Trust Disbursement Clause Samples
The Trust Disbursement clause outlines the procedures and conditions under which funds held in a trust are released to designated parties. Typically, this clause specifies who is authorized to request or approve disbursements, the documentation required to support a release of funds, and any timing or notification requirements. Its core practical function is to ensure that trust assets are distributed in accordance with the trust's terms, providing transparency and accountability in the management of trust funds.
Trust Disbursement. In connection with a Business Combination, the Company will not authorize any disbursement of the funds in the Trust Account without the prior written approval of the Representative (which will not be unreasonably withheld). Furthermore, the Company agrees that it will cause the Trustee to pay the Deferred Underwriting Commission directly from the Trust Account to the Representative, in accordance with Section 1.3.
Trust Disbursement. As promptly as possible after the Effective Time, and upon the terms and subject to the conditions of this Agreement and in accordance with Pensare Certificate of Incorporation and the Trust Agreement, Pensare shall cause the Trustee to, and the Trustee shall thereupon be obligated to, distribute the proceeds of the Trust Fund to the Exchange Agent in accordance with Section 7.13 in order to consummate the Transactions.
Trust Disbursement. At the First Effective Time, and upon the terms and subject to the conditions of this Agreement and in accordance with the Ithax Certificate of Incorporation and the Investment Management Trust Account Agreement, dated as of January 27, 2021, between Ithax and the Trustee (the “Trust Agreement”), Ithax shall cause the Trustee to distribute the proceeds of the Trust Fund to the Company, or solely with respect to properly redeemed shares in accordance with the Trust Agreement, to shareholders of Ithax immediately prior to the Closing.
Trust Disbursement. At the Effective Time, and upon the terms and subject to the conditions of this Agreement and in accordance with Barington’s Certificate of Incorporation, the DGCL, and the Trust Agreement, Barington shall cause the Trustee to distribute the proceeds of the Trust Fund in order to consummate the transactions contemplated hereby.
Trust Disbursement. At the Effective Time, and upon the terms and subject to the conditions of this Agreement and in accordance with the Constellation Certificate of Incorporation and the Trust Agreement, Constellation shall cause the Trustee to distribute the proceeds of the Trust Fund.