Common use of Trust Operation Clause in Contracts

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 5 contracts

Samples: Trust Agreement, Trust Agreement (American Express Receivables Financing Corp VIII LLC), Trust Agreement (American Express Receivables Financing Corp VIII LLC)

AutoNDA by SimpleDocs

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the Beneficiary, the Beneficiary’s Affiliates 's affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 4 contracts

Samples: Trust Agreement (BA Master Credit Card Trust II), Trust Agreement (Daimlerchrysler Wholesale Receivables LLC), Trust Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Trust Operation. The operations of the Note Issuance Trust will be conducted in accordance with the following standards: (a) the Note Issuance Trust will act solely conduct its own affairs in its own name through the Owner Trustee or the Beneficiary, or any agent appointed by either of them in accordance with this Agreement; (b) the Note Issuance Trust will not commingle its assets with those of the Beneficiary or any Affiliate of the Beneficiary; (c) the Note Issuance Trust will not own any asset or property other than the Trust Estate; (d) the Note Issuance Trust will have its own principal executive and administrative office or space through which its business is conducted (which, however, may be within the premises of and leased from the Beneficiary) separate from that of the Beneficiary; (e) the Note Issuance Trust will maintain books and records and bank accounts separate from those of any other person, except as contemplated by the Transaction Documents; (f) the Note Issuance Trust will pay its own liabilities out of its own funds; (g) the Note Issuance Trust will endeavor to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; (h) the Note Issuance Trust will not incur any indebtedness for money borrowed or incur any obligations debt except in connection with the purposes set forth in Section 2.03 of this Agreement; (ci) the Trust’s funds and assets Note Issuance Trust will at all times be maintained separately maintain an “arms-length relationship” with the Beneficiary; (j) the Note Issuance Trust will use telephone numbers separate from those of the Beneficiary and its AffiliatesBeneficiary; (dk) the Note Issuance Trust will take all reasonable steps to continue not pledge its identity assets for the benefit of any other Person, except as contemplated under the Indenture; (l) the Note Issuance Trust will hold itself out as a separate legal entity and correct any known misunderstanding regarding its separate identity; (m) the Note Issuance Trust will not engage, directly or indirectly, in any business or purposes other than those set forth in Section 2.03 of this Agreement; (n) the Note Issuance Trust will not enter into any transactions with any other Person other than authorized under or incidental to make it apparent the Transaction Documents (which authorized transactions include without limitation any transactions or agreements contemplated by Section 2.03(b) of this Agreement); (o) the Note Issuance Trust will not guarantee or become obligated for the debts of any other Person or hold out its credit as being available to third persons that it is an entity with assets satisfy the obligations of others; and (p) the Note Issuance Trust will use stationery through which all business correspondence and liabilities distinct communication are conducted separate from those of the Beneficiary, the Beneficiary’s Affiliates or and any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding checks used by the Owner Trustee that the Trust’s liabilities exceed its assets Note Issuance Trust or that will be used by the Note Issuance Trust is unable to pay its debts in a timely manner shall identify the Note Issuance Trust as they become duethe payor thereunder.

Appears in 3 contracts

Samples: Trust Agreement (Discover Bank), Trust Agreement (Discover Bank), Trust Agreement (Discover Card Master Trust I)

Trust Operation. The operations of the Note Issuance Trust will be conducted in accordance with the following standards: (a) the Note Issuance Trust will act solely conduct its own affairs in its own name through the Owner Trustee or the Beneficiary, or any agent appointed by either of them in accordance with this Agreement; (b) the Note Issuance Trust will not commingle its assets with those of the Beneficiary or any Affiliate of the Beneficiary; (c) the Note Issuance Trust will not own any asset or property other than the Trust Estate; (d) the Note Issuance Trust will have its own principal executive and administrative office or space through which its business is conducted (which, however, may be within the premises of and leased from the Beneficiary or an Affiliate) separate from that of the Beneficiary; (e) the Note Issuance Trust will maintain books and records and bank accounts separate from those of any other person, except as contemplated by the Transaction Documents; (f) the Note Issuance Trust will pay its own liabilities out of its own funds; (g) the Note Issuance Trust will endeavor to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; (h) the Note Issuance Trust will not incur any indebtedness for money borrowed or incur any obligations debt except in connection with the purposes set forth in Section 2.03 of this Agreement; (ci) the Trust’s funds and assets Note Issuance Trust will at all times be maintained separately maintain an “arms-length relationship” with the Beneficiary; (j) the Note Issuance Trust will use telephone numbers separate from those of the Beneficiary and its AffiliatesBeneficiary; (dk) the Note Issuance Trust will take all reasonable steps to continue not pledge its identity assets for the benefit of any other Person, except as contemplated under the Indenture; (l) the Note Issuance Trust will hold itself out as a separate legal entity and correct any known misunderstanding regarding its separate identity; (m) the Note Issuance Trust will not engage, directly or indirectly, in any business or purposes other than those set forth in Section 2.03 of this Agreement; (n) the Note Issuance Trust will not enter into any transactions with any other Person other than authorized under or incidental to make it apparent the Transaction Documents (which authorized transactions include without limitation any transactions or agreements contemplated by Section 2.03(b) of this Agreement); (o) the Note Issuance Trust will not guarantee or become obligated for the debts of any other Person or hold out its credit as being available to third persons that it is an entity with assets satisfy the obligations of others; and (p) the Note Issuance Trust will use stationery through which all business correspondence and liabilities distinct communication are conducted separate from those of the Beneficiary, the Beneficiary’s Affiliates or and any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding checks used by the Owner Trustee that the Trust’s liabilities exceed its assets Note Issuance Trust or that will be used by the Note Issuance Trust is unable to pay its debts in a timely manner shall identify the Note Issuance Trust as they become duethe payor thereunder.

