Trust Property Ownership Sample Clauses

Trust Property Ownership. Upon the formation of the Trust by the contribution by the Sponsor pursuant to Section 2.5, the Owner Trustee, contemporaneously therewith, having full power, authority, and authorization to do so, has executed, authenticated, dated, issued, and delivered, in the name and on behalf of the Trust, to the Sponsor, one (1) or more Residual Certificates representing in the aggregate a 100% interest in the Trust, and has registered such Residual Certificate(s) on the Certificate Register in the name of the Sponsor. The Sponsor shall be the sole beneficiary of the Trust. Such Residual Certificate(s) are duly authorized, validly issued, and entitled to the benefits of this Agreement. For so long as the Sponsor shall own such 100% interest in the Trust, the Sponsor shall be the sole beneficial owner of the Trust. The Sponsor shall at all times keep and own a Residual Certificate or Residual Certificates representing no less than 1% interest, and at no time will the Sponsor sell or alienate its interest represented by Residual Certificate(s) in such a way as to reduce its aggregate beneficial ownership in the Residual Certificates to less than 1%.
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Trust Property Ownership. Upon the formation of the Trust by the contribution by the Sponsor pursuant to Section 2.5, the Owner Trustee, contemporaneously therewith, having full power, authority, and authorization to do so, has executed, authenticated, dated, issued, and delivered, in the name and on behalf of the Trust, one (1) or more Residual Certificates representing in the aggregate a 100% interest in the Trust, and has registered such Residual Certificate(s) on the Certificate Register. The Residual Certificates shall be issued in two classes, Class B and Class G. Such Residual Certificate(s) are duly authorized, validly issued, and entitled to the benefits of this Agreement. The Sponsor shall at all times keep and own a Class G Certificate representing no less than a 1% Percentage Interest, and at no time will the Sponsor sell or alienate its interest represented by Class G Certificates in such a way as to reduce its aggregate beneficial ownership in the Class G Certificates to less than a 1% Percentage Interest.
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Trust Property Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and the filing of the Certificate of Trust, the Owner Trustee is hereby authorized and directed to execute, authenticate, date, issue, and deliver, in the name and on behalf of the Trust, one (1) or more Class O Certificates representing in the aggregate a 100% Percentage Interest and the Certificate Registrar is hereby authorized and directed to register such issuance in the Certificate Register. The Residual Certificates shall be issued in two classes, Class O and Class L. Such Residual Certificate(s), upon their issuance in accordance with this Agreement, shall be duly authorized, validly issued, and entitled to the benefits of this Agreement and, to the extent not inconsistent herewith, as set forth therein. The Depositor shall at all times keep and own a Class O Certificate representing no less than a 1% Percentage Interest, and at no time will the Depositor sell or alienate its interest represented by Class O Certificates in such a way as to reduce its aggregate beneficial ownership in the Class O Certificates to less than a 1% Percentage Interest.
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Trust Property Ownership. (a) Upon the formation of the Trust by the contribution by the Sponsor pursuant to Section 2.5, the Owner Trustee, contemporaneously therewith, having full power, authority, and authorization to do so, has executed, authenticated, dated, issued, and delivered, in the name and on behalf of the Trust, to the Sponsor, one (1) or more Residual Certificates representing in the aggregate and together with the Class A-1 Certificates a 100% interest in the Trust, and has registered such Residual Certificate(s) on the Residual Certificate Register in the name of the Sponsor. Such Residual Certificate(s) are duly authorized, validly issued, and entitled to the benefits of this Agreement. The Sponsor shall at all times keep and own a Residual Certificate or Residual Certificates representing no less than 1% interest, and at no time will the Sponsor sell or alienate its interest represented by Residual Certificate(s) in such a way as to reduce its aggregate beneficial ownership in the Residual Certificates to less than 1%. (b) Upon the transfer and assignment to the Trust of the Mortgage Loans pursuant to Section 2.01 of the Sale and Servicing Agreement, the beneficial ownership of the Trust's property shall be evidenced as follows: Class Property Owned ----- -------------- Class A-1 Certificates o An undivided beneficial interest in the Mortgage Loans included in Pool I to the extent of or as defined by the right of such Class A-1 Certificates to receive payments of principal and interest pursuant to the Pooling Agreement. Residual Certificates o Subject to the rights of the Class A-1 Certificates, the Class A-2 Notes, the Insurer and ▇▇▇▇▇▇▇ Mac, any and all other property of the Trust from time to time.
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Related to Trust Property Ownership

