TRS Election Clause Samples
The TRS Election clause establishes the process by which a party selects or designates a Total Return Swap (TRS) as part of a financial agreement. Typically, this clause outlines the specific terms, timing, and procedures for making such an election, including any required notifications or documentation. For example, it may specify how and when a party must inform the counterparty of its intention to enter into a TRS, and what underlying assets or reference obligations are covered. The core function of this clause is to provide a clear and standardized mechanism for initiating TRS transactions, thereby reducing ambiguity and ensuring both parties understand their rights and obligations regarding the election process.
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TRS Election. Upon request of Purchaser in connection with the consummation of the Merger, Seller shall cooperate with Purchaser and Sunrise in making a taxable REIT subsidiary election with respect to TRS for the benefit of Purchaser and its Affiliates, which cooperation may include, without limitation, completing, executing and filing applicable forms with the Internal Revenue Service.
TRS Election. The Company shall make a valid election, with cooperation of Investor as required, to be treated as a taxable REIT subsidiary of Investor on IRS Form 8875. Such election to be effective as of the Closing. If, in the sole discretion of CyrusOne Inc., CyrusOne Inc. determines the election is no longer desired by it, Investor and its Affiliates will cooperate with the Company in jointly revoking such election. [Signature Pages Follow]
TRS Election. Without the need for any further action by any party (except as otherwise required by applicable law), TRSCo and SpinCo each hereby agree for TRSCo to elect to be classified as a taxable REIT subsidiary for U.S. federal income tax purposes effective as of date immediately after the Distribution Date.
TRS Election. Lessee either has made an election to be and operates as a “taxable REIT subsidiary” of American Realty Capital Hospitality Trust, Inc. within the meaning of Section 856(1) of the Code, or is a subsidiary of an entity that has made an election to be and operates as a “taxable REIT subsidiary” of American Realty Capital Hospitality Trust, Inc. within the meaning of Section 856(1) of the Code.
TRS Election. So long as the Loan remains outstanding, Borrower, Guarantor and Eilian will cause Guarantor, John Q. Hammons Hotels L.P., John Q. Hammons Hotels Two L.P., and t▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Affiliates to ▇▇▇▇▇▇ ▇▇▇▇ ▇▇l terms of their respective limited liability company operating agreements, partnership agreements, hotel leases and management agreements concerning compliance with REIT provisions under the Code and the protection of iStar Financial Inc. from loss of REIT status and from incurring tax on income from "prohibited transactions" (within the meaning of Code Section 857), and may not permit the amendment of any such terms without Lender's prior written consent (which shall not be unreasonably withheld or delayed).
TRS Election. Lessee either has made an election to be and operates as a "taxable REIT subsidiary" of Highland Hospitality Corporation within the meaning of Section 856(1) of the Code, or is a subsidiary of an entity that has made an election to be and operates as a "taxable REIT subsidiary" of Highland Hospitality Corporation within the meaning of Section 856(1) of the Code.
TRS Election. Tenant either will have in effect at all times during this Lease an election (jointly with REIT) to be, and Tenant will operate as, a “taxable REIT subsidiary” of REIT within the meaning of Section 856(l) of the Code, or is an entity that is a corporation (or is treated as a corporation for federal income tax purposes) and more than thirty-five percent (35%) of the voting power or value of whose securities is owned by an entity that has made an election (jointly with REIT) to be an operate as a “taxable REIT subsidiary” of REIT within the meaning of Section 856(l) of the Code.
TRS Election. Lessee either has made an election, together with Highland Hospitality Corporation, to be and operates as a “taxable REIT subsidiary” of Highland Hospitality Corporation within the meaning of Section 856(1) of the Code, or is an entity that is a corporation (or is treated as a corporation for federal income tax purposes) and more than thirty-five percent (35%) of the voting power or value of whose securities is owned by an entity that has made an election, together with Highland Hospitality Corporation, to be and operates as a “taxable REIT subsidiary” of Highland Hospitality Corporation within the meaning of Section 856(1) of the Code.
TRS Election. Tricon has previously made an election jointly with Blackstone Real Estate Income Trust, Inc., a real estate investment trust within the meaning of Section 856 of the Code (“▇▇▇▇▇”), the indirect owner of Investor, for Tricon to be a “taxable REIT subsidiary” (a “TRS”), as defined in Section 856(l)(1) of the Code, of ▇▇▇▇▇ by executing Internal Revenue Service Form 8875 (or other successor form) effective as of the date of the purchase of one Common Share of Tricon by the Investor pursuant to the Subscription Agreement, and Tricon shall not take any action to revoke such election without the prior written consent of Investor.