Common use of Trust Certificate Transfer Restrictions Clause in Contracts

Trust Certificate Transfer Restrictions. (a) The Trust Certificates may not be acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title 1 of ERISA, (ii) a plan described in Section 4975(e) (1) of the Code or (iii) any entity whose underlying assets include plan assets by reason of such plan’s investment in the entity (each, a “Benefit Plan”). By accepting and holding a Trust Certificate, the Holder thereof and the beneficial owner of the Trust Certificate shall be deemed to have represented and warranted that it is not a Benefit Plan. The Owner Trustee shall have no duty to determine whether the Trust Certificates are owned by a Benefit Plan.

Appears in 9 contracts

Samples: Trust Agreement (Franklin Auto Trust 2005-1), Trust Agreement (Franklin Auto Trust 2004-2), Trust Agreement (Franklin Receivables LLC)

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Trust Certificate Transfer Restrictions. (a) The Trust Certificates may not be acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that is subject to the provisions of Title 1 of ERISA, (ii) a plan described in Section 4975(e) (1) of the Code or (iii) any entity whose underlying assets include plan assets by reason of such plan’s 's investment in the entity (each, a "Benefit Plan"). By accepting and holding a Trust Certificate, the Holder thereof and the beneficial owner of the Trust Certificate shall be deemed to have represented and warranted that it is not a Benefit Plan. The Owner Trustee shall have no duty to determine whether the Trust Certificates are owned by a Benefit Plan.

Appears in 4 contracts

Samples: Trust Agreement (Franklin Receivables LLC), Trust Agreement (Franklin Receivables LLC), Trust Agreement (Franklin Receivables LLC)

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Trust Certificate Transfer Restrictions. (a) The Class A, --------------------------------------- Class B and Class C Trust Certificates may not be acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that is subject to the provisions of Title 1 of ERISA, (ii) a plan described in Section 4975(e) (1) of the Code or (iii) any entity whose underlying assets include plan assets by reason of such plan’s 's investment in the entity (each, a "Benefit Plan"). By accepting and holding a Trust Certificate, the Holder thereof and the beneficial owner of the Trust Certificate shall be deemed to have represented and warranted that it is not a Benefit Plan. The Owner Trustee shall have no duty to determine whether the Trust Certificates are owned by a Benefit Plan.

Appears in 1 contract

Samples: Trust Agreement (Franklin Receivables LLC)

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