Manner of Holding Trust Property Sample Clauses

Manner of Holding Trust Property. To keep property and securities of the Trust registered in the name of the Trustees or in the name of a nominee or nominees, or in unregistered or bearer form without disclosure of any fiduciary relationship, except that the Trustees shall not maintain the indicia of ownership of any asset of the Trust outside the jurisdiction of the district courts of the United Stated unless approved by ruling or regulation under ERISA by the Secretary of Labor.
Sample 1Sample 2Sample 3See All (7)
AutoNDA by SimpleDocs
Manner of Holding Trust Property. Each item of Trust Property that constitutes a security entitlement shall be held by the Trustee through a securities intermediary, and The Bank of New York, as initial securities intermediary shall agree that (i) such investment property at all times shall be credited to a securities account of the Trustee, (ii) all property credited to such securities account shall be treated as a financial asset, (iii) it shall treat the Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (iv) it shall comply with entitlement orders originated by the Trustee without the further consent of any other Person, (v) it shall not agree with any Person other than the Trustee to comply with entitlement orders originated by any Person other than the Trustee, (vi) such securities account and all property credited thereto shall not be subject to any lien, security interest, right of set-off, or encumbrance in favor of it or any Person claiming through it (other than the Trustee), (vii) such agreement between it and the Trustee shall be governed by the laws of the State of New York, and (viii) the State of New York shall be the jurisdiction for purposes of the UCC. The Trustee shall maintain possession in the State of New York of each item of Trust Property that constitutes money, an instrument, tangible chattel paper, or a certificated security, separate and apart from all other property held by the Trustee. The issuer of any Trust Property that constitutes an uncertificated security shall register the Trustee as the registered owner of such uncertificated security. Any Trust Property that constitutes a deposit account shall be established and maintained in the name of the Trustee by a bank, the Relevant UCC State of which is the State of New York. Notwithstanding any other provision of this Agreement, the Trustee shall not hold any Trust Property through an agent except as expressly permitted by this Section 4.02. Each term used in this Section 4.07 and defined in the New York UCC shall have the meaning set forth in the New York UCC. [THE REMAINDER OF ARTICLE IV IS RESERVED AND MAY BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]
Sample 1

Related to Manner of Holding Trust Property

  • Acquisition of Trust Property (a) The Trustee is hereby irrevocably authorized and directed to execute and deliver the Assignment and Assumption Agreement on the date specified in Section 7.01 of the Related Pass Through Trust Supplement, subject only to the satisfaction of the conditions set forth in said Section 7.01. The Agreement (except only for this sentence and the immediately preceding sentence hereof, which are effective upon execution and delivery hereof) shall become effective upon the execution and delivery of the Assignment and Assumption Agreement by the Trustee and the Related Trustee, automatically and without any further signature or action on the part of the Company and the Trustee, and shall thereupon constitute the legal, valid and binding obligation of the parties hereto enforceable against each of the parties hereto in accordance with its terms. Upon such execution and delivery of the Assignment and Assumption Agreement, the Related Trust shall be terminated, the Applicable Certificateholders shall receive beneficial interests in the Applicable Trust in exchange for their interests in the Related Trust equal to their respective beneficial interests in the Related Trust and the “Outstanding” (as defined in the Related Pass Through Trust Agreement) pass through certificates representing fractional undivided interests in the Related Trust shall be deemed for all purposes of the Agreement, without further signature or action of any party or Certificateholder, to be Certificates representing the same Fractional Undivided Interests in the Applicable Trust and Trust Property. By acceptance of its Applicable Certificate, each Applicable Certificateholder consents to and ratifies such assignment, transfer and delivery of the trust property of the Related Trust to the Trustee upon the execution and delivery of the Assignment and Assumption Agreement. The provisions of this Section 5.01(a) supersede and replace the provisions of Section 2.02 of the Basic Agreement with respect to the Applicable Trust, and all provisions of the Basic Agreement relating to Postponed Notes or Section 2.02 of the Basic Agreement shall not apply to the Applicable Trust.

  • Release of Trust Estate (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

  • Ownership of Trust Property Legal title to all of the Trust Property shall at all times be considered to be vested in the Trust, except that the Board of Trustees shall have the power to cause legal title to any Trust Property to be held by or in the name of any Person as nominee, on such terms as the Board of Trustees may determine, in accordance with applicable law.

  • Removal of Trustee The Trustee may be removed at any time, by an instrument or concurrent instruments in writing delivered (a) to the Trustee and to the Issuer and the Company, and signed by the owners of a majority in aggregate principal amount of Bonds then Outstanding, or (b) to the Trustee and the owners of all Bonds then Outstanding, and signed by the Issuer and the Company.

  • Investment of Trust Assets The Trustee shall engage the Investment Manager to invest and reinvest the principal and income of the Trust Assets in those investments that are reasonably calculated to preserve the principal value, taking into account the need for the safety and liquidity of principal as may be required to fund Eligible Mitigation Actions and Trust Administration Costs.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!