  • Property Ownership Except as set forth in the Registration Statement and the Prospectus or in the SEC Documents and except as would not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect, (i) each of the Company and its Subsidiaries owns its property and assets free and clear of all Liens, except such Liens which arise in the ordinary course of business and do not impair its ownership or use of such property or assets, and (ii) with respect to the property and assets it leases, if any, each of the Company and its Subsidiaries is in compliance with such leases and, to its knowledge, holds a valid leasehold interest free of any Liens except as set forth under the terms of the lease.

  • Trust Property 9.1 The aggregate proceeds of all Units issued from time to time after deducting Duties and Charges, Transactions Costs and any applicable Sales Load , shall constitute part of the Trust Property and includes the Investment and all income, profit and other benefits arising therefrom and all cash, bank balances and other assets and property of every description for the time being held or deemed to be held upon trust by the Trustee for the benefit of the Unit Holder(s) pursuant to this Deed but does not include any amount payable to the Unit Holders as distribution. However any profit earned on the amount payable to the Unit Holders as distribution shall become part of the Trust Property. 9.2 The income earned on the investments of pre IPO Investors upto the start of IPO may be paid to such investors either in cash or issue additional units for an amount equal to the income earned, as selected by such investors. 9.3 Bank accounts for the Fund shall always be in the name of the Trustee. 9.4 The Trust Property shall initially be constituted out of the proceeds received from investors till the time of Public Offering (PO) after deducting any applicable Duties and Charges, Transactions Costs and Front-end Loads therefrom. 9.5 All expenses incurred by the Trustee in effecting the registerable Investments in its name shall be payable out of the Trust Property. 9.6 Except as specifically provided in this Trust Deed, the Trust Property shall always be kept as separate property free from any mortgages, charges, liens or any other encumbrances whatsoever and the Trustee or the Custodian shall not, except for the purpose of the Scheme as directed by the Management Company, create or purport to create any mortgages, charges, liens or any other encumbrance whatsoever to secure any loan, guarantee or any other obligation actual or contingent incurred assumed or undertaken by the Trustee or the Custodian or any other person.

  • Ownership in Trust Upon any purported Transfer or other event described in Section 13.2(b) that would result in a transfer of Shares to a Trust, such Shares shall be deemed to have been transferred to the Trustee as trustee of a Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such transfer to the Trustee shall be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the transfer to the Trust pursuant to Section 13.2(b). The Trustee shall be appointed by the Company and shall be a Person unaffiliated with the Company and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Company as provided in ‎Section 13.11(f).

  • Equity Interests and Ownership The Equity Interests of each of Borrower and its Subsidiaries have been duly authorized and validly issued and are fully paid and non-assessable. Except as set forth on Schedule 4.2, as of the date hereof, there is no existing option, warrant, call, right, commitment or other agreement to which Borrower or any of its Subsidiaries is a party requiring, and there is no membership interest or other Equity Interests of Borrower or any of its Subsidiaries outstanding which upon conversion or exchange would require, the issuance by Borrower or any of its Subsidiaries of any additional membership interests or other Equity Interests of Borrower or any of its Subsidiaries or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase a membership interest or other Equity Interests of Borrower or any of its Subsidiaries. Schedule 4.2 correctly sets forth the ownership interest of Borrower and each of its Subsidiaries as of the Third Restatement Date.