Examples of Deposit Trustee in a sentence
In the event that a payment request is deemed approved, NICTD shall retain the right to transmit the payment request to the Deposit Trustee should IFA not do so.
The School District hereby elects to participate in the Program and to abide by the Act and the Guidelines and hereby irrevocably directs DESE to cause the Treasurer to transfer to the Direct Deposit Trustee, out of the first dollars of State Aid payments otherwise determined by DESE to be payable to the School District, the amounts of State Aid listed on Schedule B hereto in the months listed on Schedule B hereto.
It is contemplated that the Authority will pay the charges of the Direct Deposit Trustee for services pursuant hereto out of funds that the Authority receives each year from the State of Missouri for the Program but, to the extent not so paid such charges shall be the obligation of the School District and may be charged annually against the investment earnings on amounts held by the Direct Deposit Trustee attributable to the School District.
The Direct Deposit Trustee shall not be liable for any mistake of fact or error in judgment, or for any act or failure to act taken in good faith and believed by it to be authorized or within the rights and powers conferred by this Agreement, unless there be shown gross negligence or willful misconduct.
The Direct Deposit Trustee shall not be obligated to advance funds from any other source or from funds deposited with respect to any other school district.
Any amounts held by the Direct Deposit Trustee in excess of the amounts required to be held by the Direct Deposit Trustee hereunder at any given time may be returned by the Direct Deposit Trustee to the School District without further authorization by any party hereto.
The obligations and the rights of the Direct Deposit Trustee shall accrue to its successors and assigns appointed by the Authority.
The Direct Deposit Trustee shall not be obligated to advance its own funds in connection with any bond payments of the Bonds.
The duties of the Direct Deposit Trustee shall be limited to those specifically provided in this Agreement and are ministerial in nature and not discretionary.
Except as provided in this Section 15.6, NICTD shall release, protect, defend, indemnify and hold harmless the RDA, IFA, the Bond Trustee, and the Deposit Trustee from and against any and all claims, causes of action, suits, judgments, demands, and/or losses, in each case if asserted or incurred by or awarded to any third party, arising out of or relating to or resulting from NICTD's design, construction or operation of the Rail Projects or the South Shore Line.