Initial Contribution of Trust Property; Organizational Expenses. The Resident Trustee and Administrative Trustees acknowledge receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of One Hundred Dollars ($100) (the “Initial Contribution”), which constituted the initial Trust Property; and the Property Trustee acknowledges receipt of all Trust Property pursuant to this Agreement. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.
Appears in 2 contracts
Samples: Trust Agreement (San Rafael Bancorp), Trust Agreement (Alabama National Bancorporation)
Initial Contribution of Trust Property; Organizational Expenses. The Resident Property Trustee and Administrative Trustees acknowledge acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of One Hundred Dollars ($100) (the “Initial Contribution”)10, which constituted the initial Trust Property; . Pursuant to the covenant "Payment of Trust Costs and Expenses" contained in the Property Trustee acknowledges receipt Indenture, the Depositor, in its capacity as the issuer of all Trust Property pursuant to this Agreement. The Depositor the Subordinated Notes, shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.
Appears in 2 contracts
Samples: Trust Agreement (Ingersoll Rand Co), Trust Agreement (Ingersoll Rand Co)
Initial Contribution of Trust Property; Organizational Expenses. The Resident Trustee and Administrative Trustees acknowledge receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of One Hundred Dollars ($100) (the “"Initial Contribution”"), which constituted the initial Trust Property; and the Property Trustee acknowledges receipt of all Trust Property pursuant to this Agreement. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.
Appears in 2 contracts
Samples: Trust Agreement (Enterprise Financial Services Corp), Trust Agreement (United Bancorporation of Alabama Inc)