Sub-Trust Beneficiary definition
Examples of Sub-Trust Beneficiary in a sentence
It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the Basic Documents to which the Trust is a party and to administer the Trust in accordance with the provisions hereof and of the Basic Documents [and in the interest of the Certificateholder and, with respect to the Sub-Trust, the Sub-Trust Beneficiary].
The Owner Trustee hereby declares that it will hold the Owner Trust Estate [and Sub-Trust Assets] in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholder [and the Sub-Trust Beneficiary, respectively,] subject to the obligations of the Trust under the Basic Documents.
Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Certificateholder, [the Sub-Trust Beneficiary, the Holder of the Revolving Liquidity Note,] the Indenture Trustee and each of the Rating Agencies.
No transfer, by operation of law or otherwise, of any right, title, or interest of the [Certificateholder][Owners] or [Sub-Trust Beneficiary] to and in [their][its] ownership interest[s] in the Owner Trust Estate [and Sub-Trust Assets, respectively,] shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate [or Sub-Trust Assets].
It shall not be necessary for the consent of the Certificateholder, [the Sub-Trust Beneficiary,] the Noteholders, [the Holder of the Revolving Liquidity Note] or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.
The [Certificateholder] [Owners] and [Sub-Trust Beneficiary] shall not have legal title to any part of the Owner Trust Estate [and Sub-Trust Assets, respectively].
Trust Assets] in the [Certificateholder][Owners] [or Sub-Trust Beneficiary].
Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Certificateholder, the Sub-Trust Beneficiary, the Holder of the Revolving Liquidity Note, the Indenture Trustee and each of the Rating Agencies.
It shall not be necessary for the consent of the Certificateholder, the Sub-Trust Beneficiary, the Noteholders, the Holder of the Revolving Liquidity Note or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.
For any period during which the beneficial ownership interests of the Sub-Trust are held by more than one Person, the Sub-Trust Beneficiary holding the largest beneficial interest of the Sub-Trust shall be designated the "tax matters partner" of the Sub-Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable Treasury Regulations, but hereby delegates its powers and duties as such to the Administrator pursuant to the power-of-attorney granted thereto pursuant to Section 2.04.