Common use of Obligations of the Trustor Clause in Contracts

Obligations of the Trustor. Notwithstanding anything herein or in the Standard Terms to the contrary, the Trustor (and not the Trustee) shall undertake, on behalf of the Trust, the Trust’s obligations under Revenue Procedure 2003-84 (or successor guidance), including the obligations of the Trust under Section 11 of the Series Trust Agreement to: (a) obtain (or cause to be obtained) a taxpayer identification number for the Trust; (b) file (or cause to be filed) an abbreviated Form 1065, “U.S. Return of Partnership Income,” for the Trust’s first taxable year; (c) provide, within 45 days of a request by the Internal Revenue Service or a Partner, all the information necessary to compute a partner’s income which is excluded from gross income for purposes of federal income taxes, taxable income, gain, loss, deduction, or credit, including sufficient information for a Partner to determine the portion of the interest which is excluded from gross income for purposes of federal income taxes that may be subject to the alternative minimum tax and information regarding each partner’s share of any bond premium amortization under section 171 of the Code, any market or original issue discount, and capital gain or loss; (d) retain sufficient records, including records regarding the beneficial ownership of Certificates provided to it by a Partner and by Electing Managers as required by Revenue Procedure 2003-84, to comply with its obligation to provide information for as long as the Trust is required to provide such information.; and (e) at the request of the Trustee, confirm whether or not an expense or liability to be incurred by the Trust would prevent substantially all of the Trust’s expenses and deductions from being properly allocable pursuant to the provisions of Section 8(2)(b) hereof.