Producer Accounts Sample Clauses

Producer Accounts. The Bontang VI Trustee shall maintain separate accounts for each Producer which are sufficient to reflect each such Producer's interest in the assets, liabilities, receipts and disbursements of the Bontang VI Trust Funds and its right to distributions therefrom (the "Bontang VI Trust Funds Accounts"). It is the intention of each Producer that the trust created hereby be a security trust of the type described in Treas. Reg. 1.61- 13(b) and I.T. 1942, III-1 C.B. 11 (1924). Accordingly, each Producer agrees for U.S. income tax purposes to account for its share of the receipts and disbursements made pursuant to this Agreement as if it had received such amounts directly and made such disbursements directly, and the Bontang VI Trustee agrees for United States income tax purposes, unless advised by the U.S. Internal Revenue Service to the contrary, to treat such receipts and disbursements in a manner consistent with its status as the agent for each such party or, if so advised by Bontang VI Trustee's counsel, as the trustee of a separate grantor trust for each such party within the meaning of Section 671 of the U.S. Internal Revenue Code of 1986, as amended, and the regulations thereunder. 50 45
Sample 1
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Producer Accounts. The Bontang V Trustee shall maintain separate accounts for each Producer which are sufficient to reflect each such Producer's interest in the
Sample 1

Related to Producer Accounts

  • Customer Accounts The Bank agrees to establish and maintain the following accounts ("Accounts"):

  • Separate Accounts If the Fund has more than one series or portfolio, the Bank will segregate the assets of each series or portfolio to which this Agreement relates into a separate account for each such series or portfolio containing the assets of such series or portfolio (and all investment earnings thereon). Unless the context otherwise requires, any reference in this Agreement to any actions to be taken by the Fund shall be deemed to refer to the Fund acting on behalf of one or more of its series, any reference in this Agreement to any assets of the Fund, including, without limitation, any portfolio securities and cash and earnings thereon, shall be deemed to refer only to assets of the applicable series, any duty or obligation of the Bank hereunder to the Fund shall be deemed to refer to duties and obligations with respect to such individual series and any obligation or liability of the Fund hereunder shall be binding only with respect to such individual series, and shall be discharged only out of the assets of such series.

  • Other Accounts On the date of withdrawal of any Deposit, the Escrow Agent, or the Pass Through Trustee on behalf of the Escrow Agent, shall be entitled to re-deposit with the Depositary any portion thereof and the Depositary shall accept the same for deposit hereunder. Any sums so received for deposit shall be established as a new Deposit and credited to a new Account, all as more fully provided in Section 2.1 hereof, and thereafter the provisions of this Agreement shall apply thereto as fully and with the same force and effect as if such Deposit had been established on the Deposit Date except that (i) such Deposit may not be withdrawn prior to the date seven days after the establishment thereof and (ii) such Deposit shall mature on June 15, 2000 (as such date may be extended from time to time to the fifteenth day after the Delivery Period Termination Date) and bear interest as provided in Section 2.2. The Depositary shall promptly give notice to the Escrow Agent of the account number assigned to any such re-deposit.

  • Designated Accounts The Collection Account, the Note Distribution Account and the Reserve Account, collectively. Determination Date: The tenth day of each calendar month, or if such tenth day is not a Business Day, the next succeeding Business Day. Discount Rate: 0.00% per annum.

  • Primary Accounts Borrower will maintain its primary depository and operating accounts with Bank.

  • Operating Accounts (a) Maintain all of Borrower’s and its Subsidiaries’ Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent.

  • Management Accounts The Management Accounts:

  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

  • Set Up Accounts (a) Bank shall establish and maintain the following accounts ("Accounts"):

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

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