Issuance of Trust Certificate. (a) As of the date hereof, the Owner Trustee has issued and delivered to the Depositor a Trust Certificate in the name of the Depositor evidencing 100% of the Beneficial Interest in the Trust. (b) Each Trust Certificate shall be executed by manual signature on behalf of the Owner Trustee by one of its Authorized Officers. Trust Certificates bearing the manual signature of an individual who was, at the time when such signature was affixed, authorized to sign on behalf of the Owner Trustee shall bind the Trust, notwithstanding that such individual has ceased to be so authorized prior to the delivery of such Trust Certificate or does not hold such office at the date of such Trust Certificate. Each Trust Certificate shall be dated the date of its issuance. (c) On the Closing Date, the Owner Trustee is authorized to issue Trust Certificates to each of the Persons set forth on Schedule A as Owners. Upon the issuance of the first additional Trust Certificate, the Depositor shall be deemed to have withdrawn as the initial Owner and to have contributed its Trust Certificate to the Trust.
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Samples: Trust Agreement (National Collegiate Trust 1996-S2), Trust Agreement (National Collegiate Trust 1996-S2), Trust Agreement (National Collegiate Trust 1997-S2)
