Grantor Trust Designations. ARTICLE III
Grantor Trust Designations. The Class S Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest, the Excess Interest Distribution Account and proceeds thereof, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. The Class A-2FL Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class A-2FL Regular Interest, the Swap Contract, the Floating Rate Account and the proceeds thereof, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. [End of Article II]
Grantor Trust Designations. 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, which portion shall be treated as part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. [End of Article II]
Grantor Trust Designations. The Class III-A-1-1 Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class III-A-1-1 Underlying Interest, and the Interest Rate Swap Agreement, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code.
Grantor Trust Designations. The Class S Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest, the Excess Interest Distribution Account and proceeds thereof, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. [End of Article II]
Grantor Trust Designations. The Trustee hereby acknowledges the assignment to it of the Excess Interest and, concurrently with such assignment, acknowledges the issuance of the Class NR Certificates, exclusive of the portion thereof representing a "regular interest" in the Upper-Tier REMIC, which 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 part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. [End of Article II]
Grantor Trust Designations. The Class S Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest, the Excess Interest Distribution Account and proceeds thereof, which portion shall be treated as part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. The Class A-2SFL Certificates and the Class A-JFL Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class A-2SFL Regular Interest and the Class A-JFL Regular Interest, respectively, the respective Swap Contracts and Floating Rate Accounts and the proceeds thereof, which portion shall be treated as part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. [End of Article II]
Grantor Trust Designations. The Group 3 Floating Rate Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Underlying Interests and the Swap Agreement, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code.
Grantor Trust Designations. The Class A-MFL Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Class A-MFL Regular Interest, the Swap Contract and Floating Rate Account and the proceeds thereof, which portion shall be treated as a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. [End of Article II]
Grantor Trust Designations. The Class S Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of Excess Interest, the Excess Interest Distribution Account and the proceeds thereof, which portion shall be treated as part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. The Class LR Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the Loan REMIC Residual Interests, which portion shall be treated as part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. The Class X-PP1 Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the PP1 Prepayment Penalties, the PP1 Prepayment Penalty Distribution Account and the proceeds thereof, which portion shall be treated as part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. The Class X-PP2 Certificates are hereby designated as undivided beneficial interests in the portion of the Trust Fund consisting of the PP2 Prepayment Penalties, the PP2 Prepayment Penalty Distribution Account and the proceeds thereof, which portion shall be treated as part of a grantor trust within the meaning of subpart E, Part I of subchapter J of the Code. [End of Article II]
