Common use of Creation of the Grantor Trust Clause in Contracts

Creation of the Grantor Trust. Concurrently with the assignment to the Trustee of the Excess Interest, and in exchange therefor and the establishment of the Excess Interest Distribution Account, the Certificate Administrator, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, as Certificate Registrar, authenticated, as Authenticating Agent and delivered to or upon the order of the Depositor, the Class NR Certificates. The Class NR Certificates, exclusive of the portion thereof representing a “regular interest” in the Upper-Tier REMIC, are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest and the Excess Interest Distribution Account and proceeds thereof, and the Class A-4FX Certificates and Class A-4FL Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class A-4FX Specific Grantor Trust Assets and the Class A-4FL Specific Grantor Trust Assets, respectively, which portions shall be treated as a grantor trust within the meaning of subpart E, part I of subchapter J of the Code.

Creation of the Grantor Trust. Concurrently with the assignment to the Trustee of the Excess Interest, and in exchange therefor and the establishment of the Excess Interest Distribution Account, the Certificate Administrator, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed, as Certificate Registrar, authenticated, as Authenticating Agent and delivered to or upon the order of the Depositor, the Class NR Certificates. The Class NR Certificates, exclusive of the portion thereof representing a “regular interest” in the Upper-Tier REMIC, are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest and the Excess Interest Distribution Account and proceeds thereof, and the Class A-4FX A-2FX Certificates and Class A-4FL A-2FL Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class A-4FX A-2FX Specific Grantor Trust Assets and the Class A-4FL A-2FL Specific Grantor Trust Assets, respectively, which portions shall be treated as a grantor trust within the meaning of subpart E, part I of subchapter J of the Code.