Appointment of Administrative Agent; Status, Duties and Fee Sample Clauses

Appointment of Administrative Agent; Status, Duties and Fee. 1. The Participating UN Organizations hereby appoint the Multi-Partner Trust Fund Office (hereinafter referred to as the “Administrative Agent”) to serve as their Administrative Agent in connection with the Fund, in accordance with the terms and conditions set out in this Memorandum of Understanding. The Administrative Agent accepts this appointment on the understanding that the Participating UN Organizations and NUNOs assume full programmatic and financial accountability for the funds disbursed to them by the Administrative Agent. This appointment will continue until it expires, or is terminated, in accordance with Section X below. 2. The Administrative Agent will be accountable for effective and impartial fiduciary management and financial reporting, and on behalf of the Participating UN Organizations, the Administrative Agent will: (a) Receive contributions from donors that wish to provide financial support to the Fund; (b) Administer such funds received, in accordance with this Memorandum of Understanding and the Administrative Arrangement (as defined below in paragraph 4 of this Section) including the provisions relating to winding up the Fund Account and related matters; (c) Subject to availability of funds, disburse such funds to each of the Participating UN Organizations and NUNOs in accordance with decisions from the Steering Committee, taking into account the budget set out in the approved programmatic document6. (d) Ensure consolidation of statements and reports, based on submissions provided by each Participating UN Organization and NUNOs, as set forth in the TOR, and provide these to each donor, that has contributed to the Fund and to the Steering Committee; 6 As used in this document, an approved programmatic document refers to an annual work plan or a programme/project document, etc., which is approved by the Steering Committee for fund allocation purposes.
Sample 1
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Appointment of Administrative Agent; Status, Duties and Fee. 1. The Participating UN Organizations hereby appoint the United Nations Development Programme (hereinafter referred to as the “Administrative Agent”) to serve as their Administrative Agent in connection with the Fund, in accordance with the terms and conditions set out in this Memorandum of Understanding. UNDP, through its Multi- Partner Trust Fund Office (MPTF Office), as the Administrative Agent, accepts this appointment on the understanding that the Participating UN Organizations assume full programmatic and financial accountability for the funds disbursed to them by the Administrative Agent, and the Humanitarian Coordinator assumes overall responsibility for the operations of the Fund. This appointment will continue until it expires, or is terminated, in accordance with Section X below. 2. The Administrative Agent will be accountable for effective and impartial fiduciary management and financial reporting, and on behalf of the Participating UN Organizations, the Administrative Agent will: (a) Receive contributions from donors that wish to provide financial support to the Fund; (b) Administer such funds received, in accordance with this Memorandum of Understanding and the Administrative Arrangement (as defined below in paragraph 5 of this Section) including the provisions relating to winding up the Fund Account and related matters; (c) Subject to availability of funds, disburse such funds to each of the Participating UN Organizations in accordance with the Manual and the decisions of the Humanitarian Coordinator; (d) Maintain a Reserve in accordance with the Manual and the decisions of the Humanitarian Coordinator; (e) Ensure consolidation of financial statements and reports, based on submissions provided by each Participating UN Organization, as set forth in the Manual, and provide these to each donor, that has contributed to the Fund and to the Humanitarian Coordinator; (f) Provide final reporting, including notification that the Fund has been operationally completed, in accordance with Section IV below; and (g) Disburse funds to any Participating UN Organization for any additional costs of the tasks that the Humanitarian Coordinator may decide to allocate (as referred to in Section I, Paragraph 3 below) in accordance with the Manual. 3. The Humanitarian Coordinator may request any of the Participating UN Organizations, to perform additional tasks in support of the Fund not related to the Administrative Agent functions detailed in Section I, paragraph...
Sample 1

Related to Appointment of Administrative Agent; Status, Duties and Fee

  • Appointment of Supplemental Administrative Agents (a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction denying or restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in case of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized to appoint an additional individual or institution selected by the Administrative Agent in its sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental Administrative Agent” and, collectively, as “Supplemental Administrative Agents”). (b) In the event that the Administrative Agent appoints a Supplemental Administrative Agent with respect to any Collateral, (i) each and every right, power, privilege or duty expressed or intended by this Agreement or any of the other Loan Documents to be exercised by or vested in or conveyed to the Administrative Agent with respect to such Collateral shall be exercisable by and vest in such Supplemental Administrative Agent to the extent, and only to the extent, necessary to enable such Supplemental Administrative Agent to exercise such rights, powers and privileges with respect to such Collateral and to perform such duties with respect to such Collateral, and every covenant and obligation contained in the Loan Documents and necessary to the exercise or performance thereof by such Supplemental Administrative Agent shall run to and be enforceable by either the Administrative Agent or such Supplemental Administrative Agent, and (ii) the provisions of this Article IX and of Section 10.04 and Section 10.05 that refer to the Administrative Agent shall inure to the benefit of such Supplemental Administrative Agent and all references therein to the Administrative Agent shall be deemed to be references to the Administrative Agent and/or such Supplemental Administrative Agent, as the context may require. (c) Should any instrument in writing from any Loan Party be required by any Supplemental Administrative Agent so appointed by the Administrative Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge and deliver any and all such instruments promptly upon request by the Administrative Agent. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new Supplemental Administrative Agent.

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