Impaired Agent. 17.8.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 may instead either: (a) pay that amount direct to the required recipient(s); or (b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents. 17.8.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements. 17.8.3 A Party which has made a payment in accordance with this Clause 17.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account. 17.8.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.28, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20. 17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent: (a) it has not given an instruction pursuant to Clause 17.8.4; and (b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 4 contracts
Samples: Secured Term Loan Facility Agreement (Teekay Tankers Ltd.), Secured Loan Agreement (Teekay LNG Partners L.P.), Secured Term Loan Facility Agreement (Teekay LNG Partners L.P.)
Impaired Agent. 17.8.1 17.7.1 If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party the Company or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 (Place) may instead either:
(a) either pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to recipient or pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-interest bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Company or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”)Documents. In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 17.7.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties beneficiaries of that trust account pro rata to their respective entitlements.
17.8.3 17.7.3 A Party which has made a payment in accordance with this Clause 17.8 17.7 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 17.7.4 Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.2823.14 (Replacement of the Facility Agent), each Paying Party which has made a payment to a trust account in accordance with this Clause 17.7 shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2017.3 (Distribution).
17.8.5 A Paying Party shall17.7.5 For the purposes of this Clause 17.7 only, promptly upon request an Acceptable Bank shall include any bank or financial institution approved by a Recipient Party and to the extent:
(a) it has not given Facility Agent or, if the Facility Agent is an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with Impaired Agent, the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient PartyMajority Lenders.
Appears in 3 contracts
Samples: Amendment and Restatement Agreement (PPL Energy Supply LLC), Multicurrency Revolving Facilities Agreement (PPL Energy Supply LLC), Multicurrency Revolving Facilities Agreement (PPL Energy Supply LLC)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 31.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if if, in its absolute discretion discretion, it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 31.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2828.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2031.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extentextent that:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 3 contracts
Samples: Amendment and Restatement Agreement (STUDIO CITY INTERNATIONAL HOLDINGS LTD), Amendment and Restatement Agreement (STUDIO CITY INTERNATIONAL HOLDINGS LTD), Amendment and Restatement Agreement (Melco Crown Entertainment LTD)
Impaired Agent. 17.8.1 (a) If, at any time, the an Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the that Agent in accordance with Clause 17.1 32.1 (Payments to the Agents) may instead either:
(ai) pay that amount direct directly to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct directly to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and, in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case case, such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 32.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2828.15 (Replacement of an Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2032.2 (Distributions by the Agents).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Cboe Global Markets, Inc.), Amendment and Restatement Agreement (Cboe Global Markets, Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 40.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraphs (a) or (b) of definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In in each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 39.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2830.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2040.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Facilities Agreement (StarTek, Inc.), Facilities Agreement (StarTek, Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party the Company or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 26.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Company or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 26.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2824.13 (Replacement of the Agent ), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2026.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Facility Agreement (Alibaba Group Holding LTD), Facility Agreement (Alibaba Group Holding LTD)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 31.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 31.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2828.14 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2031.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Facility Agreement (Baring Asia Private Equity Fund v Co-Investment L.P.), Facility Agreement (Giant Interactive Group Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party the Borrowers or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 clause 16.1 may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party any Borrower or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party party or Parties parties under this Agreement beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.;
17.8.2 All (b) all interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.;
17.8.3 A Party (c) a party to this Agreement which has made a payment in accordance with this Clause 17.8 paragraphs (a) and (b) shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.;
17.8.4 Promptly (d) promptly upon the appointment of a successor Agent in accordance with Clause 15.28the Finance Documents, each Paying Party shall (other than to the extent that that Party party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.16.4; and
17.8.5 A (e) a Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.. APPLICATION OF RECEIPTS
Appears in 2 contracts
Samples: Loan Agreement (Costamare Partners LP), Loan Agreement (Costamare Partners LP)
Impaired Agent. 17.8.1 (A) If, at any time, the Senior Agent becomes an Impaired Agent, a Security Party the Borrower or a Senior Lender which is required to make a payment under the Finance Documents to the Senior Agent in accordance with Clause 17.1 30.1 (Payments to the Senior Agent) may instead either:
(a1) pay that amount direct directly to the required recipient(s); or
(b2) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct directly to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable a bank or financial institution with a Minimum Account Bank Rating and in relation to which no Insolvency Event has insolvency proceedings have occurred and is continuing, in the name of the Security Party Borrower or the Senior Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (B) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (C) A Party which has made a payment in accordance with this Clause 17.8 30.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (D) Promptly upon the appointment of a successor Senior Agent in accordance with Clause 15.2827.12 (Replacement of the Senior Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (E) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Senior Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2030.2 (Distributions by the Senior Agent).
