Common use of Grantor Trust and REMIC Status Clause in Contracts

Grantor Trust and REMIC Status. No provision in this Agreement shall be construed to xxxxx Xxxxxxx Xxx, the Trustee or any other Person authority to act in any manner which (i) would cause a Pool not to be treated as a grantor trust for federal income tax purposes, or (ii) in the event a REMIC election is made with respect to the beneficial interests in principal and interest payments on all or a portion of the assets comprising any Pool, would affect the status of such assets as a REMIC for federal income tax purposes.

Grantor Trust and REMIC Status. No provision in this Agreement shall be construed to xxxxx Xxxxxxx XxxMac, the Trustee or any other Person authority to act in any manner which (i) would cause a Pool not to be treated as a grantor trust for federal income tax purposes, or (ii) in the event a REMIC election is made with respect to the beneficial interests in principal and interest payments on all or a portion of the assets comprising any Pool, would affect the status of such assets as a REMIC for federal income tax purposes.