Tax Treatment of Trust Sample Clauses

Tax Treatment of Trust. 7 SECTION 2.07 CONVEYANCE OF ASSETS AND VALUATION....................... 7 SECTION 2.08 NATURE AND PURPOSE OF THE TRUST.......................... 7 SECTION 2.09 INCORPORATION OF PLAN.................................... 8 SECTION 2.10 STATUS OF LIQUIDATING TRUSTEE............................ 8 ARTICLE III BENEFICIARIES.................................................. 8
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Tax Treatment of Trust. For United States federal and applicable state income tax purposes, the transfer of the Assets to the Trust pursuant to and in accordance with the Plan shall be reported as a disposition of the Assets directly to and for the benefit of the Beneficiaries immediately followed by a contribution of the Assets by the Beneficiaries to the Trust for the benefit of the Beneficiaries. The Beneficiaries will be treated as the grantors and owners of the Trust.
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Tax Treatment of Trust. Pursuant to and in accordance with the Plan, for all federal income tax purposes, the Debtors, the Beneficiaries, the Trustee and the Trust shall treat the Trust as a liquidating trust within the meaning of Treasury Income Tax Regulation Section 301.7701-4(d) and IRS Revenue Procedure 94-45, 1994-2 C.B. 124 and transfer of the Trust Assets to the Trust shall be treated as a transfer of the Trust Assets by the Debtors to the Beneficiaries in satisfaction of their Allowed General Unsecured Claims, followed by a transfer of the Trust Assets by the Beneficiaries to the Trust in exchange for their pro rata beneficial interests in the Trust. The Beneficiaries shall be treated as the grantors and owners of the Trust for federal income tax purposes.
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Tax Treatment of Trust. For federal income tax purposes, the Trust shall be treated as a "grantor trust" of which the Beneficiary is the grantor. The Trustee will comply with the provisions of Treasury Regulation Section 1.671-4. Except as otherwise expressly provided herein, neither the Trustee nor any agent of the Trustee makes any representation as to the value or condition of any Trust Assets or with respect to the federal income tax treatment of the Trust, the Notes or the Beneficiary.
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Tax Treatment of Trust. It is the intention and agreement of the parties that the Trust Assets shall be treated for federal, state, local and other tax purposes as owned by the Beneficiary of the Trust, pursuant to the applicable trust rules under the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder and any subsequent federal, state, local or other revenue act replacing, amending or modifying such trust rules (“Code”), that all income of the Trust, whether allocated to income or principal for purposes of the laws of the State of California governing trust accounting, shall be allocable to the Beneficiary for federal, state, local and other tax purposes, and that distribution of income and principal from the Trust are considered to be payments to or on behalf of Majestic’s creditors to satisfy claims against Majestic in Conservation. Notwithstanding the foregoing, the Trust shall not be obligated for any federal, state or local income taxes (or any interest, penalties or additions to tax applicable thereto) attributable to any income of Majestic from and after closing of the sale to CGIS, including, without limitation, any failure of Majestic to fully and accurately report all income and timely file all required federal, state and local income tax returns, if any. In the event of any administrative procedure or litigation with the Internal Revenue Service (or other taxing authority) concerning the federal, state or local income taxation of the Trust or of Indemnity with respect to Trust Assets, all reasonable costs, including attorneys’ fees, with respect to such administrative procedure or litigation, shall be paid by the Trustee from Principal or Income of the Trust, or alternatively by the conservation estate for Majestic as an expense of administration under Insurance Code section 1033(a)(1).
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Tax Treatment of Trust. (a) For United States federal income tax purposes, the transfer of the Trust Property pursuant to the Plan shall be reported as a disposition of the Trust Property directly to and for the benefit of the Beneficiaries immediately following the contribution of the Trust Property by the Debtors to the Blue Water Trust. The Debtors shall be treated as grantors of the Blue Water Trust and the Beneficiaries shall be treated as owners of the Blue Water Trust.
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Related to Tax Treatment of Trust

  • Situs of Trust The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware.

  • Merger or Consolidation of Trust Administrator Any Person into which the Trust Administrator may be merged or converted or with which it may be consolidated or any Person resulting from any merger, conversion or consolidation to which the Trust Administrator shall be a party, or any Person succeeding to the business of the Trust Administrator, shall be the successor of the Trust Administrator hereunder, provided that such Person shall be eligible under the provisions of Section 10.06 hereof without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

  • Purposes of Trust (a) The exclusive purposes and functions of the Trust are to (i) issue and sell Trust Securities and use the proceeds from such sale to acquire the Notes and (ii) engage in only those activities necessary or incidental thereto. The Delaware Trustee, the Property Trustee and the Administrative Trustees are trustees of the Trust, and have all the rights, powers and duties to the extent set forth herein. The Trustees hereby acknowledge that they are trustees of the Trust.

  • Merger or Consolidation of Trustee Any corporation into which the Trustee may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 8.06 hereof without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

  • VALUATION OF TRUST In addition to each Accounting Date, the Trustee must value the Trust Fund on the following valuation date(s): (Choose (a) or (b))

  • Certain Rights of Trustee Subject to the provisions of Section 601:

  • Investment of Trust Assets The Trustee shall engage the Investment Manager to invest and reinvest the principal and income of the Trust Assets in those investments that are reasonably calculated to preserve the principal value, taking into account the need for the safety and liquidity of principal as may be required to fund Eligible Mitigation Actions and Trust Administration Costs.

  • Termination of Trust Indenture Upon (or at any time after) payment in full of the Original Amount of, Make-Whole Amount, if any, and interest on and all other amounts due under all Equipment Notes and provided that there shall then be no other Secured Obligations due to the Indenture Indemnitees, the Note Holders and the Mortgagee hereunder or under the Participation Agreement or other Operative Agreement, the Owner Trustee shall direct the Mortgagee to execute and deliver to or as directed in writing by the Owner Trustee an appropriate instrument releasing the Aircraft and the Engines from the Lien of this Trust Indenture and releasing the Lease, the Purchase Agreement, the Purchase Agreement Assignment with the Consent and Agreement and the Engine Consent and Agreement attached thereto from the assignment and pledge thereof hereunder and the Mortgagee shall execute and deliver such instrument as aforesaid and give written notice thereof to Lessee; provided, however, that this Trust Indenture and the trusts created hereby shall earlier terminate and this Trust Indenture shall be of no further force or effect upon any sale or other final disposition by the Mortgagee of all property constituting part of the Trust Indenture Estate and the final distribution by the Mortgagee of all monies or other property or proceeds constituting part of the Trust Indenture Estate in accordance with the terms hereof. Except as aforesaid otherwise provided, this Trust Indenture and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.

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