Covenants of Trust Company and Owner Trustee Clause Samples
The "Covenants of Trust Company and Owner Trustee" clause sets out the ongoing promises and obligations that the trust company and the owner trustee must uphold throughout the duration of the trust agreement. Typically, this includes duties such as managing trust assets prudently, maintaining accurate records, and acting in the best interests of the beneficiaries. For example, the trust company may be required to provide regular reports or ensure compliance with applicable laws. The core function of this clause is to establish clear standards of conduct and accountability for the trust company and owner trustee, thereby protecting the interests of the trust's beneficiaries and ensuring proper administration of the trust.
Covenants of Trust Company and Owner Trustee. (a) The Trust Company hereby covenants and agrees that it will not directly or indirectly create, incur, assume or suffer to exist any Lessor's Lien attributable to it in its individual capacity with respect to any of the properties or assets of the Trust Indenture Estate and shall, at its own cost and expense promptly take such action as may be necessary duly to discharge any such Lessor's Lien, and the Trust Company will cause restitution to be made to the Trust Indenture Estate in the amount of any diminution of the value thereof as the result of any Lessor's Liens attributable to it.
(b) The Owner Trustee hereby covenants and agrees as follows:
(i) the Owner Trustee will duly and punctually pay the Principal Amount of, Make-Whole Amount, if any, and interest on and other amounts due under the Equipment Notes and hereunder in accordance with the terms of the Equipment Notes and this Indenture and all amounts payable by it to the Note Holders under the Refunding Agreement and the other Operative Documents;
(ii) the Owner Trustee will not directly or indirectly create, incur, assume or suffer to exist any Lessor's Liens attributable to it with respect to any of the properties or assets of the Trust Indenture Estate, and shall, at its own cost and expense, promptly take such action as may be necessary duly to discharge any such Lessor's Lien, and the Owner Trustee will cause restitution to be made to the Trust Indenture Estate in the amount of any diminution of the value thereof as the result of any Lessor's Liens attributable to it;
(iii) in the event an officer with responsibility for or familiarity with the transactions contemplated hereunder or under the other Operative Documents (or any Vice President) in the Corporate Trust Administration Department of the Owner Trustee shall have actual knowledge of an Indenture Default or an Event of Loss, the Owner Trustee will give prompt written notice of such Indenture Default or Event of Loss to the Indenture Trustee, the Lessee and the Owner Participant; Trust Indenture 55 - 50 -
(iv) the Owner Trustee will furnish to the Indenture Trustee, promptly upon receipt thereof, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and other instruments furnished to the Owner Trustee under the Lease, including, without limitation, a copy of each report or notice received pursuant to Section 12(f) of the Lease, to the extent that the same shall not have been furnished, or ...
Covenants of Trust Company and Owner Trustee. INDENTURE EVENTS OF DEFAULT; REMEDIES OF INDENTURE TRUSTEE
Covenants of Trust Company and Owner Trustee. INDENTURE EVENTS OF DEFAULT; REMEDIES OF INDENTURE TRUSTEE Page
SECTION 4.01. Covenants of Trust Company and Owner Trustee....................................... 48 SECTION 4.02. Indenture Events of Default.................... 50 SECTION 4.03. Certain Rights................................. 53 SECTION 4.04. Remedies....................................... 55 SECTION 4.05. Return of the Aircraft, etc.................... 58 SECTION 4.06.
Covenants of Trust Company and Owner Trustee. 48 SECTION 4.02. Indenture Events of Default................................... 50 SECTION 4.03. Certain Rights................................................ 53 SECTION 4.04. Remedies...................................................... 55 SECTION 4.05. Return of the Engine, etc..................................... 58 SECTION 4.06.
Covenants of Trust Company and Owner Trustee. INDENTURE EVENTS OF DEFAULT; REMEDIES OF INDENTURE TRUSTEE
SECTION 4.01. Covenants of Trust Company and Owner Trustee......................................... 48 SECTION 4.02. Indenture Events of Default........................... 49 SECTION 4.03.
Covenants of Trust Company and Owner Trustee. INDENTURE EVENTS OF DEFAULT; REMEDIES OF INDENTURE TRUSTEE . . . . . . . . . . 44 SECTION 4.01. Covenants of Trust Company and Owner Trustee . . . . . . . . . . . . . . . . . . . . . 44 SECTION 4.02. Indenture Events of Default . . . . . . . . . . . . 45 SECTION 4.03.