Adverse Grantor Trust Event definition

Adverse Grantor Trust Event. Either: (i) any impairment of the status of the Grantor Trust Pool as a Grantor Trust; or (ii) the imposition of a tax upon the Grantor Trust Pool or any of its assets or transactions.

Adverse Grantor Trust Event. As defined in Section 10.02(e).

Adverse Grantor Trust Event means any action that, under the Code, if taken or not taken, as the case may be, would result in the imposition of an entity level tax on the income of the Grantor Trust or any of its assets or transactions.

Examples of Adverse Grantor Trust Event in a sentence

• In addition, prior to taking any action with respect to the Trust, or causing the Trust to take any action, that is not expressly permitted under the terms of this Agreement, the Trustee shall consult with counsel with respect to whether such action could cause an Adverse Grantor Trust Event to occur.

• Further, nothing in this section shall require a Master Servicer to take or fail to take any action which, in such Master Servicer's good faith and reasonable judgment, may (1) result in an Adverse REMIC Event or Adverse Grantor Trust Event or (2) subject such Master Servicer to liability or materially expand the scope of such Master Servicer's obligations under this Agreement.

• Further, nothing in this section shall require the Master Servicer to take or fail to take any action which, in the Master Servicer’s good faith and reasonable judgment, may (1) result in an Adverse REMIC Event or Adverse Grantor Trust Event or (2) subject the Master Servicer to liability or materially expand the scope of the Master Servicer’s obligations under this Agreement.

• Further, nothing in this section shall require the Master Servicer to take or fail to take any action which, in the Master Servicer's good faith and reasonable judgment, may (1) result in an Adverse REMIC Event or Adverse Grantor Trust Event or (2) subject the Master Servicer to liability or materially expand the scope of the Master Servicer's obligations under this Agreement.

• No such amendment effected pursuant to the preceding sentence shall, as evidenced by an Opinion of Counsel, result in an Adverse REMIC Event or Adverse Grantor Trust Event, nor shall such amendment effected pursuant to clause (iii) of such sentence, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Holder.

More Definitions of Adverse Grantor Trust Event

Adverse Grantor Trust Event means, subject to Section 2.05(b), any endangerment to the status of the Grantor Trust as a grantor trust under the Grantor Trust Provisions or any imposition of a tax on the Grantor Trust or any of its assets or transactions.

Adverse Grantor Trust Event means any action that, under the Code, if taken or not taken, as the case may be, would either (i) endanger the status of the Grantor Trust Pool as a grantor trust or (ii) result in the imposition of a tax upon the income of the Grantor Trust Pool or its respective assets or transactions.

Adverse Grantor Trust Event means any action taken by a Person or the failure of a Person to take any action that, under the Grantor Trust Provisions, if taken or not taken, as the case may be, could endanger the status of the Class EI Grantor Trust as a grantor trust under the Grantor Trust Provisions or result in the imposition of a tax upon the Class EI Grantor Trust or its assets or transactions.

Adverse Grantor Trust Event. Any event that would cause the Exchangeable Subtrust to lose its status as a grantor trust for federal income tax purposes.

Adverse Grantor Trust Event. Any action that, under the Grantor Trust Provisions, if taken or not taken, as the case may be, could endanger the status of the Grantor Trust as a grantor trust under the Grantor Trust Provisions.

Adverse Grantor Trust Event. Any event that would cause the Grantor Trust to lose its status as a grantor trust under subpart E of Part I of subchapter J of the Code.

Adverse Grantor Trust Event. Any impairment of the status of Grantor Trust V-1 as a Grantor Trust or the imposition of a tax upon either Grantor Trust V-1 or any of its assets or transactions.