Common use of BUYER AS TRUSTEE Clause in Contracts

BUYER AS TRUSTEE. 35.1 If the Buyer is a trustee (whether or not disclosed in this Contract) the Buyer is bound under this Contract both personally and in its capacity as trustee. 35.2 The Buyer warrants to the Seller that: (a) it is the sole trustee under the relevant trust; (b) it will disclose fully to the Seller the terms of the trust on request and it has disclosed the primary beneficiaries of the trust at Item P of the Reference Schedule; (c) it possesses unqualified power under the trust to enter into this Contract to complete the purchase of the Lot; (d) any consent, approval or resolution necessary to enable it to enter and discharge its obligations under this Contract have been obtained or passed; (e) it holds its interest under this Contract : (i) in the proper exercise of its power under the trust; and (j) for the benefit of the beneficiaries or objects of the trust; (f) nothing referred to in clause 35.3 occurred prior to it entering into this Contract except as disclosed in writing to the Seller. 35.3 The Buyer must ensure that between the: (a) date of this Contract; and (b) final discharge of its obligations under this Contract, any of the following events do not occur without the Seller’s written consent (that consent not to be unreasonably withheld):- (c) amendment or revocation of the trust; (d) removal or retirement of the Buyer as trustee; (e) appointment of a new or additional trustee; (f) use of the trust assets for a beneficiary’s own or an object’s own purposes, unless pursuant to the terms of the trust; (g) distribution, resettlement or transfer of the trust assets; (h) anything that might result in the trustee’s entitlement to indemnity from the trust assets or the beneficiaries being diminished; (i) acceleration of the vesting date or the termination of the trust; or (j) the Buyer as Trustee: (i) incurring a debt; (ii) lending money; (iii) giving a guarantee or indemnity; (iv) encumbering a trust asset; (v) mixing trust assets; (vi) compromising a claim in relation to any trust asset; (vii) parting with possession of a trust asset; (viii) delegating any of its trustee’s powers or; (ix) increasing its trustee remuneration other than in the proper exercise of its duties under the Trust.

BUYER AS TRUSTEE. 35.1 34.1 If the Buyer is a trustee (whether or not disclosed in this Contract) the Buyer is bound under this Contract both personally and in its capacity as trustee. 35.2 34.2 The Buyer warrants to the Seller that: (a) it is the sole trustee under the relevant trust; (b) it will disclose fully to the Seller the terms of the trust on request and it has disclosed the primary beneficiaries of the trust at Item P of the Reference Schedule; (c) it possesses unqualified power under the trust to enter into this Contract to complete the purchase of the Lot; (d) any consent, approval or resolution necessary to enable it to enter and discharge its obligations under this Contract have been obtained or passed; (e) it holds its interest under this Contract : (i) in the proper exercise of its power under the trust; and (j) for the benefit of the beneficiaries or objects of the trust; (f) nothing referred to in clause 35.3 34.3 occurred prior to it entering into this Contract except as disclosed in writing to the Seller. 35.3 34.3 The Buyer must ensure that between the: (a) date of this Contract; and (b) final discharge of its obligations under this Contract, any of the following events do not occur without the Seller’s written consent (that consent not to be unreasonably withheld):- (c) amendment or revocation of the trust; (d) removal or retirement of the Buyer as trustee; (e) appointment of a new or additional trustee; (f) use of the trust assets for a beneficiary’s own or an object’s own purposes, unless pursuant to the terms of the trust; (g) distribution, resettlement or transfer of the trust assets; (h) anything that might result in the trustee’s entitlement to indemnity from the trust assets or the beneficiaries being diminished; (i) acceleration of the vesting date or the termination of the trust; or (j) the Buyer as Trustee: (i) incurring a debt; (ii) lending money; (iii) giving a guarantee or indemnity; (iv) encumbering a trust asset; (v) mixing trust assets; (vi) compromising a claim in relation to any trust asset; (vii) parting with possession of a trust asset; (viii) delegating any of its trustee’s powers or; (ix) increasing its trustee remuneration other than in the proper exercise of its duties under the Trust.

