Creation of Trust Account. Revenue shall be deposited into a Trust Account of TREBUCHET managed by a managing lawyer, or its designee, to be selected by TREBUCHET and such managing lawyer shall act at the instruction or direction of TREBUCHET (“Managing Lawyer”).
1) The Parties agree that the Managing Lawyer will (and will be directed to) receive all Revenue from the European Litigation and will immediately place same into said Trust Account kept for that purpose. The Managing Lawyer will hold that part of the Revenue due DSS in the Trust Account and will dispense such Revenue due DSS to DSS at the direction of TREBUCHET. The Managing Lawyer will hold that part of the Revenue due under this Agreement to TREBUCHET in the Trust Account in trust for TREBUCHET and will dispense such Revenue due TREBUCHET to TREBUCHET in accordance with the directions of TREBUCHET.
2) The Parties expect that funds held in the Trust Account will be dispensed simultaneously to each of the Parties. If DSS or TREBUCHET directly or indirectly receives any part of the Revenues due to the other Party, it shall immediately pay such Revenues over to the Managing Lawyer to be paid into the Trust Account and dealt with under the terms of this Agreement.
3) TREBUCHET shall account to DSS for funds owed to DSS, to be paid at least once quarterly as long as there are funds in the Trust Account that can be paid over to DSS.
4) TREBUCHET shall be entitled to use monies due TREBUCHET held in the Trust Account to meet its funding undertakings under this Agreement as provided in Section 2.2, but only after DSS has been paid its share of the Revenue due it.
5) Each Party shall pay its own taxes.
6) Unless otherwise agreed by the Parties hereto in writing, monies in the Trust Account that have been received as a result of a decision by a national Court which awards royalties, damages, attorney fees or costs etc., shall not be distributed to either Party or to the Party to whom the money is due unless and until an appeal of any decision awarding such damages, attorney fees or costs is concluded and decided or the time for appeal has elapsed without appeal.
Creation of Trust Account. (a) Grantor hereby establishes the Supplemental Trust Account with Trustee for the sole use and benefit of Beneficiary, under the terms set forth herein. Trustee shall administer the Supplemental Trust Account in its name as Trustee for the sole use and benefit of Beneficiary. The Supplemental Trust Account shall be subject to withdrawal by Beneficiary solely as provided herein. Trustee hereby accepts the Supplemental Trust Account upon the terms set forth in this Supplemental Trust Agreement. The Supplemental Trust Account is not established for credit for reinsurance purposes and is not subject to Rule 56 (Credit for Reinsurance) of Title 760 of the Indiana Administrative Code.
(b) Prior to depositing the Assets in the Supplemental Trust Account, and from time to time thereafter as required, Grantor shall execute or cause the execution of assignments, endorsement in blank, or transfer legal title to Trustee of all shares, obligations or other Assets requiring assignments, so that Beneficiary, or Trustee upon direction by Beneficiary, may whenever necessary negotiate any such Assets, without the consent or signature from Grantor or any other person or entity. Any Assets received by Trustee which are not in such proper negotiable form shall not be accepted by Trustee and shall be returned to Grantor as unacceptable. Trustee may hold Assets of the Supplemental Trust Account in bearer form or in its own name or that of a nominee.
Creation of Trust Account. (a) Grantor hereby establishes the Reinsurance Trust Account with Trustee for the sole use and benefit of Beneficiary, under the terms set forth herein. Trustee shall administer the Reinsurance Trust Account in its name as Trustee for the sole use and benefit of Beneficiary. The Reinsurance Trust Account shall be subject to withdrawal by Beneficiary solely as provided herein. Trustee hereby accepts the Reinsurance Trust Account upon the terms set forth in this Reinsurance Trust Agreement.
(b) Prior to depositing the Assets in the Reinsurance Trust Account, and from time to time thereafter as required, Grantor shall execute or cause the execution of assignments, endorsement in blank, or transfer legal title to Trustee of all shares, obligations or other Assets requiring assignments, so that Beneficiary, or Trustee upon direction by Beneficiary, may whenever necessary negotiate any such Assets, without the consent or signature from Grantor or any other person or entity. Any Assets received by Trustee which are not in such proper negotiable form shall not be accepted by Trustee and shall be returned to Grantor as unacceptable. Trustee may hold Assets of the Reinsurance Trust Account in bearer form or in its own name or that of a nominee.
Creation of Trust Account. There is hereby created and established with the Trustee a special and irrevocable trust account to be designated the "NL Industries, Inc. Redemption Trust Account" (the "Redemption Account"). All moneys received pursuant to this Agreement shall be deposited and held in the Redemption Account and may, upon Company Order, be invested in short term United States Treasury securities maturing on or before the Redemption Date, which securities shall be held in the Redemption Account.
