Common use of Impaired Agent Clause in Contracts

Impaired Agent. (a) If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent may instead either pay that amount direct to the required recipient or pay 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 S&P or Fitch (or any successor to its ratings business) or A2 or higher by Xxxxx’x or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party beneficially entitled to that payment under the Finance Documents. In each case the payments must be made on the due date for payment under the Finance Documents. (b) All interest accrued on the amount standing to the credit of the trust account will be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. (c) A Party which has made a payment in accordance with this Clause will be discharged of the relevant payment obligation under the Finance Documents and will not take any credit risk with respect to the amounts standing to the credit of the trust account. (d) Promptly on the appointment of a successor Facility Agent under this Agreement, each Party which has made a payment in accordance with this Clause must 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 in accordance with the Finance Documents.

Impaired Agent. (a) If, at any time, the Facility 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 Facility Agent may instead either either: (i) pay that amount direct to the required recipient recipient(s); or (ii) 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 pay 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 BBB+ or higher by S&P Standard & Poor’s Rating Services or Fitch (Ratings Ltd or any successor to its ratings business) or A2 Baa1 or higher by Xxxxx’x Investor Services Limited or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor Borrower or the Lender making the payment (the Paying Party) and designated as a trust pledged account for the benefit of the Party beneficially entitled to that payment under the Finance DocumentsDocuments (the Recipient Party). In each case the payments must be made on the due date for payment under the Finance Documents. (b) All interest accrued on the amount standing to the credit of the trust pledged account will be for the benefit of the beneficiaries of that trust account Recipient Party or Recipient Parties pro rata to their respective entitlements. (c) A Party which has made a payment in accordance with this Clause will be discharged of the relevant payment obligation under the Finance Documents and will not take any credit risk with respect to the amounts standing to the credit of the trust pledged account. (d) Promptly on the appointment of a successor Facility Agent under this Agreement, each Paying Party which must (other than to the extent that the relevant Party has made a payment in accordance with this Clause must given an instruction under paragraph (e) below) give all requisite instructions to the bank with whom the trust pledged 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 the Finance Documents. (e) A Paying Party must, promptly on request by a Recipient Party and to the extent: (i) that it has not given an instruction under paragraph (d) above; and (ii) that it has been provided with the necessary information by that Recipient Party, give instructions to the bank with which the pledged account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.

Impaired Agent. (a) If, at any time, the Facility Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Facility Agent in accordance with Clause 16.1 (Currency and method of payments) may instead either pay that amount direct to the required recipient or pay 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 S&P or Fitch (or any successor to its ratings business) or A2 or higher by Xxxxx’x or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Creditor Party or Creditor Parties beneficially entitled to that payment under the Finance Documents. In each case the such payments must be made on the due date for payment under the Finance Documents. (b) All interest accrued on the amount standing to the credit of the trust account will shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. (c) A Party which Where an Obligor or a Lender has made a payment in accordance with this Clause will 16.12 (Impaired Agent) it shall be discharged of the relevant payment obligation under the Finance Documents and will shall not take any credit risk with respect to the amounts standing to the credit of the trust account. (d) Promptly on upon the appointment of a successor Facility Agent under this Agreementin accordance with clause 5.5 (Replacement of Agent) of the Agency and Trust Deed, the Obligors and each Party party which has made a payment to a trust account in accordance with this Clause must 16.12 (Impaired Agent) 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 Facility Agent for distribution in accordance with the Finance DocumentsClause 16.4 (Distribution of payments to Creditor Parties).

Impaired Agent. (a) If, at any time, the Facility 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 Facility Agent may instead either either: (i) pay that amount direct to the required recipient recipient(s); or (ii) 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 pay 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 BBB+ or higher by S&P Standard & Poor’s Rating Services or Fitch (Ratings Ltd or any successor to its ratings business) or A2 Baa1 or higher by Xxxxx’x Moody’s Investor Services Limited or a comparable rating from an internationally recognised credit rating agency and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor Borrower or the Lender making the payment (the Paying Party) and designated as a trust pledged account for the benefit of the Party beneficially entitled to that payment under the Finance DocumentsDocuments (the Recipient Party). In each case the payments must be made on the due date for payment under the Finance Documents. (b) All interest accrued on the amount standing to the credit of the trust pledged account will be for the benefit of the beneficiaries of that trust account Recipient Party or Recipient Parties pro rata to their respective entitlements. (c) A Party which has made a payment in accordance with this Clause will be discharged of the relevant payment obligation under the Finance Documents and will not take any credit risk with respect to the amounts standing to the credit of the trust pledged account. (d) Promptly on the appointment of a successor Facility Agent under this Agreement, each Paying Party which must (other than to the extent that the relevant Party has made a payment in accordance with this Clause must given an instruction under paragraph (e) below) give all requisite instructions to the bank with whom the trust pledged 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 the Finance Documents. (e) A Paying Party must, promptly on request by a Recipient Party and to the extent: (i) that it has not given an instruction under paragraph (d) above; and (ii) that it has been provided with the necessary information by that Recipient Party, give instructions to the bank with which the pledged account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party.