Common use of Ownership by the Depositor of Trust Certificates Clause in Contracts

Ownership by the Depositor of Trust Certificates. The Depositor shall receive on the Closing Date in accordance with Section 3.02 and shall thereafter retain beneficial and record ownership of Trust Certificates representing 100% of the Certificate Balance. Notwithstanding any other provision of this Agreement to the contrary, any attempted transfer of any Trust Certificate that would reduce such interest of the Depositor below 100% of the Certificate Balance shall be void. The Owner Trustee shall cause one Trust Certificate issued to the Depositor (representing 100% of the Certificate Balance) to bear a legend stating “THIS CERTIFICATE IS NON-TRANSFERABLE.” Notwithstanding the foregoing, upon a dissolution or termination of the Depositor, the Trust Certificates held by it shall be distributed to NMAC without regard to the provisions of Section 3.02 or this Section 3.10.