17.8.5 (E) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a1) that it has not given an instruction pursuant to Clause 17.8.4paragraph (D) above; and
(b2) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Securitisation Agreement (Encore Capital Group Inc), Securitization Agreement (Encore Capital Group Inc)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes (and for so long as it is) an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 33.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 33.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2830.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2033.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Senior Term Facilities Agreement (CorpAcq Group PLC), Senior Term Facilities Agreement (CorpAcq Group PLC)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party the Company or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 26.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Company or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 26.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2824.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2026.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Facility Agreement, Facility Agreement (Alibaba Group Holding LTD)
Impaired Agent. 17.8.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-interest- bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 A Party which has made a payment in accordance with this Clause 17.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.28, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Senior Secured Revolving Credit Facility Agreement, Senior Secured Revolving Credit Facility Agreement (Teekay Offshore Partners L.P.)
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 clause 34.1 (Payments to the Facility Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct directly to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 clause 34.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.28clause 30.13 (Replacement of the Facility Agent or Collateral Management Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20clause 34.2 (Distributions by the Facility Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Aegean Marine Petroleum Network Inc.), Amendment and Restatement Agreement (Aegean Marine Petroleum Network Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender Noteholder which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 33.1 (Payments to the Agent) may instead either:
(a) either pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to recipient or pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender Noteholder making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case case, such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 33.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2830.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2033.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 2 contracts
Samples: Notes Purchase Agreement (Membership Collective Group Inc.), Notes Purchase Agreement (Membership Collective Group Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Facility Agent for the account of any person in accordance with Clause 17.1 26.1 (Payments to the Facility Agent) may instead either:
(a) either pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to such person or pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank a bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the that payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments payment must be made on the due date for such payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the such trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlementsentitlements to such amount.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 26.5 shall be discharged of the relevant obligation to make that payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the that trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.2824.13 (Resignation of an Agent), each Paying Party shall (other than to the extent that that Paying Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the that trust account is held to transfer the amount of such payment (together with any accrued interestinterest thereon) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2026.2 (Distributions by the Facility Agent).
17.8.5 (e) A Paying Party that has made a payment to a trust account (on account of any amount payable by such Paying Party to a Recipient Party) shall, promptly upon request by a that Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above (with respect to such trust account); and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the that trust account is held to transfer the relevant such amount so paid into and held in such account (together with any accrued interestinterest thereon) to that Recipient Party.
Appears in 2 contracts
Samples: Senior Facility Agreement (Wanda Sports Group Co LTD), Senior Facility Agreement (Wanda Sports Group Co LTD)
Impaired Agent. 17.8.1 (A) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 34.1 (Payments to the Agent) may instead either:
(a1) pay that amount direct to the required recipient(s); or
(b2) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (A) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (B) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (C) A Party which has made a payment in accordance with this Clause 17.8 34.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (D) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2831.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (E) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2034.2 (Distributions by the Agent).
