Trustee Covenant Sample Clauses

A Trustee Covenant is a provision in a trust agreement that outlines the specific duties, responsibilities, and obligations of the trustee toward the trust and its beneficiaries. This clause typically requires the trustee to act in good faith, manage trust assets prudently, and adhere to the terms set forth in the trust document. For example, it may obligate the trustee to provide regular accountings, avoid conflicts of interest, and act impartially among beneficiaries. The core function of the Trustee Covenant is to ensure that the trustee is legally bound to act in the best interests of the trust, thereby protecting the rights of the beneficiaries and maintaining the integrity of the trust arrangement.
Trustee Covenant. In accordance with Section 11.01(d) of the Indenture, the Trustee hereby agrees and covenants to furnish, promptly after the execution of this Amendment No. 1, written notification of the substance of this Amendment No. 1 and the Consent to each of the Noteholders.
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Trustee Covenant. Notwithstanding anything contained in this clause 15 the Trustee covenants with the intent that the benefit of the covenant will ensure for the Noteholders that it will not cease to be the Trustee until a corporation qualified to act pursuant to section 283AC of the Corporations Act has been appointed as trustee in its stead.
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Trustee Covenant. The Trustee covenants with the Purchaser that it shall not at any time during the period of three years commencing on the date of Completion apply any of the assets of the Trust for the time being in investment in or support of (whether by equity subscription, loan, gift, guarantee or other financial assistance) any undertaking under the control of the trustees or beneficiaries of the Trust within the meaning of clause 7.1.4 which or any subsidiary of which carries on or is directly or indirectly engaged or interested in the business conducted by the Companies as at the date of Completion, which is agreed to comprise the origination (being the conception and initial design), marketing control (being decisions upon pricing, distribution, target markets and similar matters) and sale directly to the using public and directly or indirectly to retailers (or distributors selling to retailers) of the following products: (a) chess or other intelligent games; (b) PC games controllers; (c) PC input devices; (d) digital media speakers (meaning amplified speakers designed for use with PC’s or with portable digital audio sources); (e) video games accessories; (f) products comprising a software game plus one or more PC game controllers or video game accessories PROVIDED THAT: 7.1.1 for the avoidance of doubt, this undertaking shall not prohibit support of or investment in undertakings by reason of their direct or indirect interest in the production design, production development or production of any products which such business did not originate and control (“originate” and “control” having cognate meanings to the words “origination” and “marketing control” in the foregoing provisions of this clause 7.1) nor any marketing, promotion or sale of such services to others; 7.1.2 this undertaking shall not prohibit the application of funds in stock exchange investments where the securities held by the Trust are less than four per cent of the total issued securities of the class invested in, nor investment in general investment products such as unit trusts, investment trusts, investment funds marketed to the public and the like where neither the Vendor nor any beneficiary has any involvement in the undertaking in which such investment is made except through the investment; 7.1.3 this undertaking shall not prohibit the Trustee or any entity in which the Trustee is interested holding or having any interest in any share in the capital of MCZ or of any company which is a direct or...
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Related to Trustee Covenant

  • Negative Covenant Except as otherwise expressly permitted by this Agreement, between the date of this Agreement and the Closing Date, Sellers will not, and will cause the Company not to, without the prior consent of Buyer, take any affirmative action, or fail to take any reasonable action within their or its control, as a result of which any of the changes or events listed in Section 3.16 is likely to occur.

  • AFFIRMATIVE COVENANTS Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

  • BORROWER'S NEGATIVE COVENANTS Borrower covenants and agrees that, so long as any of the Commitments hereunder shall remain in effect and until payment in full of all of the Loans and other Obligations and the cancellation or expiration of all Letters of Credit, unless Requisite Lenders shall otherwise give prior written consent, Borrower shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 7.

  • Additional Affirmative Covenants All affirmative covenants made by the Borrowers or Guarantors or any of them in the Credit Agreement are incorporated herein by reference and are hereby also made by Trustor as to itself and the Trust Property as though such covenants were set forth at length herein as the covenants of Trustor.

  • Certain Negative Covenants So long as any Recovery Bonds are Outstanding, the Issuer shall not: (a) except as expressly permitted by this Indenture and the other Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Recovery Bond Collateral, unless directed to do so by the Indenture Trustee in accordance with Article V; (b) claim any credit on, or make any deduction from the principal or premium, if any, or interest payable in respect of, the Recovery Bonds (other than amounts properly withheld from such payments under the Code or other tax laws) or assert any claim against any present or former Holder by reason of the payment of the taxes levied or assessed upon any part of the Recovery Bond Collateral; (c) terminate its existence or dissolve or liquidate in whole or in part, except in a transaction permitted by Section 3.10; (i) permit the validity or effectiveness of this Indenture or the other Basic Documents to be impaired, or permit the Lien of this Indenture and the Series Supplement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Recovery Bonds under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Lien of this Indenture or of the Series Supplement) to be created on or extend to or otherwise arise upon or burden the Recovery Bond Collateral or any part thereof or any interest therein or the proceeds thereof (other than tax liens arising by operation of law with respect to amounts not yet due), or (iii) permit the Lien of this Indenture or of the Series Supplement not to constitute a valid first priority perfected security interest in the Recovery Bond Collateral; (e) elect to be classified as an association taxable as a corporation for federal income tax purposes or otherwise take any action, file any tax return, or make any election inconsistent with the treatment of the Issuer, for purposes of federal taxes and, to the extent consistent with applicable State tax law, State income and franchise tax purposes, as a disregarded entity that is not separate from the sole owner of the Issuer; (f) change its name, identity or structure or the location of its chief executive office, unless at least ten (10) Business Days’ prior to the effective date of any such change the Issuer delivers to the Indenture Trustee (with copies to the Rating Agencies) such documents, instruments or agreements, executed by the Issuer, as are necessary to reflect such change and to continue the perfection of the security interest of this Indenture and the Series Supplement; (g) take any action which is subject to a Rating Agency Condition without satisfying the Rating Agency Condition; (h) except to the extent permitted by applicable law, voluntarily suspend or terminate its filing obligations with the SEC as described in Section 3.07(g); or (i) issue any recovery bonds under the Wildfire Financing Law or any similar law (other than the Recovery Bonds).