Common use of Grantor Trust Administration Clause in Contracts

Grantor Trust Administration. The parties intend that the portions of the Trust Fund consisting of the right of the Fixed-Rate and Floating Rate Certificates to receive Cap Carryover Amounts and the obligation of the Class X/N Interest to pay such Cap Carryover Amounts, the Reserve Accounts and the right of the Trustee to receive Yield Maintenance Agreement Payments subject to the obligation of the Holders of the Class X/N Interest to pay Cap Carryover Amounts, shall be treated as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In addition, the assets of the Grantor Trust shall include the prepayment charges in furtherance of such intention and the right of the Class X/N Interest (for payment to the Class N Certificateholders) to receive such prepayment charges in furtherance of such intention. The Trustee shall furnish or cause to be furnished (i) to the Holders of the Certificates that have received Cap Carryover Amounts, (ii) to the Holder of the Class X and Class N Certificates (if there is a single beneficial owner thereof) or to itself on behalf of the partnership comprised of the Holders of the Class X and Class N Certificates (if there are two or more beneficial owners thereof) and (iii) to the Class N Certificateholders in respect of prepayment charges received, and shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable, their allocable shares of income with respect to the property held by the Grantor Trust, at the time or times and in the manner required by the Code.

Grantor Trust Administration. The parties intend that the portions of the Trust Fund consisting of the right of the Fixed-Rate and Floating Rate Offered Certificates to receive Cap LIBOR Carryover Amounts and the obligation of the REMIC A Class X/N Interest to pay such Cap LIBOR Carryover Amounts, the Reserve Accounts Account and the right of the Trustee to receive Yield Maintenance Agreement Payments subject to the obligation of the Holders of the Class X/N Interest to pay Cap LIBOR Carryover Amounts, shall be treated as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In addition, the assets of the Grantor Trust shall include the prepayment charges in furtherance of such intention and the right of the Class X/N Interest (for payment to the Class N Certificateholders) to receive such prepayment charges in furtherance of such intention. The Trustee shall furnish or cause to be furnished (i) to the Holders of the Certificates that have received Cap LIBOR Carryover Amounts, (ii) to the Holder of the Class X and Class N Certificates (if there is a single beneficial owner thereof) or to itself on behalf of the partnership comprised of the Holders of the Class X and Class N Certificates (if there are two or more beneficial owners thereof) and (iii) to the Class N Certificateholders in respect of prepayment charges received, and shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable, their allocable shares of income with respect to the property held by the Grantor Trust, at the time or times and in the manner required by the Code.

Grantor Trust Administration. The parties intend that the portions of the Trust Fund consisting of the right of the Fixed-Rate Offered Certificates (other than the Class AF-1 Certificates) and Floating Rate the Class B-4 Certificates to receive Cap LIBOR Carryover Amounts and the obligation of the Class X/N Interest to pay such Cap LIBOR Carryover Amounts, the Reserve Accounts Account and the right of the Trustee to receive Yield Maintenance Agreement Payments subject to the obligation of the Holders of the Class X/N Interest to pay Cap LIBOR Carryover Amounts, shall be treated as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In addition, the assets of the Grantor Trust shall include the prepayment charges in furtherance of such intention and the right of the Class X/N Interest (for payment to the Class N Certificateholders) Certificateholders to receive such prepayment charges in furtherance of such intention. The Trustee shall furnish or cause to be furnished (i) to the Holders of the Certificates that have received Cap LIBOR Carryover Amounts, (ii) to the Holder of the Class X and Class N Certificates (if there is a single beneficial owner thereof) or to itself on behalf of the partnership comprised of the Holders of the Class X and Class N Certificates (if there are two or more beneficial owners thereof) and (iii) to the Class N Certificateholders in respect of prepayment charges received, and shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable, their allocable shares of income with respect to the property held by the Grantor Trust, at the time or times and in the manner required by the Code.

Grantor Trust Administration. The parties intend that the portions of the Trust Fund consisting of the right of the Fixed-Rate and Floating Rate Class P Certificates to receive Cap Carryover Prepayment Penalties, Originator Prepayment Penalty Payment Amounts and Servicer Prepayment Penalty Payment Amounts, the obligation right of the Certificates (other than the Class X/N Interest CE, Class P, Class RII-1, Class RII-2 and Class RII-3 Certificates) to pay such receive Cap Carryover Amounts, the Reserve Accounts Account and the right of the Trustee Class CE Certificates to receive Yield Maintenance Agreement Payments subject to the obligation of the Holders of the Class X/N Interest CE Certificates to pay Cap Carryover Amounts, shall be treated as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In addition, the assets of the Grantor Trust shall include the prepayment charges in furtherance of such intention and the right of the Class X/N Interest (for payment to the Class N Certificateholders) to receive such prepayment charges in furtherance of such intention. The Trustee , the Securities Administrator shall furnish or cause to be furnished (i) to the Holders of the Certificates that have received Cap Carryover AmountsClass P Certificates, (ii) to the Holder of the Class X and Class N Certificates (if there is a single beneficial owner thereof) or to itself on behalf of the partnership comprised of the Holders of the Class X and Class N Regular Certificates (if there are two or more beneficial owners thereofother than the Class CE Certificates) and (iii) to the Holders of the Class N Certificateholders in respect of prepayment charges received, CE Certificates and shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable, their allocable shares of income and expenses with respect to the property held by the Grantor Trust, at the time or times and in the manner required by the Code.

