PROVISION RELATING TO THE TRUST ACCOUNT. Section 1.01. The Grantor hereby establishes a trust account (the “Trust Account”) with the Trustee at the Trustee’s office at 1500 X. Xxxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000, upon the terms and conditions hereinafter set forth. The Trust Account established hereunder is for the exclusive use and benefit of the Beneficiary and the assets deposited therein shall be subject to withdrawal by the Beneficiary solely as provided herein. The Trust Account includes the base trust account and one or more sub accounts as part of the base trust account, as deemed necessary for operational purposes of the Grantor. As used herein, the term “Beneficiary” shall include any successor of the Beneficiary by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator. (a) The Trustee and its lawfully appointed successors is and are authorized and shall have power to receive such funds and other property as the Grantor, or the Beneficiary from time to time may transfer or remit to or vest in the Trustee or place in the Trustee’s hands or under the EXECUTION VERSION Trustee’s control, or as otherwise deposited in the Trust Account and to hold, invest, reinvest, manage and dispose of the same for the uses and purposes and in the manner and according to the provisions hereinafter set forth. All such trusteed assets at all times shall be maintained by the Trustee as a trust account, separate and distinct from all other assets. (b) The assets in the trust account (the “Trust Assets”) must be held as specified in (c) below or at the Trustee’s office in the United States. The assets must be segregated from other assets of the Trustee and the assets of the Trustee’s other clients. (c) The Trustee shall have the right to hold property on an uncertificated basis with the issuer or in book-entry form. Section 1.03. Assets deposited in the Trust Account and investments and reinvestments thereof shall consist of currency of the United States of America, certificates of deposit issued by a United States bank and payable in currency of the United States of America and investments of the type permitted under applicable Ohio laws and regulations in order for the Beneficiary to obtain credit for the reinsurance ceded; provided, that each such investment that is a security is issued by an institution that is not the parent, subsidiary or affiliate of either the Grantor or the Beneficiary (“Authorized Investments”). Any deposit or investment direction by the Grantor (as provided for in Section 1.08 below) or substitution (as provided in Section 1.08 below) shall constitute certification by the Grantor to the Trustee that the assets so deposited or to be purchased pursuant to such investment direction or so substituted are Authorized Investments. The Trustee shall not be responsible for determining whether any assets in the Trust Account are or continue to be Authorized Investments or whether the assets in the Trust Account are sufficient to secure the Grantor’s obligations. Assets may be deposited into the Trust Account by one or more affiliates of the Grantor and the assets may then be held by the Trustee in the Trust Account either in the name of the Grantor or its affiliate provided that, in any event the Grantor or its affiliate shall specifically comply with Section 1.04 below and such assets shall be subject to all of the other terms and conditions of this Reinsurance Credit Trust Agreement. In addition, the Beneficiary may deposit cash in the Trust Account if it makes withdrawals against one or more letters of credit issued by the Grantor for the benefit of the Beneficiary. Such assets shall be subject to all of the terms and conditions of this Reinsurance Credit Trust Agreement.
Appears in 1 contract
Samples: Reinsurance Agreement
PROVISION RELATING TO THE TRUST ACCOUNT. Section 1.01. The Grantor hereby establishes a trust account (the “Trust Account”) with the Trustee at the Trustee’s office at 1500 0000 X. Xxxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000, upon the terms and conditions hereinafter set forth. The Trust Account established hereunder is for the exclusive use and benefit of the Beneficiary and the assets deposited therein shall be subject to withdrawal by the Beneficiary solely as provided herein. The Trust Account includes the base trust account and one or more sub accounts as part of the base trust account, as deemed necessary for operational purposes of the Grantor. As used herein, the term “Beneficiary” shall include any successor of the Beneficiary by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator.
(a) The Trustee and its lawfully appointed successors is and are authorized and shall have power to receive such funds and other property as the Grantor, or the Beneficiary from time to time may transfer or remit to or vest in the Trustee or place in the Trustee’s hands or under the EXECUTION VERSION Trustee’s control, or as otherwise deposited in the Trust Account and to hold, invest, reinvest, manage and dispose of the same for the uses and purposes and in the manner and according to the provisions hereinafter set forth. All such trusteed assets at all times shall be maintained by the Trustee as a trust account, separate and distinct from all other assets.
(b) The assets in the trust account (the “Trust Assets”) must be held as specified in (c) below or at the Trustee’s office in the United States. The assets must be segregated from other assets of the Trustee and the assets of the Trustee’s other clients.
