No Legal Title to Trust Fund in Certificateholder. The Certificateholder shall not have legal title to any part of the Trust Fund and shall only be entitled to receive distributions with respect to its respective undivided beneficial interest therein pursuant to Section 4.1 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 Certificateholder in and to its undivided beneficial interest in the Trust Fund 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 Fund.
Appears in 5 contracts
Samples: Owner Trust Agreement (FBR Securitization, Inc.), Owner Trust Agreement (First NLC Trust 2005-3 Mortgate-Backed Notes, Series 2005-3), Owner Trust Agreement (FBR Securitization Trust 2005-3)
