Benefit Plan Opinion. With respect to any Certificate presented for registration in the name of any Person, an Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustee and the Company to the effect that the purchase or holding of such Certificate is permissible under applicable law, will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, and will not subject the Trust, the Trustee, the Delaware Trustee, the Master Servicer or the Company to any obligation or liability (including obligations or liabilities under Section 406 of ERISA or Section 4975 of the Code) in addition to those undertaken in this Agreement, which Opinion of Counsel shall not be an expense of the Trust, the Trustee, the Delaware Trustee, the Master Servicer or the Company.
Benefit Plan Opinion. An Opinion of Counsel satisfactory to the Trustee and Certificate Registrar to the effect that any proposed transfer will not (i) cause the assets of the Trust Fund to be regarded as plan assets for purposes of the Plan Asset Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor or the Trustee.
Benefit Plan Opinion means an Opinion of Counsel satisfactory to the Paying Agent and the Master Servicer to the effect that any proposed transfer will not (i) cause the assets of the Trust to be regarded as plan assets for purposes of the Plan Asset Regulations or (ii) give rise to any fiduciary duty on the part of the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Paying Agent, the Certificate Registrar or the Fiscal Agent.
Examples of Benefit Plan Opinion in a sentence
NotesThe study team gratefully acknowledges the input from members of a stakeholder advisory group: Michelle Cowell (from the Central Rivers Area Education Agency, Iowa) and Chad Kliefoth and Janice Mertes (both from the Wisconsin Department of Public Instruction).
More Definitions of Benefit Plan Opinion
Benefit Plan Opinion. As defined in Section 5.02(b).
Benefit Plan Opinion. With respect to any Certificate presented for registration in the name of any Person, an Opinion of Counsel acceptable to and in form and substance satisfactory to the Trustee and the Company to the effect that the purchase or holding of such Certificate is permissible under applicable law, will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, and will not subject the Trustee, the Master Servicer or the Company to any obligation or liability (including obligations or liabilities under Section 406 of ERISA or Section 4975 of the Code) in addition to those undertaken in this Agreement, which Opinion of Counsel shall not be an expense of the Trustee, the Master Servicer or the Company.
Benefit Plan Opinion. An opinion of counsel satisfactory to the Trustee and the Securities Administrator (and upon which the Trustee, the Master Servicer, the Securities Administrator and the Depositor shall be entitled to rely) to the effect that the purchase or holding of such Certificate by the prospective transferee will not result in any non-exempt prohibited transactions under Section 406 of ERISA or Section 4975 of the Code and will not subject the Trustee, the Securities Administrator, the Master Servicer or the Depositor to any obligation in addition to those undertaken by such parties in the Trust Agreement, which opinion of counsel shall not be an expense of the Trust or any of the above parties.
Benefit Plan Opinion. An Opinion of Counsel to the effect that a proposed transfer of a Certificate will not (a) cause any of the assets of the Trust to be regarded as "plan assets" for purposes of the Plan Asset Regulations, (b) give rise to any fiduciary duty under ERISA on the part of the Company, the Servicer, the Trustee or the Trust's Tax Matters Person, if any, or (c) be treated as, or result in, a "prohibited transaction" under section 406 or section 407 of ERISA or under section 4975 of the Code. The cost of obtaining a Benefit Plan Opinion shall not be borne by the Company, the Servicer or the Trustee.
Benefit Plan Opinion. An Opinion of Counsel satisfactory to the Master Servicer and the Trustee (and upon which Saxon, the Master Servicer, the Tax Matters Person and the Trustee are authorized to rely) to the effect that the proposed transfer will not (i) cause the assets of the Trust to be regarded as plan assets for purposes of the Plan Asset Regulations, (ii) give rise to any fiduciary duty under ERISA on the part of Saxon, a Servicer, the Master Servicer or the Trustee or (iii) result in, or be treated as, a prohibited transaction under Section 406 or 407 of ERISA or section 4975 of the Code (which opinion shall not be a cost or expense of Saxon, the Master Servicer, the Tax Matters Person or the Trustee).
Benefit Plan Opinion. An Opinion of Counsel satisfactory to the Trustee (and upon which the Depositor, the Tax Matters Person, and the Trustee are authorized to rely) to the effect that the proposed transfer will not (a) cause the assets of the Trust to be regarded as plan assets for purposes of the Plan Asset Regulations, (b) give rise to any fiduciary duty under ERISA, on the part of the Depositor, the Trustee or the Servicer, or (c) result in, or be treated as, a prohibited transaction under Sections 406 or 407 of ERISA or Section 4975 of the Code. Obtaining a Benefit Plan Opinion shall not be a cost or expense of the Depositor, the Tax Matters Person or the Trustee.
Benefit Plan Opinion is an opinion of counsel satisfactory to the Trustee, the Issuer and the Servicer to the effect that the proposed transfer will not (a) cause the assets of the REMIC to be regarded as plan assets for purposes of the Plan Asset Regulations or (b) give rise to a fiduciary duty on the part of the Depositor, the Servicer or the Trustee.