Fasit Administration Clause Samples

Fasit Administration. (a) The Holder of the Class O Certificate or, to the extent required by applicable Treasury Regulations, the Trustee, shall timely elect to treat the Trust as a FASIT under the Code and, if necessary, under applicable state law. Unless otherwise required by applicable Treasury Regulations, such election will be made on the appropriate federal or state tax returns for the taxable year of the Holder of the Class O Certificate in which the Certificates are issued or in any other taxable year as required by applicable Treasury Regulations. (b) Each Certificate (except the Class O Certificate) is hereby designated as a separate "regular interest" (within the meaning of Section 860L(b)(1) of the Code) in the FASIT. The Class O Certificate is hereby designated as the single class of "ownership interest" (within the meaning of Section 860L(b)(2) of the Code) in the FASIT. 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. (c) The date of this Agreement is hereby designated as the "startup day" of the FASIT within the meaning of Section 860L(d)(1) of the Code. 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. (d) Except as otherwise provided in Section 11.01 below, the Holder of the Class O Certificate shall pay out of its own funds any tax-related expenses of the FASIT (including, but not limited to, expenses related to audits or any administrative or judicial proceedings with respect to the FASIT that involve the Internal Revenue Service or state tax authorities). (e) Within 30 days after the date of this Agreement the Trustee shall cause the Master Servicer to prepare or cause to be prepared and submit to the Holder of the Class O Certificate for filing with the Internal Revenue Service Form 8811, "Information Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations" for the FASIT. 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. The expenses of preparing and filing such returns shall not be an expense of the Trust or to the holders of the regular ...