We represent that Clause Samples
We represent that. (a) We understand that the Residual Certificate represents for federal income tax purposes a "residual interest" in a real estate mortgage investment conduit.
(b) We understand that as the holders of the Residual Certificate we will be required to take into account, in determining our taxable income, our pro rata percentage interest of the taxable income of REMIC I, REMIC II and REMIC III in accordance with all applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code").
We represent that. (a) We have adequate arrangements to enable us to provide the Services in any contingency for which we should reasonably plan.
(b) We have the power and authority to enter into the agreement and to perform the obligations imposed on us by the agreement.