(c) The Trustee shall have the right to hold property on an uncertificated basis with the issuer or in book-entry form.
Section 1.03. Assets deposited in the Trust Account and investments and reinvestments thereof shall consist of currency of the United States of America, certificates of deposit issued by a United States bank and payable in currency of the United States of America and investments of the type permitted under applicable Ohio laws and regulations in order for the Beneficiary to obtain credit for the reinsurance ceded; provided, that each such investment that is a security is issued by an institution that is not the parent, subsidiary or affiliate of either the Grantor or the Beneficiary (“Authorized Investments”). Any deposit or investment direction by the Grantor (as provided for in Section 1.08 below) or substitution (as provided in Section 1.08 below) shall constitute certification by the Grantor to the Trustee that the assets so deposited or to be purchased pursuant to such investment direction or so substituted are Authorized Investments. The Trustee shall not be responsible for determining whether any assets in the Trust Account are or continue to be Authorized Investments or whether the assets in the Trust Account are sufficient to secure the Grantor’s obligations. Assets may be deposited into the Trust Account by one or more affiliates of the Grantor and the assets may then be held by the Trustee in the Trust Account either in the name of the Grantor or its affiliate provided that, in any event the Grantor or its affiliate shall specifically comply with Section 1.04 below and such assets shall be subject to all of the other terms and conditions of this Reinsurance Credit Trust Agreement. In addition, the Beneficiary may deposit cash in the Trust Account if it makes withdrawals against one or more letters of credit issued by the Grantor for the benefit of the Beneficiary. Such assets shall be subject to all of the terms and conditions of this Reinsurance Credit Trust Agreement.
Appears in 1 contract
Samples: Reinsurance Credit Trust Agreement (Ohio National Variable Account A)
PROVISION RELATING TO THE TRUST ACCOUNT. Section 1.01. The Grantor hereby establishes a trust account (the “Trust Account”) with the Trustee at the Trustee’s office at 1500 X. Xxxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000, upon the terms and conditions hereinafter set forth. The Trust Account established hereunder is for the exclusive use and benefit of the Beneficiary and the assets deposited therein shall be subject to withdrawal by the Beneficiary solely as provided herein. The Trust Account includes the base trust account and one or more sub accounts as part of the base trust account, as deemed necessary for operational purposes of the Grantor. As used herein, the term “Beneficiary” shall include any successor of the Beneficiary by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator.
(a) The Trustee and its lawfully appointed successors is and are authorized and shall have power to receive such funds and other property as the Grantor, or the Beneficiary from time to time may transfer or remit to or vest in the Trustee or place in the Trustee’s hands or under the EXECUTION VERSION Trustee’s control, or as otherwise deposited in the Trust Account and to hold, invest, reinvest, manage and dispose of the same for the uses and purposes and in the manner and according to the provisions hereinafter set forth. All such trusteed assets at all times shall be maintained by the Trustee as a trust account, separate and distinct from all other assets.
(b) The assets in the trust account (the “Trust Assets”) must be held as specified in (c) below or at the Trustee’s office in the United States. The assets must be segregated from other assets of the Trustee and the assets of the Trustee’s other clients.
(c) The Trustee shall have the right to hold property on an uncertificated basis with the issuer or in book-entry form.
Section 1.03. Assets deposited in the Trust Account and investments and reinvestments thereof shall consist of currency of the United States of America, certificates of deposit issued by a United States bank and payable in currency of the United States of America and investments of the type permitted under applicable Ohio laws and regulations in order for the Beneficiary to obtain credit for the reinsurance ceded; provided, that each such investment that is a security is issued by an institution that is not the parent, subsidiary or affiliate of either the Grantor or the Beneficiary (“Authorized Investments”). Any deposit or investment direction by the Grantor (as provided for in Section 1.08 below) or substitution (as provided in Section 1.08 below) shall constitute certification by the Grantor to the Trustee that the assets so deposited or to be purchased pursuant to such investment direction or so substituted are Authorized Investments. The Trustee shall not be responsible for determining whether any assets in the Trust Account are or continue to be Authorized Investments or whether the assets in the Trust Account are sufficient to secure the Grantor’s obligations. Assets may be deposited into the Trust Account by one or more affiliates of the Grantor and the assets may then be held by the Trustee in the Trust Account either in the name of the Grantor or its affiliate provided that, in any event the Grantor or its affiliate shall specifically comply with Section 1.04 below and such assets shall be subject to all of the other terms and conditions of this Reinsurance Credit Trust Agreement. In addition, the Beneficiary may deposit cash in the Trust Account if it makes withdrawals against one or more letters of credit issued by the Grantor for the benefit of the Beneficiary. Such assets shall be subject to all of the terms and conditions of this Reinsurance Credit Trust Agreement.
