Common use of Trustee to Hold the Policy Clause in Contracts

Trustee to Hold the Policy. The Trustee shall hold the Policy in trust as agent for the Holders of the Insured Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Upon the later of (i) the date upon which the Certificate Principal Balance of the Insured Certificates has been reduced to zero and all distributions required to be made under the Policy with respect to the Insured Certificates have been made and (ii) the date the Term of This Policy (as defined in the Policy) ends, the Trustee shall surrender the Policy to the Certificate Insurer for cancellation. Neither the Policy nor the amounts paid on the Policy will constitute part of the Trust Fund or assets of any Trust REMIC created by this Agreement. Each Holder of Insured Certificates, by accepting its Certificates, appoints the Trustee as attorney-in-fact for the purpose of making claims on the Policy.

Trustee to Hold the Policy. The Trustee shall hold the Policy in trust as agent for the Holders of the Insured Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Upon the later of (i) the date upon which the Certificate Principal Balance of the Insured Certificates has been reduced to zero and all distributions required to be made under Guaranteed Distributions (as defined in the Policy with respect to the Insured Certificates Policy) have been made and (ii) the date the Term of This Policy (as defined in the Policy) ends, the Trustee shall surrender the Policy to the Certificate Insurer for cancellation. Neither the Policy nor the amounts paid on the Policy will constitute part of the Trust Fund or assets of any Trust REMIC created by this Agreement. Each Holder of an Insured CertificatesCertificate, by accepting its CertificatesInsured Certificate, appoints the Trustee as attorney-in-fact for the purpose of making claims on the Policy.

Trustee to Hold the Policy. The Trustee shall hold the Policy in trust as agent for the Holders of the Insured Certificates for the purpose of making claims thereon and distributing the proceeds thereof. Upon the later of (i) the date upon which the Certificate Principal Balance of the Insured Certificates has been reduced to zero and all distributions required to be made under Guaranteed Distributions (as defined in the Policy with respect to the Insured Certificates Policy) have been made and (ii) the date the Term of This Policy (as defined in the Policy) ends, the Trustee shall surrender the Policy to the Certificate Insurer for cancellation. Neither the Policy nor the amounts paid on the Policy will constitute part of the Trust Fund or 143 assets of any Trust REMIC created by this Agreement. Each Holder of Insured Certificates, by accepting its Certificates, appoints the Trustee as attorney-in-fact for the purpose of making claims on the Policy.