Certificates Fully Paid and Nonassessable. It is the intention of the Depositor that Certificateholders shall not be personally liable for obligations of the Trust Fund, that the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and that the Certificates, upon due authentication thereof by the Securities Administrator pursuant to this Agreement, are and shall be deemed fully paid.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (First NLC Securitization, Inc.), Pooling Agreement (Luminent Mortgage Trust 2006-7), Pooling Agreement (Luminent Mortgage Trust 2007-1)
Certificates Fully Paid and Nonassessable. It is the intention of the Depositor that Certificateholders shall not be personally liable for obligations of the Trust Fund, that the interests in the Trust Fund represented by the Certificates shall be nonassessable for any reason whatsoever, and that the Certificates, upon due authentication thereof by the Securities Administrator Trustee pursuant to this Agreement, are and shall be deemed fully paid.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (FBR Securitization, Inc.), Pooling and Servicing Agreement (First NLC Securitization, Inc.), Pooling and Servicing Agreement (Etrade Mortgage Backed Securities Corp)
