Common use of Unrelated Business Income Tax Clause in Contracts

Unrelated Business Income Tax. The Depositor acknowledges and agrees that the Custodial Account is subject to the provisions of Internal Revenue Code Sections 511-514 relating to Unrelated Business Taxable Income (UBTI) of tax-exempt organizations. If the Depositor directs the Custodian to make an investment in the Custodial Account which generates UBTI, the Depositor agrees to prepare or have prepared the required IRS Form 990-T tax return, an application for an Employer Identification Number (EIN) for the Custodial Account (if not previously obtained), and any other documents that may be required, and to submit them to the Custodian for filing with the Internal Revenue Service at least ten (10) days prior to the date on which the return is due, along with an appropriate directive authorizing the Custodian to execute the forms on behalf of the Custodial Account and to pay the applicable tax from the assets in the Custodial Account. The Depositor understands and acknowledges that the Custodian will not make any determination of whether or not investments in the Custodial Account generate UBTI; has no duty to and does not monitor whether or not the Custodial Account has incurred UBTI; and does not prepare Form 990-T on behalf of the Custodial Account.

Unrelated Business Income Tax. The Depositor acknowledges and agrees that the Custodial Account is subject to the provisions of Internal Revenue Code Sections 511-514 relating to Unrelated Business Taxable Income (UBTI) of tax-exempt organizations. If the Depositor directs the Custodian to make an investment in the Custodial Account which generates UBTI, the Depositor agrees to prepare or have prepared the required IRS Form 990-T tax return, an application for an Employer Identification Number (EIN) for the Custodial Account (if not previously obtained), and any other documents that may be required, and to submit them to the Custodian for filing with the Internal Revenue Service at least ten (10) days prior to the date on which the return is due, along with an appropriate directive authorizing the Custodian to execute the forms on behalf of the Custodial Account and to pay the applicable tax from the assets in the Custodial Account. The Depositor understands and acknowledges that the Custodian will and the Administrator do not make any determination of whether or not investments in the Custodial Account generate UBTI; has have no duty to and does do not monitor whether or not the Custodial Account has incurred UBTI; and does do not prepare Form 990-T on behalf of the Custodial Account.

Unrelated Business Income Tax. The Depositor acknowledges and agrees that the Custodial Account is subject to the provisions of Internal Revenue Code Sections 511-514 relating to Unrelated Business Taxable Income (UBTI) of tax-exempt organizations. If the Depositor directs the Custodian to make an investment in the Custodial Account which generates UBTI, the Depositor agrees to prepare or have prepared the required IRS Form 990-T tax return, an application for an Employer Identification Number (EIN) for the Custodial Account (if not previously obtained), and any other documents that may be required, and to submit them to the Custodian for filing with the Internal Revenue Service at least ten (10) days prior to the date on which the return is due, along with an appropriate directive authorizing the Custodian to execute the forms on behalf of the Custodial Account and to pay the applicable tax from the assets in the Custodial Account. The Depositor understands and acknowledges that the Custodian will do not make any determination of whether or not investments in the Custodial Account generate UBTI; has have no duty to and does do not monitor whether or not the Custodial Account has incurred UBTI; will not provide tax advice; and does not prepare will only file the Form 990-T on behalf upon the direction of the Custodial AccountDepositor.