FASIT Provisions definition

FASIT Provisions. The provisions of the federal income tax law relating to financial asset securitization investment trusts, which appear in Sections 860H through 860L of the Code, and related provisions, regulations, rulings and administrative pronouncements promulgated thereunder, as the foregoing may be in effect from time to time.
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FASIT Provisions. The provisions of the federal income tax law relating to FASITs, which appear at sections 860H through 860L of the Code, and related provisions, regulations, rulings and administrative pronouncements promulgated thereunder, as the foregoing may be in effect from time to time.
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Examples of FASIT Provisions in a sentence

  • The Holder of the Ownership Certificate agrees to treat, for federal income tax purposes under the FASIT Provisions, the assets of the Trust as though such assets were held directly by it, and agrees to treat all assets, liabilities and items of income, gain, deduction, loss and credit of the Trust as assets, liabilities and items of income, gain, deduction, loss and credit (as the case may be) of the Holder of the Ownership Certificate.

  • In any event, however, the Indenture Trustee shall, or shall cause the Servicer to, dispose of any REO Property within three years from the end of the calendar year of its acquisition by the FASIT unless the Indenture Trustee has received a grant of extension from the Internal Revenue Service to the effect that, under the FASIT Provisions, the FASIT may hold REO Property for a longer period without adversely affecting the FASIT status of the FASIT or causing the imposition of a federal tax upon the FASIT.

  • Unless otherwise provided in the FASIT Provisions, the statement shall include the name of the Trust, the address of the Owner Trustee, as specified in Section 10.05 of the Trust Agreement, and the Taxpayer Identification Number of the Trust (or a statement that such number has been applied for).

  • The Holder of the Class O Certificate and the Master Servicer shall prepare, execute and file, or cause to be prepared, executed and filed, the tax returns which the Holder of the Class O Certificate and the FASIT are respectively obligated to prepare and file in accordance with the FASIT Provisions.

  • Solely for purposes of the FASIT Provisions, May 25, 2028 has been designated the "latest possible maturity date" of each Class of regular interests in the FASIT.

  • The Indenture Trustee shall forward copies to the Depositor of all such returns and supplemental tax information and such other information within the Indenture Trustee’s control as the Depositor may reasonably request in writing, and distribute to each Noteholder, such forms and such information within the control of the Indenture Trustee as are required by the Code and the FASIT Provisions to be furnished to them (other than any Form 1099s).

  • The Trustee shall not permit the creation of any other "interests" in the FASIT (within the meaning of the FASIT Provisions) except those contemplated herein.

  • The startup day for the FASIT created hereby for purposes of the FASIT Provisions is the Closing Date.

  • In any event, however, the Trustee shall, or shall cause the Servicer to, dispose of any REO Property within three years from the end of the calendar year of its acquisition by the FASIT unless the Trustee has received a grant of extension from the Internal Revenue Service to the effect that, under the FASIT Provisions, the FASIT may hold REO Property for a longer period without adversely affecting the FASIT status of the FASIT or causing the imposition of a federal tax upon the FASIT.

  • In addition, for purposes of the FASIT Provisions, the latest possible maturity date for each regular interest in the FASIT created hereby is the Maturity Date.

Related to FASIT Provisions

  • Arrangement Provisions means Part 9, Division 5 of the BCBCA;

  • Grantor Trust Provisions Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

  • REIT Provisions of the Code means Sections 856 through 860 of the Code and any successor or other provisions of the Code relating to real estate investment trusts (including provisions as to the attribution of ownership of beneficial interests therein) and the regulations promulgated thereunder.

  • Relevant Provisions means, in respect of the Determination Agent, the provisions of the Determination Agency Agreement, the Trust Deed, and the Conditions.

  • Supplemental Provisions means these Supplemental Provisions for Federally Funded Contracts, Grants, and Purchase Orders subject to the Federal Funding Accountability and Transparency Act of 2006, As Amended, as may be revised pursuant to ongoing guidance from the relevant Federal or State of Colorado agency or institution of higher education.

  • Terms of a trust means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding.

