Undivided Trust Interest. (a) The UTI Beneficiary shall hold an exclusive, undivided beneficial interest in all assets of the Trust (the “Undivided Trust Interest” or the “UTI”), other than those divided, identified Trust Assets that are from time to time allocated by the UTI Beneficiary upon the UTI Beneficiary’s written direction and otherwise in accordance with Section 4.2, into one or more separate portfolios of Trust Assets (together with any other Trust Assets allocated to or earned by any such portfolio(s), and any proceeds thereof, collectively, “SUBI Assets,” and all Trust Assets, other than SUBI Assets, are referred to collectively as the “UTI Assets”).
Undivided Trust Interest. (a) The Initial Beneficiary shall hold an exclusive, undivided beneficial interest (the "Undivided Trust Interest" or the "UTI") in all assets of the Trust (the "UTI Assets"), other than those identified Trust Assets that are from time to time allocated by the Trust, upon the written direction of the Initial Beneficiary and otherwise in accordance with Section 4.2 hereof, into one or more separate portfolios of Trust Assets (together with any other Trust Asset allocated to or earned by any such portfolio(s), and any proceeds thereof, collectively, "SUBI Assets"). Except as otherwise provided for herein, all collections and amounts received with respect to the Undivided Trust Interest shall be distributed or retained by the UTI Trustee, as directed in writing from time to time by the Initial Beneficiary. Any assignee or pledgee of an Undivided Trust Interest or Undivided Trust Interest Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest (i) give to the Trust a non-petition covenant substantially similar to that set forth in Section 6.9, (ii) execute an agreement between or among itself and each assignee or pledgee from time to time of any SUBI or SUBI Certificate, to release all claims to the Trust Assets allocated to any SUBI Portfolio and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against all Trust Assets allocated to any SUBI Portfolio, and (iii) provide to each Trustee an Opinion of Counsel to the effect that, in the event of a bankruptcy or insolvency of such assignee or pledgee, the Trust will not be substantively consolidated with such assignee or pledgee. Nothing contained herein shall be deemed to limit the rights of the holder of the UTI to enter into participation agreements pursuant to which the holder grants one or more participation interests in the UTI.
Undivided Trust Interest. (a) The Initial Beneficiary, and any Special Purpose Entity to which the Initial Beneficiary may from time to time transfer all or any portion of its Undivided Trust Interest, shall hold an exclusive, undivided beneficial interest in all assets of the Trust (the “Undivided Trust Interest” or the “UTI”), other than those divided, identified Trust Assets that are from time to time allocated by the Trust, upon the written direction of the Initial Beneficiary or otherwise in accordance with Section 4.2, into one or more separate and identifiable portfolios of Trust Assets (together with any other Trust Assets allocated to or earned by any such portfolio(s) and any income, payments and proceeds thereof, collectively, “SUBI Assets”). All Trust Assets that have not been specifically identified as SUBI Assets are referred to as the “UTI Assets”.
