Trust Account Rules Sample Clauses

Trust Account Rules. If the Distributor receives a Cash Deposit: (a) the Cash Deposit must be held in a trust account in the name of the Trader, to be applied or distributed only on the terms of this Agreement, or as otherwise agreed by the parties; (b) the Distributor must establish a trust account with a New Zealand registered bank ("the Bank") for the purpose of holding the Cash Deposit ("Trust Account"); (c) the Distributor must obtain acknowledgement from the Bank that the Cash Deposit is held on trust in the Trust Account and that the Bank has no right of set- off or right of combination in relation to the Cash Deposit; (d) the Trader must inform the Distributor of the bank(s) that the Trader uses for its banking purposes and if the Trader changes banks; (e) the Trust Account must bear interest at the best on call rate reasonably available from time to time from the Bank. The Distributor must pay the Trader the interest earned on the Cash Deposit (except for the amount of the Cash Deposit that is Additional Security, in respect of which a charge should be paid in accordance with clause 10.9) on a quarterly basis net of account fees and any amounts required to be withheld by law, unless the parties agree otherwise; (f) if this Agreement is terminated, the Distributor must refund any Cash Deposit (less any amount owed to the Distributor plus any interest not yet paid to the Trader) to the Trader in accordance with clause 10.19, provided that the Trader: (i) is not otherwise in default of this Agreement; (ii) has ceased to be bound by this Agreement; and (iii) has discharged all obligations under this Agreement to the Distributor, including payment of all outstanding amounts under this Agreement; and (g) the Distributor must provide the Trader with an annual report in respect of the operation of the Trust Account if requested by the Trader.
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Trust Account Rules. If the Distributor receives a Cash Deposit: (a) the Cash Deposit will be held in a trust account in the name of the Retailer, to be applied or distributed only on the terms of this agreement, or as otherwise agreed by the parties; (b) the Distributor will establish a trust account with a New Zealand registered bank (“the Bank”) for the purpose of holding the Cash Deposit ("Trust Account"); (c) the Distributor will obtain acknowledgement from the Bank that the Cash Deposit is held on trust in the Trust Account and that the Bank has no right of set-off or right of combination in relation to the Cash Deposit;
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Trust Account Rules. If the Distributor receives a Cash Deposit: (a) the Cash Deposit will be held on trust for the benefit of both the Distributor and the Retailer, to be applied or distributed only on the terms of this agreement, or as otherwise agreed by the parties; (b) the Distributor will establish a trust account with a New Zealand registered bank (“the Bank”) for the purpose of holding the Cash Deposit (“Trust Account”); (c) the Distributor will obtain acknowledgement from the Bank that the Cash Deposit is held on trust 6.4.246.6.24in the Trust Account 6.4.246.4.246.6.24and that the Bank has no right of set-off or right of combination in relation to the Cash Deposit;
Sample 1

Related to Trust Account Rules

  • 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. (ii) The Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.