  • Subordination Provisions has the meaning specified in Section 8.01(l).

  • Special Provisions Special Provisions are specific conditions or requirements peculiar to the contract under consideration and are supplemental to the General Provisions. Should the Special Provisions conflict with the General Provisions, the Special Provisions shall prevail.

  • Redemption Provisions Initial Redemption Date: Initial Redemption Percentage: Annual Redemption Percentage Reduction, if any: Repayment Provisions: Optional Repayment Date(s):

  • Adjustment Provisions means all relevant provisions of these Conditions which provide for any adjustment, delay, modification, cancellation or determination in relation to an Index, the valuation procedure for an Index or the Preference Shares. This shall include the provisions of Condition 11 (Calculation Agent Modifications) and all subsequent Conditions.

  • Spendthrift provision means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest.

  • Standard Provisions mean these Standard Provisions that form a part of the Certificate of Designations relating to the Designated Preferred Stock.

  • statutory provision means a provision of an Act or of an instrument made under an Act.

  • Specific Redemption Provisions means, with respect to a Special Dividend Period either, or any combination of, (i) a period (a "Non-Call Period") determined by the Board of Directors of the Corporation, after consultation with the Auction Agent and the Broker-Dealers, during which the shares of AMPS subject to such Dividend Period shall not be subject to redemption at the option of the Corporation and (ii) a period (a "Premium Call Period"), consisting of a number of whole years and determined by the Board of Directors of the Corporation, after consultation with the Auction Agent and the Broker-Dealers, during each year of which the shares of AMPS subject to such Dividend Period shall be redeemable at the Corporation's option at a price per share equal to $25,000 plus accumulated but unpaid dividends plus a premium expressed as a percentage of $25,000, as determined by the Board of Directors of the Corporation after consultation with the Auction Agent and the Broker-Dealers.

  • Indemnification Provisions means each of the Debtors’ indemnification provisions currently in place whether in the Debtors’ bylaws, certificates of incorporation, other formation documents, board resolutions, or contracts for the current and former directors, officers, managers, employees, attorneys, other professionals, and agents of the Debtors and such current and former directors’, officers’, and managers’ respective Affiliates.

  • Investment Representation Letter As defined in Section 5.02(b).

  • Special Purpose Provisions has the meaning specified in Section 11.02 of the LLC Agreement.

  • Representation Letter Letters to, or agreements with, the Depository to effectuate a book entry system with respect to the Class A Certificates registered in the Register under the nominee name of the Depository.

  • Other Definitional Provisions set forth in Section 1.2 of the Basic Servicing Agreement are incorporated by reference into this 2017-3 Servicing Supplement.

  • DTC Representation Letter means the Blanket Letter of Representation from the Issuer and the Paying Agent to DTC which provides for a book-entry system, or any agreement between the Issuer and Paying Agent and a successor securities depository duly appointed.

  • Letter of Representations means any applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any successor agreement thereto.

  • General Provisions means those portions of the Subscription Agreement headed “General Provisions” and contained on pages 7 to 12;

  • Surviving Provisions has the meaning specified in Section 10.02.

  • provisions means "provisions, terms, agreements, covenants and/or conditions"; (iii) "lien" shall mean "lien, charge, encumbrance, title retention agreement, pledge, security interest, mortgage and/or deed of trust"; (iv) "obligation" shall mean "obligation, duty, agreement, liability, covenant and/or condition"; (v) "any of the Leased Premises" shall mean "the Leased Premises or any part thereof or interest therein"; (vi) "any of the Land" shall mean "the Land or any part thereof or interest therein"; (vii) "any of the Improvements" shall mean "the Improvements or any part thereof or interest therein"; (viii) "any of the Equipment" shall mean "the Equipment or any part thereof or interest therein"; and (ix) "any of the Adjoining Property" shall mean "the Adjoining Property or any part thereof or interest therein".

  • Form of Agreement means the form of agreement contained in Part D of the RFP;

  • Representation Agreement means the written agreement between a money transfer service provider and a representative of the money transfer service provider that states the terms on which the representative offers the money transfer service within Australia;