Common use of Tax Classification of the Excess Reserve Fund Account Clause in Contracts

Tax Classification of the Excess Reserve Fund Account. For federal income tax purposes, the Trustee shall treat the Excess Reserve Fund Account as beneficially owned by the holders of the Class X Certificates. The Trustee shall treat the rights that each Class of LIBOR Certificates has to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account as rights to receive payments under an interest rate cap contract written by the Class X Certificateholders in favor of each Class. Accordingly, each Class of LIBOR Certificates will be comprised of two components – a REMIC II Regular Certificate and an interest in an interest rate cap contract, and the Class X Certificateholders will be comprised of two components – a REMIC II Regular Certificate and ownership of the Excess Reserve Fund Account, subject to an obligation to pay Basis Risk Carry Forward Amounts. The Trustee shall allocate the issue price for a Class of Certificates among the respective components for purposes of determining the issue price of the applicable REMIC II Regular Certificates based on information received from the Depositor. Unless otherwise advised by the Depositor in writing, for federal income tax purposes, the Trustee is hereby directed to assign a value of zero to the right of each Holder of a LIBOR Certificate to receive the related Basis Risk Carry Forward Amount for purposes of allocating the purchase price of an initial LIBOR Certificateholder between such right and the related REMIC II Regular Certificate.

Tax Classification of the Excess Reserve Fund Account. For federal income tax purposes, the Trustee Securities Administrator shall treat the Excess Reserve Fund Account as beneficially owned by the holders holder of the Class X CertificatesCertificates and shall treat such portion of the Trust Fund as a grantor trust under subpart E, Part I of subchapter J of the Code. The Trustee Securities Administrator shall treat the rights that each Class of LIBOR Certificates has to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account as rights to receive payments under an interest rate cap contract written by the Class X Certificateholders in favor of each Class. Accordingly, each Class of LIBOR Certificates (other than the Class P and Residual Certificates) will be comprised of comprise two components – — a regular interest in the Upper-Tier REMIC II Regular Certificate and an interest in an interest rate cap contract, and the Class X Certificateholders will be comprised of two components – a REMIC II Regular Certificate and ownership of the Excess Reserve Fund Account, subject to an obligation to pay Basis Risk Carry Forward Amounts. The Trustee Securities Administrator shall allocate the issue price for a Class of Certificates among the respective these components for purposes of determining the issue price of the applicable REMIC II Upper-Tier Regular Certificates Interest component based on information received from the Depositor. Unless otherwise advised by the Depositor in writing, for federal income tax purposes, the Trustee Securities Administrator is hereby directed to assign a value of zero to the right of each Holder of a LIBOR Certificate to receive the related Basis Risk Carry Forward Amount for purposes of allocating the purchase price of an initial LIBOR Certificateholder between such right and the related REMIC II Upper-Tier Regular CertificateInterest.

Tax Classification of the Excess Reserve Fund Account. For federal income tax purposes, the Trustee shall treat the Excess Reserve Fund Account as beneficially owned by the holders Holders of the Class X Certificates. The Trustee shall treat the rights that each Class of LIBOR Certificates has to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account as rights to receive payments under an interest rate cap contract written by the Class X Certificateholders in favor of each Class. Accordingly, each Class of LIBOR Offered Certificates will be comprised of two components – - a REMIC II Regular Certificate and an interest in an interest rate cap contract, and the Class X Certificateholders will be comprised of two components – - a REMIC II Regular Certificate and ownership of the Excess Reserve Fund Account, subject to an obligation to pay Basis Risk Carry Forward Amounts. The Trustee shall allocate the issue price for a Class of related Certificates among the respective components for purposes of determining the issue price of the applicable REMIC II Regular Certificates based on information received from the Depositor. Unless otherwise advised by the Depositor in writing, for federal income tax purposes, the Trustee is hereby directed to assign a value of zero to the right of each Holder of a LIBOR an Offered Certificate to receive the related Basis Risk Carry Forward Amount for purposes of allocating the purchase price of an initial LIBOR Certificateholder Holder of an Offered Certificate between such right and the related REMIC II Regular Certificate.