Common use of Grantor Trust Clause in Contracts

Grantor Trust. (a) Any Class V Specific Grantor Trust Assets held in the Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Mortgage Loans and the Excess Interest Sub-account, shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Class V Grantor Trust Interest, represented by the Class V Certificates, which Class V Certificates, in the aggregate, shall evidence 100% beneficial ownership of such assets from and after the Closing Date. (b) The XX XXXXX III Regular Interests shall be held in the Grantor Trust and have been placed in the Grantor Trust through the efforts of the Underwriters. The XX XXXXX III Regular Interests shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Exchangeable Certificates, which Exchangeable Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. At all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest, Class B REMIC III Regular Interest and Class C REMIC III Regular Interest, respectively. At all times, the Class PST Certificates shall represent beneficial ownership interests in the Class PST Components. (c) [Reserved] (d) Under no circumstances may the Certificate Administrator vary the assets of the Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class V Certificates or any Class of Exchangeable Certificates. The Certificate Administrator shall be deemed to hold and shall account for the assets of the Grantor Trust separate and apart from the assets of REMIC I, REMIC II and REMIC III created hereunder. (e) The parties intend that the portions of the Trust consisting of the Grantor Trust shall constitute, and that the affairs of the Trust (exclusive of the REMIC Pools) shall be conducted so as to qualify such portion as, a “grantor trust” under the Code, as an “investment trust” under Treasury Regulations Section 301.7701-4(c), and as a “domestic trust” under Treasury Regulations Section 301.7701-7, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall furnish or cause to be furnished to Holders of the Class V Certificates and any Class of Exchangeable Certificates and shall file, or cause to be filed with the Internal Revenue Service, Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable, at the time and in the manner required by the Code, indicating their respective shares of income and deductions with respect to such grantor trust, as such amounts accrue or are received, as the case may be. (f) The Grantor Trust is a WHFIT that is a WHMT.

Grantor Trust. (a) Any The Class V J Specific Grantor Trust Assets held in the Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Mortgage Loans and the Excess Interest Sub-account, shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Class V J Grantor Trust Interest, represented by the Class V J Certificates, which Class V J Certificates, in the aggregate, shall evidence 100% beneficial ownership of such assets from and after the Closing Date. (b) The XX EX XXXXX III Regular Interests shall be held in the Grantor Trust and have been placed in the Grantor Trust through the efforts of the Underwriters. The XX EX XXXXX III Regular Interests shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Exchangeable Certificates, which Exchangeable Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. At all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest, Class B REMIC III Regular Interest and Class C REMIC III Regular Interest, respectively. At all times, the Class PST Certificates shall represent beneficial ownership interests in the Class PST Components. (c) [Reserved]The Swap Floating Rate Grantor Trust Assets and the Swap Fixed Rate Grantor Trust Assets shall be held in the Grantor Trust and have been placed in the Grantor Trust through the efforts of the Underwriters. Such assets shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Swap Certificates, which Swap Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. At all times, the Class A-3FL Certificates shall represent ownership of the Class A-3FL Percentage Interest in the Class A-3FL REMIC III Regular Interest and the entire ownership interest in the Swap Floating Rate Account Class A-3FL and the Swap Agreement Class A-3FL. At all times, the Class A-3FX Certificates shall represent ownership of the Class A-3FX Percentage Interest in the Class A-3FL REMIC III Regular Interest and the entire ownership interest in the Swap Fixed Rate Account Class A-3FX. (d) Under no circumstances may the Certificate Administrator vary the assets of the Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class V J Certificates, any Class of Exchangeable Certificates or any Class of Exchangeable Swap Certificates. The Certificate Administrator shall be deemed to hold and shall account for the assets of the Grantor Trust separate and apart from the assets of REMIC I, REMIC II and REMIC III created hereunder. (e) The parties intend that the portions of the Trust consisting of the Grantor Trust shall constitute, and that the affairs of the Trust (exclusive of the REMIC Pools) shall be conducted so as to qualify such portion as, a “grantor trust” under the Code, as an “investment trust” under Treasury Regulations Section 301.7701-4(c), and as a “domestic trust” under Treasury Regulations Section 301.7701-7, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall furnish or cause to be furnished to Holders of the Class V J Certificates, any Class of Exchangeable Certificates and any Class of Exchangeable Swap Certificates and shall file, or cause to be filed with the Internal Revenue Service, Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable, at the time and in the manner required by the Code, indicating their respective shares of income and deductions with respect to such grantor trust, as such amounts accrue or are received, as the case may be. (f) The Grantor Trust is a WHFIT that is a WHMT.

