Common use of Trust Property Ownership Clause in Contracts

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.