This excerpt taken from the GKK 10-Q filed Nov 9, 2007.
Section 2.11 U.S. Tax Treatment of Notes.
(a) Each of the Issuer and the Co-Issuer intends that, for U.S. federal income tax purposes, the Offered Notes be treated as debt. Each prospective purchaser and any subsequent transferee of an Offered Note or any interest therein shall, by virtue of its purchase or other acquisition of such Offered Note or interest therein, be deemed to have agreed to treat such Offered Note as debt for U.S. federal income tax purposes.
(b) For U.S. federal, state and local income and franchise tax purposes, the Issuer agrees, and each Holder of a Note or any interest therein, by virtue of its purchase or other acquisition of such Note or interest therein, shall be deemed to have agreed, to treat the Notes as debt and the Issuer as a Qualified REIT Subsidiary.
(c) If the Issuer is treated as a foreign corporation that is not a Qualified REIT Subsidiary and is not engaged in a United States trade or business, the Issuer shall not file, or