Assets of Trusts Sample Clauses

Assets of Trusts. Assets of a Trust shall not be available to meet any liability of, or principal amounts outstanding to Noteholders and providers of Support Facilities or other Creditors in relation to:
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Assets of Trusts. The Trustee may use all or any portion of the principal of said issue’s separate Trust hereunder as shall be appropriate, in the Trustee’s sole discretion, to acquire as an asset of said Trust a personal residence for occupancy by a beneficiary of such Trust rent free without any requirement that such property become productive of income. The Trustee, other than any Trustee who is a beneficiary of said issue’s Trust or who may become a beneficiary of said Trust, may lend all or any portion of the principal of said Trust as shall be appropriate to a Trust beneficiary, provided that such loan is evidenced by a promissory note having such terms and security as the Trustee may determine, and provided further that such terms and security are comparable to those that would be used in any arm’s-length loan between unrelated parties. The Trustee, in his/her sole discretion, may use all or any portion of the principal of said issue’s separate Trust to acquire as an asset of such Trust an interest in a privately held business or other business or professional opportunity for a beneficiary, provided that any Trustee who owns any interest in such business shall not participate in any such decision and, provided further, such investment does not constitute an act of self-dealing by any Trustee exercising discretion under the provisions of this sentence. Further, the Trustee may purchase items of tangible personal property for the use of a beneficiary or spouse of a beneficiary (including by way of illustration, but not limitation, jewelry, art, and antiques) even though such assets are not productive of income and may not be productive of capital appreciation, provided that legal title to any such property shall be held by the Trust and not by the beneficiary, and provided further, that such beneficiary and such beneficiary’s spouse shall not commit waste to such property and shall re-deliver possession of such property to the Trustee upon the Trustee’s demand. The portion of said issue’s separate Trust to be used to acquire such real estate or interests in real estate, business and/or professional opportunities, and/or items of tangible personal property shall be within the Trustee’s sole and absolute discretion. The Grantor intends hereby to provide the Trustee flexibility, when exercising discretion, to invest the assets of said issue’s separate Trust in a manner that allows the beneficiaries of said Trust to receive the benefit of the assets of said Trust without r...
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Related to Assets of Trusts

  • Assets of Trust The assets of the Trust shall consist of the Trust Property.

  • Investment of Trust Assets Following ratification of the Plan by stockholders of the Parent and receipt of any other necessary regulatory approvals, the Trust shall purchase Common Stock of the Parent in an amount equal to up to 100% of the Trust's assets, after providing for any required withholding as needed for tax purposes, provided, however, that the Trust shall not purchase more than 4% of the aggregate shares of Common Stock issued by the Parent in the mutual-to-stock conversion of the Savings Bank ("Conversion"). The Trustee shall purchase shares of Common Stock in the open market or, in the alternative, shall purchase authorized but unissued shares of the Common Stock from the Parent sufficient to fund the Plan Share Reserve.

  • Rights of Trustee (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

  • Situs of Trust The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware.

  • Individual Rights of Trustee The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

  • Audit of trust accounts Unless the Depositor determines that such an audit is not required, the accounts of the Trust shall be audited not less than annually by independent public accountants designated from time to time by the Depositor and the Trustee and the reports of such accountants shall be furnished upon request to Unit holders. So long as the Depositor is making a secondary market for Units, the Depositor shall bear the cost of such annual audits to the extent such cost exceeds $.50 per 100 Units.

  • Establishment of Trust Accounts (a) (i) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall establish and maintain in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.

  • Duties of Trustee (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

  • Availability of Trust Portfolio Shares 3.1.1 We will make shares of the Portfolios available to the Accounts for the benefit of the Contracts. The shares will be available for purchase at the net asset value per share next computed after we (or our agent, or you as our designee) receive a purchase order, as established in accordance with the provisions of the then current prospectus of the Trust. All orders are subject to acceptance by us and by the Portfolio or its transfer agent, and become effective only upon confirmation by us. Notwithstanding the foregoing, the Trust's Board of Trustees ("Trustees") may refuse to sell shares of any Portfolio to any person, or may suspend or terminate the offering of shares of any Portfolio if such action is required by law or by regulatory authorities having jurisdiction or if, in the sole discretion of the Trustees, they deem such action to be in the best interests of the shareholders of such Portfolio.

  • Purposes of Trust (a) The exclusive purposes and functions of the Trust are to (i) issue and sell Trust Securities and use the proceeds from such sale to acquire the Notes and (ii) engage in only those activities necessary or incidental thereto. The Delaware Trustee, the Property Trustee and the Administrative Trustees are trustees of the Trust, and have all the rights, powers and duties to the extent set forth herein. The Trustees hereby acknowledge that they are trustees of the Trust.

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