Payment to Global Agent Clause Samples

The 'Payment to Global Agent' clause designates a specific entity, known as the Global Agent, to receive payments on behalf of one or more parties involved in the agreement. In practice, this means that all monetary transfers, such as fees, commissions, or other payments due under the contract, are directed to the Global Agent rather than directly to the individual parties. This arrangement streamlines the payment process, centralizes financial transactions, and helps ensure that payments are properly tracked and distributed, thereby reducing administrative complexity and minimizing the risk of missed or misdirected payments.
Payment to Global Agent. The Issuer shall send via ACH payment to the Note Collection Account by 12:00 p.m. New York City time one (1) Business Day before the Payment Date (the "Remittance Date") pursuant to the instructions set forth in Exhibit G hereto, the principal and interest payments due on the Notes for such Payment Date and the monthly portion of the annual fee due to the Global Agent. For purposes of this paragraph (a), the date on which a payment in respect of a Note becomes due means the first date on which the Holder of a Note could claim the relevant payment under the Terms of the applicable Note. The Global Agent shall retain on deposit, for the benefit of the Holders of the Notes, such amount until the related Payment Date. The Global Agent shall invest funds in the Note Collection Account in Permitted Investments in accordance with the written direction of the Issuer for the period from each Remittance Date to the related Payment Date, which investments shall mature not later than the related Payment Date. All such Permitted Investments shall be made in the name of the Global Agent for the benefit of the Holders. Absent written direction from the Issuer, the Global Agent shall hold all funds on deposit in the Note Collection Account uninvested. All income and gain realized from any Permitted Investment shall be retained by the Global Agent on each Payment Date. The Global Agent shall remit for deposit in the Note Collection Account the amount of any losses incurred in respect of any such investments out of its own funds, without any right of reimbursement therefor, immediately as realized; provided, that if for any reason the Global Agent shall not have remitted any such loss amount to the Note Collection Account by 9:00 AM on any Payment Date, the Global Agent shall promptly so notify the Issuer by facsimile, e-mail or other rapid means of communication, upon receipt of which the Issuer shall remit the related deficiency to the Note Collection Account so as to ensure the full payment amount due in respect of the Notes is available for payment to Holders on such Payment Date. Following the remittance by the Issuer of any such deficiency amount, the Global Agent shall promptly reimburse the Issuer in full for the amount so remitted. All payments made hereunder shall be in accordance with the Terms of the applicable Note and the Debt Agreement. The Note Collection Account for U.S. federal income tax reporting and withholding purposes will be owned by the Issuer. The...
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