Federal Income Tax Treatment of the Trust Sample Clauses

Federal Income Tax Treatment of the Trust. (a) For so long as the Trust has a single owner for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated under section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes, the Certificateholder will be treated as (i) owning all assets owned by the Trust and (ii) having incurred all liabilities incurred by the Trust, and all transactions between the Trust and the Certificateholder will be disregarded.
Federal Income Tax Treatment of the Trust. (a) The Certificateholders acknowledge that it is their intention and that they understand that it is the intention of the Seller and the Servicer that, for purposes of U.S. federal income, state and local income and franchise tax and any other income taxes, for so long as the Trust has no equity owner other than the Seller (as determined for U.S. federal income tax purposes), the Trust will be treated as an entity disregarded as separate from its owner and that, if the Trust has more than one equity owner (as determined for U.S. federal income tax purposes), the Trust will be treated as a partnership, the equity owners will be the partners in the partnership, and the partnership will not be an association or publicly traded partnership taxable as a corporation. The Seller and the other Certificateholders, by acceptance of a Certificate, agree to such treatment and agree to take no action inconsistent with such treatment.
Federal Income Tax Treatment of the Trust. The parties hereto intend that the Seller, or other entity that is a REIT or a Qualified REIT Subsidiary, will at all times that the Notes are outstanding own a 100% Percentage Interest in the Trust Certificates; that the Seller will qualify for taxation as a REIT at all times that it is a Certificateholder; and that the Trust will be a Qualified REIT Subsidiary at all times the Notes are outstanding.
Federal Income Tax Treatment of the Trust. (a) The Trust will be treated as a partnership (rather than disregarded as a separate entity) for federal income tax purposes. Therefore, the following provisions shall apply:
Federal Income Tax Treatment of the Trust. (a) The Transferor, the Owner Trustee and each Certificateholder, by accepting its Certificate, agree to treat the Class C Certificate as debt for U.S. federal, state and local income and franchise tax purposes. If, contrary to this treatment by the parties, the IRS determined that the Class C Certificate were properly characterized as equity interests in the Trust, or if there were ever more than one beneficial owner of the Class R Certificates, it is possible that the Trust could be treated as a partnership for tax purposes. If the Trust were to be treated as a partnership (rather than disregarded as a separate entity) for federal income tax purposes the following provisions shall apply:
Federal Income Tax Treatment of the Trust. (a) [For so long as the Trust has a single owner for federal income tax purposes, pursuant to Treasury Regulations promulgated under Section 7701 of the Code, it will be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes, the Certificateholder will be treated as (i) owning all assets owned by the Trust and (ii) having incurred all liabilities incurred by the Trust, and all transactions between the Trust and the Certificateholder will be disregarded.] [It is the intention of the parties hereto that, solely for federal, State and local income, franchise and value added tax purposes, the Trust shall be treated as a fixed investment trust described in Treasury Regulation Section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code, with the assets of the Trust constituting the Trust Property and other assets held by the Trust, and the Notes constituting non-recourse debt of the Certificateholders, provided that if it is successfully asserted by the appropriate tax authorities that the Trust is not properly characterized as a fixed investment trust described in Treasury Regulation Section 301.7701-4(c) that is treated as a grantor trust under subpart E, Part I of subchapter J of the Code, the Trust shall be treated, for United States federal, state and local income, franchise and value added tax purposes, as (A) a disregarded entity if there is only one beneficial owner for U.S. federal income tax purposes of [the]/[any] Certificates and any Notes that are treated as equity for U.S. federal income tax purposes in the Trust, or (B) a partnership (other than an association or publicly traded partnership taxable as a corporation) if there is more than one beneficial owner for U.S. federal income tax purposes of [the]/[any] Certificates and any Notes that are treated as equity for U.S. federal income tax purposes in the Trust, with the assets of the partnership being the Trust Property and other assets held by the Trust, the partners of the partnership being the Certificateholders and the holders of the Notes that are treated as equity in the Trust for U.S. federal income tax purposes, and the remaining Notes constituting indebtedness of the partnership.] The parties agree that, unless otherwise required by appropriate tax authorities, the Trust will file or cause to be filed annual or other necessary retur...
Federal Income Tax Treatment of the Trust. (a) It is the intention of the parties hereto that, solely for income and franchise tax purposes, until the Certificate is held by other than New South, the Trust will be disregarded as an entity separate from New South and the Notes will be characterized as debt. At such time that the Certificate is held by more than one Person, it is the intention of the parties hereto that, solely for income and franchise tax purposes, the Trust shall be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being debt of the partnership. The Depositor and the Certificateholders by acceptance of a Certificate agree to such treatment and agree to take no action inconsistent with such treatment. The parties agree that, unless otherwise required by appropriate tax authorities, until the Certificates are held by more than one Person the Trust will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust as an entity separate from its owner.
Federal Income Tax Treatment of the Trust. (a) The Trust will be wholly owned by the Certificateholder, which as of the Closing Date is the Seller. The Seller intends to make an election to be treated as a “real estate investment trust” (a “REIT”) under Section 856 of the Code. As such, the Seller, as the sole Certificateholder, will be regarded as (i) owning all assets owned by the Trust and (ii) having incurred all liabilities incurred by the Trust, and all transactions between the Trust and the Seller will be disregarded.