Beneficial Ownership and Control of the Trust Clause Samples
The 'Beneficial Ownership and Control of the Trust' clause defines who ultimately benefits from and exercises control over the assets held within a trust. It typically requires the identification of individuals or entities that have the right to enjoy the trust's assets or influence its management, often for regulatory or compliance purposes. For example, this clause may mandate disclosure of any person who owns a significant interest in the trust or has authority to direct its activities. Its core function is to ensure transparency regarding the true parties in interest, thereby preventing misuse of the trust for purposes such as money laundering or tax evasion.
Beneficial Ownership and Control of the Trust. The parties hereto agree that for purposes of the Applicable Anti-Money-Laundering Laws (a) the Certificateholders are and shall be deemed to be the sole beneficial owners of the Trust and (b) the Certificateholders and the Administrator are, and shall deemed to be, the parties with the power and authority to control the Trust.
Beneficial Ownership and Control of the Trust. The parties hereto agree that for purposes of Applicable Anti-Money Laundering Law, including without limitation the CTA, as applicable, (a) the Certificateholders are and shall be deemed to be the sole direct owner(s) of the Trust and (b) one or more of the Controlling Parties of the Certificateholders and the Servicer are, and shall be deemed to be, the parties with the power and authority to exercise substantial control over the Trust.