PAYMENT CUSTODY Sample Clauses
The Payment Custody clause establishes a mechanism for holding funds in a secure, neutral account until certain conditions of a contract are met. Typically, this involves a third-party custodian or escrow agent who receives payments from one party and only releases them to the other party once agreed-upon obligations, such as delivery of goods or completion of services, are fulfilled. This clause is essential for protecting both parties by ensuring that payment is not made prematurely and that the payee receives funds only after their contractual duties are satisfied, thereby reducing the risk of non-performance or fraud.
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PAYMENT CUSTODY. If a Fund wishes the Bank to receive payments directly with respect to a Loan for credit to the bank account maintained by the Bank for the Fund under the Consolidated Agreement,
(a) the Fund will cause the Bank to be named as the Fund’s nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the Bank of the payments with respect to the Loan; and
(b) the Bank will credit to the bank account maintained by the Bank for the Fund under the Consolidated Agreement any payment on or in respect of the Loan actually received by the Bank and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Bank of final payment.
PAYMENT CUSTODY. If a Fund wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement,
(a) the Fund will cause the Custodian to be named as the Fund’s nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the Custodian of the payments with respect to the Loan; and
(b) the Custodian will credit to the bank account maintained by the Custodian for the Fund under the Custodian Agreement any payment on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment.
PAYMENT CUSTODY. If the Company wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement,
(a) the Company will provide for the payment to the Custodian of the payments with respect to the Loan; and
(b) the Custodian will credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement any payment on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment.
PAYMENT CUSTODY. If the Company wishes State Street to receive payments directly with respect to a Loan for credit to the bank account maintained by State Street for the Company under the Custodian Agreement,
(a) the Company will cause State Street to be named as the Company’s nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to State Street of the payments with respect to the Loan; and
(b) State Street will credit to the bank account maintained by State Street for the Company under the Custodian Agreement any payment on or in respect of the Loan actually received by State Street and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by State Street of final payment.
PAYMENT CUSTODY. If the Company wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement,
(a) the Company will cause the Custodian to be named as the Company’s nominee for payment purposes under the relevant financing documents, e.g., in the case of a syndicated loan, the administrative contact for the agent bank, and otherwise provide for the payment to the bank account maintained by the Custodian for the Company of the payments with respect to the Loan; and
(b) the Custodian will credit to the bank account maintained by the Custodian for the Company under the Custodian Agreement any payment on or in respect of the Loan actually received by the Custodian and identified as relating to the Loan, but with any amount credited being conditional upon clearance and actual receipt by the Custodian of final payment.
PAYMENT CUSTODY. If a Fund wishes the Custodian to receive payments directly with respect to a Loan for credit to the bank account maintained by the Custodian for the Fund under the Contract,