Appears in 1 contract
Samples: Reinsurance Agreement (Ohio National Variable Account A)
PROVISION RELATING TO THE TRUST ACCOUNT. Section 1.01. The Grantor hereby establishes a trust account (the “Trust Account”) with the Trustee at the Trustee’s office at 1500 0000 X. Xxxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000, upon the terms and conditions hereinafter set forthforth and shall include the base trust account and the one or more subaccounts as deemed necessary for operational purposes of the Beneficiary. The Trust Account established hereunder is for the exclusive use and benefit of the Beneficiary and the assets deposited therein shall be subject to withdrawal by the Beneficiary solely as provided herein. The Trust Account includes the base trust account and one or more sub accounts as part of the base trust account, as deemed necessary for operational purposes of the Grantor. As used herein, the term “Beneficiary” shall include any successor of the Beneficiary by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator.
(a) The Trustee and its lawfully appointed successors is and are authorized and shall have power to receive such funds and other property as the Grantor, or the Beneficiary from time to time may transfer or remit to or vest in the Trustee or place in the Trustee’s hands or under the EXECUTION VERSION Trustee’s control, or as otherwise deposited in the Trust Account and to hold, invest, reinvest, manage and dispose of the same for the uses and purposes and in the manner and according to the provisions hereinafter set forth. All such trusteed assets at all times shall be maintained by the Trustee as a trust account, separate and distinct from all other assets.
(b) The assets in the trust account (the “Trust Assets”) must be held as specified in (c) below or at the Trustee’s office in the United States. The assets must be segregated from other assets of the Trustee and the assets of the Trustee’s other clients.
(c) The Trustee shall have the right to hold property on an uncertificated basis with the issuer or in book-entry form.
Section 1.03. Assets deposited in the Trust Account and investments and reinvestments thereof shall consist of currency of the United States of America, certificates of deposit issued by a United States bank and payable in currency of the United States of America and 68 of 88 investments of the type permitted under applicable Ohio laws by Nebraska Code Sections 44-5132 through 44-5133 and regulations in order for 44-5137 through 44-5141and the Beneficiary to obtain credit for the reinsurance ceded; Investment Guidelines attached hereto as Exhibit B provided, that each such investment that is a security is issued by an institution that is not the parent, subsidiary or affiliate of either the Grantor or the Beneficiary (“Authorized Investments”). Any deposit or investment direction by the Grantor (as provided for in Section 1.08 below) or substitution (as provided in Section 1.08 below) shall constitute certification by the Grantor to the Trustee that the assets so deposited or to be purchased pursuant to such investment direction or so substituted are Authorized Investments. The Trustee shall not be responsible for determining whether any assets in the Trust Account are or continue to be Authorized Investments or whether the assets in the Trust Account are sufficient to secure the Grantor’s obligations.
Section 1.04. Assets The Grantor shall, upon execution of this Reinsurance Trust Agreement, and from time to time thereafter as required, execute endorsements in blank or other transfer instruments with respect to all securities or other property standing in the Grantor’s name or otherwise which are delivered to the Trustee to form a part of the Trust Account so that, whenever necessary, the Beneficiary (or the Trustee upon the direction of the Beneficiary) can negotiate any such asset without the consent or signature of the Grantor or any other person or entity. Any assets received by the Trustee which are not in such proper negotiable form or accompanied by the appropriate transfer documents shall not be accepted by the Trustee and shall be returned to the Grantor as unacceptable.
(a) The Trustee is authorized to transfer into the name of nominees selected by it all registered securities from time to time held under this Reinsurance Trust Agreement. The Trustee shall be responsible for the acts of its nominee with respect to such securities.
(b) The Trustee is authorized, without further information, to exchange securities in temporary form for securities in definitive form, to effect an exchange of the shares where the par value of stock is changed, and to surrender securities at maturity or when advised of earlier call for redemption, against payment therefor in accordance with accepted industry practice. The Trustee shall have no duty to notify the Grantor of any rights, duties, limitations, conditions or other information set forth in any security (including mandatory or optional put, call and similar provisions), but the Trustee shall forward to the Grantor any notices or other documents subsequently received in regard to any such security. The Trustee shall maintain securities received in bearer form unless instructed by the Grantor to exchange such securities for securities in registered form.
