless the Trustee has received an Opinion of Counsel (at the expense of the party requesting such action or at the expense of the Trust if the Trustee seeks to take such action or to refrain from taking any action for the benefit of the beneficial owners of Certificates) to the effect that the contemplated action will not result in an Adverse Grantor Trust Event. In addition, prior to taking any action with respect to the Trust, or causing the Trust to take any action, that is not expressly permitted under the terms of this Agreement, the Trustee shall consult with counsel with respect to whether such action could cause an Adverse Grantor Trust Event to occur. The Trustee shall not have any liability hereunder for any action taken by it in accordance with the written Opinion of Counsel, upon which the Trustee may rely.
Grantor Trust Status. The Trust has been duly created and is validly existing and in good standing as a statutory trust under the Delaware Act with the power and authority to own property and to conduct its business as described in the Registration Statement, the Disclosure Package and the Prospectus and to enter into and perform its obligations under this Agreement and the Depositary Trust Agreement; the Trust is and will be classified for U.S. federal income tax purposes as a grantor trust and not as an association taxable as a corporation; and the Trust is not and will not be treated as a consolidated subsidiary of the Initial Depositor pursuant to generally accepted accounting principles. Any certificate signed by any officer of the Initial Depositor or the Trust and delivered to the Underwriters or to counsel for the Underwriters in connection with the offering of the Receipts shall be deemed a representation and warranty by the Initial Depositor or the Trust (and not such officer in an individual capacity), as applicable, to the Underwriters as to the matters covered thereby.
Grantor Trust Status. Notwithstanding any provision in the Standard Terms to the contrary, the Trustee, the Certificateholders, or any other person may not act or refrain from acting, by vote or otherwise, in a manner that is inconsistent with the status of the Trust as a grantor trust for federal income tax purposes.
Grantor Trust Status. It is the intent of the parties hereto that the Trust be treated as a grantor trust for federal income tax purposes under subpart E, part I of subchapter J of the Internal Revenue Code and not as an association taxable as a corporation, a partnership, or any other “business entity” (within the meaning of Treasury Regulation § 301.7701-2(a)) and the provisions of this Trust Agreement shall be interpreted and applied consistently therewith. The Depositor Loan Trustee covenants that it shall perform and cause any agent of the Depositor Loan Trustee to perform, its obligations hereunder in a manner so as to maintain the status of the trust created hereunder as a grantor trust for federal income tax purposes under subpart E, part I of subchapter J of the Internal Revenue Code and not as an association taxable as a corporation, a partnership, or any other “business entity” (within the meaning of Treasury Regulation § 301.7701-2(a)), to the extent that maintaining such status and avoiding such taxes are reasonably within the control of the Depositor Loan Trustee.
Grantor Trust Status. The Grantor and the Trustees intend that the Trust established under this Agreement qualify as a grantor trust for federal income tax purposes under Subpart E of Part 1 of Subchapter J of the Code and the Treasury Regulations thereunder (the “Grantor Trust Rules”) of which the Grantor is treated for tax purposes as the sole owner, and the Grantor and the Trustees shall refrain from acting in a manner that is inconsistent with the Trust’s status as a grantor trust or the Grantor’s treatment as the sole owner of the Trust for tax purposes. Pursuant to the Grantor Trust Rules, the Grantor believes that the Trust qualifies for grantor trust status because the Grantor has established and funded the Trust for the purpose of distributing net income and principal of the Trust in discharge of the Grantor’s legal obligations to pay Damage Claims as those may be finally determined. Accordingly, the Grantor and the Trustees intend and the Grantor believes that the Trust established hereunder qualifies as a grantor trust for federal income tax purposes under Regulations § 1.677(a)-1(d). The Grantor and the Trustees further intend and the Grantor believes that the Trust is not a Qualified Settlement Fund within the meaning of the Regulations under Code § 468B, but, solely for the avoidance of any doubt, the Grantor agrees to timely make a protective election under Regulation § 1.468B-1(k).
Grantor Trust Status. Subject to definitive guidance from the IRS or a court of competent jurisdiction to the contrary (including the issuance of applicable Treasury Regulations, the receipt by the Liquidating Trustee of a private letter ruling if the Liquidating Trustee so requests one, or the receipt of an adverse determination by the IRS upon audit if not contested by the Liquidating Trustee), the Liquidating Trustee shall file returns for the Liquidating Trustee as a grantor trust pursuant to Treas. Reg. § 1.671-4(a).
Grantor Trust Status. The Trust is intended to be a liquidating trust within the meaning of United States Treasury Department Regulation §301.7701-4(d) that is treated as a grantor trust, of which the “Former Stockholders” (as defined below), are the owners, within the meaning of Section 671 et seq. of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.
