Express Trust Sample Clauses

Express Trust. If any Creditor shall have received any payment or distribution out of any of the assets constituting a part of the Collateral from any foreclosure, sale, liquidation or other disposition of, or realization upon, the Collateral, such Creditor shall hold such payment or distribution in trust as trustee of an express trust, for the benefit of itself and the other Creditors, shall not commingle such payment with its other assets, and shall promptly take all action necessary to cause such payment to be shared in accordance with Section 3 hereof. As between the Borrower and the Creditors, any Creditor making a payment to the other Creditors pursuant to Sections 3 or 4 hereof shall be deemed not to have received or realized on account of the Obligations held by such Creditor all or any portion of the amount so paid over to the other Creditors. If all or a portion of any amount paid by a Creditor to the other Creditors pursuant to Sections 3 or 4 hereof must thereafter be repaid or restored (whether by court order or settlement of a claim) the payment shall, to such extent, be rescinded and repaid, without interest.
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Express Trust. If any Investor shall have received any payment or distribution out of any of the assets constituting a part of the Collateral from any foreclosure, sale, liquidation or other disposition of, or realization upon, the Collateral other than in accordance with Section 7, such Investor shall hold such payment or distribution in trust as trustee of an express trust, for the benefit of itself and the other Investors, shall not commingle such payment with its other assets, and shall promptly take all actions necessary to cause such payment to be shared in accordance with Section 7. As between the Pledgor and the Investors, any Investor making a payment to the other Investor pursuant to this Section 9(c) shall be deemed not to have received or realized on account of the Obligations held by such Investor all or any portion of the amount so paid over to the other Investors. If all or a portion of any amount paid by an Investor to the other Investors pursuant to this Section 9(c) must thereafter be repaid or restored (whether by court order or settlement of a claim), the payment shall, to such extent, be rescinded and repaid, without interest.
Express Trust. To begin, Xx. Xxxxxxx contends that the MSA “is sufficient to create an express trust under Oregon law.” Def. Resp., at 9. I disagree. As relevant here, the creation of an express trust under Oregon law requires either a transfer of property to a trustee, a declaration by the trustee that certain property is held in trust, or a court order that “requires property to be administered in the manner of an express trust.” ORS 130.150(1).9 None of these requirements are met.

Related to Express Trust

  • Massachusetts Business Trust With respect to any Fund which is a party to this Agreement and which is organized as a Massachusetts business trust, the term “Fund” means and refers to the trustees from time to time serving under the applicable trust agreement of such trust, as the same may be amended from time to time (the ‘Declaration of Trust”). It is expressly agreed that the obligations of any such Fund hereunder shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of the Fund personally, but bind only the trust property of the Fund as set forth in the applicable Declaration of Trust. In the case of each Fund which is a Massachusetts business trust (in each case, a “Trust”), the execution and delivery of this Agreement on behalf of the Trust has been authorized by the trustees, and signed by an authorized officer, of the Trust, in each case acting in such capacity and not individually, and neither such authorization by the trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually, but shall bind only the trust property of the Trust as provided in its Declaration of Trust.

  • Anti-Trust The MA Dual SNP hereby certifies to HHSC that neither the MA Dual SNP, nor the person represented by the MA Dual SNP, nor any person acting for the represented person, has been found by a judgment of a court of law to have violated the anti-trust laws codified by Chapter 15, Texas Business and Commerce Code, or the federal anti-trust laws.

  • Name of Trust It is understood that the name "Calamos", and any logo associated with that name, is the valuable property of Calamos Asset Management, Inc., and that the Trust has the right to include "Calamos" as a part of its name or the name of any Fund only so long as this Agreement shall continue. Upon termination of this Agreement the Trust shall forthwith cease to use the "Calamos" name and logo and shall take such action as is necessary to change the name of any Fund and to amend its Declaration of Trust to change the Trust's name.

  • Agreement and Declaration of Trust These By-Laws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the "Declaration of Trust"), of the above-captioned Massachusetts business trust established by the Declaration of Trust (the "Trust").

  • Trust This Certificate represents ownership of a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined in Sections 860G and 860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue date of this Certificate is August 26, 2005. Unless this Certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. WMALT Series 2005-7 Portion of the Class 1-A-8 Principal Balance as of the Cut-Off Date Evidenced by this Certificate: $4,215,000.00 Class 1-A-8 Certificate Interest Rate: 5.500% Cut-Off Date: August 1, 2005 First Distribution Date: September 26, 2005 Last Scheduled Distribution Date: September 25, 2035 Class 1-A-8 Principal Balance as of the Cut-Off Date: $4,215,000.00 Cede & Co. Registered Owner Exhibit A CUSIP 93934F BL5 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATE Class 2-CB-1 Evidencing a beneficial interest in a pool of assets consisting of beneficial interests in another pool of assets consisting of beneficial interests in another pool of assets consisting of, among other things, conventional one- to four-family mortgage loans formed by WASHINGTON MUTUAL MORTGAGE SECURITIES CORP.

  • Mobile Banking If Mobile Banking is activated for your account(s), you will be required to use secure login information to access the account(s). At the present time, you may use Mobile Banking to: - Deposit checks to your savings and checking accounts. - Withdraw funds from your savings, checking, and money market accounts. - Transfer funds from your savings, checking, and money market accounts. - Obtain balance information for your savings, checking, and money market accounts. - Make loan payments from your savings, checking, and money market accounts. - Determine if a particular item has cleared. - Verify the last date and amount of your payroll deposit. Your accounts can be accessed under Mobile Banking via mobile device or other approved access device(s). Mobile Banking will be available for your convenience 24 hours per day. This service may be interrupted for a short time each day for data processing. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account. All checks are payable to you as a primary member and will be mailed to your address of record. We may set other limits on the amount of any transaction, and you will be notified of those limits. We may refuse to honor any transaction for which you do not have sufficient available verified funds. The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction and there may be limits on the duration of each access. The following limitations on Mobile Banking transactions may apply: - There is no limit to the number of inquiries, transfers, or withdrawal requests you may make in any one (1) day. - See Section 2 for transfer limitations that may apply to these transactions.

  • Real Estate Investment Trust Commencing with its taxable year ended December 31, 2009, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (“REIT”) under the Code, and its proposed method of operation will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code.

  • Declaration of Trust The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless otherwise required by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license in any other state or jurisdiction, if applicable, is hereby ratified.

  • State Funding (a) This Contract shall not be construed as creating any debt on behalf of the State of Texas and/or the GLO in violation of Article III, Section 49, of the Texas Constitution. In compliance with Article VIII, Section 6, of the Texas Constitution, it is understood that all obligations of the GLO hereunder are subject to the availability of state funds. If such funds are not appropriated or become unavailable, the GLO may terminate this Contract. In that event, the Parties shall be discharged from further obligations, subject to the equitable settlement of their respective interests, accrued up to the date of termination.

  • xxx/OpenGovernment/LobbingAtOrangeCounty aspx A lobbying blackout period shall commence upon issuance of the solicitation until the Board selects the Contractor. For procurements that do not require Board approval, the blackout period commences upon solicitation issuance and concludes upon contract award. The County may void any contract where the County Mayor, one or more County Commissioners, or a County staff person has been lobbied in violation of the black-out period restrictions of Ordinance No. 2002-15. • Orange County Protest Procedures xxxx://xxx.xxxxxxxxxxxxxx.xxx/VendorServices/XxxxxxXxxxxxxXxxxxxxxxx.xx px Failure to file a protest with the Manager, Procurement Division by 5:00 PM on the fifth full business day after posting, shall constitute a waiver of bid protest proceedings.

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