17.8.5 (E) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a1) that it has not given an instruction pursuant to Clause 17.8.4paragraph (D) above; and
(b2) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Multicurrency Revolving Facility Agreement (Endava PLC)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 30.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 30.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2827.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2030.2(Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, LRXM/076001.00588/92345437.6Page 97 give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Usd 75,000,000 Single Currency Revolving Facility Agreement (StoneX Group Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party the Borrowers or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 16.1 may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrowers or the Lender Facility Agent making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party party or Parties parties under this Agreement beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In , in each case such payments must be made on the due date for payment under the Finance Documents.;
17.8.2 All (b) all interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.;
17.8.3 A Party (c) a party to this Agreement which has made a payment in accordance with this Clause 17.8 paragraphs (a) and (b) shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.;
17.8.4 Promptly (d) promptly upon the appointment of a successor Agent in accordance with Clause 15.28the Finance Documents, each Paying Party shall (other than to the extent that that Party party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.16.4; and
17.8.5 A (e) a Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 29.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of "Acceptable Bank" and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 29.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2826.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2029.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Senior Secured Bridge Facility Agreement (Ugi Corp /Pa/)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 33.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 33.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2830.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2033.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 clause 26.l(Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 clause 26.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.28clause 22.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20clause 26.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Amendment and Restatement Agreement (Hamilton Insurance Group, Ltd.)
Impaired Agent. 17.8.1 1. If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties LONLIVE\24155284.5 Page 45 00-00-00000\Draft(4)\29 March 2016 beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 2. All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 3. A Party which has made a payment in accordance with this Clause 17.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 4. Promptly upon the appointment of a successor Agent in accordance with Clause 15.28, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.
17.8.5 5. A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Secured Term Loan Facility Agreement (Teekay LNG Partners L.P.)
Impaired Agent. 17.8.1 28.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 28.1 (Payments to the Agent) may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 28.5.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 28.5.3 A Party which has made a payment in accordance with this Clause 17.8 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 28.5.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2825.14 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.528.5.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2028.2 (Distributions by the Agent).
17.8.5 28.5.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) that it has not given an instruction pursuant to Clause 17.8.428.5.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Secured Loan Agreement (Genco Shipping & Trading LTD)
Impaired Agent. 17.8.1 11.7.1 If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 11.1 (Place) and Clause 11.2 (Funds) may instead either:
(a) either pay that amount direct to the required recipient(s); recipient or
(b) , if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s)direct, pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 11.7.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 11.7.3 A Party which has made a payment in accordance with this Clause 17.8 11.7 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 11.7.4 Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.2820.11 (Resignation of the Facility Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2011.3 (Distribution).
17.8.5 11.7.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) 11.7.5.1 that it has not given an instruction pursuant to Clause 17.8.411.7.4; and
(b) 11.7.5.2 that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party the Borrower or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 clauses 40.1 (Payments to the Facility Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank Approved Transferee and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrower or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 paragraphs (a) and (b) above shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.28this Agreement, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20clause 40.2 (Distributions by the Facility Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 30.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 30.1 (Payments to the Agent) may instead either:
(a) 30.5.1.1 pay that amount direct to the required recipient(s); or
(b) 30.5.1.2 if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). .
30.5.2 In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 30.5.3 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 30.5.4 A Party which has made a payment in accordance with this Clause 17.8 30.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 30.5.5 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2827.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.530.5.6 below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2030.2 (Distributions by the Agent).
17.8.5 30.5.6 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) 30.5.6.1 that it has not given an instruction pursuant to Clause 17.8.430.5.5 above; and
(b) 30.5.6.2 that it has been provided with the necessary information by that Recipient Party, ,
30.5.7 give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party Borrower or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 27.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party relevant Borrower or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 27.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2824.12 (Resignation of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2027.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Facilities Agreement
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party the Company or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 26.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Company or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 26.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2824.13 (Replacement of the Agent ), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2026.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, 87148 give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Third Amendment and Restatement Agreement (Alibaba Group Holding LTD)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 40.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) or (b) of definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In , in each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 40.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2830.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2040.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Facilities Agreement (StarTek, Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 27.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 27.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2824.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2027.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (A) If, at any time, the Agent becomes an Impaired Agent, a Security Party the Borrower or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 27.1 (Payments to the Agent) may instead either:
(a1) pay that amount direct to the required recipient(s); or
(b2) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (A) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrower or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (B) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (C) A Party which has made a payment in accordance with this Clause 17.8 shall 27.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (D) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2834.12 (Resignation of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.527.5(E) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2027.2 (Distributions by the Agent).
