Common use of Temporary Residual Interest Instruments Clause in Contracts

Temporary Residual Interest Instruments. Pending the preparation of definitive Residual Interest Instruments, the Owner Trustee, on behalf of the Trust, may execute, authenticate and deliver, temporary Residual Interest Instruments that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Residual Interest Instruments in lieu of which they are issued. If temporary Residual Interest Instruments are issued, the Depositor will cause definitive Residual Interest Instruments to be prepared without unreasonable delay. After the preparation of definitive Residual Interest Instruments, the temporary Residual Interest Instruments shall be exchangeable for definitive Residual Interest Instruments upon surrender of the temporary Residual Interest Instruments at the office or agency to be maintained as provided in Section 3.08, without charge to the Owner. Upon surrender for cancellation of any one or more temporary Residual Interest Instruments, the Owner Trustee shall execute, authenticate and deliver (or shall cause the Trust Agent, as its authenticating agent, to authenticate and deliver) in exchange therefor a like Percentage Interest of definitive Residual Interest Instruments in authorized denominations. Until so exchanged, the temporary Residual Interest Instruments shall in all respects be entitled to the same benefits hereunder as definitive Residual Interest Instruments.

Temporary Residual Interest Instruments. Pending the preparation of definitive Residual Interest Instruments, the Owner Trustee, on behalf of the Trust, may execute, authenticate and deliver, temporary Residual Interest Instruments that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Residual Interest Instruments in lieu of which they are issued. If temporary Residual Interest Instruments are issued, the Depositor will cause definitive Residual Interest Instruments to be prepared without unreasonable delay. After the preparation of definitive Residual Interest Instruments, the temporary Residual Interest Instruments shall be exchangeable for definitive Residual Interest Instruments upon surrender of the temporary Residual Interest Instruments at the office or agency to be maintained as provided in Section 3.08, without charge to the Owner. Upon surrender for cancellation of any one or more temporary Residual Interest Instruments, the Owner Trustee shall execute, authenticate and deliver (or shall cause the Trust Agent, as its authenticating agent, to authenticate and deliver) in exchange therefor a like Percentage Interest principal amount of definitive Residual Interest Instruments in authorized denominations. Until so exchanged, the temporary Residual Interest Instruments shall in all respects be entitled to the same benefits hereunder as definitive Residual Interest Instruments.