Common use of Initial Ownership Clause in Contracts

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Mortgage Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, and thereafter except as otherwise permitted hereunder, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until Until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Securitization Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.5, and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust; and upon the issuance of the Trust Certificates, the Depositor will no longer be a beneficiary of the Trust, except to the extent that the Depositor is a Certificateholder.

Initial Ownership. Upon the formation of the Trust Issuing Entity by the contribution by the Depositor pursuant to Section 2.5 2.06 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the TrustIssuing Entity.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance termination of the Certificate to the initial CertificateholderTrust, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Trust Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Home Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. (a) Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificate, the Trust Depositor shall be the sole beneficiary of the Trust. The Trust Certificate must at all times be held by either the Trust Depositor or its transferee as sole owner.

Initial Ownership. Upon the formation of the Owner Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder2.5, the Depositor shall be the sole beneficiary of the Owner Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificate, the Trust Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderResidual Interest Instruments, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.5, and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Home Equity Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. (a) Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderEquity Certificate, the Trust Depositor shall be the sole beneficiary of the Trust. The Equity Certificate must at all times be held by either the Trust Depositor or its transferee (to the extent permitted under Section 3.01(b)) as sole owner.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate Certificates to the initial CertificateholderCertificateholders, the Depositor shall be the sole beneficiary of the Trust, and upon the issuance of the Certificates, the Depositor will no longer be a beneficiary of the Trust, except to the extent that the Depositor is a Certificateholder or Certificate Owner.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderResidual Interest Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate Certificates to the initial CertificateholderCertificateholders, the Depositor shall be the sole beneficiary of the Trust, and upon the issuance of the Certificates, the Depositor will no longer be a beneficiary of the Trust, except to the extent that the Depositor is a Certificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate Certificates to the initial CertificateholderCertificateholders, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Owner Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder2.5, the Depositor shall be the sole beneficiary beneficial owner of the Owner Trust. Upon the issuance of the Certificate (as described below), the Certificateholder shall be the beneficial owner of the Owner Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by execution of the Depositor pursuant to Section 2.5 Original Trust Agreement and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by Pursuant to the contribution by the Depositor pursuant to described in Section 2.5 2.5, and until in the absence of the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Initial Mortgage Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. (a) Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderEquity Certificate, the Trust Depositor shall be the sole beneficiary of the Trust. The Equity Certificate must at all times be held by either the Trust Depositor or its transferee (to the extent permitted under Section 3.01(b) and Section 2.12(a)) as sole owner.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Grantor Trust Certificate pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderOwner Trust Certificate, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. (a) Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderEquity Certificate, the Depositor shall be the sole beneficiary of the Trust. The Equity Certificate must at all times be held by either the Depositor or its transferee (to the extent permitted under Section 3.01(b)) as sole owner.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Mortgage Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificate, and thereafter except as otherwise permitted hereunder, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Revolving Credit Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section SECTION 2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to Trust Certificates or the initial Certificateholdertransfer by the Depositor of the Residual Interest, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation creation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until in the absence of the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to as described in Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to DCRR as described in Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Class A Ownership Interest pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder2.05, the Depositor shall be direct the sole beneficiary of Owner Trustee to execute and deliver the TrustTrust Certificates.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.01 and until the conveyance of the Mortgage Loans pursuant to Section 2.01 of the Sale and Servicing Agreement and the issuance of the Certificate to the initial CertificateholderCertificates and thereafter, except as otherwise permitted hereunder, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate Certificate[s] to the initial CertificateholderCertificateholder[s], the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder2.05, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Trust Depositor shall be the sole beneficiary of the Trust. The Trust Depositor shall be the sole beneficiary of the Trust and shall not transfer its beneficial interest in the Trust or the Trust Certificates issued to it so long as the Notes are outstanding.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance ------------ of the Certificate to the initial CertificateholderResidual Interest Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderResidual Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Grantor Trust Certificate pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section ss. 2.5 and until the issuance sale of the Certificate to Certificates by the initial Depositor, the Depositor, as the sole Certificateholder, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.6 and until the issuance of the Certificate to the initial CertificateholderEquity Certificate, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary beneficial owner of the Trust.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance transfer of the Certificate Certificates to the initial Certificateholderpurchaser thereof, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.5, and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderResidual Interest Instruments, the Depositor shall be the sole beneficiary owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderTrust Securities, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the ------------------ contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Lease Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderLease Trust Certificates, the Depositor shall be the sole beneficiary of the Lease Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the ----------------- contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance sale of the Certificate to Certificates by the initial Depositor, the Depositor, as the sole Certificateholder, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by of the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Mortgage Loans pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderTrust Certificate, and thereafter except as otherwise permitted hereunder, the Depositor shall be the sole beneficiary of the TrustTrust Certificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary beneficial owner of the Trust. Upon the issuance of the Certificates, the Certificateholders shall be the sole beneficial owners of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Trust Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust. SECTION 3.2.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.. 7 (2006-A Amended and Restated Trust Agreement)

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Owner Trust Estate pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust by the contribution transfer by the Depositor of the initial capital contribution pursuant to Section 2.5 2.05, and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary Certificateholder of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.5, and until the issuance of the Certificate to the initial CertificateholdertheTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.. (2006-B Amended and Restated Trust Agreement)

Initial Ownership. Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Trust Depositor shall be the sole beneficiary of the Trust. Upon the issuance of the Trust Certificates, the Trust Depositor will no longer be a beneficiary of the Trust, except to the extent that the Trust Depositor is a Certificateholder.

Initial Ownership. Upon the formation of the Trust and the contribution made by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Trust Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall will be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust. Upon issuance in accordance with this Trust Agreement, the Trust Certificates shall represent fully-paid, non-assessable beneficial interests in the assets of the Trust, and will entitle the Holders thereof to the benefits of this Trust Agreement.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance sale of the Certificate to Certificates by the initial Depositor, the Depositor, as the sole Certificateholder, the Depositor shall be the sole beneficiary of the Trust.. --------------------------------------------------------------------------------

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance ----------- of the Certificate to the initial CertificateholderResidual Interest Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor and LLC pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor and LLC shall be the sole beneficiary beneficiaries of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Trust ------------ Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Trust Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderInvestor Certificates, the Trust Depositor shall be the sole beneficiary owner of the Trust.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder2.05, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the ----------------- contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the ----------------- contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the ----------------- contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to CFRR as described in Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the conveyance of the Loans and the Pre-Funding Account pursuant to Section 3.01 and the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the TrustCertificateholder.

Initial Ownership. Upon the formation of the Trust ----------------- by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.06 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by ----------------- the contribution by the Depositor pursuant to Section 2.5 and until the issuance ----------- of the Certificate to the initial CertificateholderResidual Interest Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary of 100% Percentage Interest in the TrustTrust and the Depositor shall be deemed to be the Registered Owner until written notice is given to the Owner Trustee by the Depositor or Trust Certificates are issued upon the order of the Depositor.

Initial Ownership. Upon the formation of the Trust by the ----------------- contribution by the Depositor pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor shall be the sole beneficiary Owner of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder2.06, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the ----------------- contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificate, the Depositor shall be the sole beneficiary of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor Depositors pursuant to Section 2.5 2.05 and until the issuance of the Certificate to the initial CertificateholderTrust Certificates, the Depositor Depositors shall be the sole beneficiary beneficiaries of the Trust.

Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial CertificateholderCertificates, the Depositor shall be the sole beneficiary of the Trust.. SECTION 3.2