Grantor Trust Assets Sample Clauses

Grantor Trust Assets. The parties intend that the portion of the Trust Fund consisting of any collections of Post-ARD Additional Interest Received on any ARD Loan and any successor REO Mortgage Loan constitute part of a grantor trust under subpart E, Part I of subchapter J of the Code, beneficially owned by the Certificate Owners of the Class Y Certificates. The Trustee, by its execution and delivery hereof, acknowledges the assignment to it of such Grantor Trust Assets and declares that it holds and will hold the portion of such assets consisting of any collections of Post-ARD Additional Interest received on any ARD Loan and any successor REO Mortgage Loan and the Class Y Sub-Account for the exclusive use and benefit of all present and future Holders of the Class Y Certificates. The rights of Holders of the Class Y Certificates, to receive distributions from the proceeds of such Grantor Trust Assets, and all ownership interests of such Holders in and to such distributions, shall be as set forth in this Agreement. The parties intend that the portion of the Trust Fund consisting of the Class A-MFL REMIC II Regular Interest, the related Swap Agreement and the related sub-account of the Floating Rate Account shall constitute, and that the affairs of such portion of the Trust Fund shall be conducted so as to qualify such portion as, part of a "grantor trust" under subpart E, Part I of subchapter J of the Code, beneficially owned by the Certificate Owners of the Class A-MFL Certificates, and the provisions hereof shall be interpreted consistently with this intention. The Trustee, by its execution and delivery hereof, acknowledges the assignment to it of such Grantor Trust Assets and declares that it holds and will hold the portion of such assets consisting of any collections on the Class A-MFL Regular Interest and the related Swap Agreement and the related sub-account of the Floating Rate Account for the exclusive use and benefit of all present and future Holders of the Class A-MFL Certificates. The rights of Holders of the Class A-MFL Certificates, to receive distributions from the proceeds of such Grantor Trust Assets, and all ownership interests of such Holders in and to such distributions, shall be as set forth in this Agreement. The parties intend that the portion of the Trust Fund consisting of the Class A-JFL REMIC II Regular Interest, the related Swap Agreement and the related sub-account of the Floating Rate Account shall constitute, and that the affairs of such portion of ...
Sample 1
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Grantor Trust Assets. The parties intend that the portion of the Trust Fund consisting of any collections of Post-ARD Additional Interest Received on any ARD Loan and any successor REO Mortgage Loan constitute a grantor trust under subpart E, Part I of subchapter J of the Code, beneficially owned by the Certificate Owners of the Class Y Certificates. The Trustee, by its execution and delivery hereof, acknowledges the assignment to it of such Grantor Trust Assets and declares that it holds and will hold the portion of such assets consisting of any collections of Post-ARD Additional Interest received on any ARD Loan and any successor REO Mortgage Loan and the Class Y Sub-Account for the exclusive use and benefit of all present and future Holders of the Class Y Certificates. The rights of Holders of the Class Y Certificates, to receive distributions from the proceeds of such Grantor Trust Assets, and all ownership interests of such Holders in and to such distributions, shall be as set forth in this Agreement.
Sample 1

Related to Grantor Trust Assets

  • Grantor Trust The Trust is intended to be a grantor trust, of which the Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.

  • Trust Assets To the extent permitted by applicable Laws and in accordance with the Serviced Corporate Trust Contracts for Serviced Appointments, Xxxxx Bank hereby appoints the Bank Assets Purchaser and Xxxxx Trust Company hereby appoints the Delaware Trust Assets Purchaser (or the Bank Assets Purchaser, if required by Section 3.3) as custodial agent to receive, hold, deposit, invest and transfer Trust Assets related to the Serviced Appointments of the Xxxxx Bank and Xxxxx Trust Company, respectively. The Trust Assets shall be transferred after the Closing in accordance with the terms of the applicable Serviced Corporate Trust Contract. Each Purchaser represents and warrants to the applicable Seller that the accounts to which the Trust Assets will be transferred satisfy all eligible accounts requirements under the terms of the applicable Serviced Corporate Trust Contract and applicable Law.

  • Investment of Trust Assets Following ratification of the Plan by stockholders of the Parent and receipt of any other necessary regulatory approvals, the Trust shall purchase Common Stock of the Parent in an amount equal to up to 100% of the Trust's assets, after providing for any required withholding as needed for tax purposes, provided, however, that the Trust shall not purchase more than 4% of the aggregate shares of Common Stock issued by the Parent in the mutual-to-stock conversion of the Savings Bank ("Conversion"). The Trustee shall purchase shares of Common Stock in the open market or, in the alternative, shall purchase authorized but unissued shares of the Common Stock from the Parent sufficient to fund the Plan Share Reserve.

  • Grantor Trust Reporting (a) The Certificate Administrator shall maintain adequate books and records to account for the separate entitlements of the Grantor Trust.

  • Delaware Trust Assets Purchaser The Delaware Trust Assets Purchaser shall be the Servicer engaged to perform and discharge the Serviced Duties in respect of each Appointment of Xxxxx Trust Company that continues to be treated as a Restricted Appointment.

  • No Legal Title to Owner Trust Estate in Certificateholders The Certificateholders shall not have legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  • Payments from Owner Trust Estate All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party.

  • No Legal Title to Owner Trust Estate in Certificateholder The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to receive distributions in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate.

  • Sale of Trust Assets (a) [Intentionally Omitted].

  • Custodial Accounts; Distribution Account (a) On or prior to the Closing Date, the Master Servicer shall have caused each Servicer to establish and maintain one or more Custodial Accounts, as provided in the related Purchase and Servicing Agreement, into which all Scheduled Payments and unscheduled payments with respect to the related Mortgage Loans, net of any deductions or reimbursements permitted under the related Purchase and Servicing Agreement, shall be deposited. On each Distribution Account Deposit Date, the Servicers shall remit to the Securities Administrator for deposit into the Distribution Account, all amounts so required to be deposited into such account in accordance with the terms of the related Purchase and Servicing Agreements.

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