Common use of Income Tax Characterization Clause in Contracts

Income Tax Characterization. For purposes of federal income, state and local income and franchise and any other income taxes, the parties to this Series Supplement, and each owner of a beneficial interest in the Notes by acceptance of such interest, agree to treat the Notes as indebtedness and hereby instruct the Indenture Trustee to treat the Notes as indebtedness for federal and state tax reporting purposes.