Settlement agent Clause Samples
The Settlement Agent clause designates a neutral third party responsible for managing the exchange of funds and documents between parties in a transaction, typically in real estate or financial deals. The settlement agent ensures that all contractual conditions are met before disbursing funds, recording documents, and finalizing the transaction. By centralizing these responsibilities, the clause helps prevent errors, miscommunications, or fraud, thereby ensuring a smooth and secure closing process.
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Settlement agent a. The Customer hereby appoints TCS and authorizes TCS to act as the Settlement Agent for the Customer in the SCD Service, and TCS hereby acknowledges, confirms and agrees to such appointment and authorization by the Customer.
b. TCS agrees to perform all services that may be necessary or required for TCS to act and/or function as, and to represent the Customer as, the Settlement Agent for the Customer in the SCD Service, all in accordance with and pursuant and subject to: The terms and conditions of this Agreement; and The Interac Association Regulations.
c. TCS shall collect, for and on behalf of the Customer, all fees, charges and/or other monies payable to the Customer for transactions emanating from ABMs operated by TCS on behalf of the Customer, and/or its Affiliates, and/or the Cash Supplier. TCS shall deposit the same, less its Charges, to the Customer Account by no later than one Business Day following such time as such fees, charges and/or other monies are transferred to TCS by the Bank of Montreal using the means agreed to from time to time by Bank of Montreal and TCS at their sole discretion.
d. The Customer acknowledges, confirms and agrees that Schedule "B" annexed hereto sets forth the fees payable to TCS by the Customer for transactions captured by TCS at ABMs operated by TCS on behalf of the Customer.
Settlement agent. The Settlement Agent closing the applicable Mortgage Loan (a) is not affirmatively disapproved in writing or otherwise ineligible to provide settlement services for Sellers by any of Sellers’ other warehouse lenders or any Agency, in each case, in place on the Effective Date or in place on any date thereafter; (b) is not currently facing a claim in one instance or in the aggregate for fraud or misappropriation of funds by a single agent of the Settlement Agent (a “Sole Agent”) in excess of [***] unless such Sole Agent has been terminated from acting as an agent for the Settlement Agent; (c) since September 16, 2011, has not faced a claim where it was held liable in one instance or in the aggregate for fraud or misappropriation of funds in excess of [***]; (d) is not currently facing a claim in one instance or in the aggregate for fraud or misappropriation of funds in excess of [***]; (e) is not the subject of an Insolvency Event, provided that an involuntary petition filed against such Settlement Agent in any bankruptcy court shall not constitute an “Insolvency Event” for purposes of this provision unless (i) such involuntary petition has not been dismissed within sixty (60) days after its filing, or (ii) such involuntary filing causes a disapproval as described in clause (a) above, and (f) is not suffering a material adverse effect upon its Property, business, operations or financial condition and such material adverse effect has not been cured within ten (10) days after notice of such event to Sellers.
Settlement agent. Prior to the Closing Date, Growth Partners, CEOC and the Sellers shall enter into a settlement and escrow agreement (the “Settlement Agreement”) with a bank, trust company or other financial institution as may be designated by CEC and reasonably acceptable to Growth Partners (the “Settlement Agent”), which shall appoint the Settlement Agent as the agent to receive and/or hold, in separate accounts, (i) the Purchase Price, for the benefit of the Sellers and to be paid to CEOC at the Closing by direction of the Sellers and (ii) the Holdback Amount, if any, in accordance with the terms of this Agreement and the Settlement Agreement.
Settlement agent. The Client will notify the Firm of all relevant details which the Client's settlement agent requires to be provided by the Firm in respect of Transactions which may be subject to delivery obligations. The Client will procure that its settlement agent enters into any documentation as may be necessary to ensure that the settlement of Transactions takes effect without liability to the Firm.
Settlement agent. You will notify us of all relevant details required by us of your settlement agent in respect of Transactions which may be subject to securities delivery obligations. You will procure that your settlement agent enters into such other documentation as may be necessary to ensure that the clearing and settlement of such Transactions takes effect without liability to us.
Settlement agent. (a) The Customer hereby [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] TCS and [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] TCS to [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] for the Customer in the SCD Service, and TCS hereby CONNECTION SERVICES AGREEMENT No: SBC-SCD02 ================================================================================ [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] and [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] to such [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] and [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] by the Customer.
(b) TCS agrees to perform [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] or [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] for TCS to [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION], and [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] the Customer as, the [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] for the Customer in the SCD Service, all in accordance with and pursuant and subject to:
(i) The terms and conditions of this Agreement; and
(ii) The Interac Association Regulations; and
(iii) The International Network regulations; and
(iv) Any of TCS's internal policies which relate to the security or to the quality of service provided by TCS.
(c) TCS shall [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION], for and on behalf of the Customer, [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] to the Customer for transactions emanating from ABMs operated by TCS on behalf of the Customer, and/or its Affiliates, and/or the Cash Supplier. TCS shall [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION] the same, [CONFIDENTIAL PORTION DELETED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION], to the Customer Account by [CONFIDENTIAL PORTION DELETED AND FILED
Settlement agent those Participants which are approved by the Central Securities Depository under the terms of the rules and operating procedures of the Central Securities Depository, as settlement agents to perform electronic settlement of funds and scrip on behalf of market participants; and
Settlement agent. The Purchaser wishes to employ ("Settlement Agent") to act for both parties unless either party specifically requests otherwise.
Settlement agent. (s) means a Participant accepted by the CSD as a participant in terms of section 31 of the Financial Markets Act, and who is approved by the CSD as a settlement agent to perform electronic settlement of both funds and scrip on behalf of market participants;
Settlement agent. 1. The bank shall act as a settlement agent to all operations with securities for which it organises the auction.
2. The responsibilities of the settlement agent are:
a) to provide the information technology, the regulatory base and human resources for the execution of transactions settlements related to securities for which it conducts the auction;
b) to send settlement instructions of the auction at least one day prior to the issue to all entities holding an account in the payment systems and in the securities system;
c) to send settlement maturity instructions of securities at least one day prior to maturity to all entities holding an account with the payment systems and with the securities system;
d) to send settlement instructions on coupon payments to all entities holding an account at the payment systems and at the securities system;
e) to deposit in the Ministry's account with the Bank, the tax applied on entities which have participated in the auction. To carry out this process, the Bank may enter into an agreement with the General Directorate of Taxation or be instructed by this authority through an official note.