Grantor Trust. (a) Any The Class V J Specific Grantor Trust Assets held in the Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Mortgage Loans Loans, if any, and the Excess Interest Sub-account, shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Class V J Grantor Trust Interest, represented by the Class V J Certificates, which Class V J Certificates, in the aggregate, shall evidence 100% beneficial ownership of such assets from and after the Closing Date. (b) The XX EX XXXXX III Regular Interests shall be held in the Grantor Trust and have been placed in the Grantor Trust through the efforts of the Underwriters. The XX EX XXXXX III Regular Interests shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Exchangeable Certificates, which Exchangeable Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. At all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest, Class B REMIC III Regular Interest and Class C REMIC III Regular Interest, respectively. At all times, the Class PST Certificates shall represent beneficial ownership interests in the Class PST Components. (c) [Reserved] (d) Under no circumstances may the Certificate Administrator vary the assets of the Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class V J Certificates or any Class of Exchangeable Certificates. . (d) The Certificate Administrator shall be deemed to hold and shall account for the assets of the Grantor Trust separate and apart from the assets of REMIC I, REMIC II and REMIC III created hereunder. (e) The parties intend that the portions of the Trust consisting of the Grantor Trust shall constitute, and that the affairs of the Trust (exclusive of the REMIC Pools) shall be conducted so as to qualify such portion as, a “grantor trust” under the Code, as an “investment trust” under Treasury Regulations Section 301.7701-4(c), and as a “domestic trust” under Treasury Regulations Section 301.7701-7, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall furnish or cause to be furnished to Holders of the Class V J Certificates and any Class of Exchangeable Certificates and shall file, or cause to be filed with the Internal Revenue Service, Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable, at the time and in the manner required by the Code, indicating their respective shares of income and deductions with respect to such grantor trust, as such amounts accrue or are received, as the case may be. (f) The Grantor Trust is a WHFIT that is a WHMT.

Grantor Trust. (a) Any Class V H Specific Grantor Trust Assets held in the Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Mortgage Loans and the Excess Interest Sub-account, shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Class V H Grantor Trust Interest, represented by the Class V H Certificates, which Class V H Certificates, in the aggregate, shall evidence 100% beneficial ownership of such assets from and after the Closing Date. Notwithstanding anything to the contrary herein, there are no ARD Loans related to the Trust and accordingly, (i) there shall be no Excess Interest payable in respect of a Mortgage Loan in the Mortgage Pool, (ii) there shall be no Class H Specific Grantor Trust Assets and (iii) the Class H Certificates shall not represent any interest in the Grantor Trust. (b) The XX EX XXXXX III Regular Interests shall be held in the Grantor Trust and have been placed in the Grantor Trust through the efforts of the Underwriters. The XX EX XXXXX III Regular Interests shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Exchangeable Certificates, which Exchangeable Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. At all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest, Class B REMIC III Regular Interest and Class C REMIC III Regular Interest, respectively. At all times, the Class PST Certificates shall represent beneficial ownership interests in the Class PST Components. (c) [Reserved] (d) Under no circumstances may the Certificate Administrator vary the assets of the Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class V H Certificates or any Class of Exchangeable Certificates. The Certificate Administrator shall be deemed to hold and shall account for the assets of the Grantor Trust separate and apart from the assets of REMIC I, REMIC II and REMIC III created hereunder. (e) The parties intend that the portions of the Trust consisting of the Grantor Trust shall constitute, and that the affairs of the Trust (exclusive of the REMIC Pools) shall be conducted so as to qualify such portion as, a “grantor trust” under the Code, as an “investment trust” under Treasury Regulations Section 301.7701-4(c), and as a “domestic trust” under Treasury Regulations Section 301.7701-7, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall furnish or cause to be furnished to Holders of the Class V H Certificates and any Class of Exchangeable Certificates and shall file, or cause to be filed with the Internal Revenue Service, Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable, at the time and in the manner required by the Code, indicating their respective shares of income and deductions with respect to such grantor trust, as such amounts accrue or are received, as the case may be. (f) The Grantor Trust is a WHFIT that is a WHMT.

