Common use of Tax Treatment & Report Clause in Contracts

Tax Treatment & Report. The Settlement Fund shall be treated at all times as a “Qualified Settlement Fund” within the meaning of Treas. Reg. §1.468B-1. Class Counsel, Escrow Agent and, as required by law, the Defendants, shall jointly and timely take such actions as necessary or advisable to qualify the Settlement Fund as a “Qualified Settlement Fund” within the meaning of Treas. Reg. §1.468B-1 and fulfill the requirements of such Treasury Regulation, including making a “relation-back election” under Xxxxx. Reg. §1.468B-1(j)(2), if applicable, to the earliest permitted date. If applicable, the Class Counsel will prepare the “relation-back election” pursuant to Treas. Reg. §1.468B-1(j)(2) for execution by the Defendants and the Class Counsel and attach to it the Settlement Fund’s first income tax return. For purposes of §468B of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations promulgated thereunder, the “administrator” of the Settlement Fund shall be Class Counsel and Class Counsel shall take all actions to ensure that Class Counsel qualifies as such. Class Counsel shall timely and properly prepare, deliver to all necessary parties for signature, and file all necessary documentation for any elections required or advisable under Treas. Reg. §1.468B-1. Class Counsel will obtain an employer identification number for the Settlement Fund and timely prepare a “Regulation Section 1.468B-3 Statement” pursuant to Treas. Reg. §1.468B-3(e) on behalf of the Defendants and provide copies to each Defendant’s counsel for review and approval. Class Counsel shall timely and properly prepare and file any informational and other tax returns (including state, local or foreign) necessary or advisable with respect to the Settlement Fund and the distributions and payments therefrom including without limitation the returns described in Treas. Reg. §1.468B-2(k), and to the extent applicable Treas. Reg. §1. 468B-2(1).

Tax Treatment & Report. The Settlement Fund shall be treated at all times as a “Qualified Settlement Fund” within the meaning of Treas. Reg. Treasury Regulation §1.468B-1. Settlement Class Counsel, Escrow Agent Counsel and, as required by law, the DefendantsBMS, shall jointly and timely take such actions as necessary or advisable to qualify the Settlement Fund as a “Qualified Settlement Fund” within the meaning of Treas. Reg. §1.468B-1 and fulfill the requirements of such Treasury Regulation, including making a “relation-back election” under Xxxxx. Reg. §1.468B-1(j)(2), if applicable, to the earliest permitted date. If applicable, the Class Counsel Settlement Administrator will prepare the “relation-back election” pursuant to Treas. Reg. §1.468B-1(j)(2) for execution by the Defendants BMS and the Settlement Class Counsel and attach to it the Settlement Fund’s first income tax returnreturn and will forward a copy to BMS promptly before filing the same. For purposes of §468B of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations promulgated thereunder, the “administrator” of the Settlement Fund shall be Class Counsel the Settlement Administrator and Class Counsel the Settlement Administrator shall take all actions to ensure that Class Counsel the Settlement Administrator qualifies as such. Class Counsel The Settlement Administrator shall timely and properly prepare, deliver to all necessary parties for signature, and file all necessary documentation for any elections required or advisable under Treas. Reg. §1. §1.468B-1468B-1. Class Counsel The Settlement Administrator will obtain an employer identification number for the Settlement Fund and timely prepare a “Regulation Section 1.468B-3 Statement” pursuant to Treas. Reg. §1.468B-3(e) on behalf of the Defendants BMS and provide copies to each DefendantBMS’s counsel for review and approval. Class Counsel The Settlement Administrator shall timely and properly prepare and file any informational and other tax returns (including state, local or foreign) necessary or advisable with respect to the Settlement Fund and the distributions and payments therefrom including without limitation the returns described in Treas. Reg. §1.468B-2(k), and to the extent applicable Treas. Reg. . §1. 468B-2(11.468B-2(1).