Common use of Rights of Trustee and Paying Agent Clause in Contracts

Rights of Trustee and Paying Agent. (a) Notwithstanding the provisions of this Article X or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities unless it shall have received at its Corporate Trust Office at least five Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities to violate this Article, which notice, unless specified by a holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such notice. Only the Company or a holder of Senior Debt may give the notice. Nothing in this Article X shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof.

Appears in 6 contracts

Samples: Indenture (Advanced Environmental Recycling Technologies Inc), Indenture (Consumer Portfolio Services Inc), Indenture (Sten Corp)

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Rights of Trustee and Paying Agent. (a) Notwithstanding the provisions of this Article X 10 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities unless it shall have received at its Corporate Trust Office at least five Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities to violate this Article, which notice, unless specified by a holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such notice. Only the Company or a holder of Senior Debt may give the notice. Nothing in this Article X 10 shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof7.7.

Appears in 5 contracts

Samples: Indenture (GWG Life, LLC), Indenture (GWG Holdings, Inc.), Indenture (GWG Holdings, Inc.)

Rights of Trustee and Paying Agent. (a) Notwithstanding the provisions of this Article X or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities unless it shall have received at its Corporate Trust Office at least five Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities to violate this Article, which notice, unless specified by a holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such noticenotice believed by it in good faith to be genuine. Only the Company or a holder of Senior Debt may give the notice. Nothing As between the Company and the Trustee, nothing in this Article X shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof.

Appears in 5 contracts

Samples: Indenture (Twin Cities Power Holdings, LLC), Indenture (Multiband Corp), Indenture (Winmark Corp)

Rights of Trustee and Paying Agent. (a) Notwithstanding the provisions of this Article X or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities unless it shall have received at its Corporate Trust Office at least five (5) Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities to violate this Article, which notice, unless specified by a holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such notice. Only the Company or a holder of Senior Debt may give the notice. Nothing in this Article X shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof.

Appears in 2 contracts

Samples: Indenture (Onyx Acceptance Corp), Indenture (Onyx Acceptance Corp)

Rights of Trustee and Paying Agent. (a) Notwithstanding the provisions of this Article X or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts of which the Trustee does not have actual knowledge of which would prohibit the making of any payment or distribution by the Trustee, Trustee or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities unless it has actual knowledge that such payment is not permitted under this Article X or the Trustee shall have received at its Corporate Trust Office at least five Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities to violate this Article, which notice, unless specified by a holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such notice. Only the Company or a holder of Senior Debt (or any representative or agent thereof) may give the notice. Nothing in this Article X shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof.

Appears in 1 contract

Samples: Indenture (Zanett Inc)

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Rights of Trustee and Paying Agent. (a) Notwithstanding the provisions of this Article X or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities unless it shall have received at its Corporate Trust Office Division at least five 5 Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities to violate this Article, which notice, unless specified by a holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such notice. Only the Company or a holder of Senior Debt may give the notice. Nothing in this Article X shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof. The Trustee in its individual or any other capacity may hold Senior Debt with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.

Appears in 1 contract

Samples: Indenture (American Business Financial Services Inc /De/)

Rights of Trustee and Paying Agent. (a) Notwithstanding the provisions of this Article X 12 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or and the Paying Agent may continue to make payments on the Securities Notes or the Subsidiary Guarantees, unless it the Trustee shall have received at its Corporate Trust Office at least five three Business Days prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Securities Notes or the Subsidiary Guarantees to violate this Article, which noticenotice shall specifically refer to this Article 12 (provided that, unless specified by a holder notwithstanding the foregoing, the making of Senior Debt as suchany such payments shall otherwise be subject to the provisions of Sections 12.02, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such notice12.03 and 12.05 hereof). Only the Company Company, the Subsidiary Guarantors or a holder of Senior Debt Representative may give the notice. Nothing in this Article X 12 shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 7.07 hereof. The Trustee in its individual or any other capacity may hold Senior Debt of the Subsidiary Guarantors with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.

Appears in 1 contract

Samples: Supplemental Indenture (Supermarket Cigarette Sales Inc)

Rights of Trustee and Paying Agent. (a) The Company shall give prompt written notice to the Trustee of any fact known to the Company that would prohibit the making of any payment to or by the Trustee in respect of the Notes. Notwithstanding the provisions of this Article X ARTICLE XIII or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment or distribution by the Trustee, or the taking of any action by the Trustee, and the Trustee or Paying Agent may continue to make payments on the Securities Notes, unless it a Responsible Officer shall have received at its Corporate Trust Office at least five two Business Days prior to the date of such payment or distribution written notice of facts that would cause the such payment of any Obligations or distribution with respect to the Securities Notes to violate this Article, which notice, unless specified by a holder of Senior Debt as such, shall not be deemed to be a Payment Notice. The Trustee may conclusively rely on such noticeARTICLE XIII. Only the Company or a the holder or representative of any class of Senior Debt may give the such notice. Nothing Notwithstanding anything to the contrary contained in this Article X XIII, nothing contained in this ARTICLE XIII shall apply to amounts due to, or impair the claims of, or payments to, the Trustee under or pursuant to Section 7.7 hereof9.7. 84 The Trustee in its individual or any other capacity may hold Senior Debt with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.

Appears in 1 contract

Samples: Synaptics Incorporated (Synaptics Inc)

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