Common use of INITIAL TRUST PROPERTY Clause in Contracts

INITIAL TRUST PROPERTY. The Grantor hereby assigns, transfers, conveys and sets over to the Trustees the sum of $1.00, which sum shall be deposited in an account established in the name of the Trust by the Beneficiary Trustee. The Trustees hereby acknowledge receipt of such amount in trust from the Grantor, which amount shall constitute the initial Trust Property. It is the intention of the parties hereto that the Trust created hereby constitute a business trust under the Business Trust Act, and that this document constitutes the governing instrument of the Trust. The Trustees are hereby authorized and directed to execute and file a certificate of trust (the "Certificate of Trust") with the Delaware Secretary of State in accordance with the provisions of the Business Trust Act in substantially the form attached hereto as Exhibit 1.

INITIAL TRUST PROPERTY. The Grantor hereby assigns, transfers, conveys and sets over to the Trustees the sum of $1.00, which sum shall be deposited in an account established in the name of the Trust by the Beneficiary Trustee. The Trustees hereby acknowledge receipt of such amount in trust from the Grantor, which amount shall constitute the initial Trust Property. It is the intention of the parties hereto that the Trust created hereby constitute a business statutory trust under the Business Statutory Trust Act, and that this document constitutes the governing instrument of the Trust. The Trustees are hereby authorized and directed to execute and file a certificate of trust (the "“Certificate of Trust"”) with the Delaware Secretary of State in accordance with the provisions of the Business Statutory Trust Act in substantially the form attached hereto as Exhibit 1.