Common use of Grantor Trust Administration Clause in Contracts

Grantor Trust Administration. The parties intend that the portion of the Trust Fund consisting of the Excess Interest and the Excess Interest Distribution Account shall be treated as a "grantor trust" under the Code, and the provisions thereof shall be interpreted consistently with this intention. In furtherance of such intention, the Trustee shall file or cause to be filed annually with the IRS together with IRS Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished annually to the Holders of the Class V Certificates, their allocable share of income with respect to Excess Interest as such amounts accrue or are received, as the case may be, after the related Anticipated Repayment Date. Under no circumstances shall the Trustee, the Master Servicer or the Special Servicer have the power to vary the investment of the Class V Certificateholders in the Grantor Trust to take advantage of variations in the market rate of interest to improve their rate of return.

Grantor Trust Administration. The parties intend that the portion of the Trust Fund consisting of the Excess Interest and the Excess Interest Distribution Account shall be treated as a "grantor trust" under the Code, and the provisions thereof shall be interpreted consistently with this intention. In furtherance of such intention, the Trustee shall file or cause to be filed annually with the IRS Internal Revenue Service together with IRS Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished annually to the Holders of the Class V P Certificates, their allocable share of income with respect to Excess Interest as such amounts accrue or are received, as the case may be, after the related Anticipated Repayment Prepayment Date. Under no circumstances shall the Trustee, the Master Servicer or the Special Servicer have the power to vary the investment of the Class V P Certificateholders in the Grantor Trust to take advantage of variations in the market rate of interest to improve their rate of return.

Grantor Trust Administration. The parties intend that the portion of the Trust Fund consisting of the Excess Interest and the Excess Interest Distribution Account shall be treated as a "grantor trust" under the Code, and the provisions thereof shall be interpreted consistently with this intention. In furtherance of such intention, the Trustee shall file or cause to be filed annually with the IRS Internal Revenue Service together with IRS Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished annually to the Holders of the Class V P Certificates, their allocable share of income with respect to Excess Interest as such amounts accrue or are received, as the case may be, after the related Anticipated Repayment Date. Under no circumstances shall the Trustee, the Master Servicer or the Special Servicer have the power to vary the investment of the Class V P Certificateholders in the Grantor Trust to take advantage of variations in the market rate of interest to improve their rate of return.