Trustee to Certify Trust Assets Clause Samples
The 'Trustee to Certify Trust Assets' clause requires the trustee to formally confirm or verify the assets held within the trust. In practice, this means the trustee may be obligated to provide a written statement or certificate listing all trust property, which can be requested by beneficiaries, co-trustees, or third parties such as banks or courts. This clause ensures transparency and accountability in trust administration, helping to prevent disputes or confusion regarding the trust's holdings.
Trustee to Certify Trust Assets. (a) Whenever reasonably required by the Company, but not less often than annually and not more often than quarterly, Trustee shall prepare and submit to the Company a statement of the assets in the Trust and such other information as may be agreed upon between the Company and the Trustee.
(b) Trustee shall promptly certify the existence of the Trust Fund and the assets and their market valuation on the Effective Date of this instrument and quarterly thereafter, to the IID and the Domiciliary Commissioner. Such notification shall be made within thirty (30) days after the Effective Date of the end of each calendar quarter. In addition, Trustee shall certify the existence and most recent value of the Trust Fund whenever so directed by IID, the Company, its U.S. Representative, the Domiciliary Commissioner or any Non- Domiciliary Commissioner. Whenever the Trustee in the performance of its duties thereunder shall be required to value the assets of the Trust Fund, it may employ an agent for such valuation and the Company shall reimburse Trustee for any costs or expenses of valuations performed either by the Trustee or such agent. In the absence of the filing in writing with the Trustee by the Company of exceptions to any such statement within sixty (60) days, approval of such statement shall be deemed to have been given; and in such case or upon written approval, the Trustee shall be released, relieved and discharged with respect to all matters set forth in such statement as though such account had been settled in a court of competent jurisdiction in a proceeding where all parties having a beneficial or regulatory interest in the Trust were parties.
Trustee to Certify Trust Assets. (a) Whenever reasonably required by the Agent, but not less often than annually and not more often than quarterly, the Trustee shall prepare and submit to the Agent a statement of (i) the assets in all of the Trust Funds held hereunder with respect to each particular year of account of the Syndicate (other than any such year of account for a Syndicate, the Kentucky Liabilities of which have been reinsured pursuant to any contract of Reinsurance to Close as described in Paragraph 2.7), (ii) to the extent that the Agent has provided a method of allocation which the Trustee is reasonably able to implement, a statement of the market value of the assets in the Trust Fund determined in accordance with such method of allocation, and (iii) such other information as may be agreed upon between the Agent and the Trustee.
(b) The Trustee shall promptly certify the existence and value of the aggregate of all Trust Funds net of any charges, liens or encumbrances held hereunder with respect to each particular year of account of the Syndicate on the last day of the quarter ending after the Effective Date for such Trusts and the last day of each quarter thereafter, to the Kentucky Commissioner; provided, however, that if the Trustee shall have been advised pursuant to Paragraph 2.7 that the Kentucky Liabilities with respect to the Kentucky Policies as defined in Paragraph 1.2(a) have been reinsured pursuant to any contract of Reinsurance to Close as described in Paragraph 2.7, no such certification shall be made by the Trustee. Such notification shall be made within thirty (30) days after the end of each calendar quarter.
(c) In addition, the Trustee shall certify the existence and most recent value of all Trust Funds net of any charges, liens or encumbrances held hereunder with respect to each particular year of account of the Syndicate (other than any such year of account for a Syndicate, the Kentucky Liabilities of which have been reinsured pursuant to any contract of Reinsurance to Close as described in Paragraph 2.7) whenever so directed by the Agent or its Kentucky Representative. Whenever the Trustee in the performance of its duties hereunder shall be required to value the assets of the Trust Funds, it may employ an agent for such valuation (which may be the Trustee, or any subsidiary, affiliate or associate of the Trustee) and the Agent shall pay or reimburse the Trustee for any costs or expenses of valuations performed either by the Trustee or such agent. In the a...