Disregarded Entity. The parties and Ford Credit intend that, for purposes of U.S. federal income, State and local income and franchise tax, so long as the Issuer has no equity owner other than the Depositor (as determined for U.S. federal income tax purposes), the Issuer will be treated as an entity disregarded as separate from the Depositor.
Appears in 84 contracts
Samples: Trust Agreement (Ford Credit Auto Owner Trust 2019-B), Trust Agreement (Ford Credit Auto Owner Trust 2020-B), Trust Agreement (Ford Credit Auto Lease Two LLC)