Common use of Initial Ownership Clause in Contracts

Initial Ownership. Upon the formation of the Trust and continuing until the issuance of the Certificate, the Sponsor shall be the sole beneficial owner of the Trust. Upon issuance of the Certificate, the Certificateholder shall be the sole beneficial owner of the Trust.

Initial Ownership. Upon the formation of the Trust and continuing until the issuance of the CertificateCertificate representing the beneficial interest in the assets of the Trust, the Sponsor shall be the sole beneficial owner of the Trust. Upon such issuance of the Certificate, the Certificateholder Sponsor (other than, if applicable, in its capacity as the Certificateholder) shall cease to be the sole beneficial owner of the Trust.