Common use of Trustee to Hold MBIA Policy Clause in Contracts

Trustee to Hold MBIA Policy. The Trustee shall hold the MBIA Policy in trust as agent for the Insured Certificateholders for the purpose of making claims thereon and distributing the proceeds thereof. Neither the MBIA Policy, nor the amounts paid on the MBIA Policy will constitute part of the assets of either REMIC created by this Agreement. Each Insured Certificateholder, by accepting its Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the MBIA Policy. The Trustee shall surrender the MBIA Policy to MBIA for cancellation upon the expiration of the term of the MBIA Policy as provided in the MBIA Policy following the retirement of the Insured Certificates. To the extent that the MBIA Policy constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside credit support agreement and not an asset of either REMIC and (2) it shall be owned by MBIA, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations.

Trustee to Hold MBIA Policy. The Trustee shall hold the MBIA Policy in trust as agent for the Insured Certificateholders for the purpose of making claims thereon and distributing the proceeds thereof. Neither the MBIA Policy, nor the amounts paid on the MBIA Policy will constitute part of the assets of either REMIC created by this Agreement. Each Insured Certificateholder, by accepting its Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the MBIA Policy. The Trustee shall surrender the MBIA Policy to MBIA for cancellation upon the expiration of the term of the MBIA Policy as provided in the MBIA Policy following the retirement of the Insured Certificates. To the extent that the MBIA Policy constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside credit support agreement and not an asset of either REMIC and (2) it shall be owned by MBIA, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations.. 118

Trustee to Hold MBIA Policy. The Trustee shall hold the MBIA Policy in trust as agent for the Insured Certificateholders for the purpose of making claims thereon and distributing the proceeds thereof. Neither the MBIA Policy, nor the amounts paid on the MBIA Policy will constitute part of the assets of either REMIC created by this Agreement. Each Insured Certificateholder, by accepting its Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the MBIA Policy. The Trustee shall surrender the MBIA Policy to MBIA for cancellation upon the expiration of the term of the MBIA Policy as provided in the MBIA Policy following the retirement of the Insured Certificates. To the extent that the MBIA Policy constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside credit support agreement and not an asset of either REMIC and (2) it shall be owned by MBIA, all within the meaning of Section 1.860G-2(h1.860G 2(h) of the Treasury Regulations.

Trustee to Hold MBIA Policy. The Trustee shall hold the MBIA Policy in trust as agent for the Insured Certificateholders for the purpose of making claims thereon and distributing the proceeds thereof. Neither the MBIA Policy, nor the amounts paid on the MBIA Policy will constitute part of the assets of either REMIC created by this Agreement. Each Insured Certificateholder, by accepting its Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the MBIA Policy. The Trustee shall surrender the MBIA Policy to MBIA for cancellation upon the expiration of the term of the MBIA Policy as provided in the MBIA Policy following the retirement of the Insured Certificates. To the extent that the MBIA Policy constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside credit support agreement and not an asset of either REMIC and (2) it shall be owned by MBIA, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations.. 115

Trustee to Hold MBIA Policy. The Trustee shall will hold the MBIA Policy in trust as agent for the Insured Certificateholders for the purpose of making claims thereon and distributing the proceeds thereof. Neither the MBIA Policy, nor the amounts paid on the MBIA Policy will constitute part of the assets of either REMIC created by this Agreement. Each Insured Certificateholder, by accepting its Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the MBIA Policy. The Trustee shall surrender the MBIA Policy to MBIA for cancellation upon the expiration of the term of the MBIA Policy as provided in the MBIA Policy following the retirement of the Insured Certificates. To the extent that the MBIA Policy constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside credit support agreement and not an asset of either REMIC and (2) it shall be owned by MBIA, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations.