Common use of Compliance with CTA Clause in Contracts

Compliance with CTA. The CTA may require the Issuer to file certain reports with FinCEN after the date of this Agreement. It shall be the Administrator’s duty and not the duty of the Owner Trustee, the Certificate Paying Agent, the Certificate Registrar or the Indenture Trustee to cause the Issuer to make such filings, as applicable, or to cause the Issuer to comply with its obligations under the CTA, if any, and the Owner Trustee shall not have any duty to monitor the Issuer’s or the Administrator’s compliance therewith. The parties hereto (x) agree that for purposes of the CTA, the Certificateholders are and shall be deemed to be the sole direct owners of the Issuer, and (y) acknowledge that the Owner Trustee acts solely as a directed trustee at the direction of the Certificateholders and the Administrator hereunder and that one or more principals or other individuals affiliated with the Certificateholders or the Administrator shall be deemed to be the persons with the power and authority to exercise substantial control over the Issuer.