Common use of Impaired Agent Clause in Contracts

Impaired Agent. If, at any time, the Agent becomes an Impaired Agent, a Party which is required to make a payment under the Finance Documents to the Agent for the account of any person in accordance with Clause 32.1 (Payments to the Agent) may instead either pay that amount direct to such person or pay that amount to an interest-bearing account held with an Approved Bank within the meaning of paragraph (a) of the definition of Approved Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party making 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 or Recipient Parties). In each case such payments must be made on the due date for payment under the Finance Documents.

Impaired Agent. If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Party Lender which is required to make a payment under the Finance Documents to the Agent for the account of any person in accordance with Clause clause 32.1 (Payments to the Agent) may instead either pay that amount direct to such person the required recipient or pay that amount to an interest-bearing account held with an Approved Acceptable Bank within the meaning of paragraph (a) of the definition of Approved Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party Obligor or the Lender making that 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.

Impaired Agent. If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Party Lender which is required to make a payment under the Finance Documents to the Agent for the account of any person in accordance with Clause 32.1 30.1 (Payments to the Agent) may instead either pay that amount direct to such person the required recipient or pay that amount to an interest-bearing account held with an Approved Acceptable Bank within the meaning of paragraph (ai) of the definition of Approved Bank “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party Obligor or the Lender making that 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.

Impaired Agent. If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Party Lender which is required to make a payment under the Finance Documents to the Agent for the account of any person in accordance with Clause 32.1 28.1 (Payments to the Agent) may instead either pay that amount direct to such person the required recipient or pay that amount to an interest-bearing account held with an Approved Acceptable Bank within the meaning of paragraph (a) of the definition of Approved Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party Obligor or the Lender making that 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.

Impaired Agent. (a) If, at any time, the any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment under the Finance Credit Documents to the such Agent for the account of any person in accordance with Clause 32.1 (Payments to the Agent) Section 4.03 may instead either pay that amount direct directly to such person the required recipient or pay that amount to an interest-bearing account held with an Approved Acceptable Bank within the meaning of paragraph (a) of the definition of Approved Bank “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Credit Party or the Lender making that the payment (the Paying Party) and designated as a trust account for the benefit of the Party 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.parties hereto

Impaired Agent. If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Party Lender which is required to make a payment under the Finance Documents to the Agent for the account of any person in accordance with Clause 32.1 28.1 (Payments to the Agent) may instead either pay that amount direct to such person the required recipient or pay that amount to an interest-bearing account held with an Approved Acceptable Bank within the meaning of paragraph (a) of the definition of Approved Bank “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party Obligor or the Lender making that 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.

Impaired Agent. If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Party Lender which is required to make a payment under the Finance Documents to the Agent for the account of any person in accordance with Clause 32.1 30.1 (Payments to the Agent) may instead either pay that amount direct to such person the required recipient or pay that amount to an interest-bearing account held with an Approved Acceptable Bank within the meaning of paragraph (a) of the definition of Approved Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party Obligor or the Lender making that 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.

Impaired Agent. If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Party Lender which is required to make a payment under the Finance Documents to the Agent for the account of any person in accordance with Clause 32.1 31.1 (Payments to the Agent) may instead either pay that amount direct to such person the required recipient or pay that amount to an interest-bearing account held with an Approved Acceptable Bank within the meaning of paragraph (a) of the definition of Approved Bank “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party Obligor or the Lender making that 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.