Class A-1 Trust definition
Examples of Class A-1 Trust in a sentence
The Class A-1 Note Trustee, on its retirement or removal, must vest the Class A-1 Trust Fund or cause it to be vested in the Substitute Class A-1 Note Trustee and must deliver and assign to such Substitute Class A-1 Note Trustee as appropriate all books, documents, records and other property whatsoever relating to the Class A-1 Trust Fund.
Upon retirement or removal of the Class A-1 Note Trustee as trustee of the Class A-1 Trust, the Class A-1 Note Trustee is released from all obligations under this Deed arising after the date of the retirement or removal except for its obligation to vest the Class A-1 Trust Fund in the Substitute Class A-1 Note Trustee and to deliver all books and records relating to the Class A-1 Trust to the Substitute Class A-1 Note Trustee.
The parties hereto intend that the Class A-1 Trust be classified for United States federal income tax purposes as a grantor trust under Part 1E of Chapter 1J of Subtitle A of the Internal Revenue Code of 1986, as amended, and not as a trust or association taxable as a corporation or as a partnership.
The Borrower shall, for federal income tax purposes, treat any Advances as a loan to the Subordination Agent on behalf of the Class A-1 Trust, unless otherwise required by law.
The Trustee shall not be authorized or empowered to do anything that would cause the Class A-1 Trust to fail to qualify as a grantor trust for such tax purposes (including as subject to this restriction, acquiring any Aircraft by bidding the Equipment Notes relating thereto or otherwise, or taking any action with respect to any such Aircraft once acquired).