FAILURE OF TRUSTS Sample Clauses

FAILURE OF TRUSTS. If any trust intended to arise pursuant to any provision of this Deed fails or for any reason (including the laws of any jurisdiction in which any assets, moneys, payments or distributions may be situated) cannot be given effect to, the Subordinated Party will pay to the Security Agent for application against the Secured Liabilities an amount equal to the amount (or the value of the relevant assets) intended to be so held on trust for the Security Agent.
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FAILURE OF TRUSTS. (a) If any trust intended to arise pursuant to paragraph 6.1 (Turnover) fails or for any reason (including the laws of any jurisdiction in which any assets, moneys, payments or distributions may be situated) cannot be given effect to, the relevant Party will pay to the Security Agent for application in accordance with paragraph 19.1 (Order of application) of Schedule 10 (Security agency provisions) an amount equal to the amount (or the value of the relevant assets) intended to be so held on trust for the Security Agent.
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FAILURE OF TRUSTS. If any trust intended to arise pursuant to Clause 8 (Turnover) or Clause 10.3 (Distribution) fails or for any reason (including the laws of any jurisdiction in which any assets, moneys, payments or distributions may be situated) cannot be given effect to, the relevant Party will pay to the Security Agent for application in accordance with Clause 13.1 (Application order (Senior Security)) an amount equal to the amount (or the value of the relevant assets) intended to be so held in trust for the Security Agent.
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FAILURE OF TRUSTS. VESTING In the event of the failure of the Trust Fund in whole or in part and whether capital or income the Trustee shall hold the same and the future income thereof or so much of the same as shall not have been absolutely vested or been applied under the trusts and powers contained in this Deed or under any statutory power upon trust to be applied for the objects as set out in clause 3 or transferred to another trust with similar objects. EXECUTED as a Deed SIGNED AND SEALED by XXXXXXXX XXXXXX XXXXXX in the presence of: Witness THE COMMON SEAL of AMBULANCE SERVICE WELFARE FUND NOMINEES PTY LTD was affixed in the presence of: Director Director/Secretary Print Name Print Name AMBULANCE SERVICE WELFARE FUND TRUST ELIGIBLE BENEFICIARY APPLICATION FORM I, [INSERT NAME OF MEMBER], hereby apply to be included as an eligible beneficiary of the Ambulance Service Welfare Fund Trust ("the Trust"). I have read the Deed Establishing the Trust dated 2001 entered between Xxxxxxxx Xxxxxx Xxxxxx and Ambulance Service Welfare Fund Nominees Pty Ltd ACN 098 734 591 ("the Trust Deed") and I agree to be bound by its terms. In particular, I agree to make contributions to the Trust as required by clause 9.1 of the Trust Deed. I authorise the deduction of such amount from my salary or wages and consent to the Trust providing a copy of this authority to my employer. ………………………………… Signature Dated this ……………………………….. day of 2001 SCHEDULE OF SICKNESS/ACCIDENT BENEFITS The schedule of Sickness/Accident Benefits referred to in clause 4.2.3 shall be, until further notice: Once a Member is not receiving Sickness Benefits from the Service or the Welfare Fund, after production of a doctor's certificate and a sickness/accident claim form being completed, the Fund shall pay to the Member an amount up to 75% of their base salary plus 5/6th of their rolled in rate. Dated this ……………………………….. day of 2001 Director Director/Secretary Ambulance Service Welfare Fund Ambulance Service Welfare Fund Nominees Pty Ltd as trustee of Nominees Pty Ltd as trustee of the Ambulance Service Welfare the Ambulance Service Welfare Fund Trust Fund Trust
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FAILURE OF TRUSTS. Subject, in the case of each High Yield Trustee, to Clause 20 (High Yield Trustee), if for any reason any trust which is to arise (pending payment of any amount to the Security Trustee for the benefit of the Secured Creditors) pursuant to Clause 5.1 (Turnover), Clause 6.2 (Permitted Enforcement) or Clause 6.11 (Preservation of Liabilities) of this Deed fails or for any reason cannot be given effect to (including without limitation, by reason of the Laws of any jurisdiction in which any Security Property may be situate), the relevant Creditor will pay to the Security Trustee and the Security Trustee shall hold for and to the order of the Secured Creditors for application in accordance with Clause 6.4 (Application of Proceeds), an amount equal to the amount (or as the case may be transfer value of the relevant property) intended to be so held on trust.
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FAILURE OF TRUSTS. Subject, in the case of a Trustee, to Clause 28 (Trustees), if any trust intended to arise pursuant to Clause 13.1 (Turnover) or Clause 14.4 (Distributions) fails or for any reason (including the laws of any jurisdiction in which any assets, moneys, payments or distributions may be situated) cannot be given effect to, the relevant Party will pay to the Security Agent for application in accordance with the applicable provisions of Clause 20 (Application of Recoveries) an amount equal to the amount (or the value of the relevant assets) intended to be so held on trust for the Security Agent.
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FAILURE OF TRUSTS. Subject, in the case of each High Yield Trustee, to Clause 20 (High Yield Trustee), if for any reason any trust which is to arise (pending payment of any amount to the Bank Group Security Trustee for the benefit of the Secured Creditors) (or, after the Bank Group Discharge Date, the Target Group Security Trustee) pursuant to Clause 5.1 (Turnover), Clause 6.2 (Permitted Enforcement) or Clause 6.11 (Preservation of Liabilities) of this Deed fails or for any reason cannot be given effect to (including without limitation, by reason of the Laws of any jurisdiction in which any Security Property may be situate), the relevant Creditor will pay to the Bank Group Security Trustee (or, after the Bank Group Discharge Date, the Target Group Security Trustee) and such Security Trustee shall hold for and to the order of the Secured Creditors for application in accordance with Clause 6.4 (Application of Proceeds), an amount equal to the amount (or as the case may be transfer value of the relevant property) intended to be so held on trust.
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FAILURE OF TRUSTS. If for any reason any trust which is to arise (pending payment or any assets or monies in accordance with Clause 8 (Proceeds of Enforcement of Security)) pursuant to Clause 5.1 fails or for any reason cannot be given effect to (including without limitation, by reason of the laws of any jurisdiction in which any assets or monies may be situated), the relevant Security Trustee will (subject to Clause 5.3) pay to the relevant party in accordance with Clause 8 (Proceeds of Enforcement of Security) an amount equal to the amount (or the value of the relevant asset) intended to be so held on trust for such relevant party.
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FAILURE OF TRUSTS. (i) If any trust intended to arise pursuant to paragraph 6 (Turnover of Receipts), paragraph 7.1 (Recovering Creditor’s Rights), paragraph 7.2 (Reversal of redistribution) or paragraph 9.3 (Distributions to Subordinated Lender) fails or for any reason (including the laws of any jurisdiction in which any assets, moneys, payments or distributions may be situated) cannot be given effect to, the relevant Party will pay to the Issuer Security Trustee or the Transaction Agent (as applicable) for application towards the Senior Issuer Debt in accordance with the Issuer Transaction Documents an amount equal to the amount (or the value of the relevant assets) intended to be so held on trust for the Issuer Security Trustee or the Transaction Agent (as applicable).
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Related to FAILURE OF TRUSTS

