Common use of Tax Treatment of Swap Payments and Swap Termination Payments Clause in Contracts

Tax Treatment of Swap Payments and Swap Termination Payments. (a) For federal income tax purposes, each holder of an Offered Certificate is deemed to own an undivided beneficial ownership interest in a REMIC regular interest and the right to receive payments from either the Net WAC Cap Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate Carryover Amount or the obligation to make payments to the Swap Account. For federal income tax purposes, the Trustee will account for payments to each Offered Certificates as follows: each Offered Certificate will be treated as receiving their entire payment from the Master REMIC (regardless of any Swap Termination Payment or obligation under the Swap Agreement) and subsequently paying their portion of any Swap Termination Payment in respect of each such Class’ obligation under the Swap Agreement. END OF ARTICLE VII

Tax Treatment of Swap Payments and Swap Termination Payments. (a) For federal income tax purposes, each holder of an Offered Certificate is deemed to own an undivided beneficial ownership interest in a REMIC regular interest and the right to receive payments from either the Net WAC Cap Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate Carryover Amount or the obligation to make payments to the Swap Account. For federal income tax purposes, the Trustee will account for payments to each Offered Certificates Certificate as follows: each Offered Certificate will be treated as receiving their entire payment from the Master REMIC (regardless of any Swap Termination Payment or obligation under the Swap Agreement) and subsequently paying their portion of any Swap Termination Payment in respect of each such Class’ obligation under the Swap Agreement. END OF ARTICLE VII

Tax Treatment of Swap Payments and Swap Termination Payments. (a) For federal income tax purposes, each holder of an Offered a Senior or Subordinate Certificate is deemed to own an undivided beneficial ownership interest in a REMIC regular interest and the right to receive payments from either the Net WAC Cap Rate Carryover Reserve Account or the Swap Account in respect of the Net WAC Rate Carryover Amount or the obligation to make payments to the Swap Account. For federal income tax purposes, the Trustee Trust Administrator will account for payments to each Offered Certificates Senior and Subordinate Certificate as follows: each Offered Senior and Subordinate Certificate will be treated as receiving their entire payment from the Master REMIC (regardless of any Swap Termination Payment or obligation under the Interest Rate Swap Agreement) and subsequently paying their portion of any Swap Termination Payment in respect of each such Class’ obligation under the Interest Rate Swap Agreement. END OF ARTICLE VII.

Tax Treatment of Swap Payments and Swap Termination Payments. (a) For federal income tax purposes, each holder of an Offered Certificate is deemed to own an undivided beneficial ownership interest in a REMIC regular interest and the right to receive payments from either the Net WAC Cap Carryover Reserve Account or or, other than the Class M-10 Certificates, the Swap Account in respect of the Net WAC Rate Carryover Amount or and the obligation to make payments to the Swap Account. For federal income tax purposes, the Trustee will account for payments to each Offered Certificates Certificate as follows: each Offered Certificate will be treated as receiving their entire payment from the Master REMIC (regardless of any Swap Termination Payment or obligation under the Swap Agreement) and subsequently paying their portion of any Swap Termination Payment in respect of each such Class’ obligation under the Swap Agreement. END OF ARTICLE VII