Grantor Trust Provisions Sample Clauses
The Grantor Trust Provisions define the rules under which a trust is treated as a grantor trust for tax purposes, meaning the person who creates the trust (the grantor) is considered the owner of the trust's assets for income tax reporting. These provisions typically specify which powers or interests retained by the grantor, such as the ability to revoke the trust or control trust income, trigger grantor trust status. By establishing these criteria, the clause ensures that income, deductions, and credits associated with the trust are reported on the grantor's personal tax return, thereby simplifying tax compliance and clarifying tax liability.
Grantor Trust Provisions. (a) It is intended that the portion of the Trust Fund consisting of the Trust Fund's interest in the Yield Maintenance Agreements be classified for federal income tax purposes as a grantor trust under Subpart E, part I of subchapter J of chapter 1 of the Code, of which the Class SB Certificateholders are owners, rather than a partnership, an association taxable as a corporation or a taxable mortgage pool; and the powers granted and obligations undertaken in this Agreement shall be construed so as to further such intent.
(b) The REMIC Administrator shall prepare or cause to be prepared all of the Tax Returns that it determines are required with respect to the portion of the Trust Fund classified as a grantor trust as noted in Section 10.06(a) and deliver such Tax Returns in a timely manner to the Trustee, and if required by applicable law the Trustee is directed to and shall sign and file such Tax Returns in a timely manner. The expenses of preparing such returns shall be borne by the REMIC Administrator without any right of reimbursement therefor. The REMIC Administrator agrees to indemnify and hold harmless the Trustee with respect to any tax or liability arising from the Trustee's signing of such Tax Returns that contain errors or omissions. The Trustee and the Master Servicer shall promptly provide the REMIC Administrator with such information as the REMIC Administrator may from time to time request for the purpose of enabling the REMIC Administrator to prepare such Tax Returns.
(c) Each Class SB Certificateholder shall provide the appropriate tax certification to the Trustee and any Paying Agent to enable the Trustee or any Paying Agent to make payments on the Class SB Certificates without withholding or backup withholding taxes. Each Class SB Certificateholder agrees to update or replace such form or certification in accordance with its terms or its subsequent amendments and consents to the delivery by the Trustee or any Paying Agent to the Yield Maintenance Agreements Provider of any such certification. Such certification may include Form W-8BEN, Form W-8IMY, Form W-9 or Form W-8ECI or any successors to such IRS forms. Any purported sales or transfers of any Class SB Certificate to a transferee which does not comply with these requirements shall be deemed null and void under this Agreement. Neither the Trustee nor any Paying Agent shall be liable for the completeness, accuracy, content or truthfulness of any such tax certification provided to it. The...
Grantor Trust Provisions. The Company, as Servicer, the Trustee and the Certificateholders, by acceptance of the Certificates, each agree that the Trust is intended to be treated as a Grantor Trust for federal income tax purposes. In furtherance of the foregoing, the Trustee (at the direction of the Company or the Servicer), the Company and the Servicer shall take, or refrain from taking, all such action as is necessary to maintain the status of the Trust as a Grantor Trust. After the Closing Date, neither the Trustee, the Company nor any Servicer shall (i) accept any contribution of assets to the Trust other than advances pursuant to Section 8.02, (ii) dispose of any portion of the Trust other than as provided in Sections 3.05 and 8.06, or (iii) engage in any activity which would, directly or indirectly, adversely affect the status of the Trust as a Grantor Trust.
Grantor Trust Provisions. There is hereby established a trust which shall be part of the Trust Fund and which shall hold the Deferred Interest, the Grantor Trust Collection Account and the Grantor Trust Distribution Account (the "Grantor Trust Assets"), which assets shall be excluded from REMIC I, REMIC II and REMIC III. The Class [E] Certificates represent undivided beneficial interests in the Grantor Trust Assets, entitled to the distributions set forth in Section 4.7 hereof, and such Certificates in the aggregate represent beneficial ownership of 100% of the Grantor Trust Assets. The Trustee shall treat such assets as a grantor trust under Subpart E of Part 1 of Subchapter J of the Code, shall account for such assets separately from any other Trust Fund assets and shall perform all tax reporting obligations with respect to the Grantor Trust. If any tax is imposed on the Grantor Trust, such tax, together with all incidental costs and expenses (including, without limitation, penalties and reasonable attorneys' fees), shall be charged to and paid by: (i) the Trustee, if such tax arises out of or results from a breach by the Trustee of any of its obligations under Article IV, Article V, Article VIII or this Article X; (ii) the Master Servicer, if such tax arises out of or results from a breach by the Master Servicer of any of its obligations under Article III or this Article X (which breach constitutes negligence or willful misconduct of the Master Servicer); (iii) the Special Servicer, if such tax arises out of or results from a breach by the Special Servicer of any of its obligations under Article III or this Article X (which breach constitutes negligence or willful misconduct of the Special Servicer); or (iv) the Trust, out of the portion of the Trust Fund constituting the Grantor Trust, in all other instances. 175
Grantor Trust Provisions. Subpart E of Subchapter J of the Code, including Treasury regulation section 301.7701-4(c)(2). GreenPoint: GreenPoint Mortgage Funding, Inc. or its successors in interest. Group I Certificates: Not applicable.
Grantor Trust Provisions. Subpart E of Subchapter J of the Code, including Treasury regulation section 301.7701-4(c)(2).
Grantor Trust Provisions. There is hereby established a trust which shall be part of the Trust Fund and which shall hold the Contingent Interest, the Grantor Trust Collection Account and the Grantor Trust Distribution Account (the "Grantor Trust Assets"), which assets shall be excluded from REMIC I, REMIC II and REMIC III. The Class A-1, Class X and Class V Certificates represent undivided beneficial interests in specified portions of the Grantor Trust Assets, entitled to the distributions set forth in Section 4.7 hereof, and such Certificates in the aggregate represent beneficial ownership of 100% of the Grantor Trust Assets. The Trustee shall treat such assets as a grantor trust under Subpart E of Part 1 of Subchapter J of the Code, shall account for such assets separately from any other Trust Fund assets and shall perform all tax reporting obligations with respect to the Grantor Trust.