(c) Where redemption options, tenders or other like rights with respect to securities have fixed expiration dates, the Grantor understands that in order for the Trustee to act, the Trustee must receive the Grantor’s instructions at its offices, addressed as the Trustee may from time to time request, by no later than 9:00 a.m. (Trustee’s local time) at least one business day prior to the last scheduled date to act with respect thereto (or such earlier date or time as the Trustee may notify the Grantor). Absent the Trustee’s timely receipt of such instruction, such instruments will expire without liability to the Trustee unless the Trustee did not, with due diligence, provide the Grantor with timely and appropriate information.
(a) At the request of the Grantor, all dividends, interest and other income resulting from the investment of the assets in the Trust Account shall be deposited into a separate account in the Grantor’s name; provided, however, that, except as provided in subsection (b) below, the Trustee shall have no obligation with respect to the collection of such income
(b) From time to time, the Trustee may elect, but shall not be obligated, to credit the Trust Account with the amount of interest, dividends or principal payments due on assets in the Trust Account before actually receiving such payments from a payor, central 69 of 88 depository, broker or other agent employed by one the Grantor or more affiliates the Trustee. Any such crediting shall be at the Grantor’s sole risk, and the Trustee shall be authorized to reverse any such credit in the event it does not receive good funds from the payor, central depository, broker or agent. The Trustee shall not be required to enforce collection by legal means or otherwise or any such payment, but shall use reasonable diligence to make all such collections as may be effected in the ordinary course of business.
(c) It is understood that the Trustee is not required to make advances of cash, securities or any other property on behalf of the Trust Account, or permit overdrafts in the Trust Account, in connection with the acquisition or disposition of assets in the Trust Account; provided, however, that if the Trustee were required by the Grantor or by industry practice to make such an advance or permit such an overdraft, such advance or overdraft shall be deemed a loan by the Trustee to the Grantor, which loan shall be payable on demand and shall bear interest at the Trustee’s customary rate for similar loans. The Grantor shall be solely responsible for repayment of such loan and all interest thereon. The Trust Account shall not be utilized for the payment of such loan or the interest thereon. The Trustee may, however, deduct the amount of such loan and any interest thereon from any dividends, interest and other income of the Trust Account received by the Trustee before payment to the Grantor.
Section 1.07. The Grantor directs the Trustee not to disclose the Grantor’s name, address and securities positions to issuers of securities held in the Trust Account, pursuant to SEC rules implementing The Shareholder Communications Act of 1985. The Grantor’s address is as set forth on the signature page hereof. The Grantor and the Beneficiary each certify that their respective Taxpayer Identification Numbers set forth on the last page hereof are correct and that the Grantor and the assets may then be held by Beneficiary each are not subject to “backup withholding” under Section 3406(a)(1)(c) of the Internal Revenue Code or any successor provision when the appropriate original tax form, W-8BEN or W-9, is given to the Trustee. The Grantor and the Beneficiary agree to notify the Trustee immediately in writing of any change in the information set forth in this paragraph.
Section 1.08. The responsibility for directing the Trustee to invest and reinvest the assets in the Trust Account either in the name shall be that of the Grantor Grantor’s and, unless and until directed by the Grantor, the Trustee shall not be required to take any action with respect to the investment or its affiliate provided thatreinvestment of the Trust Account’s assets. The Trustee shall invest and reinvest the Trust Account, or any part thereof, in any event such Authorized Investments as the Grantor shall direct in writing. The Trustee shall execute any direction to buy or its affiliate sell securities and settle securities transactions itself or through a duly licensed broker or agent. The Trustee shall specifically comply with Section 1.04 below and not be responsible for any act or omission, or the solvency, of any such assets shall be subject to all broker or agent unless the act or omission is the result of the other terms and conditions Trustee’s negligence, willful misconduct or lack of this Reinsurance Credit Trust Agreementgood faith. In addition, the Beneficiary may deposit cash in the Trust Account if it makes withdrawals against one or more letters of credit issued Any loss incurred from any investment directed by the Grantor shall be borne exclusively by the Trust Account. The Grantor may substitute Authorized Investments for any Trust Assets; provided, that following any substitution the benefit market value of the Beneficiary. Such assets shall be subject to all substitute asset is not less than the market value of the terms and conditions asset so withdrawn. The Trustee shall not be required to take any action with respect to the substitution of this Reinsurance Credit Trust AgreementAssets. The Trustee shall have no responsibility whatsoever to determine the value of such substituted securities or that such substituted securities constitute Authorized Investments.
