Irrevocable Trust Created Sample Clauses

Irrevocable Trust Created. The deposit of moneys or other property hereunder in the Escrow Deposit Trust Fund shall constitute an irrevocable deposit of said moneys and other property hereunder for the benefit of the holders of the Refunded Certificates, subject to the provisions of this Agreement. The holders of the Refunded Certificates shall, subject to the provisions of this Agreement, have an express lien on all moneys and other property in the Escrow Deposit Trust Fund. The moneys deposited in the Escrow Deposit Trust Fund and other property hereunder and the interest thereon shall be held in trust by the Escrow Agent, and shall be transferred in the necessary amounts as hereinafter set forth for the payment of the unpaid Basic Lease Payments represented by, and the Prepayment Price of the Refunded Certificates, as the same become due and payable on each Payment Date therefor, or by prepayments, as specifically set forth in Schedule C hereto.
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Irrevocable Trust Created. The deposit of moneys for the Escrow Requirement and Escrowed Securities in the Escrow Deposit Trust Fund shall constitute an irrevocable deposit of such moneys and Escrowed Securities for the benefit of the holders of the Refunded 2006 Bank Bonds, except as provided herein with respect to amendments permitted under Section 4.01 hereof. The holders of the Refunded 2006 Bank Bonds shall have an express lien on all moneys and principal of and earnings on the Escrowed Securities deposited in the Escrow Deposit Trust Fund until applied in accordance with this Agreement. The matured principal of the Escrowed Securities and the interest thereon shall be held in trust by the Escrow Agent, and shall be transferred in the necessary amounts as hereinafter set forth in Section 2.05 hereof to the 2006 Trustee for the Refunded 2006 Bank Bonds for the payment of interest and principal on the Refunded 2006 Bank Bonds as the same becomes due and payable and to the payment of the principal outstanding of the Callable 2006 Bank Bonds on the Callable 2006 Bank Bonds Redemption Date.
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Irrevocable Trust Created. The deposit of moneys and Government Obligations or other property hereunder in the Escrow Deposit Fund shall constitute an irrevocable deposit of said moneys and Government Obligations and other property hereunder for the benefit of the holders of the Refunded Series 2012A Certificates, subject to the provisions of this Agreement. The holders of the Refunded Series 2012A Certificates shall, subject to the provisions of this Agreement, have an express lien on all moneys and principal of an earnings on the and Government Obligations and other property in the Escrow Deposit Fund. The moneys deposited in the Escrow Deposit Fund and other property hereunder and the interest thereon shall be held in trust by the Escrow Agent, and shall be transferred in the necessary amounts as hereinafter set forth for the payment of the unpaid Basic Lease Payments represented by, and the Prepayment Price of the Refunded Series 2012A Certificates, as the same become due and payable on each Payment Date therefor, or by prepayment, as specifically set forth in Schedule C hereto.
Sample 1
Irrevocable Trust Created. The deposit of monies and Federal Securities or other property hereunder in the Escrow Fund shall constitute an irrevocable deposit of said monies and Federal Securities and other property hereunder for the benefit of the Prior Bondholders, subject to the provisions of this Agreement. The Prior Bondholders shall, subject to the provisions of this Agreement, have an express lien on all monies and principal of and earnings on the Federal Securities and other property in the Escrow Fund. The monies deposited in the Escrow Fund and the matured principal of the Federal Securities and other property hereunder and the interest thereon shall be held in trust by the Escrow Agent, and shall be transferred by the Escrow Agent in the necessary amounts as hereinafter set forth to or on behalf of the Finance Director of the Town, as paying agent for the Refunded Bonds (in such capacity, the “Paying Agent”), for the payment of the redemption price of and interest on the Refunded Bonds as the same become due and payable, as more specifically set forth in Exhibit C.
Sample 1
Irrevocable Trust Created. The deposit of funds and Government Obligations in the Escrow Fund shall constitute an irrevocable deposit of such funds and Government Obligations and any income therefrom for the benefit of the holders of the Restructured Debt Obligations, except as provided herein with respect to amendments permitted under Section 4.01. The holders of the Restructured Debt Obligations shall have an express lien on all funds and principal of and earnings on the Government Obligations deposited in the Escrow Fund until applied in accordance with this Escrow Agreement. Such funds and the Government Obligations and the interest thereon shall be held in trust by the Escrow Agent for the payment of the principal of, premium, if any, and interest on the Restructured Debt Obligations as the same become due and payable, whether at maturity or upon the redemption thereof.
Sample 1
Irrevocable Trust Created. The deposit of moneys and Defeasance Obligations or other property in the Escrow Deposit Trust Account shall constitute an irrevocable deposit of said moneys and Defeasance Obligations and other property for the sole benefit of the Holders of the Defeased Bonds, subject to the provisions of this Agreement. The Holders of the Defeased Bonds, subject to the provisions of this Agreement, shall have an express lien on all moneys and principal of (but not investment income or earnings received on) the Defeasance Obligations and other property in the Escrow Deposit Trust Account. The moneys deposited in the Escrow Deposit Trust Account and the matured principal of the Defeasance Obligations and other property shall be held in trust by the Escrow Agent, and shall be transferred in the necessary amounts to the paying agent for the Defeased Bonds for the payment when due of the interest on and the Redemption Price of the Defeased Bonds, as more specifically set forth in Schedule C hereto. For purposes of clarification, the Trust Estate and lien created hereby does not include or extend to any investment income or earnings received on the Defeasance Obligations. Upon the receipt of any investment income or earnings on the Defeasance Obligations held to the credit of the Escrow Deposit Trust Account, such investment income or earnings shall be immediately released from this Agreement and transferred to the Issuer free and clear of the lien and pledge of this Agreement.
Sample 1
Irrevocable Trust Created. The deposit of moneys and Escrowed Securities in the Escrow Fund shall constitute an irrevocable deposit of such moneys and Escrowed Securities for the benefit of the holders of the Defeased Bonds, except as provided herein with respect to amendments permitted under Section 4.1 hereof. The holders of the Defeased Bonds shall have an express lien on all moneys and principal of and earnings on the Escrowed Securities deposited in the Escrow Fund until applied in accordance with this Escrow Agreement. The matured principal of the Escrowed Securities and the interest thereon shall be held in trust by the Escrow Agent for the payment of the principal of and interest on the Defeased Bonds as the same become due and payable under the Loan Agreement.
Sample 1
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Related to Irrevocable Trust Created

