FUNDS HELD IN TRUST definition

FUNDS HELD IN TRUST. Producer shall hold funds in a fiduciary account for business generated under this Agreement to the extent required by the insurance laws of each state in which Producer conducts business. Provided Producer is in compliance with all terms of this Agreement, Producer shall be entitled to any interest earned on said funds while so held by the Producer. CLAIMS Unless agreed to in writing, XS Specialty LLC shall have no responsibility to provide notice of any claim to any insurer, such obligation being the sole responsibility of the INSURED and/or PRODUCER ADJUSTABLE PREMIUMS Notwithstanding anything to the contrary herein set forth, in the situation where premiums for a policy or policies which have been issued cannot be fully determined in advance and where an adjustment or determination is made by an audit, retrospective rating or by interim reports are fully earned and due at the invoice date as evidenced by a XS Specialty LLC or insurance company invoice. Producer will make all reasonable efforts to collect amounts due. Producer will be relieved of responsibility for premium, so adjusted or determined, if Producer notifies XS Specialty LLC in writing within 20 days after said invoice date, stating that Producer has made diligent efforts and is unable to collect such premiums and, provided the Insurer releases XS Specialty LLC of liability for such premium. A copy of the Producer's invoice to the Insured, as well as copies of correspondence pertaining to the collection, must be sent with this notification. Failure to give XS Specialty LLC timely notice shall constitute Producer's acceptance of responsibility to pay such premiums. If commission applies to these adjustments, none will be allowed to Producer on premiums collected directly by CRC or Insurer under this provision. This section may be modified by XS Specialty, LLC as to a specific coverage if to return the item or if the insurer requires a shorter return period than 45 days. DIRECT COLLECTION If, after the expiration of sixty (60) days from the date liability was assumed by the insurance carrier, has not received payment due for the applicable coverage, XS Specialty LLC may, at its option, collect from the Insured the premium due. In the event XS Specialty LLC collects the premium or any part thereof from the Insured, Producer shall not be entitled to any commission on the premium so collected. Attempts by XS Specialty LLC to collect from the Insured shall not relieve Producer of liability to XS ...
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Examples of FUNDS HELD IN TRUST in a sentence

  • FINANCIAL SECURITY REQUIREMENTS; DISTRIBUTION OF FUNDS HELD IN TRUST.

  • Estimated useful lives are as follows: Buildings 10 – 40 yearsBuilding improvement 10 – 20 yearsEquipment, furniture and fixtures 3 – 5 years FUNDS HELD IN TRUST BY OTHERSThe Academy is the recipient/beneficiary of several irrevocable perpetual trust arrangements which are held by others.

  • The movant bears the initial burden of demonstrating the absence of a genuine dispute of material fact.Celotex Corp.

  • RESTRICTED CASH AND PRIVATE PLACEMENT FUNDS HELD IN TRUST On June 23, 2015, the Trust issued an aggregate of 5,410,194 subscription receipts (the “Subscription Receipts”) at a price of $1.00 per Subscription Receipt for aggregate gross proceeds of $5,410,194.

  • FUNDS HELD IN TRUST FOR OTHERS The University, in limited instances, invests funds as a custodian for other closely related parties.

  • ADMINISTRATION OF FUNDS HELD IN TRUST IN CONNECTION WITH THE TOWER HAMLETS ENVIRONMENTAL TRUST (CENTRAL HILL ESTATE)David Thomas, Contracts Lawyer, Legal and Governance, introduced the report and noted that the main objective was to decide whether Corporate Committee should take responsibility of funds and land charges held in trust in connection with Tower Hamlets Environmental Trust (THET).

  • OVERSIGHT OF FUNDS HELD IN TRUST BY AUXILIARIES [16 ] The campus did not exercise sufficient controls over funds held in trust by its auxiliaries.

  • NOTE M - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the year for: Interest $ 3,786 NOTE N - FUNDS HELD IN TRUST BY OTHERS The COD is named as the remainder beneficiary of certain trusts held by others.

  • FUNDS HELD IN TRUST The Organization holds funds in trust for the Violence Prevention Coordinating Council (VPCC) Steering Committee.

  • RESOLUTION #55-2019 RESOLUTION DIRECTING THE DISTRIBUTION OF EHC NET RETURNED SURPLUS FUNDS HELD IN TRUST BY THE ATLANTIC COUNTY MUNICIPAL JOINT INSURANCE FUND Upon motion of Mrs.

Related to FUNDS HELD IN TRUST

  • Funds held on trust means those funds which the Trust holds on date of incorporation, receives on distribution by statutory instrument or chooses subsequently to accept under powers derived under S.90 of the NHS Act 1977, as amended. Such funds may or may not be charitable.

  • Segregated Account means a client bank account as defined by and held in accordance with the Applicable Regulations.

  • trust money means money held in trust on behalf of third parties in a trust contemplated in terms of Section 12 of the Act.

  • Certificate Account The account maintained by the Trustee in accordance with the provisions of Section 4.04.

  • Property Trustee Account has the meaning set forth in Section 3.8(c).

  • Swap Collateral Account means a single, segregated trust account in the name of the Indenture Trustee, which shall be designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.8(e) of the Sale and Servicing Agreement.]

  • Trust Accounts has the meaning assigned thereto in Section 5.1.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Payment Account means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee with the Bank in its trust department for the benefit of the Securityholders in which all amounts paid in respect of the Debentures shall be held and from which the Property Trustee shall make payments to the Securityholders in accordance with Sections 401 and 402.

  • Swap Account The account or accounts created and maintained pursuant to Section 4.09. The Swap Account must be an Eligible Account.

  • Custodial Accounts Each Custodial Account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement with respect to the Mortgage Loans.

  • Direct Account : means any Account which is not an ISA Account.

  • Spread Account means the Spread Account established and maintained pursuant to the Spread Account Agreement.

  • Segregation of Duties means the assignment of different people in the responsibility of authorising transactions, recording transactions and maintaining custody of assets with the intention of reducing the opportunities to allow any person to be in a position to both perpetrate and conceal fraud or error due to fraud in the normal course of their duties.

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Note Account As defined in the Indenture.

  • the Trust Fund means the Bond(s) referred to in the First Schedule to the Declaration of Trust and the property from time to time representing the same (and also includes any other property which may become Trust Property as a result of any loan to the Trustees or any addition by way of gift or any accumulation of income).

  • Segregated ballast means the ballast water introduced into a tank which is completely separated from the cargo oil and oil fuel system and which is permanently allocated to the carriage of ballast or to the carriage of ballast or cargoes other than oil or noxious substances as variously defined in the Annexes of the present Convention.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Series Account means any deposit, securities, trust, escrow or similar account maintained for the benefit of the Investor Certificateholders of any Series or Class, as specified in any Supplement.

  • Principal Account as set forth in the Standard Terms and Conditions of Trust shall be replaced with the term "Capital Account."

  • Force Account means the use of the Recipient's own employees, equipment, or resources for the Project.