Fiscal Agent and Trust Structures Sample Clauses

Fiscal Agent and Trust Structures. In a syndicated loan, a bank will be appointed as the agent bank, which is responsible for receiving payments from the borrower and distributing them in a pro rata manner among all the members of the syndicate. An investment bank fulfils this role in a bond issuance as well, but in that case, it is called a fiscal agent. A fiscal agent is an agent of the borrower, which assists the borrower primarily in several financial duties (e.g. transferring the monies due to the paying agent, etc.). A typical fiscal agent appointment provision would state as follows: [t]he issuer hereby appoints the bank as fiscal agent of the issuer in respect of the securities upon the terms and subject to the conditions set forth herein, and the bank, hereby accepts such appointment. The fiscal agent shall have the powers and authority hereby granted to and conferred upon it in the securities and such further powers and authority to act on behalf of the issuer and as the issuer may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the securities are subject to and governed by the terms and provisions hereof. The issuer will reserve the right in the fiscal agency agreement to appoint, at its discretion, agents for the payment of principal of and interest on the securities (i.e. the Principal Paying Agent); for the calculation of interest rates (i.e. the Calculation Agent); or, for the transfer and exchange of securities (i.e. the Transfer Agent), at such place or places as the issuer may determine (e.g. New York, London, Luxemburg and Tokyo). However, regardless of such discretionary right, the issuer may choose to appoint in the same agreement the bank as principal paying agent, calculation agent and transfer agent. If it assumes all the roles described above, the fiscal agent will “administer” the execution of securities by arranging payments to the holders, authenticating the securities, registering the property and transfer of property of the holders and also be responsible for (i) arranging the preparation and submission of all necessary forms and claims to be submitted to the competent tax authority in relation to the issuer’s withholding tax obligations; and, (ii) making the necessary payments to the tax authorities in accordance with operating procedures to be agreed between the issuer and the fiscal agent. Xxxx issuances often take another, alternative approach in naming a trustee who represents the...
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Related to Fiscal Agent and Trust Structures

  • DEUTSCHE TRUSTEE COMPANY LIMITED, as trustee (the “Trustee”);

  • Fiscal Agent The FRBNY shall be the Fiscal Agent for Fed Book-Entry Debt Securities. In acting under the Fiscal Agency Agreement, the FRBNY shall act solely as Fiscal Agent of Xxxxxxx Mac and does not assume any obligation or relationship of agency or trust for or with any Holder of a Fed Book-Entry Debt Security.

  • The Owner Trustee It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust, National Association on behalf of the Trust not individually or personally but solely as owner trustee of the Trust under the Trust Agreement of the Trust dated the date hereof in the exercise of the powers and authority conferred upon and vested in Wilmington Trust, National Association as owner trustee of the Trust under such Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as the personal representation, undertaking or agreement of Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Trust and (iii) nothing herein contained shall be construed as creating any liability on the part of Wilmington Trust, National Association, individually or personally, to perform any covenant or obligation of the Trust, either expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto.

  • Global Agent and Exchange Administrator The Global Agent acts solely as a fiscal agent of Xxxxxxx Mac with respect to the Original Notes (and of the Exchange Administrator with respect to the MAC Notes) and does not assume any obligation or relationship of agency or trust for or with any Holder of an Original Note, except that any moneys held by the Global Agent for payment on an Original Note shall be held in trust for the Holder. The Global Agent does not assume any obligation or relationship of agency or trust for, or with, any Holder of an Original Note.

  • Trustee Management The Trustee shall invest and reinvest the principal and income of the Fund and keep the Fund invested as a single fund, without distinction between principal and income, in accordance with general investment policies and guidelines which the Grantor may communicate in writing to the Trustee from time to time, subject, however, to the provisions of this section. In investing, reinvesting, exchanging, selling, and managing the Fund, the Trustee shall discharge his duties with respect to the trust fund solely in the interest of the beneficiary and with the care, skill, prudence, and diligence under the circumstances then prevailing which persons of prudence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of a like character and with like aims; except that:

  • Event of Default Under Any Trust Indenture; Amendments to Any Trust Indenture; Waiver In the event that, as to any MBS, there shall be a Default Under the Trust Indenture or an Event of Default Under the Trust Indenture, the Holders of the Certificates of the related Classes may, in the event that the Trustee shall not take any such action on their behalf, give such notice and take such action as certificateholders under such Trust Indenture shall be permitted to take in respect thereof. For purposes of any Trust Indenture pursuant to which any such action shall be taken or notice given, the holders of the fractional undivided interest in the related trust fund represented by the MBS shall be considered to have approved any such action or given any such notice in an amount which is equal to such fractional undivided interest multiplied by a percentage equal to that percentage obtained by dividing the aggregate of the Certificate Balances of all such Certificates the Holders of which have taken such action or given such notice as permitted hereby by the aggregate of the related Class Balances. In the event that Xxxxxx Xxx shall desire to amend any Trust Indenture pursuant to Section 11.02 (or any similar provision) thereof, under circumstances requiring the vote of certificateholders thereunder, the Trustee may not vote the related MBS on behalf of Holders of the related Certificates except upon the direction to do so from the Holders of the Certificates of the related Classes having Certificate Balances aggregating not less than 51% of the aggregate of the related Class Balances. Similar direction shall be required in order for the Trustee to waive compliance with any provision of a Trust Indenture where the vote of certificateholders is required pursuant to Section 11.02 (or any similar provision) thereof.

  • Administrative Duties 94 SECTION 12.2 Records.....................................................................97 SECTION 12.3 Additional Information to be Furnished to the Issuer........................97

  • Administrative Structure ‌ This agency’s organizational chart is attached. It identifies the units and staff within the agency that are involved in the operation of the district’s employment program. Following is a description of the office(s) in and/or outside of the Department of Social Services that are involved in the operation of the district’s employment program. The responsibilities of each office are described below.

  • Transfer Agent and Registrar The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

  • Removal of Trustee The Trustee may be removed at any time, by an instrument or concurrent instruments in writing delivered (a) to the Trustee and to the Issuer and the Company, and signed by the owners of a majority in aggregate principal amount of Bonds then Outstanding, or (b) to the Trustee and the owners of all Bonds then Outstanding, and signed by the Issuer and the Company.

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