Appears in 1 contract
Samples: Reinsurance Agreement
PROVISION RELATING TO THE TRUST ACCOUNT. Section 1.01. The Grantor hereby establishes a trust account (the “Trust Account”) with the Trustee at the Trustee’s office at 1500 0000 X. Xxxxx Xxxxxx, Xxxxx 000, Xxxxxxxxx, XX 00000, upon the terms and conditions hereinafter set forthforth and shall include the base trust account and the one or more subaccounts as deemed necessary for operational purposes of the Beneficiary. The Trust Account established hereunder is for the exclusive use and benefit of the Beneficiary and the assets deposited therein shall be subject to withdrawal by the Beneficiary solely as provided herein. The Trust Account includes the base trust account and one or more sub accounts as part of the base trust account, as deemed necessary for operational purposes of the Grantor. As used herein, the term “Beneficiary” shall include any successor of the Beneficiary by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator.
(a) The Trustee and its lawfully appointed successors is and are authorized and shall have power to receive such funds and other property as the Grantor, or the Beneficiary from time to time may transfer or remit to or vest in the Trustee or place in the Trustee’s hands or under the EXECUTION VERSION Trustee’s control, or as otherwise deposited in the Trust Account and to hold, invest, reinvest, manage and dispose of the same for the uses and purposes and in the manner and according to the provisions hereinafter set forth. All such trusteed assets at all times shall be maintained by the Trustee as a trust account, separate and distinct from all other assets.
(b) The assets in the trust account (the “Trust Assets”) must be held as specified in (c) below or at the Trustee’s office in the United States. The assets must be segregated from other assets of the Trustee and the assets of the Trustee’s other clients.
(c) The Trustee shall have the right to hold property on an uncertificated basis with the issuer or in book-entry form.
Section 1.03. Assets deposited in the Trust Account and investments and reinvestments thereof shall consist of currency of the United States of America, certificates of deposit issued by a United States bank and payable in currency of the United States of America and investments of the type permitted under applicable Ohio laws by Nebraska Code Sections 44-5132 through 44-5133 and regulations in order for 44-5137 through 44-5141and the Beneficiary to obtain credit for the reinsurance ceded; Investment Guidelines attached hereto as Exhibit B provided, that each such investment that is a security is issued by an institution that is not the parent, subsidiary or affiliate of either the Grantor or the Beneficiary (“Authorized Investments”). Any deposit or investment direction by the Grantor (as provided for in Section 1.08 below) or substitution (as provided in Section 1.08 below) shall constitute certification by the Grantor to the Trustee that the assets so deposited or to be purchased pursuant to such investment direction or so substituted are Authorized Investments. The Trustee shall not be responsible for determining whether any assets in the Trust Account are or continue to be Authorized Investments or whether the assets in the Trust Account are sufficient to secure the Grantor’s obligations.
Section 1.04. Assets The Grantor shall, upon execution of this Reinsurance Trust Agreement, and from time to time thereafter as required, execute endorsements in blank or other transfer instruments with respect to all securities or other property standing in the Grantor’s name or otherwise which are delivered to the Trustee to form a part of the Trust Account so that, whenever necessary, the Beneficiary (or the Trustee upon the direction of the Beneficiary) can negotiate any such asset without the consent or signature of the Grantor or any other person or entity. Any assets received by the Trustee which are not in such proper negotiable form or accompanied by the appropriate transfer documents shall not be accepted by the Trustee and shall be returned to the Grantor as unacceptable.
(a) The Trustee is authorized to transfer into the name of nominees selected by it all registered securities from time to time held under this Reinsurance Trust Agreement. The Trustee shall be responsible for the acts of its nominee with respect to such securities.
(b) The Trustee is authorized, without further information, to exchange securities in temporary form for securities in definitive form, to effect an exchange of the shares where the par value of stock is changed, and to surrender securities at maturity or when advised of earlier call for redemption, against payment therefor in accordance with accepted industry practice. The Trustee shall have no duty to notify the Grantor of any rights, duties, limitations, conditions or other information set forth in any security (including mandatory or optional put, call and similar provisions), but the Trustee shall forward to the Grantor any notices or other documents subsequently received in regard to any such security. The Trustee shall maintain securities received in bearer form unless instructed by the Grantor to exchange such securities for securities in registered form.
