Common use of Paying Agent to Hold Money Clause in Contracts

Paying Agent to Hold Money. The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. Money held by a Paying Agent need not be segregated, except as required by law, and in no event shall any Paying Agent be liable for interest on any money received by it hereunder. For the avoidance of doubt, any funds held by the Paying Agent are held as banker are not subject to United Kingdom’s Financial Conduct Authority’s Client Money Rules and, in the event the Paying Agent fails, the client money distribution rules will not apply and so the Company shall not be entitled to share in any distribution under the client money distribution rules. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, the Paying Agent will have no further liability for the money. Upon any bankruptcy or reorganization proceedings relating to the Company, Citibank, N.A., London Branch, will serve as Paying Agent for the Notes.

Appears in 3 contracts

Samples: Indenture (Encore Capital Group Inc), Indenture (Encore Capital Group Inc), Indenture (Encore Capital Group Inc)

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Paying Agent to Hold Money. The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. Money held by a Paying Agent need not be segregated, except as required by law, and in no event shall any Paying Agent be liable for interest on any money received by it hereunder. For the avoidance of doubt, any funds held by the Paying Agent are held as banker are not subject to United Kingdom’s Financial Conduct Authority’s Client Money Rules and, in the event the Paying Agent fails, the client money distribution rules will not apply and so the Company shall not be entitled to share in any distribution under the client money distribution rules. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, the Paying Agent will have no further liability for the money. Upon any bankruptcy or reorganization proceedings relating to the Company, Citibank, N.A., London Branch, GLAS Trust Company LLC will serve as Paying Agent for the Notes.

Appears in 3 contracts

Samples: Indenture (Encore Capital Group Inc), Indenture (Encore Capital Group Inc), Indenture (Encore Capital Group Inc)

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Paying Agent to Hold Money. The Company Issuer shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company Issuer in making any such payment. Money held by a Paying Agent need not be segregated, except as required by law, and in no event shall any Paying Agent be liable for interest on any money received by it hereunder. For the avoidance of doubt, any funds held by the Paying Agent are held as banker are not subject to United Kingdom’s 's Financial Conduct Authority’s 's Client Money Rules and, in the event the Paying Agent fails, the client money distribution rules will not apply and so the Company Issuer shall not be entitled to share in any distribution under the client money distribution rules. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon payment over to the Trustee, the Paying Agent will have no further liability for the money. Upon any bankruptcy or reorganization proceedings relating to the CompanyIssuer, Citibank, Citibank N.A., London Branch, will serve as Paying Agent for the Notes.

Appears in 1 contract

Samples: Indenture (Encore Capital Group Inc)

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