Common use of HOLD IN TRUST Clause in Contracts

HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige and immediately turn over to Prestige, the identical check or other form of payment received by Seller if payment on the Accounts comes into Seller’s possession. Should Seller come into possession of a check comprising payments owing to both Seller and Prestige, Seller shall promptly turnover said check to Prestige. In the event a payment belonging to Prestige is improperly deposited into Seller’s bank account, Prestige reserves the right to impose liquidated damages upon Seller of up to 15% of the amount of any payment so improperly deposited.

HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige Lender and immediately turn over to PrestigeLender, the identical check or other form of payment received by Seller if payment on the Accounts comes into Seller’s possession. Should Seller come into possession of a check comprising payments owing to both Seller and PrestigeLender, Seller shall promptly turnover said check to PrestigeLender. In the event a payment belonging to Prestige Lender is improperly deposited into Seller’s bank account, Prestige Lender reserves the right to impose liquidated damages upon Seller of up to 15% of the amount of any payment so improperly deposited.