Appears in 3 contracts

Samples: Trust Agreement (Discover Card Master Trust I), Trust Agreement, Trust Agreement (Discover Card Master Trust I)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the Beneficiary, the Beneficiary’s Affiliates affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 3 contracts

Samples: Trust Agreement, Trust Agreement (BA Credit Card Trust), Trust Agreement (BA Master Credit Card Trust II)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Managing Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the Beneficiary, the Beneficiary’s Affiliates affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other PersonsPersons unaffiliated with the Beneficiary; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (Citibank, N.A., as Depositor of Citibank Credit Card Issuance Trust), Trust Agreement

Trust Operation. The operations of the Trust will be --------------- conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement;; ------------ (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the Beneficiary, the Beneficiary’s Affiliates 's affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (Mbna Credit Card Master Note Trust), Trust Agreement (Mbna Credit Card Master Note Trust)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (Capital One Funding, LLC), Trust Agreement

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s 's Affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (American Express Issuance Trust), Trust Agreement (American Express Issuance Trust)

Trust Operation. The Except to the extent otherwise expressly provided in the Transaction Documents, the operations of the Trust will shall be conducted in accordance with the following standards: (a) the Trust will shall act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will shall not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s funds and assets will shall at all times be maintained separately from those of the Beneficiary and its Affiliates; (d) the Trust will shall take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates or any other third person, and will shall use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will shall use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; (e) the Trust will shall not hold itself out as being liable for the debts of the Beneficiary or any Affiliates thereof; (f) the Trust will shall not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or any other Transaction Document or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will shall not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (Dryrock Issuance Trust), Trust Agreement (Dryrock Issuance Trust)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Managing Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary Beneficiaries and its Affiliatestheir affiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the BeneficiaryBeneficiaries, the Beneficiary’s Affiliates Beneficiaries' affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary Beneficiaries or any Affiliates thereofof their affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary Beneficiaries or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary Beneficiaries or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary Beneficiaries or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary Beneficiaries or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (Citibank Credit Card Master Trust I), Trust Agreement (Citibank Credit Card Issuance Trust)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee (or the Administrator on its behalf) or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s 's Affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its Affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (Daimlerchrysler Master Owner Trust), Trust Agreement (Daimlerchrysler Master Owner Trust)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates 's affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 2 contracts

Samples: Trust Agreement (Daimlerchrysler Wholesale Receivables LLC), Trust Agreement (Daimlerchrysler Master Owner Trust)

AutoNDA by SimpleDocs

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards:standards:‌‌ (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the Beneficiary, the Beneficiary’s Affiliates affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 1 contract

Samples: Trust Agreement

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the Beneficiary, the Beneficiary’s Affiliates 's affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 1 contract

Samples: Trust Agreement (Capital One Master Trust)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Managing Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary Beneficiaries and its Affiliatestheir affiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the BeneficiaryBeneficiaries, the Beneficiary’s Affiliates Beneficiaries' affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary Beneficiaries or any Affiliates thereofof their affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary Beneficiaries or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary Beneficiaries or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary Beneficiaries or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary Beneficiaries or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 1 contract

