Common use of No Legal Title to Trust Estate in Certificateholders Clause in Contracts

No Legal Title to Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any part of the Trust Estate and shall only be entitled to receive distributions with respect to their undivided beneficial interest therein pursuant to Section 4.02 (in the case of the Trust Certificates and the Class X Certificates, once all amounts then owing with respect to the Notes have been paid in accordance with the Indenture). No transfer, by operation of law of any right, title and interest of the Holder of the Trust Certificate or the Class X Certificate in and to its undivided beneficial interest in the Trust Estate or hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

No Legal Title to Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any part of the Trust Estate and shall only be entitled to receive distributions with respect to their undivided beneficial interest therein pursuant to Section 4.02 (in the case of the Trust Certificates [and the Class X Certificates], once all amounts then owing with respect to the Notes have been paid in accordance with the Indenture). No transfer, by operation of law of any right, title and interest of the Holder of the Trust Certificate [or the Class X Certificate Certificate] in and to its undivided beneficial interest in the Trust Estate or hereunder shall operate to terminate this Agreement or the trusts hereunder or entitle any successor transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.