Common use of Trust Administrator to Hold the Policy Clause in Contracts

Trust Administrator to Hold the Policy. The Trust Administrator, on behalf of the Trustee, will hold the Policy in trust as agent for the Holders of the Class A Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Upon the later of (i) the date upon which the Certificate Principal Balances of the Class A Certificates have been reduced to zero and all Guaranteed Distributions have been made and (ii) the date the Term of the Policy (as defined in the Policy) ends, the Trust Administrator, on behalf of the Trustee, shall surrender the Policy to the Certificate Insurer for cancellation. Neither the Policy nor the amounts paid on the Policy will constitute part of the Trust Fund or assets of any REMIC created by this Agreement. Each Holder of Class A Certificates, by accepting its Certificates, appoints the Trustee and the Trust Administrator as attorneys-in-fact for the purpose of making claims on the Policy.

Trust Administrator to Hold the Policy. The Trust Administrator, on behalf of the Trustee, will hold the Policy in trust as agent for the Holders of the Class A Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Upon the later of (i) the date upon which the Certificate Principal Balances Balance of the Class A Certificates have has been reduced to zero and all Guaranteed Distributions have been made and (ii) the date the Term of the Policy (as defined in the Policy) ends, the Trust Administrator, on behalf of the Trustee, shall surrender the Policy to the Certificate Insurer for cancellation. Neither the Policy nor the amounts paid on the Policy will constitute part of the Trust Fund or assets of any REMIC created by this Agreement. Each Holder of Class A Certificates, by accepting its Certificates, appoints the Trustee and the Trust Administrator as attorneys-in-fact for the purpose of making claims on the Policy.