Good Discharge Sample Clauses
A Good Discharge clause defines the conditions under which a party, typically a payer, is considered to have fulfilled their payment obligations by making payment to a specified recipient. In practice, this means that once payment is made to the designated agent, trustee, or other authorized party, the payer is released from further liability, even if the funds are not ultimately received by the intended beneficiary. This clause is essential for providing certainty and protection to the paying party, ensuring they are not held responsible for issues arising after payment is properly made according to the contract's terms.
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Good Discharge. (a) Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent.
(b) The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) above in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.
Good Discharge. Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Agent on behalf of the Lenders and the Export Credit Agency and any distribution or payment made in that way shall be a good discharge, to the extent of that payment or distribution, by the Security Agent.
Good Discharge. An acknowledgement of receipt signed by the relevant person to whom payments are to be made under this Clause will discharge the Security Agent.
Good Discharge. (a) Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent shall only be made to the relevant Creditor Representative on behalf of its Primary Creditors and in no event shall the Security Agent have any obligation to make such payment or distribution directly to any Primary Creditor.
(b) Any distribution or payment made as described in paragraph (a) above shall be a good discharge, to the extent of that payment or distribution, by the Security Agent.
(c) The Security Agent is under no obligation to make the payments to the Creditor Representatives under paragraph (a) above in the same currency as that in which the Liabilities owing to the relevant Primary Creditor are denominated pursuant to the relevant Debt Document.
Good Discharge. (a) Any distribution or payment to be made in respect of the Secured Obligations by the Common Security Agent:
(i) may be made to the relevant Creditor Representative on behalf of its Primary Creditors;
(ii) may be made to the Relevant Issuing Bank or Relevant Ancillary Lender in accordance with paragraph (b)(i) of Clause 19.3 (
Good Discharge. (a) Any payment to be made in respect of the Secured Obligations by the Security Agent:
(i) may be made to the relevant Agent on behalf of its Creditors; and
(ii) shall be made directly to the Hedge Counterparties, and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent.
(b) The Security Agent is not under any obligation to make the payments to the Agents or the Hedge Counterparties under paragraph (a) of this Clause 13.6 in the same currency as that in which the Liabilities owing to the relevant Creditor are denominated.
Good Discharge. Without prejudice to any other term of this Agreement, any payment by an Obligor to the Facility Agent in accordance with this Clause 17 for a Lender constitutes a discharge of its obligations to that Lender in respect of that payment. Accordingly, no Obligor is liable to the Lender if the Facility Agent fails for any reason to make the corresponding payment to that Lender.
Good Discharge. Any payment to be made in respect of the Secured Obligations by the Security Agent:
Good Discharge. (a) Any distribution or payment to be made in respect of the Secured Liabilities by the Security Agent will be made to the relevant Secured Parties.
(b) Any distribution or payment made as described in paragraph (a) above shall be a good discharge, to the extent of that payment or distribution, by the Security Agent:
(i) in the case of a payment made in cash, to the extent of that payment; and
(ii) in the case of a distribution of Non-Cash Recoveries, as determined by Clause 12.2 (Cash value of Non-Cash Recoveries).
(c) The Security Agent is under no obligation to make the payments to the Secured Parties under paragraph (a) above in the same currency as that in which the Liabilities owing to the relevant Secured Parties are denominated pursuant to the relevant Debt Document.
Good Discharge. 40.5.1 Any payment to be made in respect of the Secured Obligations by the Security Trustee may be made to the Agent on behalf of the Lenders and to the Agent on behalf of the Hedge Counterparties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Trustee.
40.5.2 The Security Trustee is under no obligation to make the payments to the Agent under sub-Clause 40.5.1 of this Clause 40.5 in the same currency as that in which the Liabilities of the relevant Lender are denominated.