Common use of Initial Filing Clause in Contracts

Initial Filing. (a) In connection with its formation, the Trust shall obtain an employer identification number. The Trustor and, at the Trustor’s direction, the Trustee, and each of their accountants, are each authorized to obtain such number and each of the foregoing is authorized to delegate such authority to its agents. Each Partner, by acceptance of its Certificate or interest therein, is deemed to consent to the foregoing. (b) The Trust shall file an abbreviated Form 1065, “U.S. Return of Partnership Income,” as required by, and in the format outlined in section 8.01 of, Revenue Procedure 2003-84, for its first taxable year as soon as reasonably possible after the Start-Up Date but in no event later than the date that the partnership's income tax return for that taxable year would ordinarily be due. The Trustor and, at the Trustor’s direction, the Trustee, and each of their accountants, are each authorized to sign the abbreviated Form 1065, and each of the foregoing is authorized to delegate such authority to its agents. Each Partner, by acceptance of its Certificate or interest therein, is deemed to consent to the foregoing and to authorize the filing of the abbreviated Form 1065 on behalf of the Trust and itself. Copies of the abbreviated Form 1065 will be made available to Partners upon request.