Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:
Agreements and Covenants of Trustee. The Trustee is hereby appointed to serve as Trustee hereunder, and the Trustee hereby agrees to act as Trustee upon the terms and conditions set forth herein. The Trustee hereby agrees and covenants to:
Agreements and Covenants of Trustee. Subject to the terms and conditions of this Agreement, including Article IV hereof, the Trustee hereby agrees and covenants to:
Agreements and Covenants of Trustee. 1.1 Section 1 of the IMTA Agreement is amended to include new subparagraph (l) to read as follows:
Agreements and Covenants of Trustee. 1.1. Section 1(i). Section 1(i) is hereby amended and restated in its entirety so that it now reads in full as follows:
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in segregated trust accounts (the "Trust Account") established by the Trustee at a branch of JPMorgan Chase NY Bank selected by the Trustee; (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; (c) In a timely manner, upon the written instruction of the Company, to invest and reinvest the Property in United States "government securities" and/or in any open ended money market fund(s) selected by the Company meeting the conditions of Sections (c)(2), (c)(3) and (c)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, as determined by the Company. As used herein, "government securities" means any Treasury Xxxx issued by the United States, having a maturity of one hundred and eighty days or less; (d) Collect and receive, when due, all principal and income arising from the Property, which income, net of taxes, shall become part of the "Property," as such term is used herein; and the remaining income arising from the Property, up to $1,000,000, net of taxes, may be released to the Company periodically to fund its working capital requirements as is set forth in Section 2(b) hereof; (e) Notify the Company and Xxxxxx Xxxxxx of all communications received by it with respect to any Property requiring action by the Company; <PAGE> (f) Supply any necessary information or documents as may be requested by the Company in connection with the Company's preparation of the tax returns relating to income from the Property in the Trust Account or otherwise; (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company and/or Xxxxxx Xxxxxx in writing to do so; (h) Render to the Company and to Xxxxxx Xxxxxx, and to such other person as the Company may instruct, monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; (i) If there is any income or other tax obligation relating to the income from the Property in the Trust Account as determined by the Company, then, from time to time, at the written instruction of the Company, the Trustee shall promptly, to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, liquidate such assets held in t...
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: (i) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee in the United States at X.X. Xxxxxx Xxxxx Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company; (ii) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; (iii) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property only in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; and while account funds or invested or uninvested, the Trustee may earn bank credits or other consideration;
Agreements and Covenants of Trustee
