Payment Agent Sample Clauses
The Payment Agent clause designates a third party or entity responsible for receiving, processing, and distributing payments on behalf of one or more parties to a contract. In practice, this agent may collect funds from a buyer and then remit them to the seller, or handle the allocation of payments among multiple recipients according to agreed terms. This arrangement streamlines the payment process, reduces administrative burdens for the contracting parties, and helps ensure timely and accurate disbursement of funds, thereby minimizing disputes and enhancing financial clarity.
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Payment Agent. Promptly following the Effective Time, Parent shall deposit with The Bank of New York or such other payment agent as may be designated by Parent (the "PAYMENT AGENT"), for the benefit of the Company Stockholders, an amount in cash sufficient to make the payments required pursuant to this Article III in exchange for certificates formerly representing shares of Company Common Stock outstanding immediately prior to the Effective Time (such cash, the "PAYMENT FUND").
Payment Agent a third party engaged by the Company to transfer money to and/or from the Client’s Account. The Company’s Payment Agent is VISEPOINT LIMITED, located at: ACT - BARON COURT, KARLU GALEA STREET, City/Locality VICTORIA (GOZO) VCT 2604, Country MALTA. The Company is responsible for the actions of the Payment Agent as though they were its own actions. All claims/complaints/statements to the Payment Agent may be submitted only to the Company’s address.
Payment Agent. Prior to the Closing, Parent will (i) select a bank or trust company reasonably acceptable to the Company to act as the payment agent for the Merger (the “Payment Agent”); and (ii) enter into a payment agent agreement, in form and substance reasonably acceptable to the Company, with such Payment Agent.
Payment Agent. Prior to the Effective Time, Newco shall select a bank or trust company reasonably acceptable to the Company to act as the payment agent for the Merger (the “Payment Agent”).
Payment Agent. WinStar shall designate ▇▇▇▇▇▇▇▇ as its payment agent with respect to all Backbone Agreements that cannot be assigned to ▇▇▇▇▇▇▇▇ pursuant to subsection (a) above.
Payment Agent. Section 2.13(a) .............7
Payment Agent. Prior to the Effective Time, Parent shall select a bank or trust company reasonably acceptable to the Company to act as the payment agent for the Merger (the “Payment Agent”).
Payment Agent. At the Closing, Parent shall deposit with a bank or trust company designated before the Closing Date by Parent and reasonably acceptable to the Company (the "Payment Agent"), a cash amount equal to the aggregate Transaction Consideration to which holders of Company Common Shares shall be entitled upon consummation of the Merger, to be held for the benefit of and distributed to such holders in accordance with this Section 3.02. The Payment Agent shall agree to hold such funds (such funds, together with earnings thereon, being referred to herein as the "Payment Fund") for delivery as contemplated by this Section 3.02 and upon such additional terms as may be agreed upon by the Payment Agent, the Company and Parent. If for any reason (including losses) the Payment Fund is inadequate to pay the cash amounts to which holders of Company Common Shares shall be entitled, Parent and the Surviving Corporation shall in any event remain liable, and shall make available to the Payment Agent additional funds, for the payment thereof. All earnings in the Payment Fund in excess of the aggregate Transaction Consideration are the property of Parent and shall be disbursed to Parent promptly upon termination of the Payment Fund. The Payment Fund shall not be used for any purpose except as expressly provided in this Agreement.
Payment Agent. As of the Effective Time, Levy Acquisition Co. shall deposit, or shall cause to be deposited, with a national bank, a state bank with its principal office in Florida or a trust company designated by Levy Acquisition Co. (the "Payment Agent"), for the benefit of the holders of Shares, for payment in accordance with this Article II through the Payment Agent, the Merger Consideration to be paid in respect of all Shares (such funds deposited with the Payment Agent, the "Payment Fund").
Payment Agent. Prior to the Effective Time, the Company shall select a bank or trust company, reasonably acceptable to the Company, to act as the payment agent for the Merger (the “Payment Agent”).