No Liability of the Depositor. with Respect to the Underlying Securities; Certificateholders to Proceed Directly Against the Issuer(s). (a) The sole obligor with respect to any Underlying Security is the Issuer thereof. The Depositor shall not have any obligation on or with respect to the Underlying Securities; and its obligations with respect to Certificates shall be solely as set forth in this Trust Agreement. (b) The Depositor is not authorized to proceed against the Issuer of any Underlying Security in the event of a default or to assert the rights and privileges of Certificateholders of Certificates and has no duty in respect thereof.
Appears in 12 contracts
Samples: Series Supplement Corporate Bond Backed Certificates (Lehman Abs Corp), Corporate Bond Backed Certificates (Lehman Abs Corp), Trust Agreement (Select Asset Inc)
No Liability of the Depositor. with Respect to the Underlying Securities; Certificateholders to Proceed Directly Against the Underlying Securities Issuer(s).
(a) The sole obligor with respect to any Underlying Security is the Underlying Securities Issuer thereof. The Depositor shall not have any obligation on or with respect to the Underlying Securities; and its obligations with respect to Certificates shall be solely as set forth in this Trust Agreement.
(b) The Depositor is not authorized to proceed against the Underlying Securities Issuer of any Underlying Security in the event of a default or to assert the rights and privileges of Certificateholders of Certificates and has no duty in respect thereof.
Appears in 3 contracts
Samples: Trust Agreement (Southpoint Structured Assets Inc), Trust Agreement (Southpoint Structured Assets Inc), Trust Agreement (Select Asset Inc)
No Liability of the Depositor. with Respect to the Underlying Securities; Certificateholders to Proceed Directly Against the Underlying Securities Issuer(s).
(a) The sole obligor with respect to any Underlying Security is the Issuer thereofUnderlying Securities Issuer(s). The Depositor shall not have any obligation on or with respect to the Underlying Securities; and its obligations with respect to Certificates shall be solely as set forth in this Trust Agreement.
(b) The Depositor is not authorized to proceed against the Underlying Securities Issuer of any Underlying Security in the event of a default or to assert the rights and privileges of Certificateholders of Certificates and has no duty in respect thereof.
Appears in 2 contracts
Samples: Trust Agreement (Merrill Lynch Depositor Inc), Trust Agreement (Merrill Lynch Depositor Inc)
