Existing Beneficiaries definition
Examples of Existing Beneficiaries in a sentence
Notwithstanding any other provision contained in this Agreement, the Escrow Agent shall act solely as the Trustee's and the Existing Notes Trustee's agent for the equal and ratable benefit of the Beneficiaries and the Existing Beneficiaries in connection with its duties under this Section 6 or any other duties herein relating to the Escrow Account or any funds or U.S. Government Securities held thereunder.
The Company shall take all actions necessary on its part to insure the continuance of a first priority security interest in the Collateral in favor of the Beneficiaries and the Existing Beneficiaries in order to secure all such obligations and indebtedness.
The Escrow Account, the funds held therein and any U.S. Government Securities held by the Escrow Agent shall be under the sole dominion and control of the Escrow Agent for the benefit of the Beneficiaries and the Existing Beneficiaries.
All interest earned and dividends paid on funds invested in U.S. Government Securities shall be deposited in the Escrow Account as additional Collateral for the exclusive benefit of the Beneficiaries and the Existing Beneficiaries and, if not required to be disbursed in accordance with the terms hereof, shall be reinvested in accordance with the terms hereof at the Company's written instruction.
All funds accepted by the Escrow Agent pursuant to this Agreement shall be held for the exclusive and equal and ratable benefit of the Beneficiaries and the Existing Beneficiaries.