Common use of PAYMENT CUSTODY Clause in Contracts

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.