Custodian Agent Sample Clauses
The Custodian Agent clause designates a third party, known as the custodian agent, to hold and safeguard certain assets or documents on behalf of the parties involved in an agreement. Typically, this agent is responsible for managing the release or transfer of these assets according to specific instructions or conditions outlined in the contract, such as holding funds in escrow until obligations are met. The core function of this clause is to provide a neutral intermediary that ensures assets are handled securely and only distributed when agreed-upon terms are satisfied, thereby reducing risk and building trust between the parties.
Custodian Agent. The Document Custodian agrees that, with respect to any Related Contracts at any time or times in its possession, the Document Custodian shall be the agent of the Collateral Agent, for the benefit of the Secured Parties, for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent’s security interest in the Collateral and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC.
Custodian Agent. The Collateral Custodian agrees that, with respect to any Related Contracts at any time or times in its possession, the Collateral Custodian shall be the agent of the Collateral Agent, for the benefit of the Secured Parties, for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent’s security interest in the Collateral and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC.