Beneficial Interest in Trust Sample Clauses

Beneficial Interest in Trust. All beneficial interest in the Trust shall be vested in the Beneficiary and shall be referred to herein as the Beneficial Interest of the Beneficiary. The Beneficial Interest shall not be represented by shares or other certificates.
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Beneficial Interest in Trust. Prior to Closing, Seller will not be deemed to have violated any of its representations, warranties or covenants under the Agreement if existing mortgage loans in the warehouse trusts underlying the Beneficial Interest in Trust (the “BIT Mortgage Loans”) other than the BIT Requirement Loans are sold to a third party or distributed to Parent or its Affiliates, in each case on a servicing-retained basis. To the extent any BIT Mortgage Loans exist as at the Closing, the value of the Beneficial Interest in Trust shall be determined as set forth below. For the avoidance of doubt, no debt issued in a securitization by the Company or any of the Subsidiaries that is held by the Company or any of the Subsidiaries after the closing of such securitization or NIM securitizations (“NIM Securitizations”) shall be included in “Beneficial Interest in Trust” and shall instead be treated as set forth under “5. Residuals” below (any such debt held by the Company or any of its Subsidiaries after the applicable closing, “Retained Securitization Debt”). For purposes of preparing the Estimate Statement: The Tapes delivered by the Company to the Investment Banks pursuant to Section 1.04 shall identify the BIT Mortgage Loans on a loan pool-by-pool basis (with the BIT Requirement Loans identified in a pool or pools separate from the other BIT Mortgage Loans) for valuation by the Investment Banks pursuant to Section 1.04. The Investment Banks shall determine the Fair Market Value of such BIT Mortgage Loans according to such loan pool identification, together with valuation on a loan-level basis for each of the BIT Requirement Loans (and if loan-level data is not provided with respect to any pool, loan-level valuation shall be calculated on an average basis for such pool).
Sample 1

Related to Beneficial Interest in Trust

  • Beneficial Interest The interest of the beneficiaries hereunder shall be divided into an unlimited number of transferable shares of beneficial interest, par value $.001 per share. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and, except as provided in the last sentence of Section 3.8, nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

  • Beneficial Interests This Agreement shall inure to the benefit of and be enforceable by Executive's personal and legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any amounts are still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive's devisee, legatee, or other designee or, if there be no such designee, to Executive's estate.

  • BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE In connection with the Owner's Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

  • Transfer of Beneficial Interests in the Same Global Note Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions will be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

  • Transfer of Beneficial Interests to Another Restricted Global Security A beneficial interest in a Transfer Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Security if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following:

  • Shares of Beneficial Interest The Trust is authorized (A) to issue one or more series of beneficial interests within the meaning of Section 3804(a) of the Delaware Act, which shall constitute the Trust's Portfolio(s), and (B) to divide the shares of any Portfolio into one or more separate and distinct Classes. The beneficial interests of the Trust shall be divided into an unlimited number of Shares, with par value of $0.01 per Share. All Shares issued hereunder, including without limitation, Shares issued in connection with a dividend or other distribution in Shares or a split or reverse split of Shares, shall be fully paid and nonassessable.

  • Transfer and Exchange of Beneficial Interests in the Global Securities The transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Securities also shall require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following provisions of this Section 2.06, as applicable:

  • Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with:

  • Transfer and Exchange of Beneficial Interests in the Global Notes The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

  • Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a Global Security A Definitive Security may not be exchanged for a beneficial interest in a Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Security, duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with:

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