(c) Where redemption options, tenders or other like rights with respect to securities have fixed expiration dates, the Grantor understands that in order for the Trustee to act, the Trustee must receive the Grantor’s instructions at its offices, addressed as the Trustee may from time to time request, by no later than 9:00 a.m. (Trustee’s local time) at least one business day prior to the last scheduled date to act with respect thereto (or such earlier date or time as the Trustee may notify the Grantor). Absent the Trustee’s timely receipt of such instruction, such instruments will expire without liability to the Trustee unless the Trustee did not, with due diligence, provide the Grantor with timely and appropriate information.
(a) At the request of the Grantor, all dividends, interest and other income resulting from the investment of the assets in the Trust Account shall be deposited into a separate account in the Grantor’s name; provided, however, that, except as provided in subsection (b) below, the Trustee shall have no obligation with respect to the collection of such income
(b) From time to time, the Trustee may elect, but shall not be obligated, to credit the Trust Account with the amount of interest, dividends or principal payments due on assets in the Trust Account before actually receiving such payments from a payor, central depository, broker or other agent employed by one the Grantor or more affiliates the Trustee. Any such crediting shall be at the Grantor’s sole risk, and the Trustee shall be authorized to reverse any such credit in the event it does not receive good funds from the payor, central depository, broker or agent. The Trustee shall not be required to enforce collection by legal means or otherwise or any such payment, but shall use reasonable diligence to make all such collections as may be effected in the ordinary course of business.
(c) It is understood that the Trustee is not required to make advances of cash, securities or any other property on behalf of the Trust Account, or permit overdrafts in the Trust Account, in connection with the acquisition or disposition of assets in the Trust Account; provided, however, that if the Trustee were required by the Grantor or by industry practice to make such an advance or permit such an overdraft, such advance or overdraft shall be deemed a loan by the Trustee to the Grantor, which loan shall be payable on demand and shall bear interest at the Trustee’s customary rate for similar loans. The Grantor shall be solely responsible for repayment of such loan and all interest thereon. The Trust Account shall not be utilized for the payment of such loan or the interest thereon. The Trustee may, however, deduct the amount of such loan and any interest thereon from any dividends, interest and other income of the Trust Account received by the Trustee before payment to the Grantor.
Section 1.07. The Grantor directs the Trustee not to disclose the Grantor’s name, address and securities positions to issuers of securities held in the Trust Account, pursuant to SEC rules implementing The Shareholder Communications Act of 1985. The Grantor’s address is as set forth on the signature page hereof. The Grantor and the Beneficiary each certify that their respective Taxpayer Identification Numbers set forth on the last page hereof are correct and that the Grantor and the assets may then be held by Beneficiary each are not subject to “backup withholding” under Section 3406(a)(1)(c) of the Internal Revenue Code or any successor provision when the appropriate original tax form, W-8BEN or W-9, is given to the Trustee. The Grantor and the Beneficiary agree to notify the Trustee immediately in writing of any change in the information set forth in this paragraph.
Section 1.08. The responsibility for directing the Trustee to invest and reinvest the assets in the Trust Account either in the name shall be that of the Grantor Grantor’s and, unless and until directed by the Grantor, the Trustee shall not be required to take any action with respect to the investment or its affiliate provided thatreinvestment of the Trust Account’s assets. The Trustee shall invest and reinvest the Trust Account, or any part thereof, in any event such Authorized Investments as the Grantor shall direct in writing. The Trustee shall execute any direction to buy or its affiliate sell securities and settle securities transactions itself or through a duly licensed broker or agent. The Trustee shall specifically comply with Section 1.04 below and not be responsible for any act or omission, or the solvency, of any such assets shall be subject to all broker or agent unless the act or omission is the result of the other terms and conditions Trustee’s negligence, willful misconduct or lack of this Reinsurance Credit Trust Agreementgood faith. In addition, the Beneficiary may deposit cash in the Trust Account if it makes withdrawals against one or more letters of credit issued Any loss incurred from any investment directed by the Grantor shall be borne exclusively by the Trust Account. The Grantor may substitute Authorized Investments for any Trust Assets; provided, that following any substitution the benefit market value of the Beneficiary. Such assets shall be subject to all substitute asset is not less than the market value of the terms and conditions asset so withdrawn. The Trustee shall not be required to take any action with respect to the substitution of this Reinsurance Credit Trust AgreementAssets. The Trustee shall have no responsibility whatsoever to determine the value of such substituted securities or that such substituted securities constitute Authorized Investments.
Appears in 1 contract
Samples: Reinsurance Agreement (Separate Account a of Pacific Life Insurance Co)