  • Nature of Trust The Trust shall be a trust with transferable shares under the laws of The State of Delaware, of the type defined in Title 12, Chapter 38, Section 3801 of the Delaware Code as a business trust. The Trust is not intended to be, shall not be deemed to be, and shall not be treated as, a general partnership, limited partnership, joint venture, corporation or joint stock company. The Shareholders shall be beneficiaries and their relationship to the Trustees shall be solely in that capacity in accordance with the rights conferred upon them hereunder.

  • Acceptance of Trusts The Owner Trustee accepts the trusts created by this Agreement and agrees to exercise its rights and powers and perform its obligations under this Agreement.

  • Role of Trustee The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture.

  • No Notice of Trusts Neither the Corporation nor the Trustee nor any registrar shall be bound to take notice of or see to the execution of any trust (other than that created by this Indenture) whether express, implied or constructive, in respect of any Debenture, and may transfer the same on the direction of the person registered as the holder thereof, whether named as trustee or otherwise, as though that person were the beneficial owner thereof.

  • Duties of Trustee (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

  • Duties of Trustees (a) The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. In case an Event of Default has occurred (which has not been cured or waived) the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

  • Termination of Trust Section 9.01

  • Responsibility of Trustee The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 14.01(b).

  • Acceptance of Trusts and Duties The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct or negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

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