Common use of Funds Held in Trust Clause in Contracts

Funds Held in Trust. UHN hereby agrees that all funds paid to it by MBI in respect of MBI Grant shall be deemed to be held in trust by UHN for the benefit of MBI until applied by UHN to the Principal Investigators’ costs and expenses in accordance with this Article 2. All funds deemed to be held in trust hereunder shall be deemed to be held separate from and form no part of UHN’s money, assets or revenues, whether or not the amounts so paid have in fact been kept separate and apart from UHN’s money, assets or revenues.