17.8.5 (E) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a1) that it has not given an instruction pursuant to Clause 17.8.427.5(D) above; and
(b2) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Bridge and Term Facilities Agreement (Rentokil Initial PLC /Fi)
Impaired Agent. 17.8.1 30.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 30.1 (Payments to the Agent) may instead either:
(a) 30.5.1.1 pay that amount direct to the required recipient(s); or
(b) 30.5.1.2 if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). .
30.5.2 In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 30.5.3 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 30.5.4 A Party which has made a payment in accordance with this Clause 17.8 30.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 30.5.5 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2827.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.530.5.6 below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2030.2 (Distributions by the Agent).
17.8.5 30.5.6 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) 30.5.6.1 that it has not given an instruction pursuant to Clause 17.8.430.5.5; and
(b) 30.5.6.2 that it has been provided with the necessary information by that Recipient Party, ,
30.5.7 give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party the Borrower or a Lender Bank which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 Clauses 10.1 (Place) and 10.2 (Funds) may instead either:
(a) pay that amount direct directly to the required recipient(s); orrecipient.
(b) if in its absolute discretion it considers that If it is not reasonably practicable practical to pay that amount direct to directly, the required recipient(s), Party making the payment (the Paying Party) may pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing(other than the Impaired Agent), in the name of the Security Party Borrower or the Lender Bank making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (c) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (d) A Party which has made a payment in accordance with this Clause 17.8 10.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 Promptly upon the appointment of (e) If a successor Agent Paying Party makes a payment into a trust account in accordance with Clause 15.28paragraph (b) above, each that Paying Party shall (other than promptly notify the Recipient Parties directly. Promptly upon request by a Recipient Party, and to the extent that it has been provided with the necessary information by that Recipient Party, the Paying Party has given an instruction pursuant to Clause 17.8.5) shall give all the requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2010.3 (Distribution).
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 12.1 (Place) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 12.10 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.2819.13 (Replacement of the Facility Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2012.3 (Distribution).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 28.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2826.13 (Replacement of the Agent ), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
28.2 (a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 34.1 (Payments to the Facility Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 34.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.2831.14 (Replacement of the Facility Agent or Security Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2034.2 (Distributions by the Facility Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Term and Revolving Facilities Agreement (ShangPharma Corp)
Impaired Agent. 17.8.1 32.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 32.1 (Payments to the Agent) may instead either:
(a) 32.5.1.1 pay that amount direct to the required recipient(s); or
(b) 32.5.1.2 if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 32.5.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 32.5.3 A Party which has made a payment in accordance with this Clause 17.8 32.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 32.5.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2829.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.532.5.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2032.2 (Distributions by the Agent).
17.8.5 32.5.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) 32.5.5.1 that it has not given an instruction pursuant to Clause 17.8.432.5.4; and
(b) 32.5.5.2 that it has been provided with the necessary information by that Recipient Partyparty, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Term Loan and Multicurrency Revolving Facilities Agreement (AVG Technologies N.V.)
Impaired Agent. 17.8.1 28.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 28.1 (Payments to the Agent) may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-interest- bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 28.5.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 28.5.3 A Party which has made a payment in accordance with this Clause 17.8 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 28.5.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2825.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.528.5.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2028.2 (Distributions by the Agent).
17.8.5 28.5.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) that it has not given an instruction pursuant to Clause 17.8.428.5.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
28.6.1 If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by a Security Party under the Finance Documents (other than the Master Agreement), the Agent shall apply that payment towards the obligations of that Security Party under the Finance Documents (other than the Master Agreement) in the following order:
(a) first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent or the Security Agent under the Finance Documents;
(b) secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;
(c) thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and
(d) fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.
28.6.2 The Agent shall, if so directed by the Majority Lenders, vary the order set out in Clauses 28.6.1(b) to 28.6.1(d).
