Good Discharge. (a) Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent shall only be made to the relevant Creditor Representative on behalf of its Primary Creditors and in no event shall the Security Agent have any obligation to make such payment or distribution directly to any Primary Creditor. (b) Any distribution or payment made as described in paragraph (a) above shall be a good discharge, to the extent of that payment or distribution, by the Security Agent. (c) The Security Agent is under no obligation to make the payments to the Creditor Representatives under paragraph (a) above in the same currency as that in which the Liabilities owing to the relevant Primary Creditor are denominated pursuant to the relevant Debt Document.
Appears in 2 contracts
Samples: Intercreditor Agreement (Global Ship Lease, Inc.), Intercreditor Agreement (Global Ship Lease, Inc.)
Good Discharge. (a) Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent shall only may be made to the relevant Creditor Representative on behalf of its Primary Creditors and in no event shall the Security Agent have any obligation to make such payment or distribution directly to any Primary Creditor.Creditors;
(b) Any distribution or payment made as described in paragraph (a) above shall be a good discharge, to the extent of that payment or distribution, by the Security Agent.
(c) The Security Agent is under no obligation to make the payments to the Creditor Representatives under paragraph (a) above in the same currency as that in which the Liabilities owing to the relevant Primary Creditor are denominated pursuant to the relevant Debt Document.
Appears in 2 contracts
Samples: Intercreditor Agreement (NAC Aviation Colorado 1 LLC), Intercreditor Agreement (NAC Aviation 29 Designated Activity Co)
Good Discharge. (a) Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent shall only may be made to the relevant Creditor Representative Agent on behalf of its Primary Creditors and in no event shall the Security Agent have any obligation to make such payment or distribution directly to any Primary CreditorFinance Parties.
(b) Any distribution or payment made as described in paragraph (a) above shall be a good discharge, to the extent of that payment or distribution, by the Security AgentAgent to the extent of that payment.
(c) The Security Agent is under no obligation to make the payments to the Creditor Representatives Agent under paragraph (a) above in the same currency as that in which the Liabilities Secured Obligations owing to the relevant Primary Creditor Finance Party are denominated pursuant to the relevant Debt Finance Document.
Appears in 1 contract
