Notice of Trust Fund Minimum Amount Sample Clauses

Notice of Trust Fund Minimum Amount. The Agent shall advise the Trustee as to the aggregate Trust Fund Minimum Amount for each year of account of the Syndicate and the portion thereof allocable to each Trust Fund on the last day of the quarter following the Effective Date for the Trust and on the last day of each quarter thereafter, within 30 days after the end of each calendar quarter, and may advise the Trustee thereof at such other times as the Agent may elect, provided, however, that if the Kentucky Liabilities with respect to the Kentucky Policies as defined in Subparagraph 1.2(a) have been reinsured pursuant to any contract of Reinsurance to Close (as defined herein) with the Underwriter and/or one or more of the Other Underwriters as members of the same or another syndicate for a later year of account and which satisfies the conditions of Paragraph 1.24(b), the Agent shall so advise the Trustee and thereafter no such report of the portion of the aggregate Trust Fund Minimum Amount allocable to the Trust Fund shall be made by the Agent. The Trustee shall be under no duty to determine, and shall have no liability for omitting to determine, the Trust Fund Minimum Amount for any Trust or whether the Kentucky Liabilities have been so reinsured pursuant to Reinsurance to Close as described above before taking or omitting to take any action hereunder, but shall be fully protected in relying upon the most recent statement from the Agent as to the Trust Fund Minimum Amount and as to the existence of such Reinsurance to Close as described above. The Agent reserves the right at its sole option to substitute cash in U.S. currency or specifically designated Readily Marketable Securities and/or Letters of Credit for any cash or assets then forming part of the Trust Fund; provided, however, that the amount of cash and/or other assets and the market value at the time of substitution of the investments so substituted shall not decrease the value of the Trust Fund below the Trust Fund Minimum Amount. The value of any substituted assets shall be as determined by the Trustee at the time of substitution in accordance with general business practices as determined in the discretion of the Trustee.
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Notice of Trust Fund Minimum Amount. (a) Subject to clause 6.1(b), Xxxxx'x must determine, as at 31 December next following the Effective Date and as at 31 December in each year thereafter, the Minimum Amount and Xxxxx'x must advise the Trustee of the amount so determined within 52 days after the date as at which the determination is made.

Related to Notice of Trust Fund Minimum Amount

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