Revocable Formal Trust Account Sample Clauses

Revocable Formal Trust Account. A formal trust account designation is an instruction to the credit union to establish an account in response to a written trust agreement, generally drafted by an attorney. Such an account will be established upon the proper completion of the Application for Membership and Account Agreement for Revocable Trusts which will designate all parties to the trust and bind all such parties to the terms of this Agreement. THE CREDIT UNION HAS NO RESPONSIBILITY TO INQUIRE AS TO THE ACTUAL TERMS OF THE TRUST AND SHALL BE HELD HARMLESS FOR ANY ACTIONS TAKEN IN RELIANCE OF THE INFORMATION AS PROVIDED ON THE ENROLLMENT FORM. THE CREDIT UNION IS NOT REQUIRED TO KNOW, UNDERSTAND, INTERPRET OR ENFORCE THE TERMS OF THE TRUST AGREEMENT BUT HAS THE RIGHT TO REQUEST THE NECESSARY LEGAL DOCUMENTS BEFORE RELEASING FUNDS FROM THE ACCOUNT(S). TRUST ACCOUNT FUNDS MAY BE RETAINED OR PROVIDED TO THE PROPER AUTHORITIES IN AN INTERPLEADER ACTION UNTIL SUCH DOCUMENTS ARE DELIVERED TO THE CREDIT UNION OR THE ISSUE IS RESOLVED AS A MATTER OF LAW. The credit union cannot and is under no obligation to set as a trustee or to inquire as to the powers or duties of the trustee(s). Grantor(s) and trustee(s) agree to notify the credit union in writing if a change of trustee(s) occurs. The credit union may withhold payment of funds to any party until proper evidence of authority is provided. Funds may be released to any one trustee acting alone or as a co-trustee. The credit union may rely upon the direction of any one trustee until a written notice of revocation form is received. The grantor(s), trust, trustee(s), and beneficiary(ies) agree to fully indemnify and hold the credit union harmless of any claim damage of loss arising as a result of unauthorized acts of any trustee or former trustee. The Application for Membership and Account Agreement for Revocable Trusts shall be binding on the grantor(s), trustee(s), trust, successor trustee(s), and the beneficiary(ies). You, the individual(s) signed on the Membership Application for Revocable Trusts as grantor(s) and trustee(s), request Birmingham Bloomfield Credit Union (“credit union”) to establish one or more accounts as indicated, for the trust and agree that the account(s) shall be subject to the bylaws, regulations, policies, and other rules and practices of the credit union now in effect or as amended, and agree that the trustee(s) and the account(s) shall be subject to all fees and charges that may be assessed from time to time for use of t...
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Related to Revocable Formal Trust Account

  • The Trust Fund Xxxxxx Mae, acting in its capacity as Trustee for the Lower Tier REMIC, does hereby transfer, assign, set over and otherwise convey to Xxxxxx Xxx, acting in its capacity as Trustee for the Trust Fund established hereby, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Classes, including all payments of principal and interest thereon received after the month of the Issue Date.

  • Trust Account (i) The Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public stockholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.

  • Trust Account; Distributions On or before the issuance of the Certificates, Xxxxxx Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Trust Fund that shall collectively be the “Trust Account”, (ii) in lieu of maintaining any such account or accounts, maintain the Trust Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Lower Tier Regular Classes and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Trust Fund Certificates or

  • Training Trust Fund Section 1. On work covered by this Agreement, the Employer agrees to pay into the Indiana Laborers Training Trust Fund the amount in cents per hour as shown in Article

  • The Trust World Omni acknowledges and agrees that (a) WOAR will, pursuant to the Sale and Servicing Agreement, sell the Receivables to the Trust and assign its rights under this Agreement to the Trust and (b) the Trust will, pursuant to the Indenture, grant the Receivables and its rights under this Agreement and the Sale and Servicing Agreement to the Indenture Trustee on behalf of the Noteholders. World Omni hereby consents to all such sales and assignments and agrees that the Trust or, if pursuant to the Indenture, the Indenture Trustee, may exercise the rights of WOAR and enforce the obligations of World Omni hereunder directly and without the consent of WOAR.

  • Trust Property The property, or interests in property, constituting the Trust Estate from time to time. UCC: The Uniform Commercial Code, as in effect in the relevant jurisdiction.

  • PERPETUAL TRUSTEES W A. LTD. (ACN 008 666 886) of 00 Xx. Xxxxxx’s Terrace Perth in the State of Western Australia as trustee of the Burswood Property Trust (“the Trustee”); AND BURSWOOD RESORT (MANAGEMENT) LIMITED (ACN 009 396 945) of 00 Xxx Xxxxxxxxx Xxxxx xx xxx Xxxxx xx Xxxxxxx Xxxxxxxxx as manager of the Burswood Property Trust (“the Manager”) of the third part.

  • 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.

  • TRUST FUNDS The Owner hereby gives power to the Agent to deposit all receipts collected for the Owner, less any sums properly deducted or disbursed, in a financial institution whose deposits are insured by an agency of the United States government. The funds shall be held in a trust account separate from the Agent’s personal accounts. The Agent shall not be liable in the event of a bankruptcy or failure of a financial institution. All funds managed under this section must be done so in accordance with applicable law.

  • 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.

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