Creation of Trust Account. (a) Grantor hereby establishes the Supplemental Trust Account with Trustee for the sole use and benefit of Beneficiary, under the terms set forth herein. Trustee shall administer the Supplemental Trust Account in its name as Trustee for the sole use and benefit of Beneficiary. The Supplemental Trust Account shall be subject to withdrawal by Beneficiary solely as provided herein. Trustee hereby accepts the Supplemental Trust Account upon the terms set forth in this New York Supplemental Trust Agreement. The Supplemental Trust Account is not established for credit for reinsurance purposes and is not subject to NYCRR 126.1 et al. (Regulation 114).
(b) Prior to depositing the Assets in the Supplemental Trust Account, and from time to time thereafter as required, Grantor shall execute or cause the execution of assignments, endorsement in blank, or transfer legal title to Trustee of all shares, obligations or other Assets requiring assignments, so that Beneficiary, or Trustee upon direction by Beneficiary, may whenever necessary negotiate any such Assets, without the consent or signature from Grantor or any other person or entity. Any Assets received by Trustee which are not in such proper negotiable form shall not be accepted by Trustee and shall be returned to Grantor as unacceptable. Trustee may hold Assets of the Supplemental Trust Account in bearer form or in its own name or that of a nominee.
Creation of Trust Account. Section 4.1 Obligations of the Beneficiary and the Grantor 8 Section 4.2 Purpose of the Trust 9
Creation of Trust Account. In order for Arngre to have any rights hereunder with respect to a Project, it shall be obligated to deposit with a banking institution identified by Xxxxxx the lesser of (a) $750,000 U.S. or (b) an amount equal to the total amount of the expenditures budgeted with respect to the Project for the next ninety (90) days as set forth in the preliminary budget delivered with the Notice Information or any modification or successor thereto prepared by Xxxxxx and delivered to Arngre (the "Project Budget"). The lesser amount of (a) or (b) in the preceding sentence (the "Initial Deposit") shall be deposited no later than ten (10) days following the last day of the Acceptance Period, provided, however, that if Xxxxxx delivers a modified or successor Project Budget to Arngre (as referenced in the previous sentence), Arngre shall have at least thirty (30) days to deposit any additional amount of funds required by such modified or successor Project Budget over the previous Project Budget tendered to Arngre. The amount deposited by Arngre shall be held in a separate trust account (the "Trust Account"). In addition, for Arngre to continue to have any rights hereunder with respect to a Project, Arngre shall further be obligated, at the end of each thirty (30) day period commencing on the date on which the Initial Deposit is made, to deposit in the Trust Account such additional sum as may be necessary, if any, to make the balance in the Trust Account equal the amount of expenditures described in the Project Budget for the next ninety (90) days following the expiration of such thirty (30) day period, provided, however, that in no event shall Arngre be required to make total deposits to the Trust Account in excess of $750,000 U.S. pursuant to this Section 4. For example, assume the Project Budget for the first ninety (90) days is $150,000, or $50,000 per thirty (30) day period, and that $150,000 is deposited by Arngre in the Trust Account. At the end of the first thirty (30) days, only $30,000 of that amount has been spent, leaving a balance of $120,000. Assume that the Project Budget from day thirty one (31) through day one hundred twenty is $130,000, consisting of $50,000 for each of the first two thirty (30) day periods and $30,000 for the final thirty (30) day period. Under these assumptions Arngre would be required to contribute an additional $10,000 to the Trust Account at the end of the first thirty (30) day period.
Creation of Trust Account. (a) Grantor hereby establishes the Trust Account with Trustee for the sole use and benefit of Beneficiary, under the terms set forth herein. Trustee shall administer the Trust Account in its name as Trustee for the sole use and benefit of Beneficiary. The Trust Account shall be subject to withdrawal by Beneficiary solely as provided herein. Trustee hereby accepts the Trust Account upon the terms set forth in this New York Trust Agreement.
(b) Prior to depositing the Assets in the Trust Account, and from time to time thereafter as required, Grantor shall execute or cause the execution of assignments, endorsement in blank, or transfer legal title to Trustee of all shares, obligations or other Assets requiring assignments, so that Beneficiary, or Trustee upon direction by Beneficiary, may whenever necessary negotiate any such Assets, without the consent or signature from Grantor or any other person or entity. Any Assets received by Trustee which are not in such proper negotiable form, as determined by Trustee, shall not be accepted by Trustee and shall be returned to Grantor as unacceptable. Trustee may hold Assets of the Trust Account in its own name or that of a nominee.
Creation of Trust Account. There is hereby created and established with the Trustee a special and irrevocable trust account to be designated the “Redemption Trust Account” (the “Redemption Account”). All moneys deposited pursuant to this Agreement shall be deposited, and all investments and proceeds thereof representing principal shall be held, in the Redemption Account and applied as provided in this Agreement.
Creation of Trust Account