Grantor Trust. (a) Any Class V Specific Grantor Trust Assets held in the Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Mortgage Loans and the Excess Interest Sub-account, shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Class V Grantor Trust Interest, represented by the Class V Certificates, which Class V Certificates, in the aggregate, shall evidence 100% beneficial ownership of such assets from and after the Closing Date. Notwithstanding anything to the contrary herein, there are no ARD Loans related to the Trust and accordingly, (i) there shall be no Excess Interest payable in respect of a Mortgage Loan in the Mortgage Pool, (ii) there shall be no Class V Specific Grantor Trust Assets and (iii) the Class V Certificates shall not represent any interest in the Grantor Trust. (b) The XX XXXXX III Regular Interests shall be held in the Grantor Trust and have been placed in the Grantor Trust through the efforts of the Underwriters. The XX XXXXX III Regular Interests shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Exchangeable Certificates, which Exchangeable Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. At all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest, Class B REMIC III Regular Interest and Class C REMIC III Regular Interest, respectively. At all times, the Class PST Certificates shall represent beneficial ownership interests in the Class PST Components. (c) [Reserved] (d) Under no circumstances may the Certificate Administrator vary the assets of the Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class V Certificates or any Class of Exchangeable Certificates. The Certificate Administrator shall be deemed to hold and shall account for the assets of the Grantor Trust separate and apart from the assets of REMIC I, REMIC II and REMIC III created hereunder. (e) The parties intend that the portions of the Trust consisting of the Grantor Trust shall constitute, and that the affairs of the Trust (exclusive of the REMIC Pools) shall be conducted so as to qualify such portion as, a “grantor trust” under the Code, as an “investment trust” under Treasury Regulations Section 301.7701-4(c), and as a “domestic trust” under Treasury Regulations Section 301.7701-7, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall furnish or cause to be furnished to Holders of the Class V Certificates and any Class of Exchangeable Certificates and shall file, or cause to be filed with the Internal Revenue Service, Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable, at the time and in the manner required by the Code, indicating their respective shares of income and deductions with respect to such grantor trust, as such amounts accrue or are received, as the case may be. (f) The Grantor Trust is a WHFIT that is a WHMT.

Grantor Trust. (a) Any Class V Specific Grantor Trust Assets held in the Grantor Trust, consisting of the right to any Excess Interest in respect of the ARD Mortgage Loans and the Excess Interest Sub-account, shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Class V Grantor Trust Interest, represented by the Class V Certificates, which Class V Certificates, in the aggregate, shall evidence 100% beneficial ownership of such assets from and after the Closing Date. Notwithstanding anything to the contrary herein, there are no ARD Loans related to the Trust and accordingly, (i) there shall be no Excess Interest payable in respect of a Mortgage Loan in the Mortgage Pool, (ii) there shall be no Class V Specific Grantor Trust Assets and (iii) the Class V Certificates shall not represent any interest in the Grantor Trust. (b) The XX EX XXXXX III Regular Interests shall be held in the Grantor Trust and have been placed in the Grantor Trust through the efforts of the Underwriters. The XX EX XXXXX III Regular Interests shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the Exchangeable Certificates, which Exchangeable Certificates, in the aggregate, will evidence 100% beneficial ownership of such assets from and after the Closing Date. At all times, the Class A-S, Class B and Class C Certificates shall represent beneficial ownership interests in the Class A-S Percentage Interest, the Class B Percentage Interest and the Class C Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest, Class B REMIC III Regular Interest and Class C REMIC III Regular Interest, respectively. At all times, the Class PST Certificates shall represent beneficial ownership interests in the Class PST Components. (c) [Reserved] (d) Under no circumstances may the Certificate Administrator vary the assets of the Grantor Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the Class V Certificates or any Class of Exchangeable Certificates. The Certificate Administrator shall be deemed to hold and shall account for the assets of the Grantor Trust separate and apart from the assets of REMIC I, REMIC II and REMIC III created hereunder. (e) The parties intend that the portions of the Trust consisting of the Grantor Trust shall constitute, and that the affairs of the Trust (exclusive of the REMIC Pools) shall be conducted so as to qualify such portion as, a “grantor trust” under the Code, as an “investment trust” under Treasury Regulations Section 301.7701-4(c), and as a “domestic trust” under Treasury Regulations Section 301.7701-7, and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator shall furnish or cause to be furnished to Holders of the Class V Certificates and any Class of Exchangeable Certificates and shall file, or cause to be filed with the Internal Revenue Service, Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be applicable, at the time and in the manner required by the Code, indicating their respective shares of income and deductions with respect to such grantor trust, as such amounts accrue or are received, as the case may be. (f) The Grantor Trust is a WHFIT that is a WHMT.