28.6.3 Clauses 28.6.1 and 28.6.2 will override any appropriation made by a Security Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 28.1 (Payments to the Agent) may instead either:
(a) either pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to recipient or pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or A3 or higher by Xxxxx’x Investor Services Limited or a comparable rating from an Acceptable Bank internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”)Documents. In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties beneficiaries of that trust account pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2825.12 (Replacement of the Agent), each Paying Party which has made a payment to a trust account in accordance with this Clause 28.5 shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2028.2 (Distributions by the Agent).
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party Borrower or a Lender an Issuing Bank which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 24.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank a bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrower or the Lender Issuing Bank making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 24.5 (Impaired agent) shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2821.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that the Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2024.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Amendment and Restatement Agreement (Tower Group International, Ltd.)
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party the Borrowers or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 16.1 may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrowers or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party party or Parties parties under this Agreement beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In , in each case such payments must be made on the due date for payment under the Finance Documents.;
17.8.2 All (b) all interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.;
17.8.3 A Party (c) a party to this Agreement which has made a payment in accordance with this Clause 17.8 paragraphs (a) and (b) shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.;
17.8.4 Promptly (d) promptly upon the appointment of a successor Agent in accordance with Clause 15.28the Finance Documents, each Paying Party shall (other than to the extent that that Party party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.16.4; and
17.8.5 A (e) a Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 A Party which has made a payment in accordance with this Clause 17.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.28, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Secured Term Loan Facility Agreement
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 35.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if if, in its absolute discretion discretion, it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 35.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2828.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2035.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-interest- bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 A Party which has made a payment in accordance with this Clause 17.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.28, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Loan Agreement
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 clause 32.1 (Payments) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of "Acceptable Bank" and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 . All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (b) A Party which has made a payment in accordance with this Clause 17.8 clause 32.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (c) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.28clause 28.12 (Replacement of the Facility Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20clause 32.2 (Distributions by the Facility Agent).
17.8.5 (d) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 29.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 29.1 (Payments to the Agent) may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 29.5.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 29.5.3 A Party which has made a payment in accordance with this Clause 17.8 29.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 29.5.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2826.14 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.529.5.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2029.2 (Distributions by the Agent).
17.8.5 29.5.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) that it has not given an instruction pursuant to Clause 17.8.429.5.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Secured Loan Facility Agreement (Diana Containerships Inc.)
Impaired Agent. 17.8.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party the Borrower or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 27.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank a bank which is acceptable to the Majority Lenders and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrower or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 . All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 . A Party which has made a payment in accordance with this Clause 17.8 27.6 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 . Promptly upon the appointment of a successor Agent in accordance with Clause 15.2824.12 (Resignation of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2027.2 (Distributions by the Agent).
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Facility Agreement
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Loan Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 31.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Loan Party or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 31.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2828.15 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2031.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Facilities Agreement (Igate Corp)
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 12.1 (Place) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 12.10 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.2819.13 (Replacement of the Facility Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below )give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2012.3 (Distribution).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 36.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(sreceipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of "Acceptable Bank" and in relation to which no Finance Party Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 36.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2833.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2036.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that the Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party).
Appears in 1 contract
Samples: Senior Term and Revolving Facilities Agreement (Inspired Entertainment, Inc.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 34.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 34.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2831.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2034.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 30.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 30.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.28, each Paying Party shall with
(other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5e) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20.
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.. DocuSign Envelope ID: 9280C6A2-0B54-4105-ADC3-B64316B92B07
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 40.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraphs (a) or (b) of definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the 0081727-0000042 SN:12155633.21 179 Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In in each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 39.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2830.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2040.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Facilities Agreement (StarTek, Inc.)
Impaired Agent. 17.8.1 29.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 29.1 (Payments to the Agent) may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 29.5.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 29.5.3 A Party which has made a payment in accordance with this Clause 17.8 29.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 29.5.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2826.14 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.529.5.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2029.2 (Distributions by the Agent).
