Common use of Designation of Grantor Trust Clause in Contracts

Designation of Grantor Trust. (a) The Depositor, as of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Excess Interest to the Trustee for the benefit of the Holders of the Class V Certificates. The Trustee acknowledges the assignment to it of the Excess Interest and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Holders of the Class V Certificates. Concurrently with the assignment to the Trustee of the Excess Interest, and in exchange therefor, at the direction of the Depositor, the Trustee has executed, authenticated and delivered to or upon the order of the Depositor, the Class V Certificates in authorized denominations. The Class V Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest and the Excess Interest Distribution Account, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. (b) The Depositor, as of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Class A-SBFL Regular Interest to the Trustee for the benefit of the Holders of the Class A-SBFL Certificates. The Trustee acknowledges the assignment to it of the Class A-SBFL Regular Interest and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Holders of the Class A-SBFL Certificates. Concurrently with the assignment to the Trustee of the Class A-SBFL Regular Interest, and in exchange therefor, at the direction of the Depositor, the Trustee has executed, authenticated and delivered to or upon the order of the Depositor, the Class A-SBFL Certificates in authorized denominations. The Class A-SBFL Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class A-SBFL Regular Interest, the Class A-SBFL Swap Contract and the Class A-SBFL Floating Rate Account, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code.

Designation of Grantor Trust. (a) The Depositor, as of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Excess Interest to the Trustee for the benefit of the Holders of the Class V Certificates. The Trustee acknowledges the assignment to it of the Excess Interest and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Holders of the Class V Certificates. Concurrently with the assignment to the Trustee of the Excess Interest, and in exchange therefor, at the direction of the Depositor, the Trustee has executed, authenticated and delivered to or upon the order of the Depositor, the Class V Certificates in authorized denominations. The Class V Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest and the Excess Interest Distribution Account, which portion shall be treated as a "grantor trust trust" within the meaning of subpart E, Part I of subchapter J of the Code. (b) The Depositor, as of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Class A-SBFL MFL Regular Interest to the Trustee for the benefit of the Holders of the Class A-SBFL MFL Certificates. The Trustee acknowledges the assignment to it of the Class A-SBFL MFL Regular Interest and declares that it holds and will hold the same in trust for the exclusive use and benefit of all present and future Holders of the Class A-SBFL MFL Certificates. Concurrently with the assignment to the Trustee of the Class A-SBFL MFL Regular Interest, and in exchange therefor, at the direction of the Depositor, the Trustee has executed, authenticated and delivered to or upon the order of the Depositor, the Class A-SBFL MFL Certificates in authorized denominations. The Class A-SBFL MFL Certificates are hereby designated as undivided beneficial interests in the their respective portion of the Trust Fund consisting of the Class A-SBFL MFL Regular Interest, the Class A-SBFL MFL Swap Contract and the Class A-SBFL MFL Floating Rate Account, which portion such portions shall be treated as a "grantor trust trust" within the meaning of subpart E, Part I of subchapter J of the Code.