Trust Receipts. Custodian is hereby authorized and directed to accept trust receipts as may be set forth in Schedule I hereto (each, a "Trust Receipt") evidencing either the holding by the issuer of such Trust Receipt (a "Trust Receipt Issuer") of Eligible Securities subject to Transactions or the crediting by the Trust Receipt Issuer to the account of Custodian of Eligible Securities subject to Transactions. Any Trust Receipt may be accompanied by an electronic file sent by Seller to Custodian containing information concerning the Eligible Securities represented by such Trust Receipts, including CUSIP number, par amount, maturity date and interest rates, upon which Custodian shall be entitled to rely without inquiry in performing its duties hereunder. Buyer may by Written Instructions direct Custodian not to accept Trust Receipts from particular Trust Receipt Issuers. Custodian shall hold Trust Receipts at a secure facility and, during the term of a particular Transaction, shall identify the Eligible Securities represented by Trust Receipts on its books and records as belonging to Buyer.
Trust Receipts. Within two Business Days after the receipt of the Investment Files pursuant to Section 2 hereof or such other time period mutually agreed to by the Borrower, the Agent and the Custodian, the Custodian shall ascertain that (i) all documents required to be delivered to it are in its possession, and (ii) that each note, certificate or other original collateral document, if any, listed in Schedule A to each Comfort Letter is an original, executed counterpart of such document, except as set forth on the exception schedule and (iii) shall deliver to the Agent a Trust Receipt substantially in the form of Exhibit 2 attached hereto. Each Trust Receipt issued hereunder shall be numbered sequentially, and the Custodian shall maintain a record of such numbers and the name of the party to which such Trust Receipt was issued. The Custodian makes no representation as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any of the documents contained in each Investment File or (ii) the collectability, insurability, effectiveness or suitability of any Portfolio Investment. The Custodian shall have no obligation to verify the receipt of any documents, the existence of which was not delivered or not made known to the Custodian as part of the Investment File, and the Custodian shall have no obligation to determine whether the recordation of any document is necessary, nor shall the Custodian be responsible for the value, form, substance, validity, perfection, priority, effectiveness or enforceability of any of such documents. The Custodian shall provide the Agent and the Borrower with an exception report which shall be attached to such Trust Receipt and shall specifically identify any missing endorsements or documents required to be delivered to the Custodian pursuant to Section 2 and the party or parties whose signatures may be required for any such endorsement. The Custodian shall have no duty to obtain any missing endorsement or document. The Custodian shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that they are genuine, enforceable, executed by an authorized officer, or appropriate for the represented purpose or that they are other than what they purport to be on their face.
Trust Receipts. The Goods and the Documents shall only be released to the relevant Borrower by the Agent against receipt by the Agent of a duly executed trust receipt from the relevant Borrower in the Agent's standard form at the time or (failing such execution) shall be deemed to be subject to a trust receipt in such form.
Trust Receipts. For each Loan other than a Table Funded Mortgage Loan, a Trust Receipt and a Loan Schedule, with such exceptions as are acceptable to Buyer in its sole discretion in respect of Eligible Loans to be sold hereunder on such Purchase Date, in each case dated such Purchase Date and duly completed. For each Table Funded Mortgage Loan, a Table Funded Trust Receipt and a Loan Schedule, in each case dated such Purchase Date and duly completed;
Trust Receipts. The Goods and the Documents shall only be released to the relevant Facility Company by Burdale against receipt by Burdale of a duly executed trust receipt from the relevant Facility Company in Burdale's standard form (from time to time) and if, for any reason, no such trust receipt is executed by the relevant Facility Company in respect of any Goods or Documents, such Goods or Documents shall be deemed to be subject to a trust receipt in such form.
Trust Receipts. We acknowledge and agree that we will or have received in trust from Issuer documents, including but not limited to bills of lading, dock warrants, dock receipts, or warehouse receipts, from time to time covering Property which is collateral security for the Bank Liabilities. We acknowledge that Issuer entrusted or will entrust from time to time to us such documents to facilitate their ultimate sale or exchange or for the purpose of loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with the Property covered by such document(s) in a manner preliminary to their sale or exchange. Upon any sale or exchange of any document, we will, upon Issuer's request, promptly remit to Issuer all cash and/or new documents received in the sale or exchange. Upon any sale or withdrawal of any Property for which the vendor was paid by use of a time draft under any Credit from warehouse storage into our inventory for sale and delivery in the ordinary course of our business, we will deliver to Issuer upon its request made at any time our Reimbursement Obligations for such time draft have become due and have not been paid in full (A) All cash from each such sale for application on the Bank Liabilities secured by such Property;
Trust Receipts. Custodian may not accept trust receipts as collateral.
Trust Receipts. 9.1 For shipping or other documents in respect of such pledged goods which have been handed over to the Customer, the Customer shall hold such goods, bills of lading or other transport documents, certificates or receipts on trust for the Bank and shall sign a trust receipt agreement in the form required by the Bank. The Bank and/or its agent may at any time inspect such goods and take possession thereof and the Customer shall arrange for the inspection and possession by the Bank.
9.2 For goods held by the Customer on trust for the Bank, the Customer shall dispose of such goods only to bona fide buyers for full value and on normal commercial terms. Proceeds of the goods shall be received and held by the Customer on trust for the Bank.
Trust Receipts. On the Assignment Effective Date, the Custodian shall issue to UBS 1285 a new Trust Receipt and Custodian Loan Transmission evidencing that the Custodian is holding all Mortgage Files subject to the Custodial Agreement for the benefit of UBS 1285.
Trust Receipts. Lender shall make Advances to Borrower for financing the purchase of Inventory by Borrower which Inventory is subject to a trust receipt, provided that the aggregate amount thereof outstanding at any one time shall not exceed Five Million Dollars ($5,000,000) Such trust receipts are subject to Lender’s express approval and must be in form and content satisfactory to Lender. Borrower shall repay each trust receipt Advance within ninety (90) days of the making of such Advance.