17.8.5 29.5.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) that it has not given an instruction pursuant to Clause 17.8.429.5.4; and
(b) that it has been provided with the necessary information by that Recipient Party, gParty. give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party the Borrower or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 28.1 (Payments to the Facility Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrower or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 28.10 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.2823.15 (Replacement of Administrative Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2028.2 (Distributions by the Facility Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender Bank which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 Clauses 10.1 (Place) and 10.2 (Funds) may instead either:
(a) pay that amount direct to the required recipient(s); orrecipient.
(b) if in its absolute discretion it considers that If it is not reasonably practicable practical to pay that amount direct to direct, the required recipient(s), Party making the payment (the Paying Party) may pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender Bank making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (c) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (d) A Party which has made a payment in accordance with this Clause 17.8 10.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (e) If a Paying Party makes a payment into a trust account in accordance with paragraph (b) above, that Paying Party shall promptly notify the Recipient Parties directly. Promptly upon request by a Recipient Party, and to the extent that it has been provided with the necessary information by that Recipient Party, the Paying Party shall give the requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the relevant Recipient Party in accordance with Clause 10.3 (Distribution).
(f) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2820.15 (Replacement of the Agent), subject to paragraph (e) above, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2010.3 (Distribution).
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Facility Agent becomes an Impaired Agent, a Security Party the Borrower or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 17.1 clauses 40.1 (Payments to the Facility Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank Approved Transferee and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Borrower or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 paragraphs (a) and (b) above shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Facility Agent in accordance with Clause 15.28this Agreement, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20clause 40.2 (Distributions by the Facility Agent).
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 35.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 35.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2832.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2035.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Senior Facilities Agreement (Fintrax US Acquisition Subsidiary, Inc.)
Impaired Agent. 17.8.1 9.7.1 If, at any time, the Agent an Administrative Party becomes an Impaired Agent, Agent and a Security Party Borrower or a Lender which Bank is required to make a payment under the Finance Documents to the Agent that Administrative Party in accordance with Clause 17.1 may 9.1 (Place of Payment), that Borrower or Bank may, subject to Clause 9.7.2 below, instead eithereither pay that amount:
(aA) pay that amount direct to the required recipient(s)recipient; or
(bB) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party relevant Borrower or the Lender Bank making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”)Documents. In each case case, such payments must be made on the due date for payment under the Finance Documents.
17.8.2 9.7.2 If a Bank has become and continues to be a Defaulting Bank and a payment is required to be made by a Borrower or a Bank in accordance with Clause 9.7.1, that Obligor or Bank will make such payment in accordance with Clause 9.7.1(B).
9.7.3 A Party which is required to make a payment in accordance with Clause 9.7.1 shall notify the required recipient of the account into which the payment is made.
9.7.4 All interest accrued on the amount amounts standing to the credit of the a trust account shall be for the benefit of the Recipient Party or the Recipient Parties beneficiaries of that trust account pro rata to their respective entitlements.
17.8.3 9.7.5 A Party which has made a payment in accordance with this Clause 17.8 9.7 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 9.7.6 Promptly upon the appointment of a successor Administrative Party to an Impaired Agent in accordance with Clause 15.2819.14 (Resignation of Agents), each Paying Party which has made a payment to a trust account in accordance with this Clause 9.7 shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent Administrative Party for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.209.3 (Distribution).
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Revolving Credit Facility (British American Tobacco p.l.c.)
Impaired Agent. 17.8.1 29.5.1 If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 29.1 (Payments to the Agent) may instead either:
(a) pay that amount direct to the required recipient(s); or
(b) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 29.5.2 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 29.5.3 A Party which has made a payment in accordance with this Clause 17.8 29.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 29.5.4 Promptly upon the appointment of a successor Agent in accordance with Clause 15.2826.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.529.5.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2029.2 (Distributions by the Agent).
