Second Trust Agreement definition
Examples of Second Trust Agreement in a sentence
The Trustee of the Second Trust will manage the Trust Assets of the Second Trust in accordance with the Second Trust Agreement.
The Trustee of the Second Trust will establish (on or before the Trust Commencement Date of the Second Trust) the Collection Account with a Qualified Bank and the ledger as set forth in the Second Trust Agreement in the Collection Account.
The Trustee of the Second Trust will transfer any and all moneys held in the account established under the Second Trust Agreement and any other moneys held under the Second Trust Agreement to a new account in accordance with the Second Trust Agreement specified by the Successor Trustee.
Upon its termination or resignation, the Trustee of the Second Trust will promptly settle the existing rights and obligations of the Trustee of the Second Trust as against the Trustor of the Second Trust and the Beneficiaries of the Second Trust and deliver to the Successor Trustee or to a person designated by the Majority Beneficiaries and ABL Lenders, all records, files, and information held in accordance with the Second Trust Agreement.
If the Trustee of the First Trust is dismissed or resigns pursuant to the First Trust Agreement (except for (c) of B above), the Successor Trustee will be appointed in accordance with the Second Trust Agreement and will act as successor to the Trustee of the First Trust in accordance with the provisions thereof.
For the avoidance of doubt, until the Successor Trustee accepts the appointment as trustee of the Second Trust, the Trustee of the Second Trust will continue to perform its duties under the Second Trust Agreement and will receive the applicable Fees for the Trustee of the Second Trust during the relevant period.
Notwithstanding the provisions set forth in the Second Trust Agreement, no termination or resignation of the Trustee of the Second Trust will take effect until the Successor Trustee has been appointed and accepted such appointment and succeeded to and assumed the rights and obligations thereof under the Second Trust Agreement from the Trustee of the Second Trust.
If the Trustee of the Second Trust is dismissed or resigns pursuant to the Second Trust Agreement (except for (c) of C above), the Majority Beneficiaries and ABL Lenders will, jointly appoint a Successor Trustee which meets the Trustee Eligibility Criteria and is willing to accept the appointment as trustee under the Second Trust Agreement.
The Trustee of the Second Trust will carry on its trust business faithfully for the benefit of the Beneficiaries of the Second Trust with the due care of a prudent manager in accordance with the Second Trust Agreement and Applicable Law.
If the Trustee of the Second Trust discloses the information in accordance with terms of the Second Trust Agreement to each of the Beneficiaries of the Second Trust and the ABL Lenders to the Second Trust, the Trustee of the Second Trust will obtain confirmation in writing from the Beneficiary of the Second Trust and the ABL Lenders to the Second Trust confirming the observance of the obligation provided in the paragraph below.