CLIENT TRUST ACCOUNT Clause Samples
CLIENT TRUST ACCOUNT. The Producer agrees and acknowledges that the Producer must at all times maintain a separate Client Trust Account and deposit all premium funds collected (and owed to the Company) in such Client Trust Account.
CLIENT TRUST ACCOUNT. Everything to be done by the Agent under this Agreement is done as Agent of the Owner and all obligations, expenses, or other liabilities incurred as a consequence of Agent’s action or inaction, whether directly or by its officers, employees, or agents, will be solely for the account of and on behalf of the Owner. OHCS bears no responsibility for Agent or Owner action or inaction, whether directly or by their respective officers, employees, or agents. Any payments to be made by the Agent hereunder will be made out of such sums as are available in the Client Trust Account established pursuant to Section 10(1). Agent will not be obliged to make any advance to, or for the account of, the Owner or to pay any sum, except out of funds held or provided as aforesaid, nor will the Agent be obliged to incur any liability or obligation for the account of the Owner without assurance that the necessary funds for the discharge thereof will be provided by the Owner.
CLIENT TRUST ACCOUNT. Agent will establish and maintain, in a depository whose deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”), including in accordance with the Loan Documents, a separate depository account as Agent of the Owner for the deposit of Operating Income, with authority to draw thereon for any payments to be made by the Agent to discharge any liabilities or obligations of the Owner incurred in accordance with this Agreement. This account will be carried in the Agent's name and will be designated of record as the "Client Trust Account" or as otherwise permitted by OHCS. Agent also will establish such other special depository accounts as may be required by the Owner or OHCS. Any and all interest which may accrue on deposits contained in any accounts established in accordance with this subsection will be used by the Agent to discharge any legitimate and appropriate Operating Expenses of the Project consistent with the terms of this Agreement, the Management Agreement, and the Operating Agreement.