Initial Beneficial Ownership Sample Clauses

Initial Beneficial Ownership. As of the formation of the Trust by the contribution by the Seller pursuant to Section 2.5 and until the issuance of the CARAT 2005-SN1 Certificates, the Seller has been the sole beneficial owner of the Trust.

Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Excess Distribution Certificate, the Depositor shall be the sole beneficial owner of the Trust.

Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Sponsor pursuant to Section 2.01 and until the issuance of Certificates, the Sponsor shall be the sole beneficial owner of the Trust.

Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.01 hereof and until the issuance of Certificates, the Depositor shall be the sole beneficial owner of the Trust.

Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Sponsor pursuant to Section 2.05 hereof and until the issuance of the Trust Certificates, the Sponsor shall be the sole beneficial owner of the Trust.

Initial Beneficial Ownership. Upon the initial contribution by the Depositor pursuant to Section 2.05 and until the conveyance of the Underlying Certificates pursuant to Section 3.01 and the issuance of the Owner Trust Certificates, and thereafter except as otherwise permitted hereunder, the Depositor shall be the sole beneficial owner.

Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Excess Distribution Certificate, the Depositor shall be the sole beneficial owner of the Trust. Until the termination of the Loan Agreement, the Depositor shall not transfer, pledge or assign the Excess Distribution Certificate to any Person (i) without the prior written consent of the Administrative Agent and (ii) without the delivery by such transferee of an enforceability opinion with respect thereto and other corporate documentation and opinions reasonably requested by the Administrative Agent, each in form substantially similar to the documentation delivered by the Depositor on the Closing Date; provided, however, that notwithstanding anything to the contrary contained in this Agreement, the Loan Agreement or any other Transaction Document, the Depositor shall have no right to transfer, pledge or assign the Excess Distribution Certificate to Nelnet, Inc. or any other Affiliate that is or becomes a Seller under the Loan Sale Agreement.

Initial Beneficial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Trust Certificate, the Depositor shall be the sole beneficial owner of the Trust. The Depositor hereby names KBNA as its designated Affiliate and hereby directs the Owner Trustee to issue the Trust Certificate in KBNA’s name. After the issuance of the Trust Certificate, KBNA, as the initial Certificateholder will be the sole beneficial owner of the Trust.

Initial Beneficial Ownership. Upon the formation of the Issuer by the contribution by the Depositor pursuant to Section 2.5 hereof and until the issuance of the Certificates, the Depositor shall be the sole beneficial owner of the Issuer. A Certificate representing a [__]% Percentage Interest shall be issued to JPMorgan Chase Bank and a Certificate representing a [__]% Percentage Interest shall be issued to CFS Resources.