HOLD IN TRUST definition

HOLD IN TRUST. CLIENT will hold in trust and safekeeping, as the property of ACTION, and immediately turn over to ACTION the identical check or other form of payment received by CLIENT, whenever any payment on any ACCOUNT comes into CLIENT’s possession; any failure by CLIENT in this regard constitutes a default under this Agreement (pursuant to SECTION V hereinbelow) and may result in civil and/or criminal actions against CLIENT and /or the person(s) responsible for such failure.
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HOLD IN TRUST. CLIENT will hold in trust and safekeeping, as the property of ACTION, and immediately turn over to ACTION the identical check or other form of payment received by CLIENT, whenever any payment on an ACCOUNT purchased by ACTION comes into CLIENT's possession; ANY FAILURE BY CLIENT IN THIS REGARD CONSTITUTES A DEFAULT UNDER THIS AGREEMENT (PURSUANT TO SECTION V HEREINBELOW) AND MAY RESULT IN CIVIL AND/OR CRIMINAL ACTIONS AGAINST CLIENT AND/OR THE PERSON (S) RESPONSIBLE FOR SUCH FAILURE.
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HOLD IN TRUST. CLIENT shall hold in trust and safekeeping, as the property of BANKERS, and immediately turn over to BANKERS the identical check or other form of payment received by CLIENT, whenever any payment on an account purchased by BANKERS comes into CLIENT's possession. Should CLIENT come into possession of a check comprising payments owing to both CLIENT and BANKERS, CLIENT shall turn over said check to BANKERS uncashed. Subject to a deduction for any amount owed BANKERS by CLIENT; BANKERS will refund CLIENT's portion to CLIENT. If CLIENT does not remit the payment to BANKERS on the next banking day after receipt of the payment by CLIENT, then in addition to any other legal remedies available to BANKERS under the law, BANKERS may assess CLIENT a fee equal to 15% of the amount of the payment received by CLIENT.
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Examples of HOLD IN TRUST in a sentence

  • To secure the full and timely payment and performance of the Secured Obligations, Mortgagor hereby irrevocably MORTGAGES, GIVES, GRANTS, WARRANTS, BARGAINS, SELLS, ALIENS, PLEDGES, ASSIGNS, TRANSFERS, HYPOTHECATES and CONVEYS to Mortgagee the Mortgaged Property, subject, however, to the Permitted Encumbrances, TO HAVE AND TO HOLD, IN TRUST, and Mortgagor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Mortgagee.

  • To secure the full and timely payment and performance of the Obligations, Grantor GRANTS, BARGAINS, SELLS, and CONVEYS the Collateral to Trustee (subject, however, to the Permitted Encumbrances), TO HAVE AND TO HOLD, IN TRUST, WITH POWER OF SALE, and Grantor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND the title to the Collateral unto Trustee.

  • THE COMPANY, OR PAYING AGENT, TO HOLD IN TRUST MONEYS FOR PAYMENT OF PRINCIPAL AND INTEREST.

  • To secure the full and timely payment of the Indebtedness and the full and timely performance of the Obligations, Grantor GRANTS, BARGAINS, SELLS and CONVEYS to Trustee the Mortgaged Property, subject, however, to the Permitted Encumbrances, TO HAVE AND TO HOLD, IN TRUST, WITH POWER OF SALE, and Grantor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Trustee.

  • THE COMPANY SHALL REQUIRE EACH PAYING AGENT OTHER THAN THE TRUSTEE TO AGREE IN WRITING THAT THE PAYING AGENT SHALL HOLD IN TRUST FOR THE BENEFIT OF HOLDERS OR THE TRUSTEE ALL MONEY HELD BY THE PAYING AGENT FOR THE PAYMENT OF PRINCIPAL, PREMIUM OR LIQUIDATED DAMAGES, IF ANY, OR INTEREST ON THE NOTES, AND SHALL NOTIFY THE TRUSTEE OF ANY DEFAULT BY THE COMPANY IN MAKING ANY SUCH PAYMENT.

  • THE ASSIGNOR SHALL HOLD IN TRUST FOR THE ASSIGNEE, ANY “COLLECTIONS” (AS DEFINED IN THE ASSIGNED DOCUMENTS) AND ANY OTHER FUNDS RECEIVED RELATING TO BORROWER, OTHER THAN FUNDS DUE AND OWING TO THE ASSIGNOR IN ACCORDANCE WITH THE TERMS OF THIS LIMITED RECOURSE ASSIGNMENT, WHETHER RECEIVED BY ACH TRANSFER OR BY CHECK.

  • TO HAVE AND TO HOLD IN TRUST, WITH POWER OF SALE, the above described and granted property, all of which is collectively referred to herein as the “Premises” (whether now or hereafter acquired), unto Deed of Trust Trustee on behalf of Mortgagee and unto the Mortgagee, in each case on behalf of the Bondholders, their respective successors and assigns, forever, for the purposes and uses herein set forth.

  • THE GUARANTOR SHALL HOLD IN TRUST FOR, AND FORTHWITH PAY OR TRANSFER TO, IFC ANY PAYMENT OR DISTRIBUTION OR BENEFIT OF SECURITY RECEIVED BY IT CONTRARY TO THIS SECTION 3.04.

  • THE SELLER AND ADT SHALL DELIVER TO THE SERVICER, AND THE SERVICER SHALL HOLD IN TRUST FOR THE SELLER, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT, EACH PURCHASER AGENT, AND EACH PURCHASER, ALL RECORDS (AND ANY ORIGINAL DOCUMENTS RELATING THERETO) (AND AFTER THE OCCURRENCE OF AN EVENT OF TERMINATION OR UNMATURED EVENT OF TERMINATION THAT REMAINS CONTINUING, SHALL DELIVER THE SAME TO THE COLLATERAL AGENT OR ITS DESIGNEES PROMPTLY UPON THE COLLATERAL AGENT’S WRITTEN REQUEST).

  • THE COMPANY SHALL REQUIRE EACH PAYING AGENT OTHER THAN THE TRUSTEE TO AGREE IN WRITING THAT SUCH PAYING AGENT WILL HOLD IN TRUST FOR THE BENEFIT OF HOLDERS OR THE TRUSTEE ALL MONEY HELD BY THE PAYING AGENT FOR THE PAYMENT OF PRINCIPAL, PREMIUM OR LIQUIDATED DAMAGES, IF ANY, OR INTEREST ON THE NOTES, AND WILL NOTIFY THE TRUSTEE OF ANY DEFAULT BY THE COMPANY IN MAKING ANY SUCH PAYMENT.