Common use of No Legal Title to Trust Estate in Company Clause in Contracts

No Legal Title to Trust Estate in Company. The Company shall not have legal title to any part of the Trust Estate. The Company shall be entitled to receive distributions with respect to its ownership interest therein only in accordance with the Indenture, the Administration Agreement and the Servicing Agreement. No transfer, by operation of law or otherwise, of any right, title, or interest of the Company to and in its beneficial ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. If, contrary to this Section, the Company is deemed to have legal title to any part of the Trust Estate, the Company shall be deemed to have granted, and in such event does hereby grant to the Issuer, a first priority security interest in all of the Company's right, title and interest in the Trust Estate, other than in the distributions referred to in the second sentence of this Section 11.02, and this Agreement shall be deemed to constitute a security agreement under applicable law with respect to the Trust Estate.

No Legal Title to Trust Estate in Company. The Company shall not have legal title to any part of the Trust Estate. The Company shall be entitled to receive distributions with respect to its ownership interest therein only in accordance with the Indenture, the Administration Agreement and the Servicing Agreement. No transfer, by operation of law or otherwise, of any right, title, or interest of the Company to and in its beneficial ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it BWNY03/143740 27 of legal title to any part of the Trust Estate. If, contrary to this Section, the Company is deemed to have legal title to any part of the Trust Estate, the Company shall be deemed to have granted, and in such event does hereby grant to the Issuer, a first priority security interest in all of the Company's right, title and interest in the Trust Estate, other than in the distributions referred to in the second sentence of this Section 11.02, and this Agreement shall be deemed to constitute a security agreement under applicable law with respect to the Trust Estate.

No Legal Title to Trust Estate in Company. The Company shall not have legal title to any part of the Trust Estate. The Company shall be entitled to receive distributions with respect to its ownership interest therein only in accordance with the Indenture, the Administration Agreement and the Servicing Agreement. No transfer, by operation of law or otherwise, of any right, title, or interest of the Company to and in its beneficial ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. If, contrary to this Section, the Company is deemed to have legal title to any part of the Trust Estate, the Company shall be deemed to have granted, and in such event does hereby grant to the Issuer, a first priority security interest in all of the CompanySeller's right, title and interest in the Trust Estate, other than in the distributions referred to in the second sentence of this Section 11.02, and this Agreement shall be deemed to constitute a security agreement under applicable law with respect to the Trust Estate.