  • The Trust Agreement The Trust Agreement has been duly authorized, executed and delivered by the Company and constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.

  • Collateral Trust Agreement This Article 12 and the provisions of each other Security Document are subject to the terms, conditions and benefits set forth in the Collateral Trust Agreement. The Company consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with the terms therewith.

  • The Trust World Omni acknowledges and agrees that (a) WOAR will, pursuant to the Sale and Servicing Agreement, sell the Receivables to the Trust and assign its rights under this Agreement to the Trust and (b) the Trust will, pursuant to the Indenture, grant the Receivables and its rights under this Agreement and the Sale and Servicing Agreement to the Indenture Trustee on behalf of the Noteholders. World Omni hereby consents to all such sales and assignments and agrees that the Trust or, if pursuant to the Indenture, the Indenture Trustee, may exercise the rights of WOAR and enforce the obligations of World Omni hereunder directly and without the consent of WOAR.

  • Authorized Trust Securities The Trust shall be authorized to issue one series of Preferred Securities having an aggregate Liquidation Amount of $10,000,000 and one series of Common Securities having an aggregate Liquidation Amount of $310,000.

  • Optional Purchase of All Trust Student Loans The Administrator shall notify the Servicer, the Depositor, the Issuer and the Indenture Trustee in writing, within 15 days after the last day of any Collection Period as of which the then outstanding Pool Balance is 12% or less of the Initial Pool Balance. The Indenture Trustee shall promptly forward a copy of such notice to each Noteholder of record. As of the last day of any Collection Period immediately preceding a Distribution Date as of which the then outstanding Pool Balance is 10% or less of the Initial Pool Balance, the Eligible Lender Trustee on behalf and at the direction of the Servicer, or any other “eligible lender” (within the meaning of the Higher Education Act) designated by the Servicer in writing to the Eligible Lender Trustee and the Indenture Trustee, shall have the option to purchase the Trust Estate, other than the Trust Accounts. To exercise such option, the Servicer shall deposit, pursuant to Section 2.6 above in the Collection Account an amount equal to the aggregate Purchase Amount for the Trust Student Loans plus an amount equal to all net forfeited Interest Subsidy Payments and Special Allowance Payments with respect to the Trust Student Loans (to the extent not included in the calculation of the Purchase Amount) and the related rights with respect thereto, plus the appraised value of any such other property held by the Trust other than the Trust Accounts, such value to be determined by an appraiser mutually agreed upon by the Servicer, the Eligible Lender Trustee and the Indenture Trustee, and shall succeed to all interests in and to the Trust; provided, however, that the Servicer may not effect such purchase if such aggregate Purchase Amounts do not equal or exceed the Minimum Purchase Amount plus any Carryover Servicing Fees. In the event the Servicer fails to notify the Eligible Lender Trustee and the Indenture Trustee in writing prior to the acceptance by the Indenture Trustee of a bid to purchase the Trust Estate pursuant to Section 4.4 of the Indenture that the Servicer intends to exercise its option to purchase the Trust Estate, the Servicer shall be deemed to have waived its option to purchase the Trust Estate as long as the Servicer has received five Business Days’ notice from the Indenture Trustee as provided in Section 4.4 of the Indenture.

  • Trust Irrevocable Except as expressly provided herein, the trust created hereby is irrevocable.

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