EC Trust Sample Clauses

EC Trust. (a) The assets of the EC Trust shall consist of the EC Trust REMIC III Regular Interests, which have been placed in the EC Trust through the efforts of the Underwriters. The EC Trust REMIC III Regular Interests shall be held by the Certificate Administrator on behalf of the Trustee for the benefit of the Holders of the EC Trust Certificates, which EC Trust 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. Under no circumstances may the Certificate Administrator vary the assets of the EC Trust so as to take advantage of variations in the market so as to improve the rate of return of Holders of the EC Trust Certificates. The Certificate Administrator shall be deemed to hold and shall account for the assets of the EC Trust separate and apart from the assets of REMIC I, REMIC II and REMIC III created hereunder.
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EC Trust. The parties intend that the portion of the Trust consisting of the segregated pool of assets consisting of the EC Trust REMIC III Regular Interests (such portion of the Trust, the “EC Trust”) be treated as a grantor trust under Subpart E of Part 1 of subchapter J of 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. The Class A-S, Class B and Class C Certificates represent ownership of 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. The Class PST Certificates represent ownership of the Class PST Components. For federal income tax purposes the Certificate Administrator shall treat the EC Trust as a grantor trust and shall treat each Holder of an EC Trust Certificate as the owner of the individual, underlying assets represented by any such EC Trust Certificate. In addition, to the fullest extent possible, ownership of an EC Trust Certificate shall be treated as direct ownership of the individual, underlying assets represented by such EC Trust Certificate for federal income tax reporting purposes.
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EC Trust. The parties intend that the portion of the Trust consisting of the segregated pool of assets consisting of the EC Trust REMIC III Regular Interests (such portion of the Trust, the “EC Trust”) be treated as a grantor trust under Subpart E of Part 1 of subchapter J of 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. The Class A-S, Class B and Class C Certificates represent ownership of 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. The Class PST Certificates represent ownership of the Class PST Components. For federal income tax purposes the Certificate Administrator shall treat the EC Trust as a grantor trust and shall treat each Holder of an EC Trust Certificate as the owner of the individual, underlying assets represented by any such EC Trust Certificate. In addition, to the fullest extent possible, ownership of an EC Trust Certificate shall be treated as direct ownership of the individual, underlying assets represented by such EC Trust Certificate for federal income tax reporting purposes. SWAP GRANTOR TRUST The parties intend that the portion of the Trust consisting of the segregated pool of assets consisting of the Swap REMIC III Regular Interests, each Swap Fixed Rate Account, each Swap Floating Rate Account and each Swap Agreement (such portion of the Trust, the “Swap Grantor Trust”) be treated as a grantor trust under Subpart E of Part 1 of subchapter J of 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. The Class A-3FL Certificates represent ownership of (i) the Class A-3FL Percentage Interest in the Class A-3FL REMIC III Regular Interest, (ii) the Swap Floating Rate Account Class A-3FL and (iii) the Swap Agreement Class A-3FL. The Class A-3FX Certificates represent ownership of (i) the Class A-3FX Percentage Interest in the Class A-3FL REMIC III Regular Interest and (ii) the Swap Fixed Rate Account Class A-3FX. For federal income tax purposes the Certificate Administrator shall treat the Swap Grantor Trust as a grantor trust and shall treat each Holder of a Swap Certificate as the owner of the individual, underlying assets represented...
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Related to EC Trust

  • Grantor Trust The Trust is intended to be a grantor trust, of which the Sponsor is the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.

  • Situs of Trust The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware.

  • REMIC AND GRANTOR TRUST ADMINISTRATION The provisions of this Article XII shall apply to each REMIC Pool and the Grantor Trust, as applicable.

  • Trust This Certificate represents ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue date of this Certificate is August 26, 2005. Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. WMALT Series 2005-7 Portion of the Class C-X Notional Amount as of the Cut-Off Date Evidenced by this Certificate: $14,369,296.00 Class C-X Certificate Interest Rate: 5.500%, applied to the Class C-X Notional Amount Cut-Off Date: August 1, 2005 First Distribution Date: September 26, 2005 Last Scheduled Distribution Date: September 25, 2035 Class C-X Principal Balance as of the Cut-Off Date: $0.00 Class C-X Notional Amount as of the Cut-Off Date: $14,369,296.00 Cede & Co. Registered Owner Exhibit A CUSIP 93934F BW1 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE Class C-P Evidencing a beneficial interest in a pool of assets consisting of beneficial interests in another pool of assets consisting of beneficial interests in another pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed by WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

  • Agreed Tax Treatment of Trust and Trust Securities The parties hereto and, by its acceptance or acquisition of a Trust Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Trust Security intend and agree to treat the Trust as a grantor trust for United States federal, state and local tax purposes, and to treat the Trust Securities (including all payments and proceeds with respect to such Trust Securities) as undivided beneficial ownership interests in the Trust Property (and payments and proceeds therefrom, respectively) for United States federal, state and local tax purposes and to treat the Notes as indebtedness of the Depositor for United States federal, state and local tax purposes. The provisions of this Trust Agreement shall be interpreted to further this intention and agreement of the parties.

  • Investment of Trust Assets Following ratification of the Plan by stockholders of the Parent and receipt of any other necessary regulatory approvals, the Trust shall purchase Common Stock of the Parent in an amount equal to up to 100% of the Trust's assets, after providing for any required withholding as needed for tax purposes, provided, however, that the Trust shall not purchase more than 4% of the aggregate shares of Common Stock issued by the Parent in the mutual-to-stock conversion of the Savings Bank ("Conversion"). The Trustee shall purchase shares of Common Stock in the open market or, in the alternative, shall purchase authorized but unissued shares of the Common Stock from the Parent sufficient to fund the Plan Share Reserve.

  • Real Estate Investment Trust Commencing with its taxable year ended December 31, 2009, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (“REIT”) under the Code, and its proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code.

  • Supplemental Interest Trust (a) On the Closing Date, the Securities Administrator shall establish and maintain in the name of the Trustee a separate account for the benefit of the holders of the Offered Certificates (the “Supplemental Interest Trust”). The Supplemental Interest Trust shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee or of the Securities Administrator held pursuant to this Agreement.

  • Sale of Trust Assets (a) [Intentionally Omitted].

  • Trust Fund The Buyer is a trust fund whose trustee is a bank or trust company and whose participants are exclusively (a) plans established and maintained by a State, its political subdivisions, or any agency or instrumentality of the State or its political subdivisions, for the benefit of its employees, or (b) employee benefit plans within the meaning of Title I of the Employee Retirement Income Security Act of 1974, but is not a trust fund that includes as participants individual retirement accounts or H.R. 10 plans.

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