On trust Sample Clauses
The "On trust" clause establishes that certain assets, rights, or funds are to be held by one party for the benefit of another, creating a fiduciary relationship. In practice, this means that the holder (the trustee) must manage or use the specified property solely for the benefit of the beneficiary, and not for their own gain. This clause is commonly used in financial, commercial, or estate arrangements to ensure that assets are protected and managed according to the agreed terms. Its core function is to provide legal assurance that the beneficiary's interests are safeguarded and that the trustee is accountable for their proper administration.
On trust. The Note Trustee shall hold the benefit of the covenants contained in this Clause 4 (Covenant of Compliance) upon trust for itself and the Noteholders according to its and their respective interests.
On trust. The Note Trustee will hold the benefit of the covenants contained in this Clause 2 (Covenant to Repay, etc) on trust for the Noteholders and itself in accordance with these presents.