Common use of Trust to be Treated as a Division For Tax Purposes Clause in Contracts

Trust to be Treated as a Division For Tax Purposes. The Trust shall comply with the applicable provisions of the Code and the applicable Treasury regulations thereunder in the manner necessary to effect the intention of the parties that the Trust be treated as a division of PECO Energy for federal income tax purposes pursuant to Treasury regulation ss. 301.7701-1 et seq. and that the Trust be accorded such treatment until its termination pursuant to Section 10.01 hereof and shall take, or refrain from taking, any action required by the Code or Treasury regulations thereunder in order to maintain such status of the Trust. In addition, the Trust may not claim any credit on, or make any deduction from the principal and interest payable in respect of, the Transition Bonds (other than amounts properly withheld under the Code), or assert any claim against any present or former Transition Bondholder because of the payment of taxes levied or assessed upon the Trust.

Trust to be Treated as a Division For Tax Purposes. The Trust shall comply with the applicable provisions of the Code and the applicable Treasury regulations thereunder in the manner necessary to effect the intention of the parties that the Trust be treated as a division of PECO Energy for federal income tax purposes pursuant to Treasury regulation ss. 301.7701-1 et seq. and that the Trust be accorded such treatment until its termination pursuant to Section 10.01 hereof and shall take, or refrain from taking, any action required by the Code or Treasury regulations thereunder in order to maintain such status of the Trust. In addition, the Trust may not claim any credit on, or make any deduction from the principal and interest payable in respect of, the Transition Bonds (other than amounts properly withheld under the Code), or assert any claim against any present or former Transition Bondholder because of the payment of taxes levied or assessed upon the Trust.

Trust to be Treated as a Division For Tax Purposes. The Trustees shall cause the Trust shall to comply with the applicable provisions of the Code and the applicable Treasury regulations thereunder in the manner necessary to effect the intention of the parties that the Trust be treated as a division of PECO Energy for federal income tax purposes pursuant to Treasury regulation ss. 301.7701ss.301.7701-1 et seq. and that the Trust be accorded such treatment until its termination pursuant to Section 10.01 hereof and shall take, or refrain from taking, any action required by the Code or Treasury regulations thereunder in order to maintain such status of the Trust. In addition, the Trust may not claim any credit on, or make any deduction from the principal and interest payable in respect of, the Transition Bonds (other than amounts properly withheld under the Code), or assert any claim against any present or former Transition Bondholder because of the payment of taxes levied or assessed upon the Trust.