Trustee's Control of Lockbox Fund Sample Clauses

Trustee's Control of Lockbox Fund. The Trustee hereby confirms its security interest in the Lockbox Fund and all sums now or hereafter on deposit in or payable or withdrawable therefrom. Notwithstanding the foregoing, the Trustee agrees that the Corporation, solely through the Manager as its authorized designee, shall continue to have access to the Lockbox Fund and amounts on deposit therein until the Trustee shall deliver instructions to the Depository Bank terminating the Corporation’s access to the Lockbox Fund and amounts on deposit therein and directing disposition of funds in the Lockbox Fund (“Disposition Instructions”). At such time as the Depository Bank has received and has had a reasonable opportunity to act on the Disposition Instructions, the Trustee, through the Manager as its authorized designee, shall have exclusive control of the Lockbox Fund and amounts on deposit therein and the Corporation shall no longer have access to the Lockbox Fund and amounts on deposit therein. Bank agrees to comply with instructions originated by the Trustee directing the disposition of funds in the Lockbox Fund without further consent by the Corporation, even if the Corporation objects to them in any way; subject in all respects to Manager’s continued access to the Lockbox Fund and amounts on deposit therein as contemplated in Section 5(b) below and the terms and conditions set forth in the Management Agreement. In the event Trustee delivers such Disposition Instructions (i) Corporation agrees that it irrevocably and unconditionally waives and releases any right, power or privilege Corporation may have to claim any breach of fiduciary duty by Manager in the event Manager acts as Corporation’s designee with respect to funds in the Lockbox Fund as contemplated by the immediately preceding sentence and (ii) Trustee agrees and acknowledges that, (I) Manager shall be acting as designee for Trustee solely in the limited capacity contemplated in this Section 5(a), (II) Manager shall have continued access to the Lockbox Fund as contemplated in Section 5(b) below and (III) it irrevocably and unconditionally waives and releases any right, power or privilege Trustee may have to claim any breach of fiduciary duty by Manager as a result of its application of funds in the Lockbox Fund as contemplated in Section 5(b) below.
Sample 1
AutoNDA by SimpleDocs

Related to Trustee's Control of Lockbox Fund

  • Control of Joint Accounts Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature or authenticated request of any other owner(s). Any owner may withdraw or transfer funds, pledge to us all or any part of the shares, or stop payment on items without the consent of the other owner(s). We have no duty to notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners in order to act.

  • Account Agreement Lender shall have received the original of the Account Agreement executed by each of Cash Management Bank and Borrower.

  • Administrative Controls The Contractor must have the following controls in place:

  • Investment of Account Assets a. All contributions to the custodial account shall be invested in the shares of the Provident Trust Mutual Funds, Inc. or, if available, any other series of Provident Trust Mutual Funds, Inc. or other regulated investment companies for which Provident Trust Company serves as Investment Advisor or designates as being eligible for investment. Shares of stock of an Investment Company shall be referred to as “Investment Company Shares”. To the extent that two or more funds are available for investment, contributions shall be invested in accordance with the depositor’s investment election.

  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

  • Deposit Account (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 the Certificateholders, the Deposit Account as provided in Section 5.01 of the Sale and Servicing Agreement.

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

  • Xxxx Individual Retirement Custodial Account The following constitutes an agreement establishing a Xxxx XXX (under Section 408A of the Internal Revenue Code) between the depositor and the Custodian.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.