Grantor Trust Administration. The parties intend that the portions of the Trust Fund consisting of (i) the right of the Fixed-Rate Class P Certificates to receive Prepayment Charges, Originator Prepayment Charge Payment Amounts and Floating Rate Servicer Prepayment Charge Payment Amounts, (ii) the right of the Offered Certificates and the Class B Certificates to receive Cap Carryover Amounts and (iii) the obligation Interest Rate Swap Agreement, the Swap Account and the beneficial interest of the Class X/N Interest to pay such Cap Carryover Amounts, the Reserve Accounts and the right of the Trustee to receive Yield Maintenance Agreement Payments CE Certificates with respect thereto subject to the obligation of the Holders of the Class X/N Interest CE Certificates to pay Cap Carryover Amounts, Amounts and the right to receive Class IO Distribution Amounts shall be treated as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In addition, the assets of the Grantor Trust shall include the prepayment charges in furtherance of such intention and the right of the Class X/N Interest (for payment to the Class N Certificateholders) to receive such prepayment charges in furtherance of such intention. The , the Trustee shall furnish or cause to be furnished (ix) to the Holders of the Offered Certificates that have received Cap Carryover Amountsand the Class B Certificates, (iiy) to the Holders of the Class P Certificates and (z) to the Holder of the Class X and Class N CE Certificates (if there is a single beneficial owner thereof) or to itself on behalf of the partnership comprised of the Holders of the Class X and Class N Certificates (if there are two or more beneficial owners thereof) and (iii) to the Class N Certificateholders in respect of prepayment charges received, and shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable, their allocable shares of income and expenses with respect to the property held by the Grantor Trust, at the time or times and in the manner required by the Code.

Grantor Trust Administration. The parties intend that the portions of the Trust Fund consisting of (i) the right of Excess Interest and the Fixed-Rate Excess Interest Distribution Account, (ii) the ED Loan REMIC Residual Interest and (iii) the Class A-2F Regular Interest, the Swap Documents and the Floating Rate Certificates to receive Cap Carryover Amounts and the obligation of the Class X/N Interest to pay such Cap Carryover Amounts, the Reserve Accounts and the right of the Trustee to receive Yield Maintenance Agreement Payments subject to the obligation of the Holders of the Class X/N Interest to pay Cap Carryover Amounts, Account shall be treated as a "grantor trust" under the Code, and the provisions hereof thereof shall be interpreted consistently with this intention. In addition, the assets of the Grantor Trust shall include the prepayment charges in furtherance of such intention and the right of the Class X/N Interest (for payment to the Class N Certificateholders) to receive such prepayment charges in furtherance of such intention. The , the Trustee shall furnish or cause to be furnished (i) to the Holders of the Certificates that have received Cap Carryover Amounts, (ii) to the Holder of the Class X and Class N Certificates (if there is a single beneficial owner thereof) or to itself on behalf of the partnership comprised of the Holders of the Class X and Class N Certificates (if there are two or more beneficial owners thereof) and (iii) to the Class N Certificateholders in respect of prepayment charges received, and shall file or cause to be filed annually with the Internal Revenue Service together with Form 1041 or such other form as may be applicableapplicable and shall furnish or cause to be furnished (i) annually to the Holders of the Class Q 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 Prepayment Date, (ii) quarterly to the Holders of the Class R-I Certificates, such information relating to the ED Loan REMIC Residual Interest represented thereby as is required by the REMIC Provisions, and (iii) annually to the Holders of the Class A-2F Certificates their allocable shares of income and expense with respect to the property held by Class A-2F Regular Interest and the Swap Documents on the accrual method of accounting. Under no circumstances shall the Trustee, the Master Servicer nor the Special Servicer have the power to vary the investment of the Class Q, Class R-I and Class A-2F Certificateholders in the Grantor Trust, at the time or times and Trust to take advantage of variations in the manner required by the Codemarket rate of interest to improve their rate of return.