Samples: Trust Agreement (Citibank Nevada National Association)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely conduct its own affairs in its own name through the Owner Trustee or the Beneficiary, or any agent appointed by either of them in accordance with this agreement; (b) the Trust will not commingle its assets with those of the Beneficiary or any Affiliate or subsidiary of the Beneficiary; (c) the Trust will not own any asset or property other than the Trust Estate; (d) the Trust will have its own principal executive and administrative office or space through which its business is conducted (which, however, may be within the premises of and leased from the Beneficiary) separate from that of the Beneficiary; (e) the Trust will maintain books and records and bank accounts separate from those of any other person, except as contemplated by the Transaction Documents; (f) the Trust will pay its own liabilities out of its own funds; (g) the Trust will endeavor to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; (h) the Trust will not incur any indebtedness for money borrowed or incur any obligations debt except in connection with the purposes set forth in Section 2.03 of this Agreement; (ci) the Trust’s funds and assets Trust will at all times be maintained separately maintain an “arms-length relationship” with the Beneficiary; (j) the Trust will use telephone numbers separate from those of the Beneficiary and its AffiliatesBeneficiary; (dk) the Trust will take all reasonable steps to continue not pledge its identity assets for the benefit of any other Person, except as contemplated under the Indenture; (l) the Trust will hold itself out as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates or correct any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereof, and will use known misunderstanding regarding its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates thereofseparate identity; (em) the Trust will not hold itself out as being liable for the debts engage, directly or indirectly, in any business or purposes other than those set forth in Section 2.03 of the Beneficiary or any Affiliates thereofthis Agreement; (fn) the Trust will not engage in any transaction with the Beneficiary or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy transactions with any other Person other than authorized under or insolvency proceeding without a finding incidental to the Transaction Documents; (o) the Trust will not guarantee or become obligated for the debts of any other Person or hold out its credit as being available to satisfy the obligations of others; (p) the Trust will use stationery through which all business correspondence and communication are conducted separate from those of the Beneficiary, and any forms of checks used by the Owner Trustee that the Trust’s liabilities exceed its assets Trust or that will be used by the Trust is unable to pay its debts in a timely manner shall identify the Trust as they become duethe payor thereunder.

Appears in 1 contract

Samples: Trust Agreement (Discover Card Master Trust I)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the Beneficiary, the Beneficiary’s Affiliates affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s liabilities exceed exceeds its assets or that the Trust is unable to pay its debts in a timely manner as they become due. it being expressly understood that in making any such finding, the Owner Trustee shall be entitled to consult with (at the expense of the Beneficiary), and, subject to the standards set forth in Section 6.05 hereof, shall be fully protected in relying upon advice received from, such professionals as it may in its sole discretion deem necessary or convenient, including, without limitation, attorneys, accountants, or financial advisors, notwithstanding any instruction the Owner Trustee may receive from the Beneficiary with regard to such finding.

Appears in 1 contract

Samples: Trust Agreement (WF Card Funding LLC)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee Trustee, the Administrator or the BeneficiaryHolders; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 2.3 of this Agreement; (c) except to the extent otherwise permitted by the Related Documents, the Trust’s funds and assets will at all times be maintained separately from those of the Beneficiary Holder and its their respective Affiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities liability distinct from those of the BeneficiaryHolders, the Beneficiary’s Holders’ Affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary Holders or any Affiliates thereofof their respective Affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary Holders or any Affiliates thereof or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary Holders or any Affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary Holders or any Affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary any Holders or any Affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee Holder that the Trust’s liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 1 contract

Samples: Trust Agreement (Synchrony Card Issuance Trust)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the BeneficiaryAdministrator, on its behalf, in accordance with the Administration Agreement; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates 's affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will pay the salaries of its employees, if any, and the costs of its overhead, if any, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than substantially the terms and conditions available at the time same as those that would apply to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 1 contract

Samples: Trust Agreement (National City Bank /)

Trust Operation. The operations of the Trust will be conducted in accordance with the following standards: (a) the Trust will act solely in its own name through the Owner Trustee or the Beneficiary; (b) the Trust will not incur any indebtedness for money borrowed or incur any obligations except in connection with the purposes set forth in Section 2.03 of this Agreement; (c) the Trust’s 's funds and assets will at all times be maintained separately from those of the Beneficiary and its Affiliatesaffiliates; (d) the Trust will take all reasonable steps to continue its identity as a separate legal entity and to make it apparent to third persons that it is an entity with assets and liabilities distinct from those of the Beneficiary, the Beneficiary’s Affiliates 's affiliates or any other third person, and will use stationery and other business forms of the Owner Trustee or the Trust and not that of the Beneficiary or any Affiliates thereofof its affiliates, and will use its best efforts to avoid the appearance (i) of conducting business on behalf of the Beneficiary or any Affiliates thereof affiliates thereof, or (ii) that the assets of the Trust are available to pay the creditors of the Beneficiary or any Affiliates affiliates thereof; (e) the Trust will not hold itself out as being liable for the debts of the Beneficiary or any Affiliates affiliates thereof; (f) the Trust will not engage in any transaction with the Beneficiary or any Affiliates affiliates thereof, except as required, or specifically permitted, by this Agreement or unless such transaction is otherwise on terms neither more favorable nor less favorable than the terms and conditions available at the time to the Trust for comparable transactions with other Persons; and (g) to the fullest extent permitted by applicable law, the Trust will not enter into any voluntary bankruptcy or insolvency proceeding without a finding by the Owner Trustee that the Trust’s 's liabilities exceed its assets or that the Trust is unable to pay its debts in a timely manner as they become due.

Appears in 1 contract

Samples: Trust Agreement (Capital One Master Trust)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!