Monies Held in Trust and Investments Sample Clauses

Monies Held in Trust and Investments. All monies required to be deposited with or paid into the Developer Project Cost Subaccount under the provisions hereof and the provisions of the Development Program shall be held by the Town for the benefit of the Developer. The Town shall have discretion regarding the investment of such monies, provided such monies are invested in qualified investments as determined by the Town. All interest and earnings on amounts in the Developer’s Project Cost Subaccount shall be the sole property of the Town and shall be transferred to the Town Project Cost Subaccount of the Development Program Fund of the Town free and clear of any interest of the Developer under this Agreement. All funds in the Town’s Project Cost Subaccount shall be the sole and exclusive property of the Town and shall not be subject in any way to the terms or provisions of this Agreement. The Town shall use all funds in the Town’s Project Cost Subaccount for the purposes authorized by the Development Program, as amended and duly approved by the Town, or any other purpose permitted by the Act as authorized by the Town and the Department.
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Related to Monies Held in Trust and Investments

  • Trust Accounts (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and, to the extent set forth herein, the Certificateholder, the Collection Account as provided in Section 5.01 of the Sale and Servicing Agreement.

  • Application of Trust Money The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities.

  • Application of Trust Funds (a) On each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by their Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing Agreement with respect to such Payment Date.

  • Paying Agent to Hold Money in Trust The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes.

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