ITTA definition
Examples of ITTA in a sentence
Under 760 ILCS Section 5/7 of ITTA, the Trustee is entitled to reasonable compensation and reimbursement for reasonable expenses.
The Trustee has a duty to invest and manage the Trust Funds pursuant to the “Prudent Investor Rule” under 760 ILCS Section 5/5(a) of the ITTA.
The Trustee, pursuant to 760 ILCS Section 5/5.1 of the ITTA, may delegate this investment function to a qualified investment advisor.
The Parties intend for this Agreement to comply with the Act and the ITTA, and the provisions of this Agreement shall be liberally construed to effect that intent.
Accordingly, no power or discretion granted any person or entity by the terms of this Agreement or by law shall be exercised or exercisable in such manner as would cause the trust to fail to comply with the Act and ITTA.
Except in an action by the Regulator to revoke the Provider’s license issued pursuant to the Act and for creation of a receivership as provided in the ITTA, the Trust Funds shall not be subject to judgment, execution, garnishment or other alienation, and shall not be assignable except as approved by the Regulator.
The Trustee shall act as the Servicing Agent for the performance of certain administrative functions, including, but not limited to, distribution of documents to the various parties, performing initial processing of pre-need contracts, calculating balances for individual trust, compiling and distributing annual statements as required by the Act and ITTA, performing various income tax reporting functions and generally communicating with the Provider.
On or prior to the Closing Date, ITT will (i) transfer or will cause to be transferred to ITTA the Owned Real Property listed on Schedule 6.17 and (ii) assign to ITTA the Leased Real Property listed on Schedule 6.17.
ITT will not consent to the entry of any judgment or enter into any settlement with respect to the Honeywell Litigation without the prior written consent of Purchaser (not to be unreasonably withheld or delayed) unless the judgment or proposed settlement involves only the payment of money by ITT for its own account or for the account of ITTA and does not impose an injunction or other equitable relief upon the Purchaser Indemnified Parties.
In furtherance thereof, promptly after the date hereof, ITT shall undertake commercially reasonable efforts to arrange for the amendment of the Avon AOC and the RFM AOC to have the name of the obligated party thereunder changed from ITTA to ITT, and Purchaser (including, after the Closing Date, ITTA) shall reasonably cooperate to facilitate such amendment, including the execution of any forms or other documents needed in connection with such amendment.