Income Taxes Sample Clauses

Income Taxes. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * EXHIBIT G-2 FORM OF TRANSFEROR CERTIFICATE __________ , 20__ Residential Funding Mortgage Securities I, Inc. 8400 Normandale Xxxx Xxxxxxxxx Xxxxx 000 Xxxxxxxxxxx, Xxxxxxxxx 00000 [Xxxxxxx] Xxxention: Residential Funding Corporation Series _______ Re: Mortgage Pass-Through Certificates, Series ________, Class R[-__] Ladies and Gentlemen: This letter is delivered to you in connection with the transfer by _____________________ (the "Seller") to _____________________(the "Purchaser") of $______________ Initial Certificate Principal Balance of Mortgage Pass-Through Certificates, Series ________, Class R[-__] (the "Certificates"), pursuant to Section 5.02 of the Series Supplement, dated as of ________________, to the Standard Terms of Pooling and Servicing Agreement dated as of ________________ (together, the "Pooling and Servicing Agreement") among Residential Funding Mortgage Securities I, Inc., as seller (the "Company"), Residential Funding Corporation, as master servicer, and __________, as trustee (the "Trustee"). All terms used herein and not otherwise defined shall have the meanings set forth in the Pooling and Servicing Agreement. The Seller hereby certifies, represents and warrants to, and covenants with, the Company and the Trustee that:

Income Taxes. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * Exhibit K [Reserved] Exhibit L [FORM OF RULE 144A INVESTMENT REPRESENTATION] Description of Rule 144A Securities, including numbers: ---------- ---------- ---------- ---------- The undersigned seller, as registered holder (the "Seller"), intends to transfer the Rule 144A Securities described above to the undersigned buyer (the "Buyer").

Income Taxes. Except as provided in the next sentence, the Company shall withhold and/or reacquire a number of Shares issued in payment of (or otherwise issuable in payment of, as the case may be) the Restricted Stock Units having a Fair Market Value equal to the taxes that the Company determines it or the Employer is required to withhold under applicable tax laws with respect to the Restricted Stock Units (with such withholding obligation determined based on any applicable minimum statutory withholding rates). In the event the Company cannot (under applicable legal, regulatory, listing or other requirements, or otherwise) satisfy such tax withholding obligation in such method, the Company may satisfy such withholding by any one or combination of the following methods: (i) by requiring the Grantee to pay such amount in cash or check; (ii) by deducting such amount out of any other compensation otherwise payable to the Grantee; and/or (iii) by allowing the Grantee to surrender shares of Common Stock of the Company which (a) in the case of shares initially acquired from the Company (upon exercise of a stock option or otherwise), have been owned by the Grantee for such period (if any) as may be required to avoid a charge to the Company’s earnings, and (b) have a Fair Market Value on the date of surrender equal to the amount required to be withheld. For these purposes, the Fair Market Value of the Shares to be withheld or repurchased, as applicable, shall be determined on the date that the amount of tax to be withheld is to be determined.

Income Taxes. The components of the income tax benefit are as follows: Current Federal................................................. $ (146) State................................................... (94) ------ (240) Deferred Federal................................................. 2,275 State................................................... 120 The difference between the U.S. federal statutory tax rate and the Company's effective tax rate are as follows: Federal statutory tax rate................................ 34 % State income taxes (net of federal federal income tax ben- efit).................................................... 3.8 Reduction in valuation of reserve for deferred tax as- sets..................................................... (64.5) Other..................................................... 2.5 ------ Effective (benefit) tax rate.............................. (24.2)% ====== The deferred tax assets and deferred tax liabilities recorded on the balance sheet are as follows: DEFERRED TAX ASSETS (LIABILITIES) JUNE 28, (IN THOUSANDS OF DOLLARS) Accounts receivable reserves......................... $3,051 Depreciation and amortization........................ (4,478) Accrued liabilities.................................. 5,656 Inventories.......................................... 1,332 Allowance for bad debts.............................. 693 Loss carryforwards................................... 2,057 Tax credit carryforwards............................. 659 As of June 28, 1998, the Company had net operating loss carryforwards for federal and state income tax purposes of approximately $6,049,000 available to reduce taxable income. The Company's net operating loss carryforwards begin expiring in 2005 and will continue to expire through 2006. During the year ended June 28, 1998, the Company utilized approximately $6,897,000 of its net operating loss carryforwards to offset current taxable income and reduced its valuation allowance by $5,893,000. Under the Tax Reform Act of 1986, if certain substantial changes in the Company's ownership were to occur in the future, there would be an annual limitation on the amount of operating loss carryforwards which could be used to offset future taxable income.

Income Taxes. The Custodian shall be responsible solely for the performance of those duties expressly assigned to it in this Xxxxxxxxx ESA Custodial Agreement and by operation of law. In determining the taxable amount of a distribution, the Responsible Individual shall rely only on the federal tax records of the Designated Beneficiary.

Income Taxes. Paragraph 1. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * The undersigned seller, as registered holder (the “Seller”), intends to transfer the Rule 144A Securities described above to the undersigned buyer (the “Buyer”). 1. In connection with such transfer and in accordance with the agreements pursuant to which the Rule 144A Securities were issued, the Seller hereby certifies the following facts: Neither the Seller nor anyone acting on its behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security to, or solicited any offer to buy or accept a transfer, pledge or other disposition of the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security from, or otherwise approached or negotiated with respect to the Rule 144A Securities, any interest in the Rule 144A Securities or any other similar security with, any person in any manner, or made any general solicitation by means of general advertising or in any other manner, or taken any other action, that would constitute a distribution of the Rule 144A Securities under the Securities Act of 1933, as amended (the “1933 Act”), or that would render the disposition of the Rule 144A Securities a violation of Section 5 of the 1933 Act or require registration pursuant thereto, and that the Seller has not offered the Rule 144A Securities to any person other than the Buyer or another “qualified institutional buyer” as defined in Rule 144A under the 1933 Act. 2. The Buyer warrants and represents to, and covenants with, the Seller, the Trustee, the Trust and the Servicer (as defined in Section 1.01 of the Pooling and Servicing Agreement (the “Agreement”) dated as of October 1, 2006 among WaMu Asset Acceptance Corp., as Depositor, Washington Mutual Bank, as Servicer, LaSalle Bank National Association, as Trustee, and Christiana Bank & Trust Company, as Delaware Trustee) pursuant to Section 5.01(f) of the Agreement, as follows:

Income Taxes. The authority citation for part 1 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * The undersigned seller, as registered holder (the “Seller”), intends to transfer the Rule 144A Securities described above to the undersigned buyer (the “Buyer”).

Income Taxes. Borrower shall report on its federal, state and local income tax returns all interest or income accrued on the Reserve Funds.

Income Taxes. Each Party is responsible for its own income taxes or taxes based on gross revenues or gross receipts.