Common use of Permitted conditions Clause in Contracts

Permitted conditions. (a) The trust agreement may provide that the trustee may resign upon delivery of a written notice of resignation, effective not less than 90 days after receipt by the beneficiary and grantor of the notice and that the trustee may be removed by the grantor by delivery to the trustee and the beneficiary of a written notice of removal, effective not less than 90 days after receipt by the trustee and the beneficiary of the notice. No resignation or removal is effective until a successor trustee has been appointed and approved by the beneficiary and the grantor and all assets in the trust have been duly transferred to the new trustee. (b) The grantor may have the full and unqualified right to vote any shares or stock in the trust account and to receive from time to time payment of any dividends or interest upon any shares of stock or obligations included in the trust account. Interest or dividends must be either forwarded promptly upon receipt to the grantor or deposited in a separate account established in the grantor's name. (c) The trustee may be given authority to invest, and accept substitutions of, any funds in the account. No investment or substitution must be made without prior approval of the beneficiary, unless the trust specifies categories of investments acceptable to the beneficiary and authorizes the trustee to invest funds and to accept substitutions which the trustee determines are at least equal in market value to the assets withdrawn and that are consistent with the restrictions in subdivision 5, paragraph (a), clause (2). (d) The trust agreement may provide that the beneficiary may at any time designate a party to which all or part of the trust assets are to be transferred. The transfer may be conditioned upon the trustee receiving, prior to or simultaneously, other specified assets. (e) The trust agreement may provide that, upon termination of the trust account, all assets not previously withdrawn by the beneficiary shall, with written approval by the beneficiary, be delivered to the grantor.

Permitted conditions. (a) The trust agreement may provide that the trustee may resign upon delivery of a written notice of resignation, effective not less than 90 ninety days after receipt by the beneficiary and grantor of receive the notice and that the trustee may be removed by the grantor by delivery to the trustee and the beneficiary of a written notice of removal, effective not less than 90 ninety days after receipt by the trustee and the beneficiary of re- ceive the notice. No , provided that no such resignation or removal is shall be effective until a successor trustee has been duly appointed and approved ap- proved by the beneficiary and the grantor and all assets in the trust have been duly transferred to the new trustee. (b) The grantor may have the full and unqualified right to vote any shares or of stock in the trust account and to receive from time to time payment payments of any dividends or interest upon any shares of stock or obligations included in the trust account. Interest Any interest or dividends must be either forwarded promptly upon receipt to the grantor or deposited de- posited in a separate account established in the grantor's name. (c) The trustee may be given authority to invest, and accept substitutions sub- stitutions of, any funds in the account. No , provided that no investment or substitution must shall be made without prior approval of the beneficiarybeneficia- ry, unless the trust agreement specifies categories of investments acceptable ac- ceptable to the beneficiary and authorizes the trustee to invest funds and to accept substitutions which that the trustee determines are at least equal in current fair market value to the assets withdrawn and that are consistent with the restrictions in subdivision 5, paragraph subsection (a), clause (2)4)(a)(ii) of this section. (d) The trust agreement may provide that the beneficiary may at any time designate a party to which all or part of the trust assets are to be transferred. The transfer Transfer may be conditioned upon the trustee receiving, prior to or simultaneously, other specified assets. (e) The trust agreement may provide that, upon termination of the trust account, all assets not previously withdrawn by the beneficiary shallmust, with written approval by the beneficiary, be delivered over to the grantor.

Permitted conditions. (a) The trust agreement may provide that the trustee may resign upon delivery of a written notice of resignation, effective not less than 90 ninety days after receipt by the beneficiary and grantor of receive the notice and that the trustee may be removed by the grantor by delivery to the trustee and the beneficiary of a written notice of removal, effective not less than 90 ninety days after receipt by the trustee and the beneficiary of receive the notice. No , provided that no such resignation or removal is shall be effective until a successor trustee has been duly appointed and approved by the beneficiary and the grantor and all assets in the trust have been duly transferred to the new trustee. (b) The grantor may have the full and unqualified right to vote any shares or of stock in the trust account and to receive from time to time payment payments of any dividends or interest upon any shares of stock or obligations included in the trust account. Interest Any interest or dividends must be either forwarded promptly upon receipt to the grantor or deposited in a separate account established in the grantor's name. (c) The trustee may be given authority to invest, and accept substitutions of, any funds in the account. No , provided that no investment or substitution must shall be made without prior approval of the beneficiary, unless the trust agreement specifies categories of investments acceptable to the beneficiary and authorizes the trustee to invest funds and to accept substitutions which that the trustee determines are at least equal in current fair market value to the assets withdrawn and that are consistent with the restrictions in subdivision 5, paragraph subsection (a), clause (2)4)(a)(ii) of this section. (d) The trust agreement may provide that the beneficiary may at any time designate a party to which all or part of the trust assets are to be transferred. The transfer Transfer may be conditioned upon the trustee receiving, prior to or simultaneously, other specified assets. (e) The trust agreement may provide that, upon termination of the trust account, all assets not previously withdrawn by the beneficiary shallmust, with written approval by the beneficiary, be delivered over to the grantor.