Common use of ADMINISTRATION OF TRUSTS Clause in Contracts

ADMINISTRATION OF TRUSTS. 21. Bank accounts -------------------------------------------------------------------------------- 21.1 Opening of bank accounts (a) (Collection Account) The Trustee must open at least one account with an Approved Bank into which Collections can be paid. (b) (Separate bank accounts for each Trust) The Trustee must open and maintain a separate account with an Approved Bank in respect of each Trust. (c) (Additional bank accounts) The Trustee may open such additional accounts with an Approved Bank in respect of a Trust as it sees fit or as required by the Transaction Documents. In relation to a Rated Trust, only the accounts specified in the Transaction Documents for that Trust may be opened. Master Trust Xxxx Xxxxx Xxxxx & Xxxxxxx -------------------------------------------------------------------------------- (d) (Change bank accounts) If an account in respect of a Trust is held with a bank which ceases to be an Approved Bank then the Trustee shall as soon as practicable on becoming aware of that fact (and in any event within 30 days): (i) close that account: and (ii) transfer all funds standing to the credit of that account to another existing account in respect of that Trust with an Approved Bank or, if none, the Trustee shall immediately open an account with an Approved Bank. 21.2 Location of bank accounts (a) (Central bank account) Unless otherwise directed in writing by the Manager the central bank account of each Trust shall for so long as Xx.Xxxxxx is an Approved Bank be opened and maintained at a branch in New South Wales of Xx.Xxxxxx. (b) (Interstate branch bank accounts) The Trustee may, if necessary or desirable for the operation of a Trust, open bank accounts with a branch outside New South Wales of an Approved Bank (which shall, unless the Manager otherwise determines, be Xx.Xxxxxx for so long as it is an Approved Bank) provided that if such accounts are opened it shall enter into arrangements so that as soon as practicable after the receipt of moneys to the credit of such accounts, such moneys are to be transferred to the credit of the central bank accounts of the Trust in New South Wales (subject to a direction to the contrary by the Manager under clause 21.2(a)). 21.3 Name of bank accounts Each bank account for a Trust shall be opened by the Trustee in its name as trustee of the Trust. 21.4 Purpose of bank accounts No bank account shall be used for any purpose other than for the relevant Trust in respect of which the account is maintained and other than in accordance with this Deed and the Transaction Documents.