17.8.5 29.5.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) that it has not given an instruction pursuant to Clause 17.8.429.5.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 30.1 (Payments to the Agent) may instead eithereither :
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents Documents. (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 30.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2827.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2030.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Multicurrency Revolving Facility Agreement (Markit Ltd.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 28.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with paragraph (h) of Clause 15.2825.13 (Resignation of the Agent or the Security Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2028.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with all the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Revolving Senior Secured Credit Facility Agreement (Gold Fields LTD)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 28.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 28.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2826.13 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2028.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (A) If, at any time, the Senior Agent becomes an Impaired Agent, a Security Party the Borrower or a Senior Lender which is required to make a payment under the Finance Documents to the Senior Agent in accordance with Clause 17.1 30.1 (Payments to the Senior Agent) may instead either:
(a1) pay that amount direct directly to the required recipient(s); or
(b2) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct directly to the required recipient(s), pay that amount or the EUI-1201462749v32 67 relevant part of that amount to an interest-bearing account held with an Acceptable a bank or financial institution with a Minimum Account Bank Rating and in relation to which no Insolvency Event has insolvency proceedings have occurred and is continuing, in the name of the Security Party Borrower or the Senior Lender making the payment (the “"Paying Party”") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “"Recipient Party” " or “"Recipient Parties”"). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (B) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (C) A Party which has made a payment in accordance with this Clause 17.8 30.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (D) Promptly upon the appointment of a successor Senior Agent in accordance with Clause 15.2827.12 (Replacement of the Senior Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (E) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Senior Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2030.2 (Distributions by the Senior Agent).
17.8.5 (E) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a1) that it has not given an instruction pursuant to Clause 17.8.4paragraph (D) above; and
(b2) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Senior Facility Agreement (Encore Capital Group Inc)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 32.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing interest‑bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 32.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2829.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2032.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Loan Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 31.1 (Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account account:
(A) held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, ;
(B) in the name of the Security Loan Party or the Lender making the payment (the “Paying Party”); and
(C) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 31.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2828.15 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2031.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 clause 26.l(Payments to the Agent) may instead either:
(ai) pay that amount direct to the required recipient(s); or
(bii) if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (b) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (c) A Party which has made a payment in accordance with this Clause 17.8 clause 26.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (d) Promptly upon the appointment of a successor Agent in accordance with Clause 15.28clause 22.12 (Replacement of the Agent), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.20clause 26.2 (Distributions by the Agent).
17.8.5 (e) A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(ai) that it has not given an instruction pursuant to Clause 17.8.4paragraph (d) above; and
(bii) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Amendment and Restatement Agreement (Hamilton Insurance Group, Ltd.)
Impaired Agent. 17.8.1 (a) If, at any time, the Agent becomes an Impaired Agent, a Security Party an Obligor or a Lender Bank which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 Clauses 11.1 (Place) and 11.2 (Funds) may instead either:
(a) pay that amount direct to the required recipient(s); orrecipient.
(b) if in its absolute discretion it considers that If it is not reasonably practicable practical to pay that amount direct to direct, the required recipient(s), Party making the payment (the Paying Party) may pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party Obligor or the Lender Bank making the payment (the “Paying Party”) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” Party or “Recipient Parties”). In each case such payments must be made on the due date for payment under the Finance Documents.
17.8.2 (c) All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.
17.8.3 (d) A Party which has made a payment in accordance with this Clause 17.8 11.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account.
17.8.4 (e) If a Paying Party makes a payment into a trust account in accordance with paragraph (b) above, that Paying Party shall promptly notify the Recipient Parties directly. Promptly upon request by a Recipient Party, and to the extent that it has been provided with the necessary information by that Recipient Party, the Paying Party shall give the requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the relevant Recipient Party in accordance with Clause 11.3 (Distribution).
(f) Promptly upon the appointment of a successor Agent in accordance with Clause 15.2821.15 (Replacement of the Agent), subject to paragraph (e) above, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 15.2011.3 (Distribution).
17.8.5 A Paying Party shall, promptly upon request by a Recipient Party and to the extent:
(a) it has not given an instruction pursuant to Clause 17.8.4; and
(b) that it has been provided with the necessary information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.
Appears in 1 contract
Samples: Syndicated Bridge Loan Facility (Anglogold Ashanti LTD)
