Common use of Establishment of Collateral Account Clause in Contracts

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Agreement, establish, or cause to be established, with State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCC), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National Association, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FE) dated as of June 15, 1998, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Indenture. (d) The Collateral Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with with, State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCMassachusetts Uniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National AssociationState Street Bank and Trust Company, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FE) [NW 1997 I] dated as of June 15September 25, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Trust Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments Cash Equivalents to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments Cash Equivalents as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with with, State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCMassachusetts Uniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National AssociationState Street Bank and Trust Company, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FE) [NW 1997 L] dated as of June 15September 25, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Trust Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments Cash Equivalents to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments Cash Equivalents as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with with, State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCMassachusetts Uniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National AssociationState Street Bank and Trust Company, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FE) [NW 1997 G] dated as of June 15September 25, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Trust Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments Cash Equivalents to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments Cash Equivalents as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCUniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National Association, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FEN671FE) dated as of June 15May 1, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCUniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National Association, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FEN673FE) dated as of June 15May 1, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Agreement, establish, or cause to be established, with State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCC), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National Association, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FEN620FE) dated as of June 15, 1998, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Indenture. (d) The Collateral Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with with, State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCMassachusetts Uniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National AssociationState Street Bank and Trust Company, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FE) [NW 1997 J] dated as of June 15September 25, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Trust Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments Cash Equivalents to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments Cash Equivalents as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCUniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National Association, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FEN670FE) dated as of June 15May 1, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Account Control Agreement, establish, or cause to be established, with with, State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCCMassachusetts Uniform Commercial Code), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National AssociationState Street Bank and Trust Company, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FE) [NW 1997 H] dated as of June 15September 25, 19981997, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Trust Indenture. (d) The Collateral Account Control Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments Cash Equivalents to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments Cash Equivalents as pledged to the Indenture Trustee.

Establishment of Collateral Account. (a) The Indenture Trustee shall, pursuant to the Collateral Agreement, establish, or cause to be established, with State Street Bank and Trust Company, who shall represent and warrant that it is a financial intermediary (as defined in Section 8-313(4) of the Connecticut UCC), in its name as secured party hereunder an Eligible Deposit Account entitled "First Security Bank, National Association, as secured party under the Trust Indenture and Security Agreement (Federal Express Corporation Trust No. N623FEN585FE) dated as of June 15, 1998, with the Owner Trustee referred to therein". (b) If at any time the Collateral Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within two (2) Business Days, establish a new Collateral Account meeting the conditions specified in the definition of Eligible Deposit Account, and shall transfer any cash or any investments in the Collateral Account to such new Collateral Account. (c) The Indenture Trustee shall have exclusive dominion and control of the Collateral Account and all funds therein, and shall make withdrawals from the Collateral Account only in accordance with this Indenture. (d) The Collateral Agreement shall require State Street Bank and Trust Company to send confirmation to the Indenture Trustee, the Owner Trustee and the Lessee that it has credited the Specified Investments to the Collateral Account and to make appropriate entries on its books identifying the Specified Investments as pledged to the Indenture Trustee.