Trust Administrator to Hold the Policy. The Trust Administrator will hold the Policy in trust as agent for the holders of the Offered Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Neither the Policy nor amounts paid on the Policy will constitute part of REMIC I or assets of the Trust. Each holder of Offered Certificates, by accepting its Offered Certificates, appoints the Trust Administrator as attorney-in-fact for the purpose of making claims on the Policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (New Century Mort Sec Inc New Cent Hm Eq Ln Tr Ser 2000-Nca), Pooling and Servicing Agreement (New Century Home Eq Ln Tr Ser 2000 NCB Asset Back Ps THR Cer)
Trust Administrator to Hold the Policy. The Trust Administrator will hold the Policy in trust as agent for the holders of the Offered Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Neither the Policy nor amounts paid on the Policy will constitute part of REMIC I the Trust Estate or assets of the Trust. Each holder of Offered Certificates, by accepting its Offered Certificates, appoints the Trust Administrator as attorney-in-fact for the purpose of making claims on the Policy.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 1999-NCB), Pooling and Servicing Agreement (New Century Mort Sec Inc Home Equity Loan Trust Ser 1999 NCD)
