Common use of Impaired Agent Clause in Contracts

Impaired Agent. (a) If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “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 the payment and designated as a trust account for the benefit of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must be made on the due date for payment under the Credit Documents.

Impaired Agent. (a) Ifa)If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “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 the payment and designated as a trust account for the benefit of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must be made on the due date for payment under the Credit Documents.

Impaired Agent. (a) Ifa)If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “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 the ​ -104- ​ ​ ​ payment and designated as a trust account for the benefit of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must be made on the due date for payment under the Credit Documents.

Impaired Agent. (a) If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “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 the payment and designated as a trust account for the benefit of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must be made on the due date for payment under the Credit Documents.. ​

Impaired Agent. (a) If, at any time, any the Agent becomes an Impaired Agent, a Credit Party an Obligor or a Lender which is required to make a payment under the Credit Finance Documents to such the Agent in accordance with Section 4.03 Clause 28.1 (Payments to the Agent) may instead either pay that amount directly direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Credit Party Obligor or the Lender making the payment and designated as a trust account (Treuhandkonto) for the benefit of the party Party or parties hereto Parties beneficially entitled to that payment under the Credit Finance Documents. In each case such payments must be made on the due date for payment under the Credit Finance Documents.

Impaired Agent. (a) If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “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 the payment and designated as a trust account for the benefit of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must be made on the due date for payment under the Credit Documents.. 100

Impaired Agent. (a) If, at any time, any the Facilities Agent becomes an Impaired Agent, a Credit Party an Obligor or a Lender which is required to make a payment under the Credit Finance Documents to such the Facilities Agent in accordance with Section 4.03 Clause 33.1 (Payments to the Facilities Agent) may instead either pay that amount directly direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuingoutstanding, in the name of the Credit Party Obligor or the Lender making the payment and designated as a trust account for the benefit of the party Party or parties hereto Parties beneficially entitled to that payment under the Credit Finance Documents. In each case such payments must be made on the due date for payment under the Credit Finance Documents.

Impaired Agent. (a) If, at any time, any Agent becomes an Impaired Agent, a Credit Party or a Lender which is required to make a payment under the Credit Documents to such Agent in accordance with Section 4.03 may instead either pay that amount directly to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “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 the payment and designated as a trust account for the benefit of the party or parties hereto beneficially entitled to that payment under the Credit Documents. In each case such payments must be made on the due date for payment under the Credit Documents.hereto

Impaired Agent. (a) If, at any time, any the Facility Agent becomes an Impaired Agent, a Credit Party an Obligor or a Lender which is required to make a payment under the Credit Finance Documents to such the Facility Agent in accordance with Section 4.03 Clause 29.1 (Payments to the Facility Agent) may instead either pay that amount directly direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Credit Party Obligor or the Lender making the payment and designated as a trust account for the benefit of the party Party or parties hereto Parties beneficially entitled to that payment under the Credit Finance Documents. In each case such payments must be made on the due date for payment under the Credit Finance Documents.

Impaired Agent. (a) If, at any time, any the Facilities Agent becomes an Impaired Agent, a Credit Party an Obligor or a Lender which is required to make a payment under the Credit Finance Documents to such the Facilities Agent in accordance with Section 4.03 Clause 34.1 (Payments to the Facilities Agent) may instead either pay that amount directly direct to the required recipient or pay that amount to an interest-bearing interest‑bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuingoutstanding, in the name of the Credit Party Obligor or the Lender making the payment and designated as a trust account for the benefit of the party Party or parties hereto Parties beneficially entitled to that payment under the Credit Finance Documents. In each case such payments must be made on the due date for payment under the Credit Finance Documents.

Impaired Agent. (aA) If, at any time, any the Agent becomes an Impaired Agent, a Credit Party an Obligor or a Lender which is required to make a payment under the Credit Finance Documents (the "Paying Party") to such the Agent in accordance with Section 4.03 Clause 31.1 (Payments to each Agent) may instead either pay that amount directly direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Credit Party Obligor or the Lender making the payment and designated as a trust account for the benefit of the party Party or parties hereto Parties beneficially entitled to that payment under the Credit DocumentsFinance Documents (the "Recipient Party" or "Recipient Parties"). In each case such payments must be made on the due date for payment under the Credit Finance Documents.