BUYER AS TRUSTEE. 35.1 9.1. If the Buyer is enters this Contract as trustee of a trustee trust (whether or not that fact is disclosed in this Contract) the Buyer is bound under this Contract both personally and in its capacity as trustee. 35.2 The Buyer warrants to the Seller that:Seller): (a) it is the sole Buyer will be liable under this Contract in its own right and as trustee under of the relevant trust; (b) it will disclose fully to the Seller Buyer is the sole trust of the trust and has full and unfettered power under the terms of the trust on request and it has disclosed the primary beneficiaries of the trust at Item P of the Reference Schedule; (c) it possesses unqualified power under deed establishing the trust to enter into and be bound by this Contract to complete the purchase on behalf of the Lot; (d) any consent, approval or resolution necessary to enable it to enter trust and discharge its obligations under that this Contract have been obtained or passed; (e) it holds its interest under this Contract : (i) in is being entered into as part of the due and proper exercise administration of its power under the trust and for the benefit of the beneficiaries of the trust; and (jc) for no restriction on the benefit Buyer’s right of indemnity out of or lien over the trust’s assets exists or will be created or permitted to exist and that right will have priority over the right of the beneficiaries or objects to the trust’s assets. This is Annexure “A” to the Contract between the Seller (Seller) and the party named in the annexed Contract as the Buyer in respect of the trust;Property. This Annexure A is to be executed by the directors of the Buyer in the event that the Buyer is a company. GUARANTEE & INDEMNITY (“Guarantee”) In consideration of, among other things, the Seller agreeing at the Guarantor’s request to enter into the Contract to which this Guarantee is annexed, the Guarantor agrees as follows. (f) nothing referred 1. The Guarantor acknowledges the receipt of valuable consideration from the Seller for the Guarantor incurring the obligations and giving the rights under this Guarantee. 2. The Guarantor acknowledges having been given a copy of the Contract and this Guarantee and having had full opportunity to in clause 35.3 occurred prior to it consider their provisions before entering into this Contract except as disclosed in writing Guarantee. 3. The Guarantor unconditionally and irrevocably guarantees to the Seller. 35.3 The Seller the performance by the Buyer must ensure that between the: (a) date of this Contract; and (b) final discharge of all its obligations under this Contract, any including the obligations to pay the Purchase Price and all other money. 4. The Guarantor unconditionally and irrevocably indemnifies the Seller against all liability, loss, damage, costs, charges, expenses or claim incurred or suffered by the Seller as a result of a breach of this Contract by the Buyer of the following events do not occur without the Seller’s written consent (that consent not to be unreasonably withheld):- (c) amendment or revocation of the trust; (d) removal or retirement of the Buyer as trustee; (e) appointment of a new or additional trustee; (f) use of the trust assets for a beneficiary’s own or an object’s own purposes, unless pursuant to the terms of the trust; (g) distribution, resettlement or transfer of the trust assets; (h) anything that might result in the trustee’s entitlement to indemnity from the trust assets or the beneficiaries being diminished; (i) acceleration of the vesting date or the termination of the trust; or (j) the Buyer as Trustee: (i) incurring a debt; (ii) lending money; (iii) giving a guarantee or indemnity; (iv) encumbering a trust asset; (v) mixing trust assets; (vi) compromising a claim in relation to any trust asset; (vii) parting with possession of a trust asset; (viii) delegating any of its trustee’s powers or; (ix) increasing its trustee remuneration other than in the proper exercise of its duties under the Trustguaranteed obligations.

BUYER AS TRUSTEE. 35.1 If the Buyer is a trustee (whether or not disclosed in this Contract) the Buyer is bound under this Contract both personally and in its capacity as trustee. 35.2 The Buyer warrants to the Seller that: (a) it is the sole trustee under the relevant trust; (b) it will disclose fully to the Seller the terms of the trust on request and it has disclosed the primary beneficiaries of the trust at Item P of the Reference Schedule; (c) it possesses unqualified power under the trust to enter into this Contract to complete the purchase of the Lot; (d) any consent, approval or resolution necessary to enable it to enter and discharge its obligations under this Contract have been obtained or passed; (e) it holds its interest under this Contract : (i) in the proper exercise of its power under the trust; and (jii) for the benefit of the beneficiaries or objects of the trust; (f) nothing referred to in clause 35.3 occurred prior to it entering into this Contract except as disclosed in writing to the Seller. 35.3 The Buyer must ensure that between the: (a) date of this Contract; and (b) final discharge of its obligations under this Contract, any of the following events do not occur without the Seller’s written consent (that consent not to be unreasonably withheld):- (c) amendment or revocation of the trust; (d) removal or retirement of the Buyer as trustee; (e) appointment of a new or additional trustee; (f) use of the trust assets for a beneficiary’s own or an object’s own purposes, unless pursuant to the terms of the trust; (g) distribution, resettlement or transfer of the trust assets; (h) anything that might result in the trustee’s entitlement to indemnity from the trust assets or the beneficiaries being diminished; (i) acceleration of the vesting date or the termination of the trust; or (j) the Buyer as Trustee: (i) incurring a debt; (ii) lending money; (iii) giving a guarantee or indemnity; (iv) encumbering a trust asset; (v) mixing trust assets; (vi) compromising a claim in relation to any trust asset; (vii) parting with possession of a trust asset; (viii) delegating any of its trustee’s powers or; (ix) increasing its trustee remuneration other than in the proper exercise of its duties under the Trust.