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

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

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

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

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