Impaired Agent. (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). Such payments must be made on the due date for payment under the Finance Documents. (b) A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents.
Appears in 7 contracts
Sources: Syndicated Loan Agreement (Hillenbrand, Inc.), Syndicated L/G Facility Agreement (Hillenbrand, Inc.), Syndicated Loan Agreement (Hillenbrand, Inc.)
Impaired Agent. (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 29.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). Such payments must be made on the due date for payment under the Finance Documents.
(b) A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents.either:
Appears in 7 contracts
Sources: Fourth Supplemental Agreement to Secured Loan Agreement (TORM PLC), Fourth Supplemental Agreement to Secured Loan Agreement (TORM PLC), Fourth Supplemental Agreement to Secured Loan Agreement (TORM PLC)
Impaired Agent. (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). Such payments must be made on the due date for payment under the Finance Documents.
(b) A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents.either:
Appears in 3 contracts
Sources: Loan Agreement (Safe Bulkers, Inc.), Amending and Restating Agreement (Safe Bulkers, Inc.), Secured Loan Agreement (Safe Bulkers, Inc.)
Impaired Agent. (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor the Borrower or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 26.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). Such payments must be made on the due date for payment under the Finance Documents.
(b) A Party which has made a payment in accordance with this Clause 28.5 26.5 shall be discharged of the relevant payment obligation under the Finance Documents.
Appears in 1 contract
Impaired Agent. (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 30.1 (Payments to the Agent) may instead either pay that amount direct to the required recipient(s). Such payments must be made on the due date for payment under the Finance Documents.
(b) A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents.
Appears in 1 contract
Sources: Facility Agreement (Imerys S.A.)
Impaired Agent. (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 31.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). Such In that case such payments must be made on the due date for payment under the Finance Documents.
(b) A Party which has made a payment in accordance with this Clause 28.5 31.5 shall be discharged of the relevant payment obligation under the Finance Documents.
Appears in 1 contract
Sources: Senior Facilities Agreement (Alliance Data Systems Corp)
Impaired Agent. (a) 126. If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). Such payments must be made on the due date for payment under the Finance Documents.
(b) A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents.
Appears in 1 contract
Impaired Agent. (a) If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 28.1 31.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). Such In that case such payments must be made on the due date for payment under the Finance Documents.
(b) A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation under the Finance Documents.
Appears in 1 contract
Sources: Amendment and Restatement Agreement (Alliance Data Systems Corp)