Common use of EXCESS INTEREST GRANTOR TRUST Clause in Contracts

EXCESS INTEREST GRANTOR TRUST. (a) The assets of the Excess Interest Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Loans and the Excess Interest Sub-account, shall be held by the Trustee for the benefit of the Holders of the Class S Certificates, which Class S Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. It is intended that the portion of the Trust consisting of the Excess Interest Grantor Trust will be treated as a grantor trust for federal income tax purposes, and each of the parties to this Agreement agrees that it will not take any action that is inconsistent with establishing or maintaining such treatment. Under no circumstances may the Trustee vary the assets of the Excess Interest Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class S Certificates. The Trustee shall be deemed to hold and the Trustee shall account for the Excess Interest Grantor Trust separate and apart from the assets of any REMIC I Pool created hereunder.

EXCESS INTEREST GRANTOR TRUST. (a) The assets of the Excess Interest Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Loans and the Excess Interest Sub-account, shall be held by the Trustee for the benefit of the Holders of the Class S Certificates, which Class S Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. It is intended that the portion of the Trust consisting of the Excess Interest Grantor Trust will be treated as a grantor trust for federal income tax purposes, and each of the parties to this Agreement agrees that it will not take any action that is inconsistent with establishing or maintaining such treatment. Under no circumstances may the Trustee vary the assets of the Excess Interest Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class S Certificates. The Trustee shall be deemed to hold and the Trustee Paying Agent shall account for the Excess Interest Grantor Trust separate and apart from the assets of any REMIC I Pool created hereunder.

EXCESS INTEREST GRANTOR TRUST. (a) The assets of the Excess Interest Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Loans and the Excess Interest Sub-account, shall be held by the Trustee for the benefit of the Holders of the Class S T Certificates, which Class S T Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. It is intended that the portion of the Trust consisting of the Excess Interest Grantor Trust will be treated as a grantor trust for federal income tax purposes, and each of the parties to this Agreement agrees that it will not take any action that is inconsistent with establishing or maintaining such treatment. Under no circumstances may the Trustee vary the assets of the Excess Interest Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class S T Certificates. The Trustee shall be deemed to hold and the Trustee Paying Agent shall account for the Excess Interest Grantor Trust separate and apart from the assets of any REMIC I Pool created hereunder.

EXCESS INTEREST GRANTOR TRUST. (a) The assets of the Excess Interest Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Loans and the Excess Interest Sub-account, shall be held by the Trustee Paying Agent for the benefit of the Holders of the Class S T Certificates, which Class S T Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. It is intended that the portion of the Trust consisting of the Excess Interest Grantor Trust will be treated as a grantor trust for federal income tax purposes, and each of the parties to this Agreement agrees that it will not take any action that is inconsistent with establishing or maintaining such treatment. Under no circumstances may the Trustee Paying Agent vary the assets of the Excess Interest Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class S T Certificates. The Trustee Paying Agent shall be deemed to hold and the Trustee shall account for the Excess Interest Grantor Trust separate and apart from the assets of any REMIC I Pool I, REMIC II and REMIC III created hereunder.