Common use of Grantor Trust Reporting Clause in Contracts

Grantor Trust Reporting. The parties intend that the portion of the Trust Fund constituting the Grantor Trust, consisting of the Excess Interest allocable to the Mortgage Loans, proceeds thereof held in the Certificate Account pertaining to the Excess Interest allocable to the Mortgage Loans and the Excess Interest Distribution Account shall constitute, and that the affairs of the Trust Fund (exclusive of the Lower-Tier REMIC and the Upper-Tier REMIC) shall be conducted so as to qualify such portion as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Paying Agent shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished, to the Class NR Certificateholders, the amount of Excess Interest allocable to the Mortgage Loans received, in the time or times and in the manner required by the Code. [End of Article IV]

Grantor Trust Reporting. The parties intend that the portion of the Trust Fund constituting the Grantor Trust, consisting of the Excess Interest allocable to the Mortgage Loans, proceeds thereof held in the Certificate Collection Account pertaining to the Excess Interest allocable to the Mortgage Loans and the Excess Interest Distribution Account shall constitute, and that the affairs of the Trust Fund (exclusive of the Loan REMIC, the Lower-Tier REMIC and the Upper-Tier REMIC) shall be conducted so as to qualify such portion as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Paying Agent shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished, to the Class NR S Certificateholders, the amount of Excess Interest allocable to the Mortgage Loans received, on the cash or accrual method of accounting, as applicable, in each case, at the time or times and in the manner required by the Code. [End of Article IV]

Grantor Trust Reporting. The parties intend that the portion of the Trust Fund constituting the Grantor Trust, consisting of the Excess Interest allocable to the Mortgage Loans, proceeds thereof held in the Certificate Collection Account pertaining to the Excess Interest allocable to the Mortgage Loans and the Excess Interest Distribution Account shall constitute, and that the affairs of the Trust Fund (exclusive of the Loan REMIC, the Lower-Tier REMIC and the Upper-Tier REMIC) shall be conducted so as to qualify such portion as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Paying Agent Trustee shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished, to the Class NR Certificateholders, the amount of Excess Interest allocable to the Mortgage Loans received, in the time or times and in the manner required by the Code. [End of Article IV]

Grantor Trust Reporting. The parties intend that the portion portions of the Trust Fund constituting the Grantor Trust, consisting of (i) the Default Interest, the subaccount of the Collection Account pertaining to the Default Interest and the Default Interest Distribution Account and (ii) the Excess Interest allocable to Interest, the Mortgage Loans, proceeds thereof held in subaccount of the Certificate Collection Account pertaining to the Excess Interest allocable to the Mortgage Loans and the Excess Interest Distribution Account shall constitute, and that the affairs of the Trust Fund (exclusive of the Lower-Tier REMIC and the Upper-Tier REMICTrust REMICs) shall be conducted so as to qualify such portion as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Paying Agent Trustee shall furnish or cause to be furnished to Class Q-1 and Class Q-2 Certificateholders 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 applicable, the amount of Default Interest received or accrued and shall furnish or cause to be furnished, the amount of any interest on unreimbursed Advances paid to the Servicer, the Trustee and the Fiscal Agent, as applicable, from Default Interest pursuant to Section 3.06(iii) in the case of the Class NR CertificateholdersQ-1 Certificates, and the amount of Excess Interest allocable to received or accrued in the Mortgage Loans receivedcase of the Class Q-2 Certificates, in at the time or times and in the manner required by the Code. [End of Article IV].