Common use of SUMS RECEIVED BY THE SECURITY TRUSTEE Clause in Contracts

SUMS RECEIVED BY THE SECURITY TRUSTEE. Pending distribution under Clause 27.4 (Application of Sums Received), the Security Trustee shall, if reasonably practicable, place any sum received, recovered or held by it in respect of the Trust Property in an interest bearing suspense account with a bank or financial institution in the name of or under the control of the Security Trustee. The interest paid on such account shall be credited to the relevant account.