Trust Account Rules Sample Clauses

Trust Account Rules. If the Distributor receives a Cash Deposit:
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Trust Account Rules. If the Distributor receives a Cash Deposit: the Cash Deposit must be held in a trust account in the name of the Trader, to be applied or distributed only on the terms of this Agreement, or as otherwise agreed by the parties; the Distributor must establish a trust account with a New Zealand registered bank (“the Bank”) for the purpose of holding the Cash Deposit ("Trust Account"); the Distributor must obtain acknowledgement from the Bank that the Cash Deposit is held on trust in the Trust Account and that the Bank has no right of set-off or right of combination in relation to the Cash Deposit; the Trader must inform the Distributor of the bank(s) that the Trader uses for its banking purposes and if the Trader changes banks; the Trust Account must bear interest at the best on call rate reasonably available from time to time from the Bank. The Distributor must pay the Trader the interest earned on the Cash Deposit (except for the amount of the Cash Deposit that is Additional Security, in respect of which a charge should be paid in accordance with clause 10.9) on a quarterly basis net of account fees and any amounts required to be withheld by law, unless the parties agree otherwise; if this Agreement is terminated, the Distributor must refund any Cash Deposit (less any amount owed to the Distributor plus any interest not yet paid to the Trader) to the Trader in accordance with clause 10.19, provided that the Trader:
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Trust Account Rules. If the Distributor receives a Cash Deposit: the Cash Deposit will be held in a trust account in the name of the Retailer, to be applied or distributed only on the terms of this agreement, or as otherwise agreed by the parties; the Distributor will establish a trust account with a New Zealand registered bank (“the Bank”) for the purpose of holding the Cash Deposit ("Trust Account"); the Distributor will obtain acknowledgement from the Bank that the Cash Deposit is held on trust in the Trust Account and that the Bank has no right of set-off or right of combination in relation to the Cash Deposit; the Retailer will inform the Distributor of the bank(s) that the Retailer uses for its banking purposes and if the Retailer changes banks; the Trust Account will bear interest at the best on call rate reasonably available from time to time from the Bank. The Distributor will pay the Retailer the interest earned on the Cash Deposit (except for the amount of the Cash Deposit that is Additional Security, in respect of which a charge should be paid in accordance with clause 12.8) on a quarterly basis net of account fees and any amounts required to be withheld by law, unless the parties agree otherwise; if this agreement is terminated, the Distributor will refund any Cash Deposit (less any amount owed to the Distributor plus any interest not yet paid to the Retailer) to the Retailer in accordance with clause 12.17, provided that the Retailer: is not otherwise in default of this agreement; has ceased to be bound by this agreement; and has discharged all obligations under this agreement to the Distributor, including payment of all outstanding amounts under this agreement; and the Distributor will provide the Retailer with an annual report in respect of the operation of the Trust Account if requested by the Retailer. Release of third party security: If this agreement is terminated, the Distributor will release any third party security, provided that the Retailer has met all of the requirements set out in clause 12.24(f).
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Trust Account Rules. Provided that:
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Trust Account Rules. If the Distributor receives a Cash Deposit: Deleted: on trust for the benefit of both the Distributor and the Retailer
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Trust Account Rules. If the Distributor receives a Cash Deposit: the Cash Deposit will be held in a trust account in the name of the Retailer, to be applied or distributed only on the terms of this agreement, or as otherwise agreed by the parties; the Distributor will establish a trust account with a New Zealand registered bank (“the Bank”) for the purpose of holding the Cash Deposit (“Trust Account”); the Distributor will obtain acknowledgement from the Bank that the Cash Deposit is held on trust in the Trust Account and that the Bank has no right of set-off or right of combination in relation to the Cash Deposit;
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