Common use of Trusts Clause in Contracts

Trusts. This clause applies if you enter into the contract for your loan as trustee of a trust whether we know about the trust or not. You agree that you are liable both in your own right and as trustee of the trust. You declare or undertake to us that: • you enter into the contract for your loan for a proper purpose of the trust; • you have the power and authority under the trust to enter into the contract for your loan and, if the security is over the property of the trust, to mortgage the trust property; • you have the right to be indemnified fully out of the trust property, before the beneficiaries of the trust, for all liabilities that you incur under the contract for your loan; • you are the only trustee of the trust and no steps have been taken to remove you as trustee of the trust; • you are not in default under the terms of the trust; • you have told us about each trust of which you are a trustee; • you have given us a copy of all terms that apply to the trust; • the trust deed establishing the trust will not be amended without our prior consent; • you will not resign or be removed as trustee of the trust without our prior consent; • the trust has not vested; • you will not take action to terminate the trust without our prior consent; • no distribution of any capital of the trust will be effected without our prior consent; and • if the trust is a unit trust, no units will be redeemed without our prior consent. You must tell us immediately if, at any time, anything happens that would prevent you from truthfully repeating the declarations or giving the undertakings in this clause.

Appears in 5 contracts

Samples: Terms And, Terms And, Terms And

AutoNDA by SimpleDocs

Trusts. This clause applies if you enter into the contract for your loan as trustee of a trust whether we know about the trust or not. You agree that you are liable both in your own right and as trustee of the trust. You declare or undertake to us that: • you enter into the contract for your loan for a proper purpose of the trust; • you have the power and authority under the trust to enter into the contract for your loan and, if the security is over the property of the trust, to mortgage the trust property; • you have the right to be indemnified fully out of the trust property, before the beneficiaries of the trust, for all liabilities that you incur under the contract for your loan; • you are the only trustee of the trust and no steps have been taken to remove you as trustee of the trust; • you are not in default under the terms of the trust; • you have told us about each trust of which you are a trustee; • you have given us a copy of all terms that apply to the trust; • the trust deed establishing the trust will not be amended without our prior consent; • you will not resign or be removed as trustee of the trust without our prior consent; • the trust has not vested; • you will not take action to terminate the trust without our prior consent; • no distribution of any capital of the trust will be effected without our prior consent; and • if the trust is a unit trust, no units will be redeemed without our prior consent. You must tell us immediately promptly if, at any time, anything happens that would prevent you from truthfully repeating the declarations or giving the undertakings in this clause.

Appears in 1 contract

Samples: Terms And

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.