Common use of Trust Property Ownership Clause in Contracts

Trust Property Ownership. Upon the formation of the Trust by the contribution by the Sponsor pursuant to Section 2.5, the Owner Trustee, contemporaneously therewith, having full power, authority, and authorization to do so, has executed, authenticated, dated, issued, and delivered, in the name and on behalf of the Trust, to the Sponsor, one (1) or more Residual Certificates representing in the aggregate a 100% interest in the Trust, and has registered such Residual Certificate(s) on the Certificate Register in the name of the Sponsor. The Sponsor shall be the sole beneficiary of the Trust. Such Residual Certificate(s) are duly authorized, validly issued, and entitled to the benefits of this Agreement. For so long as the Sponsor shall own such 100% interest in the Trust, the Sponsor shall be the sole beneficial owner of the Trust. The Sponsor shall at all times keep and own a Residual Certificate or Residual Certificates representing no less than 1% interest, and at no time will the Sponsor sell or alienate its interest represented by Residual Certificate(s) in such a way as to reduce its aggregate beneficial ownership in the Residual Certificates to less than 1%.